End-of-lease costs can be a killer for those unaware of rules about the condition a car is expected to be when it's returned. What many people consider to be minor dings and dents may be outside what the dealer considers normal vehicle wear and tear, and the lessor could be penalized.
"The biggest surprise from leasing is potentially when the driver returns the vehicle to discover accessed fees for over-mileage or minor damage," Bell says. Drivers should be honest with themselves about how they drive, of course: A person who tends to park closely to another car or eats pizza while driving is likely to rack up damage penalties.
Potentially offsetting these costs is the fact that a leased vehicle is almost always under a manufacturer's warranty. This means the driver rarely has to pay large-out-of-pocket costs if something breaks.
Kelley Blue Book also advises reading all the fine print on lease paperwork. Lessors have a final decision to make at the end of a term, when the driver can decide to buy the car outright for a price set at signing.
"After a lease deal is offered to you, be sure to pay close attention to the negotiated purchase price of the vehicle and any additional fees outside the lease rate, and never sign a lease contract unless the residual value or optional purchase price at the end of the lease is clearly shown," the company says.
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