Negotiating a car or vehicle lease with the intent of receiving the best deal requires thorough preparation and an attitude of confidence and assurance. Knowing how the process works, how best to manipulate the process and where a negotiation could go wrong for the lessee can bring about a more favorable lease negotiation. Understanding when to walk away and when to sign are essential.
Cars and vehicles can be investigated from many angles—price, warranties, upgrades and trends to name a few. Investigate the item being leased thoroughly and evaluate personal needs before beginning a negotiation. Compare similar vehicles for a full understanding of the market. Test drive vehicles and kick tires to fully understand the type of vehicle to lease, but do not negotiate until fully prepared—this entails walking away from a showroom and not getting into any deep discussions with a sales person.
Always negotiate a final overall price and not a monthly lease price. In fact, when a dealer or leasing agent asks what monthly payments are affordable, do not give them an amount. Give the agent a final price instead. Before negotiating, arrive at a final price by being prepared---know the dealer invoice price before stepping foot in a leasing agent's office. Lease prices are always negotiable even if the agent says they are not unless the car is a top seller, or in short supply. Do not sign an agreement before the details of the lease have been addressed and agreed upon. Check all figures made by the leasing agent before signing any documents. Extended warranties, add-on services and credit insurance add more cost than value and should not be agreed to.
Always be prepared to walk away when the negotiation is not favorable, the salesperson or agent appears to be playing games or if the process becomes confusing or tiring. It is best to negotiate during economically slow periods because the control is in the hands of the buyer. Leasing at the end of the month, the end of the day, during a week day or during any slow period works to the advantage of the buyer. Never negotiate out of fear, desperation or ignorance when leasing a car or vehicle. Take a friend or family member along for assistance—they may recognize that it is time to go before the person hunting for a good deal becomes aware of the situation.
