You need a car for various reasons … A new job that demands a vehicle? Or maybe thinking of fuel economy. Your car just died and you have a limited budget for a new one? A new family member on the way? Perhaps looking for one of Canada’s best pickups or the best SUVs which is fit if you need extra storage. You moved into a new house in the countryside and you are looking for a car? Or possibly a cheap car is rarely on your radar and etc.
The first step is to do primary research and be sure about choosing your ideal car model that goes well with your budget. After that, you can jump into the article and discover the best time for a car lease to maximize savings. If not, there is always alternative option_ the car lease takeover _ if the long-term lease contract is not appropriate for you.
Generally, the best time to lease a car is shortly after a new model has come out; the higher the car residual value the lesser monthly payments for a car over the course of a lease agreement.
New car model release
New model-year cars are introduced at different times of the year, however many are launched in line with mid-to-late summer _ the second half of the year between July and October_.
It also takes time, leasing funders to accurately calculate the residual value of brand-new cars, invoices, and MSRP prices, so the prices will be raised several times. Therefore, the price will often be inflated at leasing early, which causes lower monthly payments as the estimated depreciation of the car is much less.
At the end of the month or year good for a car lease
If you and your dealer cannot agree on a price, follow up with them at the end of the month. You might be able to negotiate a better price on the last days of the month because an auto dealership in order to meet the monthly goal may cut prices.
So, call and remind them of your offer during this time. You can also save up by waiting till the end of the month or year. If you catch at the right timing, there are plenty of opportunities to get the best car deal.
Keep an eye on the lease prices that vary month to month. Sometimes some dealerships have great breakdowns like “the deal of the month”.
At the major model changes
If you don’t mind getting last year’s model, you may get a good deal when new models have been released into the market. It is usually around late summer or early fall. The time that car dealers may provide sales incentives and rebates to get rid of the older models and create space for the newer ones.
At the end of the car life cycle
Dealerships are looking to sell-off cars at the end of a life cycle to make room for the new-brand models. This is when you can find a cheaper price to lease a car.
By the release of a new-year model, lease incentives on the previous model generally get pretty competitive. Different brands have different model-year-release schedules. So you need to regularly check the lease incentives that vary month to month. You can save up money by waiting until the end of the year as well.
The special car offers available all-year-round
Dealerships and leasing companies offer year-round incentives on cars to meet monthly sales targets. When they reach that milestone, they typically receive a bonus. Around the end of the month, car dealerships may have special offers if they meet their monthly sales goals.
Holiday sales
You may have seen lease promotions around the holidays, such as Memorial Day, Labor Day, and Christmas. If you shop around during the holidays and face these types of promotions, that would be a great fortune to take advantage of some steep discounts.
Car lease deal on Black Friday and Cyber Monday
Just like any other businesses, car leasing companies look to capitalize on annual sales events such as Black Friday and Cyber Monday by offering discounted prices on stock.
You should do comprehensive research when it comes to looking at car lease deals around these days. Sometimes you see a leasing company advertise an amazingly cheap price but under some conditions such as a large deposit payment, having a four-year contract or more, and limited annual mileage. So, be aware of choosing your favored contract terms.
When the business is slow in the car industry
The car industry is particularly quiet during winter, especially towards the Christmas period when people try to cut spending to save up for gifts. However, this can often be a convenient moment to find a great deal as funders try to promote car lease by reducing prices.
At a time when less people want to visit dealerships, you should look around to see what bargains live out there if you need a new car.
Final Thoughts
The best time to get a car is when you need one. Selecting the ideal car that suits your budget fine is the first step you should be aware of.
Before signing a lease contract, notice that a car lease contract commits the lessee to use the car for a definite time. In Canada, this can be 2 to 4 years. If it is not appropriate to you, taking over someone else’s lease might be a better option especially for those who need a car for only a relatively shorter period.
This article helps you to pick the right time for a car lease and save up money.
So, be alert to the moment of good deals within the year, which is mostly at the end of the month or year when dealerships and leasing companies try to hit their sales targets.
Keeping looking at the car lease prices that vary month to month. Sometimes some dealerships have great breakdowns like “the deal of the month”.
Here you can check the latest list of car lease takeover on our website.
Freely share your thoughts and ask any questions stick in your mind.