A website called Leasehackr breaks down lease deals so you get the best car deals - now they're sharing their top 5 car leasing tips you need to know.
Leasing is a popular way to drive off in the exact car you want. A website called Leasehackr breaks down popular deals and helps users get the absolute best drive off price on that brand new car.
The site was started by Michael Sin and Victoria Xie - the two share a love of car deals and started the site as a hobby. There are several popular features. A forum lets users discuss lease deals in detail. There are blog posts where Sin breaks down advertised lease deals and a proprietary number they call the Leasehackr Score. This is the number of years it would take before the cumulative monthly payments exceed the price of the car. The higher the Leasehackr Score, the better the deal.
For example, a $30,000 car with a monthly payment of $300 has a Leasehackr score of 8.3 years. You can pay $300/month for 8.3 years before you reach $30,000.
Here are the top 5 lease tips straight from Leasehackr:
#1 - Some cars lease better than others.
Cars of the same type and price can cost vastly different amounts of money to lease. For example, you could have two similar family sedans that both retail for $30,000. But to lease, one might cost 50% more. Keep this in mind when deciding between cars!
#2 - Car leases are negotiable.
Just as if you were buying a car, there's a selling price that determines how much you'll pay. The leases you see on automakers' websites don't tell the whole picture.
#3 - Don't put money down.
It obscures the cost of the lease and makes it difficult to comparison shop. In theory, any car can be leased for $200/month -- if you put enough money down!
#4 - Leasing is not for everyone.
Leasing can be a great option -- if you can get a great deal. That said, some cars make for bad leases, and you're better off buying those. It also depends on how many miles you drive each year, and how long you plan on keeping your car.
#5 - The one percent rule.
Generally, a great deal is when your monthly payment is 1% of the retail price of the car. For example, $300/month for a $30,000 car, with $0 down, only fees and taxes upfront, is pretty good.
Leasehackr also has a section of their website dedicated to the absolute best deals their users score. They call it the "Trophy Garage." Inside, you'll find stories of users who score a rare "half-percent" lease, or a $60,000 car for just $300 a month.
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