How to Get a Luxury Car for Less
Spend it Wisely: Why Leasing a Luxury Car is a Wise “Investment”
This story originally posted on Sharp by Design blog.
Driving a luxury vehicle has always been a status symbol. But maybe you haven’t quite reached the pinnacle of success—yet. Or, maybe you don’t want to drop $80k on a car at this stage in your life. You can still drive a status car without breaking the bank.
One of the hottest trends right now in the car biz is lease trading. Sometimes things come up—like a job transfer, marriage, or the birth of a child—that facilitate the need to terminate a lease. Until recently, getting out of a lease meant big headaches with serious financial consequences.
“People are now getting out of their Car Lease early by finding someone else to take it over via the Internet,” says John Sternal of LeaseTrader.com. “The concept is simple: if you lease a car for 48 months, and want out in the middle of the lease, you simply post your vehicle online and get matched up with someone shopping for a short-term car lease.
“Buyers get great deals because leased cars are generally kept in great condition, the monthly price is lower than a purchased car, and you only have to commit to the remaining portion of the lease. It's very common for people to find a 10 month mercedes lease for $350 a month, for example.”
But what are the risks? Shopping for a pre-owned luxury car can be very rewarding when you do all your homework. “People love this form of car shopping because you certainly get more car for your money, and in most cases the manufacturer's warranty is still covered on the car,” Sternal says. “Just make sure you check out what several area dealers are willing to sell the car for. Don't accept the first deal.”
Know what you are willing to spend, and plan your negotiations accordingly. Don't be afraid to submit a ridiculously low price to begin the negotiation. But know what will be your breaking point. “If the dealer won't budge, make sure to leave your contact information and walk out the door,” Sternal advises. “Most likely the dealer will be calling you later with better offers.”
Is taking over someone’s lease right for you?
When you’re moving up the corporate ladder, image is everything—especially if clients ride in your car or see you in it. Imagine driving up to an important meeting in a rusted out clunker. The client will wonder if you’re truly up for the job. But just wanting to drive a luxury car is not enough. There are down payments to think of and long lease contracts that could put a big burden on your finances. When you take over someone’s lease, you can find luxury cars with shorter lease terms instead of being financially committed to 36-, 48- or 60-month lease terms from a traditional car dealer.
Visit www.LeaseTrader.com for more information about lease trading.
This story posted by LeaseTrader.com, the automotive service company that lets people transfer out of their Car Leases early. If you're looking to swap a lease or transfer out of your car lease, please visit www.leasetrader.com