Buy a car at the end of your lease.

You’ve come to the end of your lease and you like you car enough you want
to keep it in the driveway. Just like buying a used car, there is some
research to be done to nail a good deal.

First, you need to know the cost of buying out your lease. Read the fine
print of your contract and look for the “purchase option price”. This
price is set by the leasing company and usually comprises the residual
value of the car at the end of the lease plus a purchase-option fee
ranging from $300 to $500. When you signed on the dotted line, your
monthly payments were calculated as the difference between the vehicle’s
sticker price and its estimated value at the end of the lease, plus a
monthly financing fee. This estimated price of the car value at the end
of the lease is what is termed in leasing jargon “residual value”. It is
the expected depreciation – or loss in value – of the vehicle over the
scheduled-lease period. For example, a car with a sticker price of
$40,000 and a 50% residual percentage will have an estimated $20,000
value at lease end.

Now that you know the cost of buying out your lease, you need to determine
the actual value, also termed “market value”, of your vehicle. So, how
much does your car retail for in the market? To pin down a good, solid
estimate you need to do some pricing research. Check the price of the
vehicle, with similar mileage and condition, with different dealers. Use
online pricing websites, such as Cars.com, Edmunds.com and Kelly Blue Book
for detailed pricing information. Gleaning pricing information from various
sources should give you a fair estimate of your vehicle’s retail value.

All you have to do now is compare the two amounts. If the residual value is
lower than the actual retail value, than you’re into a winner.
Unfortunately, there is a good chance a car coming off a lease is a little
on the high side.
Don’t despair though. Leasing companies know as much that residual values
on their vehicles are greater than their market value and as such are
always on the look out for offers. You can knock down on the price of your
leased vehicle with some smooth negotiating tactics. Put forward a price
that is below your actual target and negotiate hard until you wind up near
that figure.

Originally posted 2008-10-03 03:00:04. Go Home page

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ItВґs that time of year again, spring. Your vehicle is ready to be treated well after a long, hard winter and you will need to make sure that a full spring maintenance is done to keep your car or truck in perfect operating order. LetВґs take a look at some of the most important factors in the spring maintenance.

Exterior Spring Maintenance

Wiper blades. These are an important part of vehicle maintenance. YouВґll want to replace old blades or clean newer ones that have gone through the rigors of winter. Wiper blades should be replaced every six months anyway, so doing it during your spring clean up is perfect timing.

Washing. The salt that is used to melt ice on roads can be very damaging to your car, so now that spring is here, give it a thorough washing from top to bottom. Make sure you rinse the undercarriage as well, since this is where a lot of rust happens without you noticing.

Waxing. This is the perfect time to wax your vehicle so it will last for a while and be easier to clean next time. You should also repair any chips in the paint at this time.

Tires. Check your tire pressure and top up if needed. Keeping your tires at optimum pressure will save you hundreds of dollars in gas and tire wear, so this should be a regular thing, not just for spring maintenance.

Engine Maintenance

Oil. You should change your oil every 3 to 4 months, so an easy way to remember that is to simply change with the change of seasons. Your spring vehicle maintenance is the ideal time to do this.

Tune up. Get a tune up now, to make sure that your vehicle is in great condition for summer driving, when most longer trips are taken. This will allow you to travel safely to weddings or on vacation.

Fluid levels. A quick check of all fluid levels is a good idea at this point, too. Make sure everything is topped up so your engine will be running at top efficiency and you wonВґt have to deal with problems in this area later on.

Other Vehicle Maintenance

Interior. Now that the weather is warmer, youВґll be able to get out the vacuum and get rid of the clutter and garbage that built up over the winter! Clean out your carВґs interior and vacuum for a nicer driving atmosphere.

Brakes. A break check should be done every spring to ensure that they are in perfect working order. You may not even realize that your brakes aren’t working properly, since we tend to get used to them as time goes on. This can end up being very dangerous, so get them checked before you head into spring.

Other systems. Your spring maintenance checkup is a good time to review all other areas of your vehicle, replace broken lights and repair any other problems that you have been leaving until warmer weather.

A spring vehicle maintenance is the ideal way to ensure that your vehicle is ready to drive and is safe to do so for the spring and summer months. This includes checking out the main systems, fixing up your car and removing the winter salt and grime that can be damaging, as well as replacing parts like the windshield wipers for better visibility. Its an important part of car upkeep. You should also do a winter maintenance session to ensure that your vehicle is ready for winter, six months or so from now.

Originally posted 2008-12-26 00:20:05. Go Home page

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Auto Insurance and Leasing

When leasing a car, it’s easier to stick with the same company for your
auto insurance. What you don’t know, however, is that you may end up
paying too much for your coverage and it’s better to look elsewhere for
lower rates.

When you lease, the vehicle that you will drive belongs to the leasing
company. They want to make sure that their investment is covered in the
event the vehicle gets damaged, totalled or stolen. They typically want
to get covered for the difference between what your auto-insurer pays and
your outstanding leasing obligations at the time of the accident or
damage. This is called GAP, short for Guaranteed Auto Protection, and is
usually included in the leasing contract.
If your leasing company is called BMW Financial Services, Chrysler
Financial or any other finance division of an automaker, then chances are
your GAP insurance will be offered by the same lease company.

You are under no obligation to accept GAP insurance included as part of
your lease agreement. Why pay an insurance premium if you could get the
same coverage for a lower price?
Invest some time shopping by comparing quotes from other insurance
companies, including your existing one. Ask for discounts that you already
qualify for and adjust your coverage accordingly.

Originally posted 2008-10-03 03:05:19. Go Home page

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