If you're a current lessee or looking for leasing a car during a car shortage, consider the following tips and tricks by automotive experts as of 2021-2022:
- Understand your vehicle's value
- Check if you can extend the lease
- Consider buying the leased car
- You might not get charged for minor damages
- Check for additional benefits
- Consider selling the vehicle to another person
With the current dealership crisis and lack of car supply, it might be challenging for many shoppers who define a used car or lease an existing vehicle. Things might be more stressful to people who are leasing cars during car shortage.
This article provides you with some recommendations from automotive experts about tips and tricks to take advantage of if you are currently leasing a car during the car shortage. It also provides additional tricks to help you find the best car to lease if you're looking for one.
How did the microchip shortage impact car production and used car prices?
Buying or leasing a car during a car shortage is one of the most difficult tasks many customers are hesitant about. However, some experts would say it might be the perfect timing for leasing or buying a car, and others say you might want to wait for a little bit before making this decision.
If you're not aware of what's going on in the world right now regarding the automotive industry, there's a significant shortage in car production, which impacted the current new cars and used car prices. That's why you'll be surprised by the skyrocketing increase in vehicles values nowadays.
Tips and tricks for leasing a car during car shortage: 2021-2022 experts’ recommendations
Although this car shortage and microchip supply shortage impacted the automotive industry negatively, it provided a chance for other people to take advantage of the current situation.
For example, car leasing might be a big headache to too many people thinking that their vehicle's value will deflate significantly over time. However, a recent article on ABC7 New York provided some tips and tricks for car leasing during car shortage.
Let's take a closer look at some of the main highlights out of this article:
1. Understand your vehicle's value
Although your lease is about to expire, your vehicle still has a lot of value. Think about it this way, we've been sitting home for a long time during the COVID-19 pandemic, and most of us didn't drive our vehicles much. Therefore, the vehicles don't have a lot of mileage and might be in great condition.
On the other side, dealerships have almost no inventory, which means they're looking for any car that doesn't have a lot of mileage or major problems. Thus, your current leased car is one of those needed by many dealerships.
2. Check if you can extend the lease
According to experts in the automotive market, “Once your debt is over, we’ll do everything we can to get you out of the car,” he said. “We may extend the lease by a few months before we can overcome these difficult times due to tip issues.”
Therefore, it might be worth checking with your automaker or dealership and requesting an extension. You might get this extension without any extra fees, which gives you a good amount of time to enjoy your car without needing to purchase a new vehicle during the very high used car market prices.
3. Consider buying the leased car
Did you know that this might be the best timing for getting the best deal out of your leased car?! Yes! That's with automotive experts indicated.
Many dealerships will provide you with many ways to buy your leased car without any complications that you might get involved in during normal business conditions. Therefore, consider speaking to your dealership and evaluating whether they're willing to sell you the car and whether they have any options or recommendations on a good deal.
Before you go ahead and reach out to a dealership, you must do your research. For example, you'll have to get an idea about whether the current car has high demand around your area or not. You can use some online tools like autotrader.com or probably Kelley Blue Book. Then, search for the vehicle and see the current prices of Roger in your region because your area also impacts how much your vehicle can make.
This way, you can go to the dealership with some numbers in the back of your head, and you can have the chance to negotiate the price by providing some evidence about what prices you've seen online.
4. You might not get charged for minor damages
Although it's known that when you are about to finish the leasing contract, you might be charged for some minor damages, including scratches or dents, that might not be the case nowadays.
Some dealership managers reported that you might not get charged because many dealerships now forgive customers for these repairs.
5. Check for additional benefits
Since the dealerships are now in a critical situation with the car shortage, they don't have enough room to get the most out of their cars. Therefore, it's recommended that you request some information about additional benefits.
For example, some dealerships might provide you with free oil change services or probably some guaranteed discounts on your next purchase.
Note that your dealership might not accept in the first place, but it doesn't hurt to give it a try.
6. Consider selling the vehicle to another person
One of the very creative tricks that many customers implement is selling the leased car to another person without buying it themselves. In other words, you don't necessarily have to pay for the vehicle and buy it under your name and then sell it to another person. Instead, you can simply sell it immediately to the other person and make some profit out of it.
How to lease a car during a car shortage?
Understanding the significant increase in car prices helps you make a better decision about whether you need to buy a car now or not. In other words, you might find it more profitable to lease a car rather than buy it.
Before cars shortage, you might add some good plans for buying a luxury car or a larger vehicle. However, you might decide to downsize your strategy, so you don't have to worry about extremely high used car prices. However, if you've not done a good amount of research on the new car, it might be worth leasing one for a little bit to understand whether it's the best vehicle or not for you.
However, it is critical to note that even leasing a car during a car shortage is not a simple task because it might involve a lot of payments and might, in some situations, be more expensive than buying another vehicle. Thus, we recommend that you implement the following strategy and recommendations to get the most affordable vehicle to lease during car shortage as of 2021-2022:
1. Confirm that you need to lease a car
Before moving in a step further, you must sit back and answer yourself a question about whether it's the time to lease a vehicle or not. In other words, if you don't need to lease a car, it might be worth waiting for a little bit of time, hoping for prices to drop.
However, if you think that leasing a car is a necessity, not today, but probably within the next year, there is very limited potential that prices will drop but rather will go up, which means that it might be the best timing for you to lease a vehicle.
Asking yourself this question helps you save a ton of money and helps you allocate your money towards things that are more important and wait until prices cool down in the automotive market.
2. Be prepared to what to expect
Although the overall prices in the automotive industry are climbing up significantly, this might not be the case in all dealerships and all regions. In other words, some dealerships might increase their leasing prices depending on their current inventory, and if they don't have enough vehicles in the lots, they might ask you for higher prices.
Also, current regions might have a higher demand for certain vehicles brands than others. Therefore, if you're planning to lease a car that has a very high demand, you might want to switch your strategy slightly and look for another vehicle that might not be impacted significantly by the car shortage.
3. Evaluate trade-in
If you have an old car that might not be in the best condition, it might be the perfect timing for considering trade and because the trade-in prices are climbing significantly. Therefore, by trading in your old car, you'll get some money put towards the down payment, and therefore, the overall price you'll have to pay will be much lower.
Although you might have purchased your car for a certain price a couple of years ago, prices might be a little different nowadays. So, it is recommended that you try some tools online like Kelley Blue Book. Kelley Blue Book allows you to get an idea about the expected sale value for your vehicle and the trade-in value. This way, you can judge whether it's better to sell your vehicle or trade-in with the dealership.
Selling your car will get you much more money than going through a dealership. Still, dealerships are expected to be much faster, and they don't involve the common scams that you might experience when selling your vehicle through classified websites like eBay Motors or Craigslist.
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4. Request a custom order
Typically, dealerships will be looking to make the most money out of their cars. Therefore, you'll find that they will request significantly higher prices than before. Also, you'll find that negotiating might not go anywhere with dealerships because they won't drop the price a penny.
Therefore, it is recommended that you consider requesting custom orders. These orders will allow you to get the vehicle with the lowest price because the dealership will know immediately that their vehicle will be sold before it even hits the dealership lot. Thus, it will be a simple trick, but it will save you a ton of money.
5. Do your research and join online forums
Since the car shortage is an extremely hot topic nowadays, there are many online discussions about some recommendations from automotive experts. In addition, some vehicles' prices might change over the next year; therefore, it is recommended that you stay up to date with what's going on around your area.
There are plenty of available forms online that involve some discussion. Look at these firms and join the discussion. For example, it might be worth posting a question on quora.com about which vehicle might be the best to buy around your area.
With the current car shortage worldwide, many people who aren't leasing a car might be panicking, especially those close to the end of their contracts. However, the good news is that there are many benefits you can take advantage of if you are currently leasing a car during car shortage.
This article walked you through some tips and tricks to take advantage of so you don't get slammed by the current car shortage in your car lease. For instance, you'll need to understand your current car value, consider extending the lease, check whether you want to buy the vehicle or sell it to another person, and others.
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