Leasing a car is less challenging than buying one. To rent a car, you need to make a small down payment, less than the usual 18 % of the vehicle you would pay to buy, and then the monthly costs for the duration of the lease. When the deadline expires, you return the car. But to get the best price on the vehicle you want, you still must follow the steps discussed in this article.
How to Rent a Car and Get The Best Deal
Get to know the lease
Leasing a car is like renting a car, but for a more extended period and with some additional fees. Many people prefer leasing because it permits them to drive a new car for less money than if they bought it. You should have a moral idea of which car to rent. In this first step, it can also be helpful to consider some of the other pros and cons of leasing to ensure it’s the proper financing method for you. Also, if some of the terminologies you encounter are confusing, check out our leasing glossary. Finally, read our Quick Guide to Renting a New Car if you’re in a rush.
Create your lease
Some people are tempted to extend the lease to four or five years to reduce the monthly rent. But that means you’re spending more money on a car that will never be yours and may need costly repairs. You should also be aware that most leases include 13K miles per year. So, if you drive more than 35k miles in three years, you will be charged 15 to 20 cents for each additional mile. You can buy extra miles in advance, usually 8 cents per mile, and include them in your rental payment.
Estimate your monthly payment
It’s a good idea to evaluate the possible rent yourself so you can identify a good deal while continuing to shop. The formula is complex, but you can calculate the rent yourself with a bit of patience. You first need to get the car’s balance to use the calculator. Call your local dealership’s financial manager and request the three-year residual value of the vehicle you like. Put this value into the calculator: mileage, down payment, and your trade to see your estimated monthly payment.
Check the manufacturer’s rental offers
Many car manufacturers periodically offer discounted rental deals. However, promotions advertised may have additional charges in the fine print on the rental ad. You should always check whether the promised monthly payment includes sales tax and fees and whether it requires high exit fees, which are like the down payment on buying a car.
Ask about safety
Ask the dealer if the car has an anti-lock braking system (ABS), electronic stability control (ESC), and side airbags for head protection during a test drive. These are all essential security features.
Find the exact car for rent
If a rental offer is not available for the vehicle you are looking for, you can find other rental cars by going to the Edmunds home page and selecting the year, make, and model. After you click Go, the following screen will display a few sample cards for sale at local dealers. On the left side of the screen, click on the link that lists the number of cars available and then Cars for Sale to view a much longer inventory of vehicles in your area. If you are inquisitive about one of these vehicles, don’t hesitate to contact the dealer to ensure it is still available. If multiple dealers offer the same car, you may be better positioned to negotiate even better rental rates.
Shop online department
We recommend you shop through the dealership, which offers many benefits over traditional car purchases. Using Edmunds.com, you can simultaneously mail requests for quotes from online managers at local offices. Once you receive a car quote, you will need to contact them via email or phone to get a rental quote (subject to a three-year factor, 13.5K miles per year, and thousand dollars in tolls) to compare apples to apples. Now compare the quotes received with your own estimated rental payments or offers from Edmunds.
At the counter of the car rental company
Please present your voucher, credit card, and driver’s license to the agent. Don’t overlook asking for a city map. Before leaving the parking lot, check the car’s exterior for damage. If any, they should be noted in the contract. Make sure all accessories are installed if you order them. Specify the road and routes of exit from the parking area.About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud platform where their QuickBooks™️ file, critical financial documents, and back-office tools are hosted in an efficient SSO environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.