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Buying a car is a big purchase, especially if you’re picking one in the $30,000 price range.
But, you can save a lot of money if you lease a car.
Leasing brings down the total cost of your car purchase by billions of dollars nationwide, and there are ways to get the most from your lease.
For example, one consumer wrote us to share his experience with leasing a 2015 Hyundai Santa Fe Sport.
A summary of the deal: $199 upfront with a $2,000 down payment. “Everyone sees the fee upfront,” he said. “I thought it was a high fee, but all the details were taken care of. I started the deal on Nov. 1 and I ended up paying $704 in closing fees and closing costs — a total of $681. I kept the car for only five months, using the $200 monthly payment for more than half the time.”
Another consumer shared his experience with leasing a 2016 Jeep Renegade.
The $300 off when you get the rebate in 2014. “I purchased the $20,000 car around Easter in 2014. The dealer sent a message that they could not deliver the car because the term was paid in full. I was devastated,” he said. “I ended up in a Black Friday sale where the price was slashed to $10,000. I wanted to hold out, but realized that I would lose tens of thousands of dollars.”
He saved “tens of thousands of dollars” by leasing.
Both of these consumers noted that by leasing a car, they had a home warranty — an added benefit — and they got to avoid financing payments for five to seven years, although they now own a car they would have had to finance.
There are a few potential drawbacks to leasing. One potential negative is that you might be stuck with the car for five or seven years, if you don’t decide to trade it in at the end of that time. But, if you renew your lease, you can continue paying a monthly payment until the end of your lease.