If you’re considering leasing a car, you may be wondering whether it’s possible to negotiate the terms of the lease. There may be room to negotiate certain parts of your lease agreement, while other parts will be non-negotiable. If you’d like to give negotiation a go, here’s what you need to take into consideration.
Do your research
According to Kaplan, position analysis and information gathering are key components to a successful negotiation. So, before stepping into the negotiation arena, arm yourself with knowledge.
Research the market value of the car you’re eyeing for leasing. Understanding the baseline price puts you in a stronger position to negotiate effectively. Leverage online resources, compare prices from different leasing specialists, such as autolyne.co.uk, and be aware of any ongoing promotions or incentives.
Look beyond the monthly payment
While the monthly payment is a crucial factor, successful negotiators cast a wider net. Focus on the money factor (akin to an interest rate) and the residual value (the car’s estimated worth at lease-end). Both may be negotiable and can significantly impact your overall lease cost.
Timing is everything in negotiation
Dealerships and leasing companies often have monthly or quarterly sales targets. Visiting a local dealership towards the end of the month or quarter might find you negotiating with a more motivated sales team eager to meet their goals. For example, if you’re interested in car leasing Bristol, contact local dealerships to compare their offerings and don’t be afraid to let them know what their competition can offer you.
Negotiating certain elements of a car lease can ensure your lease terms are in alignment with your budget and preferences. If you’d like to give negotiating a go, remember that a little rapport building and remaining respectful can’t hurt.