Archives April 2019

You may opt to break a car lease for reasons such as changing financial circumstances, a job relocation, or even the need to drive a different car. Whatever the reason to break car lease early, you have to go through the entire process the right way to ensure that you don’t end up with penalties and obligations to make other payment combinations for the early termination. Some of the best ways to break your car lease are highlighted below.

Transfer Your Lease

This is probably the most popular way of breaking a car lease. It entails using a third party service to transfer your lease to another qualified individual who will complete the term of your remaining car lease. However, it is essential to note that you may still be liable for the car lease if the other person opts to stop making payments. The process also includes a transfer fee charged to you. If the car has a lot of mileage, you may also need to add an incentive to attract a new lessee.

Trade or Sell the Car

It is quite possible to buy the car from the company that is leasing it to you, at any time. An early buyout is a great option if you already have a buyer for the car. For this option, you should start by finding out the payoff amount of the vehicle from the leasing company. An early termination fee is usually included in the payoff amount. You have a good chance of breaking even after selling the car, especially if you had made a sizable down payment for your lease.

Lease Another Car with the Same Dealership

This method is only a great idea if your reason for breaking your car lease is to drive a new car. Of course, there are some hidden costs that you will have to incur, but you will end up with a new ride. Your car dealer will transfer all the outstanding balance from your current lease to the new one. You may end up owing them more for your new car, but it will probably be worth it.

Return the Car

You may also opt to return the car to the leasing company. This is an expensive option but usually works quite fast. You will be charged some penalties but will successfully terminate your lease contract without ruining your creditworthiness.

Some few years ago personal car ownership was considered a status symbol for being very rich. That meant only the rich could afford a vehicle of any kind. However, the narrative has since changed and cars are even more affordable than ever. The main reason as to why many people own good cars is because several car brands have come up in the motor industry. The increase in car brands has made car manufacturers compete for sales hence leading to a drastic drop in car prices.

Therefore, there are several key factors that one should consider before buying a car other than just money. Having a personal vehicle has become a necessity because life has changed much. Every person nowadays wants to achieve convenience in commuting, and that comes with owning a car. In this article, you will learn about the key factors to consider before buying a car. Below are the considerations to keep in mind, continue reading.

New car vs. Used Car

The first thing to do is to decide on whether you want a brand new or a used car. That is a critical consideration to make before buying a car. Obviously, your choice will depend on your needs and personal preferences. Usually, people buy used cars because they are cheaper than new ones. Therefore, you need to consider what kind of car you cannot before going to narrow down your specific preferences. Once you determine the state of car, you want you will be able to find what you specifically need. You must as well learn about the pros and cons of buying either a brand new or a used car.

Research

After determining the type of car you need in terms of newness and mileage, you should do the research. There are very many car brands all over the world. You should study them individually to apprehend their individual features. Doing your homework is quite important because you can know the details of each brand in line with what you are looking for. Doing your own research will, therefore, help you to understand more about the individual cars that you have shortlisted. Make sure you do your research on the pros and cons of different types of vehicles before you opt out to purchase that car.

Your Budget

Even though cars are relatively cheaper than before, they still cost quite a dime. Therefore, you cannot overlook the price factor. Since you will undoubtedly spend a large sum of money, you need to be cautious about the kind of car you want to buy. Just like any other product else, you must have a well-drafted budget before going out to shop. You should predetermine the amount of money you have in the bank and also the amount you want to spend on purchasing a car. You should also consider the source of your money for buying that car. You will use your drafted budget to determine quite some things. This includes the brand, size, etc.

Fuel Consumption

Fuel consumption is also a very important factor to consider before buying a car. You should go for a car that uses less fuel. That is why it is important for you to consider an economical car. Also, you will need to consider your income.