3 Things to Avoid When Leasing a New Car

Here are the three things I would avoid at all costs if I were leasing a new car. I'm Tyler, a former financial advisor and portfolio manager, and I create financial content for free to help you make smarter choices.

1. Never Go to the Dealership

Email, email, email! Email them your best offer. Let them know you're speaking with two other competitors and that you look forward to earning their business. For those of you who think this will never work, I literally got my last lease this way. I locked in the price of my payments before I stepped foot in that dealership.

2. Avoid Discussing Monthly Payments

I would never talk monthly payments. Give me five minutes with a financial calculator, and I’ll have you out the door paying whatever monthly payment you want. I’ll still win based on down payment, length of lease, residual value, or any of the countless hidden fees that magically crop up.

3. Say No in the Finance Room

When you're taken to the finance room, just say no. There’s a reason the finance team gets paid more than anyone else at the car dealership—they are masters at convincing you to pay for things you don’t need. For those of you thinking that gap insurance is a good idea, you probably shouldn’t even be buying a car if you believe in it. That means you know that just by driving off the lot, you’ve already depreciated that car's value by over 10%.

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