Consumers who lease a car usually do so because they get the chance to drive a newer, “better” car at a lower price. But customers who are interested in leasing should make sure they read the fine print before signing a contract. Here are five common car leasing mistakes that consumers should avoid.

1. Paying to much up front
Dealers advertise low monthly car lease payments on new vehicles, but shoppers are then asked to pay thousand dollars at the beginning of the term to get that low monthly payment.br> That money is then used to pay a portion of the car lease in advance. But this could be a problem if the vehicle is wrecked or stolen within the first few months.
If that were to happen, the insurance company reimburses the dealer for the value of the car, but the money the customer paid upfront is rarely refunded. As a result, the consumer wouldn’t have a car, despite having spent a lot of money for the time period.

Generally, you shouldn’t pay more than about $2,000 in advance. In many cases, it makes sense to put nothing down. With less money paid upfront, the monthly payment will be higher. As an alternative, lessors could take the down payment cash and deposit it in an interest-bearing account instead which could be used to supplement the monthly payments.

2. Forgetting gap insurance
The value of a new drops significantly after it’s driven off the lot — and leased cars are no exception. If a leased car is stolen or totaled and the insurance company makes a payment for the value of the car, it may not cover the consumer’s total obligation under the terms of the lease.br> The driver would likely have to come up with the balance out of pocket unless he has gap insurance. Ask if the contract includes gapinsurance. If it doesn’t, consider finding a car with a lease plan that does.

3. Underestimating miles driven
Many leasing companies advertise low monthly payments because they have low mileage limits. It’s common for leasing contracts may have a maximum of 12-15,000 miles per year, he says. If drivers go over the limit, they could be charged an extra 18 cents to 25 cents per mile at the end of the lease. Know your driving habits prior to signing. If necessary, ask for a higher limit. However,tThe required monthly lease payment would likely increase as well.

4. Not maintaining the car
If the car is damaged beyond normal wear and tear, the driver could end up owing extra fees when it’s time to turn it back in.br> Generally, if the vehicle has a scratch but the mark is less than the size of a driver’s license or business card, many companies will consider it normal use. if there’s damage to the car, the driver has an opportunity to have it fixed on his or her own dime before turning it in. Otherwise, the leasing company will assess a value to the damage.

5. Leasing for too long
Most car-lease terms range from two to four years, though some can go longer. Drivers who lease cars for too long could end up paying extra money on maintenance. Consumers should not lease cars for more than the car’s warranty period.

If a consumer plans to be in the same car for a long time, it’s probably better to purchase it. If the driver owns the car, he’d have to pay for the car as well as maintenance, but then he could continue to drive it for several years without a monthly payment for a lease.

New data shows that auto leasing hit a record high this year. Currently, the average monthly payment on a lease is about $50 less than it is for car buying with an auto loan. Customers are now hunting for the lowest monthly payment with a new car or truck, and that often means leasing.

Leasing comeback with auto rebound
Three years ago, just 17.7 percent of vehicles bought with financing were leased. But leasing has soared since then due to a combination of more aggressive leasing offers by automakers and buyers searching for the best option to keep monthly payments in check amid rising new car and truck prices.

Case in point: pickup trucks. A few years ago, the monthly payment for a 3-4 year pickup lease was often around $500 while buying the same truck with an auto loan would cost approximately $400 per month. Today,the opposite is true, as better terms and the extremely low interest for lease offers make it often less expensive to lease pickups rather than buy. Therefore, pickup truck leasing has gained a lot of popularity.

Amount Financed, Loan Length Climbs
The average transaction price (the final price buyers actually pay dealers) for a new car or truck is now greater than $31,000. The average amount financed by buyers has increased to $26,526.

At the same time, the length of a typical auto loan has increased by a month to 5 years and 5 months. Because they are taking out longer loans at interest rates that are usually just over 4 percent, many car buyers are changing their approach at dealerships. Car buyers are increasingly taking cash back over the lowest interest rate being offered, because rates are already so low.

Check out CarLeasingSecrets.Com for the lowest current lease deals available near you.

So, you’ve already gotten a great deal on a new car lease using CarLeasingSecrets.com. You’ve rolled the downpayment, taxes, title and other fees into your monthly lease payments, so your costs will be zero at the lease. Do you need to buy gap insurance to cover yourself in case of theft or severe damage?

By rolling all the costs associated with the car into the monthly lease payment, it IS possible that you would owe more than the car was worth if you experienced a total loss soon after the start of the lease term. Gap insurance bridges the gap between what a car is worth and what you owe at the time of the loss, and would provide you the protection from that cost. However, you may not need to purchase it.

First, find out whether gap insurance is built into the contract. Keep in mind the term “gap insurance” may not be used in the contract, and a more general term such as “lease coverage” might be used instead.

If gap insurance coverage isn’t built into your car lease contract, then you may want to supplement your current auto insurance policy or purchase it separately. The general formula is that a car loses about 10 percent of its Manufacturer’s Suggested Retail Price the moment it’s driven off the lot. So compare your total cost, including taxes and everything you rolled into the lease, to the car’s MSRP, and see if you have a “gap” from the start.

Keep in mind that the “gap” is constantly changing as you make your monthly payments and the car depreciates. So you definitely won’t need the coverage for your entire lease term. In fact, you may only need it for a few months, depending on the deal you negotiated.

The term “Black Friday” usually elicits thoughts of crowded shopping malls and electronics stores. But savvy car shoppers know that Black Friday, the day after Thanksgiving, may be the best day to lease a car, according to car pricing researchers.

Between discounts from dealerships and manufacturers’ incentives, the highest discounts of the year are available on Black Friday. Unlike typical Black Friday sales where customers know exactly what they’ll pay for an item, car prices are individually negotiated the day of the sale, so it’s difficult for customers to know ahead of time they’ll be getting a deal. The bottom line, however, is that according to pricing analysts, the deals are usually better on Black Friday than the sales days immediately preceding and following it.

Car dealers are trying to cash in on the Black Friday shopping frenzy, and that may to lead to the bigger discounts found in the data. And while dealerships spend big money on marketing on that day, many don’t see a large influx of customers. That can lead to extra large discounts for those in the know.

Adding to the sales pressure, Black Friday happens to fall very close to the end of the month in 2013. Car deals typically get better as the month goes on because many dealerships are approaching quotas they need to meet in order to get additional incentives from manufacturers.

As if that wasn’t enough, dealers are also under pressure to clear out 2013 model year vehicles before the end of the calendar year. Those cars will be much harder to sell after Dec. 31, when they become “last year’s” models.

At CarLeasingSecrets.com you will find all the right tools to visit your dealership informed.

During the holidays is a great time to get deals on new cars and new car leases. It’s no secret that during the holidays, especially holidays towards the end of the year, car dealers are anxious to close deals and move cars off the lot to make room for the next years models. Take a look at some popular Thanksgiving new car lease deals and give thanks for your new car lease this holiday season!

2014 Volkswagen Tiguan
Enjoy $289 per month for 42 months with $0 due at signing and $0 for your first month’s payment!
Expires on 12/02/13

2013 Nissan Sentra
Get a great deal of $159 per month for 36 months with only $2,399 due at signing.
Expires on 01/02/14

2013 Ford Edge
Take advantage of $199 per month for 24 months with $4,863 due at signing. This deal is available on models with SYNC, leather and MyFord Touch in the Northeast.

OR

Get $239 per month for 24 months with $2,988 due at signing, available on SE AWD models in the West.

OR

Get $219 per month for 24 months with $2,958 due at signing, available on SE FWD models in the Southwest.
Deals Expire 01/02/14

2013 Mazda CX-9
Enjoy $289 a month for 39 months with only $2,599 due at signing, this deal is available on Sport FWD in Northeast, Gulf States and West.

OR

Take advantage of $303 a month for 39 months with $2,613 due at signing, available on Sport FWD if you are leasing in the Southeast and Midwest.
Deals Expire on 12/02/13

2013 Nissan Titan
Get $499 a month for 39 months with only $2,999 due at signing, this deal is available on SV trim crew cab 4×4 standard wheel base with SV Value Truck package if you are leasing in the Northeast, Southeast, Northwest, West and Southwest.

OR

Get $1,350 bonus cash, available on Titan with SV Value Truck package in the Northeast, Southeast, Northwest, West and Southwest.
Deals Expire on 01/02/14

Request your free new car lease quote today and take advantage of great holiday lease deals in your area!