Buying or leasing a car is a significant investment, and as a customer, you want to ensure that you get the best value for your money. To make an informed decision, it’s crucial to understand the pre-process before you lease or buy a car. That’s why we’ve prepared a car buying guide, drawing on the extensive expertise of Car Concierge Pro’s team, one of the top 5 buying, selling & car leasing services in the USA and Canada. In this blog, we’ll walk you through the essential aspects of vehicle leasing and buying to help you make the right choice.
One of the questions our team has repeatedly received from the customers was…
- When to lease or buy a vehicle?
- Decide depending on circumstances, budget, usage & long-term plans.
- Understand the pros and cons of each option.
- Consult automotive experts for personalized advice.
Check out our car buying and leasing guide for answers to all your questions.
Understanding Leasing & Buying
In the buying process, you can own the vehicle outright, while in the leasing, if you don’t own the car, you can use it for a long term (As Leasing Contract Permits) and have to return it after the leasing term ends.
When you lease a car, you get limited mileage and have to pay for the excess, and when you buy a car, there are no mileage-related restrictions.
Car buyers face the impact of depreciation, while customers who choose to lease face minimal effect as they don’t own the vehicle.
To know more about the pros and cons of buying a new car. Give it a read. https://carconciergepro.com/buying-a-brand-new-car-2023/
Do Your Research
One crucial point to include in the Car Buying Guide is to ‘Do Your Research.’ Knowing the market value of the car you buy or lease is essential to getting the best value. Don’t go to the market without prior research. Also, consider these things before you decide to lease or buy a vehicle.
Budget: Decide how much you can afford to spend monthly on your car, whether leasing or buying.
Future Plan:- Decide how long you want to keep the same car with you; if you love upgrading, then leasing is more suitable for you.
Resale Value:- If you are buying a car, don’t forget to consider the resale value.
Residual Value: If you choose to lease a vehicle, you should ask about and consider the residual value. Residual value, also called Salvage Value, estimates the cost you must pay if you decide to purchase the car at the end of the lease term.
Dealing with the Dealerships
In 2022, 82.2% of new car buyers paid to dealerships over MSRP. 84% of Americans say price transparency is lacking at most dealerships, and 30% agreed on a price but discovered hidden fees at signing.
If you approach dealerships, you must negotiate for the best pricing. If you don’t negotiate or haggle, a car dealership can charge you anywhere between $7000 and $50,000 for your car.
While dealing with car dealerships–stick to your budget, compare different options, negotiate, ask questions, get doubts cleared & don’t sign any agreement without thoroughly reviewing and understanding it.
Also, be aware of dealership markup fees. If your dealership worksheet mentions the fees below when buying a new or used car, just walk away. These fake fees break your wallet and only help dealerships make more money.
- Window Tint Fee ❌
- Vehicle Prep Fee ❌
- Freight Charges ❌
- Dealer Prep Fee ❌
- Additional Destination Fee ❌
- Pre-Delivery Inspection Fee ❌
- VIN etching ❌
- LoJack ❌
- Nitrogen ❌
- PermaPlate ❌
Consult Automotive Experts
The last but critical point to include in your car buying guide is that whether you choose to lease or buy a vehicle, you must consult automotive experts from the top companies in the USA and Canada, like Car Concierge Pro, to have a hassle-free experience. Our experienced experts assist you at every step of your car buying or leasing journey, get you curated deals, and negotiate on your behalf for the best price. Book a consultation with our experts.
Conclusion:-
By considering the points mentioned in the car buying guide and setting your priorities, you can successfully start your journey of car hunting. This car buying and leasing guide will make you confident in your decision-making process. Remember that the most essential thing is choosing a car that suits your lifestyle and budget and provides security while driving. So, good luck finding your perfect vehicle.