Leasing a car is a better choice than buying one in some situations. However, if you walk into a lease without carefully evaluating your contract and choices, you could end up with a costlier deal than you bargained for. If you are planning to lease a Nissan Altima, here are just a few mistakes to avoid.
Failing to Negotiate the Price
Even if you have no plans to ultimately buy the Altima, you need to negotiate your contract as if you plan for it to be long term. When you only focus on the monthly payments now, you could be left at a disadvantage if you decide to keep the car longer or even buy it.
Instead of paying the full sticker price for the car, try to negotiate to save on the final costs. The monthly payment is important, but other fees, such as maintenance, can quickly add up. Once you have the negotiated the total cost of the car, you can ask the agent to use it to calculate your lease payments.
You Paid a High Down Payment
Although the Altima is a luxury car, your down payment should not be more than a couple thousand dollars. Some people offer more for the down payment with the belief that it will help to cut down on the overall price of the vehicle and make their monthly payments smaller. If you are leasing, doing this could mean losing money.
For instance, if you are in a car accident and the car is irreparable, your insurance company will pay the leasing company for the car. However, any additional funds that you put towards the car might not be refunded. Even if the value of the car is less than what you have paid in, your funds could be lost. To prevent this, pay only what is required for the down payment.
Not Exploring All of Your Leasing Options
Many people believe that the only option for leasing a car is the dealership. In actuality, you do not have to limit your options to only the dealership. For instance, you could lease an Altima from credit units, banks, and independent leasing agencies.
If you do opt for a Nissan dealership, verify that you are dealing with the dealership and not another company. Some dealerships serve as a middleman for the leasing company. Although there is nothing wrong with this, you want to be clear on the possible incentives you could receive by going straight to a Nissan dealership. Go to website of a reputable dealer for more information.