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Buying a car is a huge financial commitment, and there’s a good chance you’re not going to have enough cash to cover it. Unless you’re buying a limited edition or classic model, the vehicle will depreciate. If you use your hard-earned money to buy the car outright, you won’t have a nest egg to fall back on in the case of an emergency. Leasing a car is way better than buying. Don’t waste any more time and look into the best car lease deals. You can put little or no money down. If you crave a new set of wheels, leasing is the perfect option. It’s recommended to familiarize yourself with the process before heading out to the car dealership. It’s simple and costly to make mistakes. Here are just a few examples of avoidable errors.
Not Purchasing Gap Insurance
Suppose you get involved in an accident where the car is damaged or totaled. Gap insurance will cover the difference between what the ride is currently worth and the amount you owe on it. The insurance company will establish the current market value of the vehicle and pay that amount to the dealership that owns the car. You’ll have to pay a couple of bucks out of pocket unless you have gap insurance. Compare the best car insurance deals available and see if you can add gap insurance to your plan. This way, you can stay protected financially on the road.
Underestimating Your Mileage
In case you didn’t know, leasing contracts have annual mileage limits. If you happen to exceed the pre-agreed allowance, you’ll be charged a penalty. To avoid extra charges, track your mileage. Take into account your daily commute and how often you take long trips. If you get the mileage estimate wrong, you’ll end up paying too much for the mileage you don’t use or too little, in which case you’ll be charged an overage penalty. The point is that you shouldn’t underestimate your mileage. If you use your car frequently, you can estimate the annual mileage. Consider your weekly shopping habits and factor in trips for socializing.
Not Maintaining the Car
Leasing a car is similar to owning a car in the sense that you bear maintenance responsibilities. The dealer retains ownership of the ride and expects you to return the vehicle in excellent condition. If the car sustains damage that goes beyond the normal wear and tear, you’ll have to dig deep into your pockets. To keep your car in tip-top shape, this is what you need to do:
Keep the tires inflated to the right pressure and rotate them periodically
Have the oil changed every 3,000 to 10,000 miles
Take care of the car’s finish
Don’t return the leased car with smoke residue inside
Protect the upholstery
Make the necessary repairs
To sum up, leasing a car is the fastest way to get a new set of wheels into your garage. Make sure you do everything right. As you’ve been able to see, plenty of things can go wrong.
Keyword: Mistakes To Avoid When Leasing a Car