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Lease Hacking
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Scott from GlassParency has honed the craft of getting the best possible deals on luxury car leases. Today he breaks down the best ways to shop, negotiate, and explains the tricks that dealers use.
What is lease hacking and how does it work when leasing a luxury car?
Luxury car lease hacking has become increasingly popular nowadays with the increasing demand for premium cars which are otherwise out of reach for many individuals. The process involves considering various elements of car leasing, and manipulating them to your benefit, eventually leading to cost-effective lease agreements that will allow you to drive a luxury car for a fraction of the price.
The concept of lease hacking rooted from analyzing leasing agreements to identify the cost factors and making small adjustments to save money. Securing a lease agreement on a luxury car can seem daunting, especially when you consider the high cost of paying for the vehicle upfront. However, by lease hacking, savvy consumers can find ways to pay significantly less than the sticker price, making luxurious car brands such as Mercedes Benz or BMW attainable to many.
The first step in lease hacking is to research extensively on the kind of car that you would like to lease. Once you have decided on the make and model that you desire, it is crucial to identify the invoice pricing for that specific vehicle. The invoice price refers to the amount that the dealer pays for the car from the manufacturer. This information can be obtained easily from various sources such as online forums and websites that list out the invoice price of every car model.
The next significant step in lease hacking involves negotiating the lease terms with the dealership. To get the best deal, it is essential to research and inquire about the current leasing promotions available from different dealerships so that you can compare the deals and identify the best one suitable for you. Afterward, you can approach the dealership and inquire about their lease programs and financing options. If you are offered a deal that you consider too pricey, then using your knowledge of invoice pricing, you can negotiate with the salesperson to lower the price to fit your budget.
Another factor that you can manipulate to lower lease costs is the money factor, also known as the interest rate on a lease. The higher the money factor, the more you will pay in interest. Money factors vary by lender, but you can negotiate a lower money factor on your lease by actively working with your dealer or leasing company.
Finally, it is important to be aware of the leasing terms, which typically vary between 24 and 36 months. Receiving a shorter lease term will reduce the amount of interest that you will have to pay, but you will have higher monthly payments. Alternatively, a longer lease term may have a lower monthly payment, but the interest and the total cost will increase over time.
In conclusion, luxury car lease hacking is an excellent way for consumers to get the best deals for their dream cars. By researching, negotiating, and being knowledgeable about the various lease terms, money factors, and lease terms, a considerable amount of money can be saved. The key takeaway is to approach lease hacking with a sharp mind and think outside the box to secure an excellent leasing agreement for your next vehicle.
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