Ready for a new Jeep Wrangler or Grand Cherokee? Let’s get it right out of the way immediately and say this: buying a new Jeep, or any vehicle, is a hassle. It’s stressful, costly and often doesn’t make it clear if you’re getting the best possible deal for yourself. And while many dealerships and third-party sellers are committed to helping you bypass these stressors, it can still feel like you’re totally at the mercy of the seller. So, to help alleviate some of this overlaying attitude toward car-buying, let’s discuss leasing, the advantages it can hold over buying, and how to get the best possible Jeep lease deal when looking for a new Jeep.
In five simple steps, we will establish some of the ground rules of leasing a Jeep and some of the most important things you need to remember in order to enter a fair and cost-effective lease. By the end of this article, you should be able to confidently approach the Jeep lease market with a clear idea of what you want and how to get it.
Decide if a Lease is Right for You
Granted, this one may seem obvious to the point of an eye-roll but hear me out. Especially if you’re a first-time car-buyer, it may be unclear to you whether or not a lease is the best solution for you. Let’s clear up what exactly buying and leasing entail, how they differ, and whether one is a superior way to get a car.
When it comes to leasing versus buying, it simply comes down to owning the vehicle or entering into a glorified renting process from the dealership. While you won’t technically own your vehicle during the leasing process, it feels the same while you have it and will ultimately be a little cheaper in the long-run. When you lease a Jeep, you are also paying for the depreciation of your rented property as time goes on. And though you will likely be paying interest on a leased car, which isn’t ideal, it usually comes out to less money spent at the end of your leasing period.
The other way of looking at it is this: the vehicle isn’t yours. More super obvious stuff, I know, but after your leasing period is over, you give the vehicle back; nothing to show for that money, but memories. If you buy a vehicle it’s yours once it is paid off; you have a car that you can drive until it breaks down, or you can sell it back for a pretty penny if you’ve taken good care of it.
And now that we’ve covered what it means to get a lease, and who a lease might be for, let’s dive into how best to get one that suits your financial standing and lifestyle.
Choose Cars with Stable Value
A good rule of thumb to stick by if you do end up deciding on a lease is to go with a car that is going to hold its value over time. Like we discussed in the previous paragraph, you’re essentially footing the bill for the depreciation that you’re imparting on the car. If you pick a vehicle that inherently depreciates less over time, you’ll be incurring lower costs overall. Check out sites such as Kelley Blue Book to see updated depreciation rates on current vehicles to get an idea of some of the most affordable leasing options.
Don’t Be Afraid to Negotiate
Remember that while you aren’t buying this car, you’re still establishing a down payment, monthly payments, interest rates, and the leasing term. These are usually variables that are not entirely set in stone when you enter the dealership. Make sure to do your homework first and understand all the necessary terms to make sure you know what you’re looking for and what you’re entitled to. Approach the dealership with confidence and talk with their team to ensure that you’re getting a fair deal on your new lease.
Exercise Your Options
So, if you did your homework, practiced your speech, practiced your negotiating skills, and still didn’t walk out of the dealership with the price you wanted, don’t be too discouraged. Dealerships and third-party sellers will almost always have some slight variance in how they conduct leases and determine prices. If the first one didn’t give you the price you wanted, move on to the next. Exercise the luxury of having so many outlets at your disposal and use this to your advantage when it comes to finding that perfect car and the perfect lease terms.
Once you’ve finally found the right Jeep dealership and have your lease on a paper in front of you, remember to scrutinize up until the last possible minute. Even if you’ve done all your homework, searched all the local dealerships, and grabbed the best deal that you can imagine, there’s still a lot of fine print that can give you unpleasant surprises down the road. Just a few examples of things that may come back to bite you are destination charges, acquisition fees, surrender fees, taxes, and interest. Typically, dealers will charge increased destination fees if your vehicle is in a specific higher cost bracket.
The main take away here is to be thorough and continue to ask questions. Leases can be a wise financial decision, but it’s contingent on your understanding every inch of the deal you’ve chosen. Do yourself a favor and be the most well-informed shopper you can be.
Look Out for Deals
If you’re not in a particular rush to get your next car or aren’t particularly set on one certain Jeep model, waiting for a nice leasing deal to pop up can be extremely advantageous to the consumer. Typically, dealers will use leasing deals to move certain cars off the lot that aren’t selling as well. If they want to get rid of them bad enough, this can often result in some really impressive offers. Deals as low as $200 per month with low down payments are not uncommon when it comes to these great flash deals. Keep an eye on your local dealerships and even follow car news websites to get the latest updates on hot new leasing deals. Because they’re so cheap and dependent on the current stock, they often aren’t around for very long.
Get a Lease Today
Now that we’ve covered five crucial steps to finding the best possible lease, the only thing left to do is take this new knowledge and put it to use. While leasing a car holds some disadvantages over buying new, it’s a great way for drivers to put themselves in a new vehicle every couple of years for a relatively comparable price. As long as you thoroughly educate yourself, understand your financial means, and are patient for the right opportunity, a smart shopper can find a lot of value in a car lease. Keep an eye on your local Jeep dealerships and flash deals, and you may be behind the wheel of a brand new Jeep sooner than you think.