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Car Leasing Options Not Widely Known About

By Liz Opsitnik
Saturday, Aug 08 2009 16:10

Uncommon Leases
 
Leasing a hybrid

Hybrid vehicles are all the rage right now. Drivers of the Hummer H2 and H3 are getting dirty looks from drivers of the Toyota Prius hybrid. Fuel efficiency is now in vogue, and size is out. Suddenly, it’s not cool to drive a huge SUV.

Tarry Shebesta, president of Automobile Consumer Services, Inc. says that if you’re considering buying a hybrid, you should consider leasing it. Tarry’s company includes Web sites www.LeaseCompare.com, www.LowerMyLease.com, www.LeaseSpecials.com and www.FrontRowCars.com.  Tarry is also the former president of the National Vehicle Leasing Association.

Since hybrids are still being developed and improved, new versions will continue to be produced, he says.

“Do you want a hybrid car with outdated technology in a few years?” Shebesta says. “As more hybrids are being built, there will be more supply and the price on these vehicles will drop. You don’t want to have paid a lot for your hybrid when in a few years it’s worth much less.”

2006 Honda Accord

Want a lease but don't need a new vehicle? Ask the dealer about used vehicle leases. Most consumers have never heard about this leasing option.

Leasing a used vehicle

When most people think of leasing, they think of brand-new vehicles. Although not advertised as much, leasing does exist for used vehicles and can be an option for some buyers. Leasing used vehicles is more popular than most people think.

“In any month, we do more used car leasing than new car leasing,” Shebesta says.

“A lot of people buy a used car every three years or so,” says Shebesta. “They should consider leasing because the payments will generally be lower.”

Shebesta says that used car dealers have limited resources to lease a vehicle and most new car dealers don’t promote used car leasing, so you have to bring up the topic.

“Definitely ask if they have used car leasing available,” he says.

Refinancing a lease

If you signed a lease agreement and now the offer for the same vehicle is significantly better, you might consider refinancing your lease. Refinancing a lease can save anywhere from $5 to $70 a month.

“If you leased when rates were higher or the dealer increased the rate on a popular car at the time, you should consider refinancing your lease,” Shebesta says. “You need to shop around though because right now, rates are competitive. Generally, the more expensive the car, the more savings consumers can see from refinancing.”

One of Tarry’s sites, www.LowerMyLease.com, offers more information on refinancing leases.

 

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Confused or unsure about some of the car loan terms used in the article? Click here for our Auto Loan Glossary.



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