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How to Lease a Car During the Chip Shortage

Whether your current lease is about bự run out or you’re simply thinking about upgrading your ride, you may be looking at the current new car market with some trepidation. It’s no secret dealership lots face light inventory levels due bự supply chain issues related bự the semiconductor chip shortage. The situation will improve eventually — but perhaps not soon enough for you.

Leasing a vehicle during the chip shortage doesn’t have bự be stressful. Our guide can walk you through some of the steps you may have bự take bự lease a car now, and we’ll point out ways bự get a great deal.

What You Need bự Know About Car Leasing Now

New car transaction prices climbed bự over $47,000 at the end of 2021, easily shattering previous records. Why did cars get so expensive? It’s a combination of factors. Do you remember how soft the market was in 2020 during the early days of the Coronavirus pandemic? The early days of staying in led bự later days of pent-up demand, combined with a stronger-than-expected market. It led bự consumers spending on all sorts of goods.

Consumers bought lots of cars that use semiconductor chips bự control various functions. The crush of demand created a persistent microchip shortage that came on in earnest in spring 2021 as automakers struggled bự find the parts needed bự build more cars.

According bự Cox Automotive research, a low supply of new cars means higher prices, which has also pulled up used car asking prices bự over $28,000 in January 2022.

When seeking a leased car, you’ll still find car dealerships light on inventory. If you last leased a vehicle in 2019, you probably had your choice of models, trim levels, and paint colors. Today, you can’t be quite so picky when seeking a lease — though you can still find some great deals.

How bự Find a Cheap Lease Deal

Automakers’ finance arms and banks are still leasing cars, of course. And there are still some great deals, though you may need bự adjust your expectations.

According bự Cox Automotive data, larger and higher-end passenger cars, electric cars, and full-size pickups are generally easier bự locate at a dealer than other types of vehicles.

Minivans and compact, mid-size, and full-size SUVs are tough bự find right now. Those family-friendly models — SUVs like the Toyota RAV4, Jeep Grand Cherokee, and Toyota Highlander — made up many of the top-selling vehicles last year.

Consumers considering a BMW X5 might want bự look bự a mid-size luxury sedan such as the BMW 5 Series, which may be easier bự find on a dealer lot.

Even if you can’t be that flexible in your vehicle search, you may need bự cửa hàng the competition or be willing bự accept a different trim màn chơi or paint color.

A good tip is bự make a list of must-have features and a list of those you can live without. Then, talk with several dealerships about availability. A sunroof or a premium audio system may be critical bự one shopper. At the same time, another will rarely open the roof or may not take advantage of high-fidelity sound when listening bự their favorite audiobooks.

Another option is bự plan ahead by placing an order for a vehicle built bự your specifications. This may require some planning, but lessors may allow you bự stretch out your lease for a few more months while your custom-order vehicle is being assembled. It’s worth contacting your lessor bự see if this is a possibility, particularly if you plan bự use that same automaker or bank for your next vehicle.

What about leasing a used car? While not nearly as common as new car leases, some automakers advertise leases on Certified Pre-Owned (CPO) models meeting certain standards. Cox Automotive Chief Economist Jonathan Smoke predicts “a record in 2022” for CPO deliveries, which may không tính tiền up options for those looking bự lease a vehicle.

Lease deals for used models can vary by manufacturer and by vehicle since original equipment, and the number of miles accumulated affect the car’s value. CPO lease deals tend bự be more common on luxury models, such as Lexus and BMW cars.

What bự Know Before Signing a Lease

Just as on a car purchase, you can often negotiate the terms of a lease.

Here’s what you need bự know before signing a car lease.

  • Sticker price is the norm now. New cars now sell for close bự their Manufacturer’s Suggested Retail Price (MSRP) or sticker price, and some especially in-demand models routinely sell for over MSRP. This pricing has a direct effect on lease deals.
  • Lack of incentives. Rebates or low financing hit a 5-year low last year. Those $500 or $1,000 spiffs automakers used bự offer bự encourage leasing are a rare find. That’s not bự say that intense negotiations or rebates are a thing of the past, but they’re not likely bự come back until vehicle supply ramps up.
  • Be realistic about mileage. Once you’ve picked out a car, be sure bự look closely at the allotted mileage. You may be working from home now and not putting on many commuting miles, but that situation could change during the course of the lease. Anecdotally, drivers have reported putting on fewer miles during the pandemic, though recent data may suggest an uptick back bự pre-pandemic levels.
  • Know what you can afford. Before you sign any lease, determine what you can afford using our car lease calculator. Just as you might when buying a car, you can plug in the lease terms bự figure out what it will cost you.
  • Question the fees. Additionally, make sure bự ask about all fees that may be attached, including those not advertised.

RELATED STORIES: Leasing a Car: What Fees Do You Pay at the Start of a Lease?

What are the Pros and Cons of Leasing a Car During Chip Shortage

Pros

  • Lower monthly payments. Leases typically offer a much lower monthly outlay than financing a vehicle, which can help keep your expenses reasonable while keeping you in a newer vehicle with few maintenance headaches.
  • Low down payments. Leases also typically demand a lower down payment than purchases. A high down payment bự keep monthly payments low is generally not a good idea since you may wind up spending way more over the course of the lease than you realize.
  • You won’t be underwater. You’ll never owe more than the car is worth simply because your lease payments don’t go toward you eventually owning the vehicle.

Cons

  • No equity. You hand back the keys at the end of a lease and walk away — without a car.
  • Potentially big buyouts. If you’re inclined bự buy your car at the end of its lease, you may be facing a big lease buyout figure since the used car market is so strong right now. That buyout is based on the car’s projected resale value when the lease is signed.
  • Limited inventories. You’re probably going bự have bự be flexible with the car’s make, model, trim màn chơi, options, and paint color — unless you are willing bự wait.

Read Related Car Leasing Stories:

  • Leasing a Car: When Is Leasing a Good Idea?
  • Lease vs. Buy: Which is Right for You?
  • 5 Reasons Why You Should Buy Your Leased Car


Thông tin thêm

How bự Lease a Car During the Chip Shortage

#Lease #Car #Chip #Shortage
[rule_3_plain] #Lease #Car #Chip #Shortage

Whether your current lease is about bự run out or you’re simply thinking about upgrading your ride, you may be looking at the current new car market with some trepidation. It’s no secret dealership lots face light inventory levels due bự supply chain issues related bự the semiconductor chip shortage. The situation will improve eventually — but perhaps not soon enough for you.
Leasing a vehicle during the chip shortage doesn’t have bự be stressful. Our guide can walk you through some of the steps you may have bự take bự lease a car now, and we’ll point out ways bự get a great deal.

What You Need bự Know About Car Leasing Now
New car transaction prices climbed bự over $47,000 at the end of 2021, easily shattering previous records. Why did cars get so expensive? It’s a combination of factors. Do you remember how soft the market was in 2020 during the early days of the Coronavirus pandemic? The early days of staying in led bự later days of pent-up demand, combined with a stronger-than-expected market. It led bự consumers spending on all sorts of goods.

Consumers bought lots of cars that use semiconductor chips bự control various functions. The crush of demand created a persistent microchip shortage that came on in earnest in spring 2021 as automakers struggled bự find the parts needed bự build more cars.
According bự Cox Automotive research, a low supply of new cars means higher prices, which has also pulled up used car asking prices bự over $28,000 in January 2022.
When seeking a leased car, you’ll still find car dealerships light on inventory. If you last leased a vehicle in 2019, you probably had your choice of models, trim levels, and paint colors. Today, you can’t be quite so picky when seeking a lease — though you can still find some great deals.
How bự Find a Cheap Lease Deal
Automakers’ finance arms and banks are still leasing cars, of course. And there are still some great deals, though you may need bự adjust your expectations.
According bự Cox Automotive data, larger and higher-end passenger cars, electric cars, and full-size pickups are generally easier bự locate at a dealer than other types of vehicles.
Minivans and compact, mid-size, and full-size SUVs are tough bự find right now. Those family-friendly models — SUVs like the Toyota RAV4, Jeep Grand Cherokee, and Toyota Highlander — made up many of the top-selling vehicles last year.
Consumers considering a BMW X5 might want bự look bự a mid-size luxury sedan such as the BMW 5 Series, which may be easier bự find on a dealer lot.
Even if you can’t be that flexible in your vehicle search, you may need bự cửa hàng the competition or be willing bự accept a different trim màn chơi or paint color.
A good tip is bự make a list of must-have features and a list of those you can live without. Then, talk with several dealerships about availability. A sunroof or a premium audio system may be critical bự one shopper. At the same time, another will rarely open the roof or may not take advantage of high-fidelity sound when listening bự their favorite audiobooks.
Another option is bự plan ahead by placing an order for a vehicle built bự your specifications. This may require some planning, but lessors may allow you bự stretch out your lease for a few more months while your custom-order vehicle is being assembled. It’s worth contacting your lessor bự see if this is a possibility, particularly if you plan bự use that same automaker or bank for your next vehicle.
What about leasing a used car? While not nearly as common as new car leases, some automakers advertise leases on Certified Pre-Owned (CPO) models meeting certain standards. Cox Automotive Chief Economist Jonathan Smoke predicts “a record in 2022” for CPO deliveries, which may không tính tiền up options for those looking bự lease a vehicle.
Lease deals for used models can vary by manufacturer and by vehicle since original equipment, and the number of miles accumulated affect the car’s value. CPO lease deals tend bự be more common on luxury models, such as Lexus and BMW cars.
What bự Know Before Signing a Lease
Just as on a car purchase, you can often negotiate the terms of a lease.
Here’s what you need bự know before signing a car lease.
Sticker price is the norm now. New cars now sell for close bự their Manufacturer’s Suggested Retail Price (MSRP) or sticker price, and some especially in-demand models routinely sell for over MSRP. This pricing has a direct effect on lease deals.
Lack of incentives. Rebates or low financing hit a 5-year low last year. Those $500 or $1,000 spiffs automakers used bự offer bự encourage leasing are a rare find. That’s not bự say that intense negotiations or rebates are a thing of the past, but they’re not likely bự come back until vehicle supply ramps up.
Be realistic about mileage. Once you’ve picked out a car, be sure bự look closely at the allotted mileage. You may be working from home now and not putting on many commuting miles, but that situation could change during the course of the lease. Anecdotally, drivers have reported putting on fewer miles during the pandemic, though recent data may suggest an uptick back bự pre-pandemic levels.
Know what you can afford. Before you sign any lease, determine what you can afford using our car lease calculator. Just as you might when buying a car, you can plug in the lease terms bự figure out what it will cost you.
Question the fees. Additionally, make sure bự ask about all fees that may be attached, including those not advertised.
RELATED STORIES: Leasing a Car: What Fees Do You Pay at the Start of a Lease?
What are the Pros and Cons of Leasing a Car During Chip Shortage
Pros
Lower monthly payments. Leases typically offer a much lower monthly outlay than financing a vehicle, which can help keep your expenses reasonable while keeping you in a newer vehicle with few maintenance headaches.
Low down payments. Leases also typically demand a lower down payment than purchases. A high down payment bự keep monthly payments low is generally not a good idea since you may wind up spending way more over the course of the lease than you realize.
You won’t be underwater. You’ll never owe more than the car is worth simply because your lease payments don’t go toward you eventually owning the vehicle.
Cons
No equity. You hand back the keys at the end of a lease and walk away — without a car.
Potentially big buyouts. If you’re inclined bự buy your car at the end of its lease, you may be facing a big lease buyout figure since the used car market is so strong right now. That buyout is based on the car’s projected resale value when the lease is signed.
Limited inventories. You’re probably going bự have bự be flexible with the car’s make, model, trim màn chơi, options, and paint color — unless you are willing bự wait.
Read Related Car Leasing Stories:
Leasing a Car: When Is Leasing a Good Idea?
Lease vs. Buy: Which is Right for You?
5 Reasons Why You Should Buy Your Leased Car

#Lease #Car #Chip #Shortage
[rule_2_plain] #Lease #Car #Chip #Shortage
[rule_2_plain] #Lease #Car #Chip #Shortage
[rule_3_plain]

#Lease #Car #Chip #Shortage

Whether your current lease is about bự run out or you’re simply thinking about upgrading your ride, you may be looking at the current new car market with some trepidation. It’s no secret dealership lots face light inventory levels due bự supply chain issues related bự the semiconductor chip shortage. The situation will improve eventually — but perhaps not soon enough for you.
Leasing a vehicle during the chip shortage doesn’t have bự be stressful. Our guide can walk you through some of the steps you may have bự take bự lease a car now, and we’ll point out ways bự get a great deal.

What You Need bự Know About Car Leasing Now
New car transaction prices climbed bự over $47,000 at the end of 2021, easily shattering previous records. Why did cars get so expensive? It’s a combination of factors. Do you remember how soft the market was in 2020 during the early days of the Coronavirus pandemic? The early days of staying in led bự later days of pent-up demand, combined with a stronger-than-expected market. It led bự consumers spending on all sorts of goods.

Consumers bought lots of cars that use semiconductor chips bự control various functions. The crush of demand created a persistent microchip shortage that came on in earnest in spring 2021 as automakers struggled bự find the parts needed bự build more cars.
According bự Cox Automotive research, a low supply of new cars means higher prices, which has also pulled up used car asking prices bự over $28,000 in January 2022.
When seeking a leased car, you’ll still find car dealerships light on inventory. If you last leased a vehicle in 2019, you probably had your choice of models, trim levels, and paint colors. Today, you can’t be quite so picky when seeking a lease — though you can still find some great deals.
How bự Find a Cheap Lease Deal
Automakers’ finance arms and banks are still leasing cars, of course. And there are still some great deals, though you may need bự adjust your expectations.
According bự Cox Automotive data, larger and higher-end passenger cars, electric cars, and full-size pickups are generally easier bự locate at a dealer than other types of vehicles.
Minivans and compact, mid-size, and full-size SUVs are tough bự find right now. Those family-friendly models — SUVs like the Toyota RAV4, Jeep Grand Cherokee, and Toyota Highlander — made up many of the top-selling vehicles last year.
Consumers considering a BMW X5 might want bự look bự a mid-size luxury sedan such as the BMW 5 Series, which may be easier bự find on a dealer lot.
Even if you can’t be that flexible in your vehicle search, you may need bự cửa hàng the competition or be willing bự accept a different trim màn chơi or paint color.
A good tip is bự make a list of must-have features and a list of those you can live without. Then, talk with several dealerships about availability. A sunroof or a premium audio system may be critical bự one shopper. At the same time, another will rarely open the roof or may not take advantage of high-fidelity sound when listening bự their favorite audiobooks.
Another option is bự plan ahead by placing an order for a vehicle built bự your specifications. This may require some planning, but lessors may allow you bự stretch out your lease for a few more months while your custom-order vehicle is being assembled. It’s worth contacting your lessor bự see if this is a possibility, particularly if you plan bự use that same automaker or bank for your next vehicle.
What about leasing a used car? While not nearly as common as new car leases, some automakers advertise leases on Certified Pre-Owned (CPO) models meeting certain standards. Cox Automotive Chief Economist Jonathan Smoke predicts “a record in 2022” for CPO deliveries, which may không tính tiền up options for those looking bự lease a vehicle.
Lease deals for used models can vary by manufacturer and by vehicle since original equipment, and the number of miles accumulated affect the car’s value. CPO lease deals tend bự be more common on luxury models, such as Lexus and BMW cars.
What bự Know Before Signing a Lease
Just as on a car purchase, you can often negotiate the terms of a lease.
Here’s what you need bự know before signing a car lease.
Sticker price is the norm now. New cars now sell for close bự their Manufacturer’s Suggested Retail Price (MSRP) or sticker price, and some especially in-demand models routinely sell for over MSRP. This pricing has a direct effect on lease deals.
Lack of incentives. Rebates or low financing hit a 5-year low last year. Those $500 or $1,000 spiffs automakers used bự offer bự encourage leasing are a rare find. That’s not bự say that intense negotiations or rebates are a thing of the past, but they’re not likely bự come back until vehicle supply ramps up.
Be realistic about mileage. Once you’ve picked out a car, be sure bự look closely at the allotted mileage. You may be working from home now and not putting on many commuting miles, but that situation could change during the course of the lease. Anecdotally, drivers have reported putting on fewer miles during the pandemic, though recent data may suggest an uptick back bự pre-pandemic levels.
Know what you can afford. Before you sign any lease, determine what you can afford using our car lease calculator. Just as you might when buying a car, you can plug in the lease terms bự figure out what it will cost you.
Question the fees. Additionally, make sure bự ask about all fees that may be attached, including those not advertised.
RELATED STORIES: Leasing a Car: What Fees Do You Pay at the Start of a Lease?
What are the Pros and Cons of Leasing a Car During Chip Shortage
Pros
Lower monthly payments. Leases typically offer a much lower monthly outlay than financing a vehicle, which can help keep your expenses reasonable while keeping you in a newer vehicle with few maintenance headaches.
Low down payments. Leases also typically demand a lower down payment than purchases. A high down payment bự keep monthly payments low is generally not a good idea since you may wind up spending way more over the course of the lease than you realize.
You won’t be underwater. You’ll never owe more than the car is worth simply because your lease payments don’t go toward you eventually owning the vehicle.
Cons
No equity. You hand back the keys at the end of a lease and walk away — without a car.
Potentially big buyouts. If you’re inclined bự buy your car at the end of its lease, you may be facing a big lease buyout figure since the used car market is so strong right now. That buyout is based on the car’s projected resale value when the lease is signed.
Limited inventories. You’re probably going bự have bự be flexible with the car’s make, model, trim màn chơi, options, and paint color — unless you are willing bự wait.
Read Related Car Leasing Stories:
Leasing a Car: When Is Leasing a Good Idea?
Lease vs. Buy: Which is Right for You?
5 Reasons Why You Should Buy Your Leased Car

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