Mistakes to Avoid When Leasing an Automobile
If you want to get a new vehicle with all the latest features every few years, we encourage you to contact our Cadillac finance center to ask about a Cadillac lease. Signing a lease is akin to entering into a long-term rental contract, which gives you the freedom to lease another new luxury ride in just a few years.
Before you lease a car, it’s advisable to learn about the mistakes you should avoid so you don’t repeat them.
Underestimating How Much You’ll Drive
A lease is a contract that includes certain provisions, with one of them being a mileage cap. If you exceed that cap at the end of your contract, you’ll have to pay a per-mile penalty for the excess mileage. To avoid that, get an accurate feel for how much you’ll drive your leased vehicle before you sign your contract.
Failing to Negotiate
Too often, drivers hesitate to negotiate the terms of their lease when they visit Zeigler Cadillac of Lincolnwood. One of the things you can negotiate is the mileage cap. If that cap it too low, try to negotiate a higher one.
Here are some other terms you can and should try to negotiate:
- Capitalized or cap cost
- Dealer’s fees
- Cost of added features
- Value of your trade
Turning Down GAP Insurance
At our Cadillac dealership in Lincolnwood, IL, area drivers often ask us if they should get GAP insurance for a leased vehicle. Our answer is always, “Yes!”
GAP insurance is separate from your standard auto insurance policy. This coverage will pay the remaining difference between your loan balance and the value of your leased car if it’s destroyed or stolen and still missing after your standard policy pays its share. GAP insurance is affordably priced and has the power to save you thousands of dollars, making the coverage a wise investment.
Leasing for Too Long
When you lease one of the latest Cadillac models, such as the Cadillac Escalade, Cadillac LYRIQ, or Cadillac XT4, you should only do so for however long the car is covered by a warranty. Leasing for too long may force you to pay for repairs that would have been covered by a warranty out-of-pocket.
Not Inquiring About Manufacturer Lease Offers
Car manufacturers typically provide lease offers for qualified drivers, and it’s important to ask if you’re eligible for any of them. To see if you qualify, contact our team of Cadillac dealers to to inquire about our Cadillac lease offers now!