How to Lease a Brand-New Chevrolet

There are basically three ways to get a new car: buy with cash, take out a loan, or lease. Buying with cash is great for a car that you’ll drive for a decade or more – there’s no interest and no monthly payments at all! But the sheer upfront cost means that buying with cash is a challenge for most buyers. That’s why financing the purchase through a loan is so popular. The final option, leasing, provides buyers with a brand new vehicle for the lowest monthly payments on a short-term commitment, making it another popular choice for those who love the low payments and new cars. We’re going to talk about how to lease a car (choosing a model, researching deals, negotiating the best offer, and sealing the deal) and look at some current Chevy lease deals, for example.

When planning to lease a vehicle, it’s best to take your time. Consider your wants, needs, and financial targets to filter through the market of new cars. Look for deals advertised by third party websites, manufacturer sites, and dealer pages. Take test drives and negotiate a price for the car you want. When it’s all set, you’ll have a great deal on a brand new car!

Choosing a Model

If you don’t have the cash to buy new, or want a car that’s otherwise outside of your price range, leasing may be the way to go. Just be sure you can handle the responsibility of maintaining the interior and exterior condition and stay well under 15,000 miles a year, as there can be steep penalties for excessive mileage or wear and tear. If that all sounds good to you, then consider what you want from your new car. How much seating and cargo room do you need? How important is fuel efficiency? Are you looking for a thrill or a practical commuter?

If you’re considering a new Chevy, for example, there’s a huge lineup available to you. The Camaro is a modern classic muscle car, but the spacious Malibu and Impala are far more practical. Tahoe, Suburban, and Traverse can all seat 8 passengers and offer different ranges of space, towing capacity, and fuel efficiency to consider. The tiny Trax, Spark, and Bolt EV are great for scooting around urban centers. Blazer and Trailblazer offer more space and capability with style, while the Equinox is more comfortable and centered – and none of that mentions the pickup truck lineup.

Visit your local Chevy dealership for a test drive. Consider the comfort, handling, visibility, sound, and interior layout as you drive. Ask about standard safety features like lane keep assist and adaptive cruise control. If possible, look at the different trim options so you can see what’s available to you, and be willing to test drive different models that might fit your interests. After all of that, you’ll hopefully know exactly which model is the one for you, and you can then hunt down the best deal for it.

Finding a Good Deal

Once you know what model you want, you can research special offers available through different sources. Third-party websites offer collections of good deals from various manufacturers. Compare these to specials right on the manufacturer webpage, where there’s a great list of offers that are updated frequently. Finally, compare these to dealer-offered specials like those we have at depaulachevrolet.com. You might just find that the dealer offers are already the best of all.

The nitty-gritty of the finances can get overwhelming, but leasing can be pretty simple if you let it. Focus primarily on deals that offer a low initial out-of-pocket expense, low monthly rates, and sufficient mileage – to most buyers, those 3 numbers are all that really matters.

The initial expense is more than a down payment – there’s taxes, fees, and registration to consider as well, which is why you should consider those values and ask for a breakdown from the dealer in a quote. While a larger down payment may reduce your monthly rate, you won’t get your money back if the car is stolen or destroyed, so a low down payment on a lease is advisable.

A low monthly payment is just that – affordable on a month to month basis. However, you need to consider the deal as a whole and not get caught up in low monthly payments. Leases with a high initial expense or a longer-term may have low monthly payments, but they expose you to more risk and can be far more costly in the end.

Finally, you need to realistically consider your mileage requirements. How many miles do you commute every day? How often do you make trips out of town (and where do you go when you do)? It’s wise to factor in weekly errands as well. It is critical to overestimate the number of miles that you’ll drive. Most leases can have mileage added at the beginning and save you hundreds or thousands of dollars in the end. Typical charges range from $0.20 – $0.30 per mile at the end of the term, but you’ll only pay around $0.05 per extra mile if you add it onto the terms of the lease from the get-go.

For the best deals, look for low monthly payments, down payments that only cover the first month’s payment and registration fees, and a 3-year term of 36,000 miles (or 12,000 miles per year). This ensures that the vehicle is under full manufacturer’s warranty for the entire term of the lease – but be sure to buy more miles upfront if you need it.

As an example, a current special on a 2020 Chevy Trax through the chevy.com website has monthly payments of $217/month for 39 months, with $0 down and $0.25/mile after 32,500 miles. DePaula Chevrolet also has a limited-time deal on the 2020 Chevy Trax: $199/month for 36 months, $0 down and $0.25/mile after 30,000 miles. There’s more details to each – to give an example, DePaula highlights a $695 acquisition fee due at signing, which is not explicitly part of the chevy.com offer. The DePaula offer is slightly shorter term and has much lower monthly payments and overall costs, but also allows 2,500 fewer miles – whether it’s the better offer depends on the customer. These offers are only available for a limited time, so make sure you always check the active dates before going to sign for the car.

Negotiate the Best Offer

You’ll want to actually lease your new car from a dealer with a salesperson that you trust, but that doesn’t mean you need to settle for whatever is on their lot. Now that you’ve looked up the best offers in your region for the model you want, it’s a great time to check out other dealers and their current inventories. In your search, test drive different trim levels and packages on the model that you want and see which configuration works best for you. Your preferred sales rep just might be able to track down your perfect car if you can name it, so give them a chance to do so.

This is also a good time to get quotes from different sources. With any lease offer quote, you’ll want to know the entire initial expense including down payment, registration, fees, taxes, monthly payment and “money factor;” which accounts for the interest portion of the lease; capitalized cost and residual value (ie, the agreed sale price at the beginning and end of the lease), the term of the lease, the mileage limit, cost for going over, and the cost to add more miles.

It’s a lot of detail, but the key is the balance of initial expense, monthly payment, and total mileage. The best offer gives you the most satisfying combination of the three. Once you’ve tracked down the best offer you can find, it’s time to get in touch with your sales rep to hash out details. Negotiate the sale price as if you’re buying it outright – it’ll lower your monthly payments if you do. Then, once you’ve agreed on a price, talk about the leasing terms. If somebody else had a better offer, show it and see if they’ll beat it.

Sign, Seal, and Deliver

When you’ve negotiated the best offer on the perfect car after taking your time to do methodical research and test drives, getting into your new Chevy will feel amazing. Get a worksheet from your sales rep with a full breakdown of the lease expenses – every penny of the initial costs, monthly rates, various penalties and disposition fees, plus the agreed residual value (or buyback price) of the car at the end of the lease. Make sure the contracts match these numbers exactly, and think carefully before agreeing to additional expenditures during the signing.

After that, the car is yours for the term of the lease. Take extra care to prevent spills, nicks, scratches, and other damage, and consider renting for long road trips. At $0.25/mile, going over the agreed mileage will cost $100 for every 400 miles, and you’ll be held responsible for damages and excessive wear that influence the actual value of the car.

A New Lease on Driving Life

It’s that simple. The most complicated part of leasing a vehicle is the legwork to find the perfect car with the best deal. If you love having the most up-to-date tech, don’t mind taking extra-good care, and want to be free to change things up after only a few years, it’s a great way to get a car. Take your time finding the model that is right for you, and use test drives to inform your decision. Look at multiple sources for the best lease deals available, and try different versions of your favorite car so you can track down the one that was built for you. Negotiate a good sales price and use the best-quoted deals you could find to negotiate terms that suit you best. From there, all you need to do is take care of the car.

If that’s overwhelmingly complicated, remember that the best lease has a combination of low initial expense, low monthly payments, and high allowable mileage. If you’re looking at several offers, the one that’s most appealing to you is the one that has the best combination of these factors. It’s totally subjective and depends on what matters most to you personally.

Once you’ve found the best offer, let your local dealership know about it – we hope that’s us at DePaula Chevrolet in Albany, NY! Give our excellent sales team a chance to beat it and make a deal that you’ll be proud of. If you’re looking for a great lease on a fantastic Chevrolet, you’ll be glad you visited DePaula!