Tips On How To Lease Your First Car
Everyone remembers their first car. For many, it’s the first right of passage into adulthood, and the first real taste of freedom. Many people even nickname their first car, that’s how important it is to them. That’s why it’s crucial that you not only find the right car, but you find the right method of acquisition, and we at AUTO ONE Group believe that leasing is the way to go for young people looking to get behind the wheel of a car.
For one, leasing is on a fixed term, meaning that, should you go away to university or decide you’d like to travel in the future, you’re not tied to a car. It’s also more manageable from a money perspective – rather than having to gather the initial down payment and make monthly payments, with leasing you only have a few fees upfront, and reasonable monthly payments thereafter. You’re not on the hook, either, for the full cost of depreciation. In short, for young people looking to get the best ride possible for doable monthly payments, leasing is the way to go.
The first step in the process is educating yourself, both on what type of vehicle will be best for you, and also a little about leasing. You can peruse our list of common terms and FAQs on our website as a jumping off point, to familiarize yourself with the leasing process. There we explain terms like “Black Book Value” (essentially, the amount designated by the Canadian Black Book as the clean value of a particular vehicle), the rental/lease payment (basically the monthly depreciation and interest charges, plus some applicable taxes), and the term (the length of time of a lease). It’s not necessary to read through everything, as our expert representatives can talk you through it, but it’s there to give you an idea of how this whole thing works.
Next comes the fun part: you get to choose which car you want to drive. There are obviously factors to consider here, like price and size. If you play sports, or haul around music gear (or if your parents insist on a large car for safety), you’ll want to look into SUVs, of which we have a number in our inventory, like the Audi Q5 or the BMW X3 XDrive28i. We’re also able to source just about any vehicle you want, so if there’s a specific make, model and colour you’re after, we’ll try our absolute best to track it down.
You’ll then talk to a lease expert here at AUTO ONE Group to hammer out specifics and sign the lease. Depending on your age and job, you might want to bring in a parent to cosign the lease. First cars happen at all points in people’s life – some people get their first ride when they’re a teenager, and some much later in life – and depending on where you are in your life, you might want help with your lease. Also, for newcomers to this country, we have our Canadian newcomer program that helps out with the financial strain of immigration by offering a set of unique benefits on your first vehicle.
The quality of car you can afford when you lease, as opposed to buy, is amazing; you can roll off our lot in a beautiful luxury car, and trade it in for a newer one in a few years when at lease end. With a bit of proactive research on your part, and some help from our representatives, your first car will be an amazing one. We only wish our first cars had been luxury cars!