Car Lease Deals
Frequently Asked Questions About Leasing a Car
How does leasing a car work?
Your car is old, it needs a new repair every month, and maintenance costs are high. It’s time for a new car. The first question you may have is “Do I buy or lease a car?” Both come with their own benefits.
Buying a car gives you the opportunity to make payments toward a vehicle that you eventually own. This car is yours and you can eventually sell it or trade it in. You are free to do as you please with a car you buy.
Leasing a car allows you to get a brand new car at an affordable price. You make payments for a predetermined lease period and return it at the end of your lease. After you return your leased car, you have the option to lease a car again that is brand new.
If you want a brand new car at a good price, want a new car in 3 years, and want the most affordable option… leasing a car is the way to go.
What goes into leasing a car?
Before you lease a car, there are some terms you need to understand. Leasing terms include:
MSRP: This is the Manufacturers Suggested Retail Price. It’s the total cost of the car if you were to buy it outright brand new.
Sale price: This is the price you pay for leasing the car. The lower your sale price, the lower your monthly payments will be.
Money Factor: This is the interest amount you pay on your lease. It depends on your credit score but can be negotiated.
Residual Value: This is the cost of the car after your lease ends. You can buy your car at the end of your lease for this price. If you choose not to, the dealership buys it back at this price.
The key takeaway from these terms is that they are all negotiable. The MSRP is the price set by the manufacturer, but we do negotiate your lease terms for you.
Online Lease Specials
249 W 61st St
New York, NY 10023