A Millenial's Guide to Leasing a Car!

Hello My Lovelies,


I have some exciting news! Margie Caroline has officially evolved into a responsible human and got a new car as a belated birthday present! It's a lease, but still! Let me tell ya, it wasn't as bad as I thought it was going to be. I chose to lease because my boyfriend and I plan on buying a house soon and leasing does wonders for your credit score if you pay and are on time! So keep that in mind. Here are my tips and pointers on getting the BEST deal on a new car if it's your first time buying/leasing.

So, for those of you who don't know (lets be real, I'm embarrassed so no one knows) that I drove a real POS car. I was graciously gifted a beat up 2003 Suzuki XL 7. Yeah, google it for reference and then add a bunch of dents, bumper falling off, no A/C or heater, paint chipping and creaks when I drove it OH and to top it off, every time I started the car, it would emit a screeching sound that sounded like an animal was being killed for about 45 seconds EVERY TIME so the neighborhood hated my guts lmao. Needless to say, I needed a new car but was too broke to make the switch.

Everything was going fine with my car, no mechanical problems, apart from the usual, and it lasted me a good year until it showed signs of breaking down and finally, it just stopped working. The alternator is all wonky, the battery wasn't charging properly and it's completely dead sitting in my drive way being used as storage LOL. But I still didn't have the money for a new car so my amazingly sweet boyfriend was my Uber driver for two weeks until I got the funds. Although I loved the extra time we spent together on our commute, I'm glad I don't have to depend on him for rides anymore! 

So the day is finally here. I'm itching to get a new car. 

Rule #1. LOOK BEFORE YOU BUY
Obviously. But this rule is usually overlooked quite often. 
     Go car shopping. Go to as many as you can! Get a feel for what you'd like, test drive, ask
     questions.
              - I say this because I initially thought I wanted a Honda Accord. Black on black. My                  family has always been a Honda family and I thought I'd get the keys to a new one. 
              WRONG! I ended up getting a White Hyundai Sonata. So be prepared to change                         your mind.

Rule#2. DO NOT GO ALONE
    Here, you will need someone who is either more confident with numbers or has    purchased a car before. There is car jargon that I still don't understand so having someone to explain it to you BEFORE you essentially sign your life away is incredibly helpful.

Rule#3. KNOW YOUR CREDIT SCORE
This one is scary. Credit is scary but you need to know before you're flat out told NO right on the spot. Budget for your credit. If you score in below 650, than you're considered a 2nd "tier", meaning your monthly payments go up because your credit score isn't where they feel confident/safe with. 
I was just below 650 and I was put into a 2nd tier but.... there's more to it. 

Rule#4. ALWAYS LOW-BALL HOW MUCH YOU CAN AFFORD MONTHLY
Here is where I ALMOST slipped up and got bamboozled. Luckily, my boyfriend kicked me underneath the table to stop me from over estimating. 
     -What I mean by low balling is if you make 2500 a month and can afford a $400                        payment, doesn't mean you should pay that much. You want to look out for yourself and        get the lowest monthly  payment you can to save some bucks. Always go lower.                          Dealerships will work with you because they want your sale! 

Rule#5. KNOW YOUR DEBT-TO-INCOME STATUS
Meaning - how much money you earn compared to how much money you owe.
     - If you make $2,500 a month with a $1000 monthly rent( and/or all other bills you                 NEED to pay) that leaves you  at $1500. If you're going for a car that is                                         ~$300-$400/month, you probably won't (expendable money) is only $1,500 even                    though  on paper you make $2,500. 

Rule#6 DON'T DEMAND
I understand that you may want to take control of the situation and be assertive to get the best deal. Don't. Be nice, smile, be friendly and polite and ASK, don't tell. The sales rep is 100% willing to work with you to make commission off of you but you need to understand that the power is ultimately in their hands. If you're rude or too demanding, they may just say "no. Sorry, this is the best we can do..." and leave you with a payment you don't want to pay. Again, be courteous, they're doing their job just as you do at your employment. I happened to have gotten a large mile package for the price of the lowest mile package, free gap insurance and free wear and tear insurance for my car because I was so friendly. My boyfriend (who went with his demanding father) did not get those perks. It pays to be nice! :)

Rule#7 DON'T LIE ABOUT YOUR INCOME
Duh. Self explanatory. They check! 


and lastly, 

Rule#8 BE FLEXIBLE
        Sure, you want a certain car. Your heart is set on it but you're just out of budget for it. Perhaps lowering your standards will help you drive off the lot with a new car just as good but cheaper! 
I was so set and convinced that I was going to get a Honda, but I got a Hyundai. At the Hyundai Dealership I was so set on getting a Sonata SEL (the fancier version) with leather seats, power seating, moon roof etc... but realistically, it was out of my price range. So instead of walking away empty handed, I lowered in model. I got A Sonata SE. Just about the same perks minus the moon roof and power seating. Keep an open mind! 




 It honestly is not as stressful and other people may have made it out to seem. I was not at the dealership for 10hrs.... I was not in a negotiation battle for ever. It took me 4 hours from walking onto the lot to waiting for my new car to be washed and topped off with gas. 

With these 8 key points in mind, you're ready to take on the next step of becoming an adult. 
A nice new lease/or purchase under your name and your name only. 






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