If you’re interested in leasing a car, you might be wondering if you can negotiate the price. After all, it’s common knowledge that you can negotiate the price of a car you’re buying — but many shoppers don’t know whether it’s acceptable to haggle over the monthly payments, the down payment, the term and the lease conditions. So can you negotiate a car’s lease price? We have the answer.
Yes, You Can
In short: Yes, you can definitely negotiate a lease price. When it comes to negotiating, leasing is just like buying, and that means that you should feel free to negotiate just as you would when buying a car. While some shoppers accept a manufacturer incentive or dealership deal instead, we strongly suggest trying to negotiate your lease, as dealers will expect it and be ready to carry on negotiations.
Even More Negotiating Options
You have even more negotiating options when you’re leasing a car than you do when you’re buying. You can negotiate a wide range of factors with the lease: everything from the down payment, the lease term and the monthly payment, to the closing factors and the security deposit. While some dealers will insist that they don’t budge on a few of these items, others will bend over backward to make you happy — especially if you’re interested in a car they’re trying to sell before a new model arrives or before the end of the model year.
In order to be as sharp as possible, we suggest reading up on lease terms before arriving at the dealer. Consider how much you want to put down, how long you want your term to be, and what you want to pay monthly. Then negotiate your lease based on those figures.
Keep Everything in Mind
There’s one important thing to keep in mind when you’re negotiating a lease deal. Just like when you’re buying a car, there are a lot of factors to think about, and you’ll need to keep a careful watch on all of those factors throughout the process.
For instance, if you negotiate a lease with no down payment, you might see every penny of the down payment transfer into the lease payments instead. Some shoppers are OK with this, and don’t mind paying more per month if it means they don’t have to put anything down at lease signing. But you’ll want to keep track of it nonetheless.
By the same token, you’ll want to make sure any negotiation that lowers your monthly payments doesn’t increase your down payment. And you’ll have to keep a careful eye on your lease term to make sure the dealer doesn’t extend it over a longer period in order to lower your payments.
Still, if you carefully watch all your lease factors and enter the dealership aware of how the leasing process works, we think you’ll be able to negotiate a great deal for your next leased car.