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Leasing a car is a way to drive a new automobile for a fraction of the price that you would pay with an outright purchase. When you lease an automobile, you have access to the car for a specified period of time and have a set monthly payment until the lease term expires, at which time you return the car – similar to renting a house or apartment.

Leasing a car isn’t difficult, but the key is getting a good lease deal. You want to get the car you’ve had your eye on at a price that makes sense. There are certain steps anyone can take to secure the best terms possible.

Before we get into the tips surrounding getting the best car lease deals, read on to learn about the benefits of leasing and how the process works.

Benefits of Leasing a Car

Owning your own car certainly comes with its perks. However, there are many benefits to leasing cars as opposed to buying them. Here are some of the top advantages that come with leasing a car:

• Access to a new car with reasonably-priced payments each month. Since you aren’t paying money to own the car in the end and will not be working towards ownership, the monthly payments will be less expensive. Not everyone has money in the bank to pay for a high car payment each month and with a lease situation, you won’t have to.
• It’s often easier to lease a car than buy one. With leasing arrangements, there are fewer hurdles to jump over and less paperwork to deal with. You’ll still have to fill out some forms and have your creditworthiness determined, but it won’t be as extreme as it would be if you were buying the car.
• You get to enjoy the added variety of having a new car every two to three years. Some people don’t like to be stuck with the same car ten years down the road. When you have a car lease, you know that you will be able to switch it up in a few years and select a new car to lease.

Is a Car Lease Worth It?

Whether or not a car lease is worth it depends on your individual situation. If you want to drive a new car, don’t mind not having an ownership stake in the car, and are looking for a car payment option where the price is reasonable, leasing a car is a great move to make. In the alternative, if you couldn’t bear the thought of not keeping the car for longer than a couple of years and never having an ownership claim towards it, then perhaps leasing a car might not be right for you.

Process for Leasing a Car

The car leasing process is similar to the car buying process but less timely and less expansive in nature. Here’s the general process for leasing a car:

• Research cars available for lease and find a dealer. When you decide to lease a car, find dealerships near you online and find out what types of vehicles are up for lease – and if there are any current promotions. Once you select your vehicle, you’ll want to take it for a test drive, if you haven’t done so already. If you like the car, enjoy driving it and are ready to sign the lease agreement, the paperwork is next.
• Have funding secured in advance. Some auto leases require a down payment or another upfront fee, so make sure that you have enough money in your bank account to cover all upfront expenses and the first few monthly payments.
• Negotiate the final sales price. When you feel good about your funding situation, you’ll want to negotiate the final sales price with the dealership. This will dictate how much your payments will be based on the purchase price. With a lower purchase price, your payments will be less, so negotiate well!
• Negotiate the lease terms. Once a final purchase price has been agreed upon, negotiate the terms of the lease so that the lease benefits you in the end. Note capitalized cost and inquire about potential capital cost reductions to score the best deal.
• Review the contract. Before you sign your name on the line, review the contract thoroughly and ask about any terms you are unsure of before signing. Once you sign the contract, it becomes legally binding, so be sure to read it over carefully.

11 Steps to Scoring the Best Car Lease Deals Out There

Before you head out to just any car dealership to obtain an auto lease, you want to make sure that the dealership you visit and the car you choose is one which will yield the most favorable lease deals. From doing your homework to knowing how to properly negotiate the sales price, we’ve compiled a list of 11 steps to take in order to score the best lease deals available to you.

1. Do Your Homework and Research Leasing Terms

In preparation for your impending car lease, you want to be sure to do your homework and research leasing terms. Not everybody is well-versed in the area of car leases and some individuals will need to learn the ins and outs of car leasing before embarking on this sometimes confusing journey – and the lingo is also important to understand.

In addition to the helpful hints contained in this article, you can find a wealth of knowledge on the Internet regarding car leases.

2. Take Advantage of Leasing Specials

Lease deals are all around you and leasing specials are one type of lease deal you need to be on the lookout for in your search. Leasing specials can exist in the form of specific car makes/models and car dealerships will often offer special monthly payment deals if a particular car isn’t selling as quickly as the dealership might like. Just be sure to note any restrictions, such as mileage restrictions, if you decide to take advantage of the leasing special.

3. Select a Car That Holds Its Value

To obtain the best lease deal, you should also be mindful of the type of car. You want to pick a car which holds its value and will be worth the overall leasing arrangement. When you lease a car, you are paying for the costs associated with depreciation in value, as well as interest, costs, and fees. If you choose a car that holds its value, you will find your monthly payments are better overall.

4. Select a Vehicle That’s in Stock

Another way to snag the best lease deal on a vehicle lease is to choose a car that it’s in stock. If you lease a vehicle that is right there before your very eyes, you may grab the best deal as the dealership will be trying to get rid of it as opposed to obtaining a more high-in-demand vehicle that they can’t keep on the showroom floor.

5. Obtain Quotes From Multiple Dealers

It’s tempting to go to the first dealership you find and say, “I’ll take it!” but this won’t yield the best lease deals. You want to shop around and get the best price. Even if you know what make and model of the car you want to lease, there are certain to be many dealerships in your local area that offer the car of your dreams.

When you obtain quotes on the car of your choice from different dealers, you can ensure that the price you are getting is the best one out there. Shopping around for cars is a wise financial decision to make. Keep in mind that patience and persistence will pay off in the end.

6. Know the Fair Market Value Sales Price of the Car

Before you start shopping for your car of choice, know the fair market value of the vehicle. You don’t want to pay more for the car than it’s actually worth and doing so will increase your monthly lease payments. Also, with the knowledge of the vehicle’s fair market value in your back pocket, you can go to the dealership armed with this knowledge, which makes you a well-informed lease customer.

7. Negotiate the Sales Price

Just because your dream car has a set sticker price on it doesn’t mean that you have to pay that set amount. You always have the option to negotiate the sales price…and you should! Never settle for the sticker price, especially when leasing an automobile. In order to get the best lease deal, you have to negotiate the price down to an amount you’re comfortable with paying. This can knock hundreds maybe even thousands of dollars off of the vehicle price.

8. Factor in Additional Charges

Keep in mind that you not only will be paying a set monthly payment plus interest but there may be some additional charges added on to the total payment price. The additional charges are known as drive-off fees and include registration, documentation, and taxation costs. These extra fees will add up so it’s important to note the additional costs when you are leasing a vehicle.

9. Consider Your Mileage Needs

The one aspect of a car lease that you don’t deal with when you purchase a car is the need to stay under a particular mileage number. When you lease a car you must stay under a certain mileage in order to prevent any additional fees from being tacked on at the end.

If you are going to be using the vehicle to drive an exorbitant amount of miles to work each day, you have to be mindful of this fact when signing the contract for a vehicle lease. Make sure that leasing a car won’t be a costly event if you plan on driving the vehicle to a point that takes you over the mileage limit.

10. Say No to Expensive Add-ons

When you lease a car, the dealership representative will most likely try to talk you into some expensive add-ons. Just say no! Unless it’s something you really need in your newly-leased vehicle, it’s best to forego the expensive add-ons, as you will only have the car for two years or so and the resulting price might not be worth it in the end.

11. Make Sure the Documents Show Your Negotiations Correctly

Lastly, before you sign any of the documents for the car lease, read it over carefully. Make sure that what’s in the document accurately reflects your prior negotiations. Once you sign the leasing document, it’s binding, so you have to be certain that the terms in the contract are what you anticipate them to be.

Leasing a New Car is an Affordable Way to Drive in Style

Leasing is an excellent alternative to purchasing a car for many drivers. The lease option provides you with a stylish, new auto for less money than you would pay for a new auto purchase. When you decide to lease your next car, be sure to do your homework and follow the tips mentioned above to grab the best lease deals out there.

The post 11 Steps To Getting The Best Car Lease Deals appeared first on Wall Street Insanity.

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Anyone who finds themselves in the position of needing to get a vehicle must first start their journey by answering one not-so-simple question: buy or lease?

Regardless of whether you lease or buy a car, it’s a commitment – and each choice comes with its own complications. Depending on your individual needs and budget, the decision isn’t always easy.

When it comes to leasing vs buying a car pros and cons, it really comes down to a number of personal and practical factors.

This guide was put together to help you figure out if leasing vs buying a car would be right for you – so you can have enough knowledge to make the right choice while making the car-buying journey an enjoyable experience instead of a stressful one.

Leasing vs Borrowing a Car: Pros and Cons

Let’s first make sure we know the difference between leasing vs buying a car, because the details are important.

Leasing a car is not that different than renting an apartment. When you lease a car, you’re never going to own it. At the end of the lease, you return the car to the lessor. You aren’t responsible if something goes wrong with the car, the dealer takes care of that.

When you buy a car, you have to pay the entire cost of the car with cash, a loan, the value of a trade-in or a combination of all of these. When you lease a car, you only pay the difference between the price of the car and the car’s expected value at the end of the lease period plus interest and fees.

How Do Leases Work?

Leasing involves signing a contract, typically for a few years, for a fixed monthly price to keep a vehicle and drive it as if it’s your own. After the lease is over, you don’t need to deal with selling an outdated vehicle – and you avoided having to pay the full sticker price the entire time you had the car.

It sounds straightforward and uncomplicated, but there are some important things to consider if you’re choosing to either lease or buy a car.

Pros of Leasing

• If you’re looking to lower your monthly expenses, a car lease payment will typically be lower than the monthly payment for an auto loan
• Your leased car is under warranty so the cost of any necessary repairs won’t come out of your pocket. The dealership takes care of these things.
• You get a shiny new car every two to three years. Vroom, vroom!
• You don’t have to worry about selling the car or the trade-in value. At the end of the lease, you hand over the keys and walk away.

Cons of Leasing

• If you run into financial trouble, you can’t sell the car and it can be hard to get out of a car lease.
• There is a limit to the number of miles you can drive the car over the term of the lease. If you go over the stated number of miles, you’ll be charged for each mile.
• You must maintain the car. This means not only adhering to the recommended maintenance schedule but keeping the interior of the car clean and undamaged.
• You are often required to purchase gap insurance.
• While the monthly payments for a leased car are often lower than those for a purchased car, over the long-term.

How Buying a Car Works

Between leasing vs buying a car, purchasing is likely the one most people are familiar with.

There are a few ways to buy a car. You can buy from a private seller for cash, from a dealer for cash, or from a dealer with financing. You can get financing from an online lender, a peer-to-peer lender, a bank, or the dealership. The interest rate you get on an auto loan will depend on your credit score.

Pros of Buying

• The car is yours in the same way a house you buy is yours. Once you pay the loan off, you will own the car outright.
• Because you own the car, you can customize it to your liking.
• There is no limit on the number of miles you can drive the car.
• You can buy a used car for cash which saves money over financing because you’re not paying interest.

Cons of Buying

• Your monthly payments will be higher than for a leased car.
• Any repairs and maintenance outside of any warranty period will be out of pocket.
• You have to sell, trade-in, or donate the car when you need a new one.

Leasing vs Buying a Car: Which is Right for You?

The pros and cons we’ve listed are general for those figuring out whether to lease or buy a car. But what about more specific situations? When does it make sense to lease a car and when is it best to buy a car?

You Should Lease If

• You own a business that requires you to have a car. Generally, you can deduct your lease payment (the actual expenses, not the standard mileage rate) from your expenses. If your business buys a car, you have to break out the monthly payment amounts between the interest you paid and the depreciation allowance. Car depreciation is written off over a period of several years so you can get a bigger deduction with a leased car.
• You see a good deal. Dealerships often offer car leases, especially for expensive cars, at bargain prices. This happens because high-end cars often have a higher resale value. The dealer can sell your leased car as a “certified pre-owned” car which is dealer fancy talk for a used car.
• You only need a car for a relatively short time. A lot of people think a car is an everyday necessity but that isn’t true for everyone. In a situation where you only need a car for a relatively short amount of time, it makes more sense to lease than to buy.
• You don’t drive that many miles.

You Should Buy If

• You have a sizable cash down payment. If you don’t have enough money for a hefty downpayment, you’ll have a higher interest rate on the borrowed amount.
• You have a good credit score. Your credit score determines the interest rate on your car loan. The higher your score, the lower your interest rate. And the lower your interest rate, the more money you save on a car loan or any other kind of loan. If you have a credit score of 760 or higher, that’s enough to get you the best interest rate on your loan.
• The car you’re going to buy has a high resale value. We all know how quickly cars depreciate in value but some cars hold their resale value more than others. You can get a ballpark for how much your potential car will be worth in X years time at Kelley Blue Book.
• You are good at and enjoy car maintenance and repairs. Some people love nothing more than popping the hood and fixing a problem themselves. If you’re one of them, owning a car that you can keep in good working condition for many years without having to pay a mechanic.
• You have a kid who will be driving soon and you want to pass your car down to them when the time comes.
• You drive a lot of miles. There is a limit to the number of miles you can drive a leased car. If you go over that limit, you’ll be charged per mile.

Now You’re Ready to Lease or Buy a Car!

The leasing vs buying a car pros and cons are important to know, especially since vehicles are such major purchases for most people – and vital for many households across the country.

Whether you decide to lease or buy a car, make sure you are thinking into the long term and taking into consideration any variable that might push you to one decision or the other.

Shop around, research the true value of a potential vehicle online, and don’t make any impulse decisions. Make an informed decision, and you won’t regret the consequences of the choice you made when you were considering leasing vs buying a car.

The post Pros And Cons: Leasing vs. Buying A Car appeared first on Wall Street Insanity.

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Thanks to the invention of the internet and the growth of the “gig” economy, there’s never been a better time to earn some cash through side hustles. In particular, there are more ways to make money with your car than ever.

Many people are dropping the 9-5 lifestyle and embracing the flexibility that making money with your car brings.

Not everyone is able to commit to that lifestyle, though; still, they work for some of these services to cushion their finances, make some extra fun money, or something else entirely.

If you have a car and some free time, joining the exploding gig economy is a great way to fatten your wallet a bit. Sign up for one of these companies to make money with your car.

Postmates

Postmates is the jack-of-all-trades when it comes to delivery services. Postmates drivers deliver groceries, restaurant meals, and even retail items to a variety of customers. Such a wide variety of items makes Postmates one of the most versatile ways to make money with your car.

Speaking of pay, there are two factors that go into your compensation: delivery fees and tips.

Delivery fees are charged on every order; the amount is determined by factors such as order size and order distance. Postmates takes a 20% cut of each delivery fee and hands you the other 80%.

Tips are where excellent drivers can make the big bucks, as they are calculated based on the total order price. Both the delivery fee and the service charge added to the total, which directly increases the amount of tips drivers can make.

Each city has a slightly different formula for calculating the fees customers pay, but you can expect some decent cash flow based on their pay structure.

To sign up, you need to have a valid driver’s license and be at least 18 years old. Once signed up and ready to drive, the actual delivery process is simple.

DoorDash

Founded in 2013 by a few Stanford students, DoorDash is one of the biggest food delivery services in the industry.

Cleverly dubbed “Dashers” by DoorDash, drivers earn a flat rate per order plus tips. The flat rate alone can add up nicely, but the tips will really bolster your earnings.

Fortunately, DoorDash provides a guaranteed amount for drivers working during slower times. If you don’t meet that guaranteed amount on an hourly basis, DoorDash will simply pay them the difference.

DoorDash isn’t quite as large as some other services. However, they are constantly expanding into new markets, so keep your eyes peeled if they aren’t yet in your city. If they are in your city, you could sign up with them and start to make money with your car this week!

Uber

Uber is one of the most popular ride-sharing apps in the US; that means you can make great money by driving with them.

In addition to a standard base fare that varies by area, you’re paid based on driving time and/or distance while “on the road”. On top of that, riders can tip you directly in the app.

Uber doesn’t make you set up a schedule at all. Instead, once you’re cleared to drive, you can just turn on the app and immediately start giving rides. Once you need a break or decide you’re done for the day, just logout on the app.

Driver’s can earn even more by taking advantage of the higher pricing that can happen during peak times and in certain locations, for instance, this could happen on some Friday nights in certain areas with nightlife-heavy districts.

Due to Uber’s popularity with riders, there could be plenty of rides even during these higher demand times.

If you’re looking for ways to make money with your car that have both high earning potential and a flexible schedule, try driving with Uber.

Uber Eats

Uber Eats is an app from the popular ride-sharing company that connects you to local restaurants that offer food delivery.

No schedule required here: simply turn on the app when you’re ready to deliver orders and log out when you need a break or you’re done for the day, just like the “normal” Uber driver-partner app.

Delivery-partners can cash out their earnings up to 5 times a day when registered for Instant Pay (terms apply) making this a great side gig for those who need their earnings as soon as possible.

The best part is, you don’t have to deal with any payment hassle for the customer. It’s all handled through the Uber Eats app; you just grab the food and deliver it to the customer’s doorstep.

Whether you’re already an Uber driver-partner or brand new to the ride-sharing game, delivering with Uber Eats is an excellent way to make money with your car.

Instacart Shopper

Do you enjoy your weekly supermarket trips? By signing up as an Instacart shopper, you could be making money shopping for groceries.

Everything is done through their app, making this a very convenient method of making money with your car.

They’re flexible, too: you get to pick your hours. Work as much or as little as you want; as long as you’re accepting orders during your scheduled hours, you’re all good!

In addition, some markets offer on-demand orders.  Shoppers can accept on-demand orders as they appear on the app. If you have some free time, these are a great way to pad your pockets while maintaining a very flexible work schedule.

All in all, you should sign up for Instacart if you think it sounds fun to make money with your car while shopping for groceries.

Lyft

Lyft is similar to Uber in that you work completely on your own schedule, with potential for high earnings.

One of their greatest conveniences is their Express pay: they let you cash out your earning at any time as long as you’ve earned a mere $5.

Lyft also offers a variety of driver bonuses (aside from your typical peak hours bonus) that can accelerate your earnings. For example, if you can complete a specific amount of rides within a certain time period, you can earn extra in the form of “Ride Challenges” that are tailored to you based on your Lyft driving history.

Another one is “personal power zones.” Lyft will offer you bonuses if you drive in nearby areas they find to have high demand.

On top of those and other bonuses, passengers can leave you tips after you drop them off.

With all these ways to make money with your car, driving with Lyft is a foolproof option for cushioning your bank account.

Turo

Turo is like Airbnb but for cars.

Founded in 2010 under the name RelayRides, Turo lets you rent other people’s cool and interesting cars instead of renting a boring rental car.

If you live in a popular tourist destination and you have a fun sports car or rare collectible car that meets Turo’s requirements, you can make substantial extra income from your car without even driving it.

But users aren’t limited to flashy cars; even a plain-old SUV will get some willing customers on Turo.

Car owners on Turo can increase their earning potential by offering extras such as prepaid fuel and child seats, too.

No need to worry about insurance, either: Turo’s got you covered. They provide protection for your car up to its cash value for collisions and most other “comprehensive” causes of damage or loss; in addition, they provide $1 million in liability insurance.

Oh, and Turo is everywhere: Turo is currently available in over 5,500 cities across the US, Canada, the UK, and even Germany.

List your car on Turo today and start to make money with your car now!

Getaround

If you don’t use your car very often, you could make a significant side income by renting it out on Getaround.

Car owners can set one-off or repeating availability schedules, so you can ensure you’re only getting interested renters when you aren’t using your car. You don’t have to transport your car to renters either, as they can use Getaround’s mobile app to find and unlock the car.

What about security? Getaround has anti-theft features such as engine locking and GPS tracking to minimize the chance of theft. They also give owners a digital key that allows them to locate and unlock their car at any time.

As for earnings, your potential Getaround earnings could be enough to cover your car expenses AND still take home a profit. In other words, it’s almost like you’re getting paid to own a car!

As a nifty bonus, Getaround offers those who list their car a monthly $50 credit that they can use to rent other people’s cars when they need them.

Getaround is currently available in Berkeley, Los Angeles, Oakland, San Diego, San Francisco, Portland, Chicago, Washington DC, Philadelphia, Seattle, Boston, NYC, Miami, and the State of New Jersey.

Keep your eyes peeled, though; as demand for car sharing services grows, Getaround will inevitably expand into new markets.

Don’t miss out on one of the easiest ways to make money with your car by letting your vehicle sit in the garage unused! List your vehicle on Getaround and get paid to let others use it.

But here’s a better idea: sign up and list your car on Getaround and Turo at the same time if they’re both available in your area! You’ll have a much larger customer base, meaning more money in your pocket.

It’s Easy to Make Money with Your Car

Before the current decade, making money with your car was mostly limited to pizza delivery and taxi cab drivers.

But thanks to rapidly-advancing tech and a growing disdain for the 9-5 lifestyle among large swathes of the population, there are endless ways to make money with your car.

Even if you love your current job, you should take advantage of a few of these money-making opportunities.

After all, unless it’s a collectible, your car is losing value with every passing mile.

You might as well make the most of it and make money with your car while you still can.

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