Are you looking to lease a Chevy Malibu, a Tahoe or another GM vehicle? Before heading to the dealership, take some time to do a little research. Familiarize yourself with the current available GM lease deals to ensure that you aren’t taken for a ride. Before you even do that, however, learn the ins and outs of leasing and the various fees and other costs that are often involved. By taking these steps, you will have an easier time telling whether you’re looking at a good deal or not. This approach may take a little more time, but it can save you huge amounts of money in the long run.
First, most GM leases last for 36 months, or three years. If you want to keep your vehicle for longer than that, you may be able to buy it when the lease is over. However, you will probably want to move over to another lease, so a 36-month term is ideal. A longer lease may result in lower monthly payments, but there’s one really big disadvantage: During the last few years of your lease, you won’t have the benefit of the bumper-to-bumper warranty. Most major repairs will be your responsibility. With this in mind, stick with 36-month GM leases.
Leasing a car is much like renting a car. Part of the deal is that you are only allowed so many miles per year. In most cases, you’re allotted 12,000 miles per year, or 36,000 miles over the course of a three-year lease. Many people drive far more than 12,000 miles per year. If you’re one of them, proceed with caution. For every mile that you go over the limit, you will be charged 10 to 15 cents. This may not sound like much, but it adds up. Instead, buy additional miles when you sign your lease. They usually only cost around five cents per mile, which is much more reasonable.
Understand GM Lease Deals
Most GM lease deals promote low monthly payments, which is what most lessees are after. Many times, buyers focus exclusively on the monthly payment and are sold on the deal long before arriving at the dealership. Imagine their surprise when they discover that they must plunk down a huge drive-off fee, or down payment, to get the deal. Another potential issue is that the advertised monthly payment doesn’t include taxes and other fees. When requesting quotes, ask for a clear breakdown of all of the costs to avoid unpleasant surprises.
Choose a Car and Go from There
If you don’t already have a specific GM model in mind, go out and test drive a few to figure it out. It’s much easier to find GM lease deals when you focus on a specific model instead of several. After pinpointing the one that you like the best, whether it’s a Sonic, a Malibu, a Tahoe or another one, focus your research on finding lease deals for that exact model. That way, you’ll have an easier time determining whether you’re truly getting a worthwhile deal or not.
By far, the most important aspect of shopping for GM lease deals is requesting quotes from as many dealerships as possible. First, find out which dealership offers better prices in general by requesting quotes for the sales price of the car in question. From there, focus your efforts on the dealerships that have the best prices. Ask each one for a lease quote that includes a detailed breakdown of all of the associated costs and fees. After comparing the quotes that you collect, you’re sure to find the right GM lease deal in no time.
Current GM Lease Deals
Examples of current GM lease deals include:
- 2017 Chevy Cruz – $199/month; 39-month, 32,500-mile lease; $1,979 due
- 2017 Chevy Malibu – $219/month; 39-month, 32,500-mile lease; $2,819 due
- 2017 Chevy Impala – $249/month; 39-month, 32,500-mile lease; $4,975 due