One way to save money with cheap car lease deals is to know your car’s true value. Some of the best lease deals 2021 has to offer consumers are obtained by those who understand the true market and residual value of a leased vehicle and how to use them as tools for negotiating prices.
The true market value (TMV) of a vehicle is the median price buyers are paying for a make/model of a vehicle on the current market. The residual value of a car is its value at the end of a lease after applicable depreciation factors are applied.
How does understanding your car’s true value help you get the best lease deals today? Multiple credible answers to this question exist. A leasing company is a business looking to make a profit.
This is of course a normal and reasonable practice in which any for-profit business enterprise is expected to engage. It does not stop you from trying to get the best car lease deal for yourself, however.
Some leasing companies will inflate the value of your leased car to justify charging as much as possible for the lease. Others will not inflate the value, but will also not put a lot of effort into revealing it as well. Going to the table with the knowledge of your car’s true value might get you lower lease payments in the end.
Are you considering purchasing your leased car after the lease expires?
If you are buying your car after leasing it, knowledge of its TMV and residual value are absolutely crucial to getting the best purchase price possible.
Kelley Blue Book is again a credible and popular source for revealing your car’s true value. Other online resources also specialize in helping you get the best purchase price on a leased car or the lowest price on car lease deals available today.