Securing the best lease deal only takes a few steps.
With different sets of numbers, terms, options, and emotional tugs at your wallet by dealers everywhere, be mindful of negotiation and pressure tricks used by salesmen to lure you to a bad deal.
Here are three strategies on negotiating the best price and terms for your next lease.
1. Negotiate based on price, not monthly payments.
It is common for dealers to charge full MSRP to compensate for reduced monthly payments in the hopes of extending your loan after the lease term expires. By focusing on the price first, monthly payments are therefore easier to negotiate to your desired range.
Additionally, look more towards promotional lease deals found in newspapers and adverts. The best time to look is during summer-end when many auto manufacturers are looking to discontinue sales of older models in favor of the new model year.
2. Use Truecar.com
MSRP and purchase price vary from consumer to consumer, dealership to dealership. To secure the best lease deal, use Truecar.com to learn what other customers have paid for the same vehicle and get competitive pricing between local dealers.
A recent search for a base Accord Sedan LX in Miami, Florida revealed an MSRP of $24k with a Truecar average of $20,048, the average dealer price in the region.
3. Understand dealer psychology and side tricks.
A popular psychology game, dealers pull psychological or ‘slight of hand’ tricks to convince you to accept less than fair value. Carefully review your lease terms to make sure other services have not been added, most notably extended warranties and pin striping.
Also, do not get intimidated when a salesperson asks to “speak with their manager” to bend to your terms. This is a classic, ‘good cop, bad cop’ technique that is designed to force you into a bad deal.