If you want to cruise the streets in style without breaking the bank, you’ve come to the right place!
Financing a vehicle is one of the most significant trends leading into 2024. With so many benefits to leasing a car, it’s no surprise that experts predict the industry will grow by USD 41.82 billion in five years.
However, to make the most of these advantages, you must learn the best time of year to lease a car. Otherwise, you could be throwing away cash you could’ve spent on a weekend road trip.
So buckle up because it’s time to go on a journey to discover the best and worst time to lease a car!
End-of-Month and End-of-Year Deals
Like other companies, car dealerships have targets to reach. Whether it is monthly or yearly, these salespeople will do whatever it takes to hit their goals.
The easiest way to increase sales is to offer a discount. Studies show that people are more willing to buy a product, even if they are not saving money but believe they are.
People know that now is the ideal time to offer financial incentives. The cost of living has risen in the United States by 3.7% in under a year.
People are feeling the pinch and looking for ways to cut back on non-essential items. Or they are searching for unmissable bargains.
November to December is a particularly good period to find the best car lease deals. Along with hitting goals, dealers are often under pressure to get rid of old stock to make space for new models.
Holiday Sale Events
Chances are you have bought or received a present around the holidays. These events have become famous for gift-giving to show love and appreciation. Therefore, it is no wonder car dealerships lure buyers to their shops with deals during this time.
The most significant days of holiday sale events in the U.S. are:
- Valentines Day
- Mother’s and Father’s Day
- Memorial Day
- Black Friday
- Labor Day
- Independence Day
Dealerships don’t stop the offers of cash discounts. They offer bonuses such as extended warranties, free accessories, and complimentary maintenance packages.
They know they compete with their rivals during these times. So, they always go above and beyond to showcase their brand.
The holidays often attract new customers and high foot traffic. Thus, arriving early and negotiating fast is vital to ensuring someone else doesn’t snap up a steal.
Manufacturer Incentives and New Model Releases
Two key factors influence the best time to lease a car. They are the availability of manufacturer incentives and the release of new models.
Car manufacturers often introduce their new models in the late summer. Or in early fall, typically around September.
This is when dealerships are eager to clear out last year’s inventory to make room for the latest models. In return, you can find some of the best lease deals during this period.
Manufacturers may offer low financing or cash rebates on outgoing models to entice you. Dealerships may also have additional incentives. Some may include discounted lease rates, reduced down payments, or complimentary maintenance packages.
Late summer and early fall are usually the ideal times to lease a car if you’re looking for maximum savings.
When you think about cars in winter, you likely think of 4×4 Jeeps that can withstand the harsh elements. Whereas if you think of a car in summer, you probably imagine a convertible driving along a scenic coast road.
Well, you are right to think like this. Demand surges for vehicles you would associate with at a certain period. Therefore, buying them off-season could keep some cash in your pocket.
Due to the diverse U.S. weather, it’s crucial to consider the local climate. This is especially true if you buy from a dealership in a different state.
For example, southern states such as Florida and Texas have a tropical climate. On the other hand, Alaska has a subarctic climate. Here, you will find a four-month-long winter when the average daily high temperature is only 32°F.
Leasing Car Strategies for the Best Deals
No matter what time of the year it is, you can utilize strategies for the best deals. Since operating a car is one of your most notable expenses, optimizing these tips is vital. You can find the best ones below.
1. Do Your Homework
Studies show that 81% of people research a firm or product online before handing over their money. So, every financial investment must begin with doing your homework.
Start by finding the best deals from manufacturers and car dealerships. Search for dealerships online, such as Cardinaleway Acura or ones in your local area. Make a note of the price and bonuses added to the offer.
2. Negotiate the Best Terms
By understanding the vehicle, you can negotiate a lower price and won’t be taken advantage of. Car dealerships expect negotiations. However, it’s crucial to have a confident yet friendly tone at all times.
When haggling the price, pay attention to the residual value. This value is the estimated worth of the car at the end of the lease term.
A higher residual value means lower depreciation costs. As a result, it can lead to lower monthly payments. Negotiate for a higher residual value if possible.
3. Opt for the Right Lease Term
When buying a new, shiny vehicle, it’s easy to get tempted into opting for a flash car with an expensive lease. Since you’re focused on your new addition, the lease can go to the back of your mind.
Try to get the shortest term within your budget. You will pay slightly higher monthly repayments. However, you’ll save significant cash from lower interest rates.
Don’t forget about mileage. Be realistic about your needs, and stay within the mileage limit in your lease agreement.
You Know the Best Time of Year to Lease a Car
Leasing a new vehicle comes with plenty of creases to iron out. You must navigate through payment structures, milage restrictions negotiations, and more.
But after reading our informative guide, you have one less thing to worry about. You learned the best time of year to lease a car.
Do you want to uncover how to manage and make the most out of your car for free?
If so, keep reading our extensive Autoblog today!