If you’re looking to lease an SUV, now may be a perfect time. That’s right—right now is a great time to get behind the wheel of an SUV. The demand for these types of vehicles has lessened due to rising gas prices and environmental concerns. This means that dealerships are willing to offer incentives like low lease payments, generous monthly lease payments, and long leases as a way to attract customers.
However, leasing still comes at a cost. Depending on your budget, it may not be the best option for you. If you’re still interested in leasing an SUV but want to keep costs as low as possible, there are ways for you to do so without sacrificing any amenities. Here are some tips on how you can save money on an SUV lease:
Research the Brands and Models You Want
It’s a good idea to do some research on the types of SUVs you may want to lease. By doing so, you’ll be more informed about what features are important to you and which ones you don’t want. That way, when you’re at the local dealership, you’ll know what to look for and what to avoid.
For example, if you want to lease a midsize SUV, make sure it has the features you want. This can include things like two USB ports, a wi-fi hot spot, adaptive cruise control, automatic emergency braking, wireless Apple CarPlay, android auto, lane departure warning, a touchscreen, remote keyless entry, safety features, cruise control, standard features, heated seats, and more.
By knowing what you want, you can avoid wasting time on models that don’t fit your needs. Additionally, knowing what models have low demand may give you the leverage you need to get a lower price.
Shop Around for a Good Deal
Once you’ve narrowed down the brands and models you want, it’s time to start shopping around. There are a number of websites that can show you SUVs that are available for lease. You may also want to visit a dealership, although you should do so with the intention of negotiating.
Regardless of where you begin the process, make sure you shop around to get the best lease deal possible. Remember, leasing companies want you to lease vehicles, so they’re willing to negotiate for the down payment and monthly payments. Never enter a dealership without the intention of negotiating. The only person who walks away with a great deal is the person who’s willing to walk away.
Negotiate the Price
If you’re serious about leasing a specific model, it’s important to know the average price of the vehicle. Once you know the price, you’ll be able to negotiate a better deal. For example, if the average price of the SUV you want to lease is $30,000, ask for a price that’s lower. Depending on the model, you may be able to get the price down to $28,000 or lower.
Most car dealerships will negotiate a price, especially if they have other people interested in the same car you want. If the dealership has a few SUVs left and the salesperson knows they need to lease a certain number of cars each month, they’ll likely be willing to negotiate with you.
Consider Residual Value
If you’re not sure what to look for when leasing an SUV, you may want to consider leasing one that has a low residual value. Why? Well, midsize SUVs that have a low residual value are often leased vehicles. And as we’ve discussed, leasing companies are willing to offer lower lease payments. So, if you’re thinking about leasing a small SUV that has a high residual value, be prepared to pay a higher monthly payment.
Get an Extended Warranty
SUVs come with a lot of parts, and many of those parts have a lifespan. While the manufacturer will cover most parts for the length of your lease or lease takeover, it’s a good idea to get an extended warranty to protect yourself in the event something breaks.
You can purchase an extended warranty when you lease the cheapest SUV. Make sure to read the fine print, though, as not all extended warranties cover the same things.
Ask About Rebates
Once you’ve found a model you want to lease, make sure to ask about any rebates that are available. This can include manufacturer rebates and loyalty rebates, as well as dealer cash incentives. The more money you can knock off the price of the SUV deals, the lower your monthly payment will be.
Negotiate The Monthly Payment
If the dealer is unwilling to negotiate the price of the SUV, you may want to try negotiating the monthly payment. While it may seem like a bad idea, it’s actually a common practice. While it’s not something you’ll see in a lot of advertisements, it’s a great way to save money on a lease.
You can try negotiating the monthly payment by extending the length of the lease. For example, if you want to lease a $30,000 SUV with a 36 months lease, try extending the length of the lease to 48 months. The dealership may be willing to lower the monthly payment in exchange for an extended lease.
Check Out Resale Values Before You Lease
Before you even walk into the dealership, you may want to do some quick research on the resale value of the SUV you want to lease. This can help you determine whether or not it’s a good idea to lease the SUV.
For example, if you want to lease a sports car that has a low resale value, you may want to reconsider. While it’s possible to recoup some of the money you put down at the end of the lease, you may not make as much as you would with a vehicle that has a high resale value.
Conclusion
Now is a great time to get an SUV lease if that’s the type of vehicle you’re interested in driving. Dealerships are willing to offer incentives like low lease payments, generous 36 months lease payments, and long leases as a way to attract customers.
However, leasing still comes at a cost. There are ways for you to do so without sacrificing any amenities, though. It’s a good idea to do some research on the types of SUVs you may want to lease, shop around for a good deal, negotiate the price, consider the residual value, and get an extended warranty. You may also want to ask about rebates before you sign on the dotted line.