Leasing a car can get confusing and you may not know how to go about it. There are things that you must not do when you lease a car as they can cost you a lot of money. This is why you should read car lease reviews on reviewsbird.co.uk to learn more, especially if you’re new to leasing in order to get the best experience of your investment as well as value for money. As with everything else, information is vital as a lack of it could be very costly. You should be well informed on the leasing process and what it entails, the costs, the dos, and the don’ts to help you enjoy your pleasing experience. Reading other customers’ opinions can also help, otherwise, your leasing experience could be a nightmare.
Things you should not do when you lease a car
Early lease termination
Terminating your lease early is a big NO. Terminating your lease early will attract a penalty as agreed at the start of the lease and these penalties are usually heavy. There are cheaper options, but none of which are attractive and you won’t leave smiling.
Making a down payment
It is not advisable to make a down payment for any vehicle lease. Where it is required, you can push it into the monthly payment instead of making a down payment. In the event of your car being stolen, your insurance will cover the cost but it will be paid to the dealership, and you would have lost your down payment.
Customize or accessorize the vehicle
It’s so tempting to want to add fancy wheels, change the seats and the dash. As tempting as it is, you have to restrain and remember that just like mileage, there are limits to the retail value of the car, hence making unnecessary changes can cost you big time because you will have to pay for those changes at the end of the lease.
Leasing a vehicle without getting all the necessary information
This is a very costly thing to do. If the dealer or seller is reluctant in releasing vital information about the vehicle, for example, the cost, residual value, capitalized cost, like any other vital information, you should be cautious. Do not take a lease until you have all the necessary information and if the dealer is not willing to divulge information, simply walk away.
Take on a lease without insurance
You don’t want to make the mistake of not having an insurance plan for your leased vehicle, especially a GAP insurance. You risk losing a lot of money if the car is stolen or badly damaged in an accident. You should have an insurance plan to cover these expenses and lessen the burden on yourself.
Do not pay too much for a car you’re leasing. If the lease value exceeds the purchase value of the car, then you reserve the right to negotiate the terms. Don’t end up spending what you won’t spend to buy the car on a lease agreement.