Do you know how to negotiate a new car lease?
In this video I get straight to the point. You’ll learn how to negotiate a lease in 60 seconds. Then I follow up with a real life example of a lease quote to point out what car buyers should focus on to avoid being misled by the car dealer.
How to Negotiate a New Car Lease
There are 4 essential steps to negotiate a lease as quickly as possible:
- Negotiate New Car Purchase Price
The first step to negotiating a lease is agree to the purchase price the new car. I recommend not mentioning that you’re even considering leasing at this point in order to simply negotiations and limit the car dealer’s ability to hide unnecessary expenses. - Request a Lease Quote
Most car salespeople do not have access to the information required to produce a lease quote. Often only a few people at the dealership have access to this information. For this reason, it’s best to start with a formal lease quote from the dealer for the specific car you want before attempting to negotiate payments. - Make an Offer
Once you’ve received the dealer’s lease quote, analyze the important information such as car sale price, down payment amount, and other fees. With this quote, offer to lease for the agreed upon negotiated price in step one, at the current lowest market interest rate . Right now the lowest interest rate on a new car lease for most makes and models is ~2.4% (which is 0.001 expressed as a “money factor”, a car dealer term for interest rate). - Shop the Offer
Usually the dealer will not accept your offer on the first attempt. You’ll have to shop the offer to multiple dealer’s in the region achieve the best price. I have a separate video and template which explains exactly what to say when negotiating by email.
