Leases have typically made up only 15% or 20% of the market. But this year, nearly 30% of new-car transactions will be leases, according to Tarry Shebesta, president of LeaseCompare.com, an independent leasing company. That’s partly because carmakers are offering more incentives to lease so they can bring used cars back faster as well as boost their market share.
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Another component of your payment, the money factor, is esseantially the interest rate — multiply it by 2,400 to get an approximate annual percentage rate. Shebesta says that, for the most part, money factors are in line with current interest rates.
The last thing that determines your payment is the residual value, or what the car will be worth when your lease is up. Read more about auto car diagnostic tools at www.diagmaker.com
The higher the residual, the lower your payments. That sounds great, but you’ll have a higher purchase price if you choose to buy the car at the end of your lease. It may also be harder to sell the lease if you need to get out early, because chances are greater that the payoff amount will be higher than the market value.
Compare the money factor and residual value in the dealer’s offer with what’s available from other leasing companies (such as LeaseCompare.com) and check with your bank or credit union, too. The lease offers advertised on TV are for specific models and trim levels, and you’ll qualify for those deals only if you have good credit.
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