Best Time of Year to Lease a Car: A Guide to Finding the Best Deals
Leasing a car can be a smart financial decision, offering flexibility and lower monthly payments compared to buying. But when is the best time to lease a car to maximize your savings and get the best deals? Here's a breakdown of the best and worst times to lease:
Prime Time for Leasing:
1. End of the Year (November - December):
- Year-End Incentives: Dealerships are eager to clear out old inventory and meet sales targets. This means you're more likely to find significant discounts, special offers, and rebates on lease deals.
- New Model Releases: The arrival of new model years means the previous year's models need to be moved. You can leverage this to get lower lease rates.
2. End of the Month:
- Sales Targets: Salespeople are often under pressure to meet monthly sales quotas. This can lead to them being more flexible with their pricing and lease terms.
3. Holidays (Memorial Day, Labor Day, Fourth of July):
- Promotional Deals: Major holidays are a prime time for manufacturers and dealerships to run promotional deals and incentives.
4. End of a Lease:
- Returning Leases: As lease terms expire, dealerships receive a surge of returned vehicles. To quickly lease these cars again, they often offer attractive lease deals.
Less Ideal Times for Leasing:
1. Beginning of the Year (January - February):
- Higher Demand: After the holidays, demand for new vehicles often increases, putting pressure on lease rates and deals.
2. Summer (June - August):
- High Demand: Summer is a popular time for vacations and road trips, increasing the demand for leased vehicles and potentially limiting deals.
3. Early in the Month:
- Eager Salespeople: Salespeople are often more optimistic and less willing to negotiate at the start of a month.
4. New Model Launches:
- Higher Prices: The release of new models often leads to higher prices on older models, potentially impacting lease terms.
Tips for Getting the Best Lease Deals:
- Research Thoroughly: Compare prices, lease terms, and incentives from multiple dealerships.
- Negotiate: Don't be afraid to haggle.
- Consider Certified Pre-Owned (CPO): CPO vehicles often come with warranties and can be a cost-effective option.
- Shop Around: Compare lease offers from different manufacturers and models.
- Think Long-Term: Consider your driving needs and whether a lease term aligns with your plans.
Key Takeaway:
By understanding the best and worst times to lease a car, you can put yourself in a better position to find a great deal. Remember to do your research, shop around, and negotiate to ensure you're getting the best possible offer.
