Money Tips

Check back often for different tips for saving, spending and investing your money.

This month's topic : Leasing an automobile. In these times of astronomical gas prices, suggesting an automobile that is fuel-efficient may seem to be stating the obvious, but it bears repeating.

Seven Tips for Big Savings on your next leased car:

Tip 1:

Be sure leasing is right for you ... excessive wear and tear (as determined by the leasing company) can add up to pricey assessments at the end of your lease. You may want to think twice about leasing if you often find yourself on the receiving end of dings, dents and scratches.

Tip 2:

Would you pay top dollar for if you were buying a car? You’d negotiate for a better deal right? The typical monthly payment on a lease is based on the Manufacturer’s Suggested Retail Price. Read the fine print on the payments so you know what you're really paying.

Tip 3:

Negotiate the purchase price ... just like you would if you were planning on buying the vehicle. If you bargain up from the vehicle’s wholesale price, you could potentially trim thousands of dollars off your total lease cost.

Tip 4:

Don’t write off buying a car ... unless you can write off the use of your car for business. There’s no built in financial advantage to leasing a car rather than buying.

Tip 5:

Most auto dealers work with more than one leasing company... compare them to get the best terms on your lease.

Tip 6:

Plan your exit strategy before you sign ...first, choose the right mileage allowance. It’s better to pay for a larger allowance on the front end rather than paying for underestimating your mileage when you return the vehicle. Second, consider what the used value of the car will be at the end of your lease... you may want to purchase the car when your lease ends.

Tip 7:

Have your leased vehicle pre-inspected by the leasing company (many leasing companies will do this free of charge) at least one month prior to the end of your lease. Then if necessary, take the vehicle to your own trusted mechanic. Chances are you’ll save money over having the dealer make the end-of-lease repairs.


		Money Tips Check back often for different tips for saving, spending and investing your money. This month's topic : Leasing an automobile. In these times of astronomical gas prices, suggesting an automobile that is fuel-efficient may seem to be stating the obvious, but it bears repeating. Seven Tips for Big Savings on your next leased car: Tip 1: Be sure leasing is right for you ... excessive wear and tear (as determined by the leasing company) can add up to pricey assessments at the end of your lease. You may want to think twice about leasing if you often find yourself on the receiving end of dings, dents and scratches. Tip 2: Would you pay top dollar for if you were buying a car? You’d negotiate for a better deal right? The typical monthly payment on a lease is based on the Manufacturer’s Suggested Retail Price. Read the fine print on the payments so you know what you're really paying. Tip 3: Negotiate the purchase price ... just like you would if you were planning on buying the vehicle. If you bargain up from the vehicle’s wholesale price, you could potentially trim thousands of dollars off your total lease cost. Tip 4: Don’t write off buying a car ... unless you can write off the use of your car for business. There’s no built in financial advantage to leasing a car rather than buying. Tip 5: Most auto dealers work with more than one leasing company... compare them to get the best terms on your lease. Tip 6: Plan your exit strategy before you sign ...first, choose the right mileage allowance. It’s better to pay for a larger allowance on the front end rather than paying for underestimating your mileage when you return the vehicle. Second, consider what the used value of the car will be at the end of your lease... you may want to purchase the car when your lease ends. Tip 7: Have your leased vehicle pre-inspected by the leasing company (many leasing companies will do this free of charge) at least one month prior to the end of your lease. Then if necessary, take the vehicle to your own trusted mechanic. Chances are you’ll save money over having the dealer make the end-of-lease repairs.