For those looking for a car that combines the functionality of an SUV with luxury, the BMW X5 is an excellent option to consider. Originally launched in 1999, the car is now in its fourth generation and is one of the most coveted cars in the luxury segment. But with the price tag on the higher end, many often prefer to lease the car instead of purchasing it.
While this is a more affordable option, there are certain points one needs to be careful of while leading an X5:
1. Being hesitant to negotiate the price
Many people often hesitate to negotiate the price while leasing a car, especially if it belongs to the luxury category. However, since leasing the X5 is the most affordable option, one can negotiate a good deal. In fact, it is not just the price of the car; there are many other costs involved that can be negotiated. For instance, a customer may choose to negotiate a lower price based on the value of the trade-in, the dealer’s fee, and any other add-ons that may be involved.
2. Not knowing one’s credit score
Before heading to an X5 dealership, one must know their credit score. This is because some of the best lease deals are often available to customers with good to excellent credit scores. However, if one has an average credit score, a higher interest rate or money factor might be involved in the leasing agreement. Besides, the lease terms may be more restrictive for those with lower credit scores than for those with higher ones.
3. Not checking at multiple dealerships
Usually, the cost of leasing an X5 will differ across several dealerships. So instead of checking only one dealership that is located close by, one should cast a wider net. Visit multiple local dealerships and inquire about the prices and lease terms. Some may be willing to negotiate a better price, while others may offer more flexible leasing terms.
4. Not getting car insurance coverage
Even when leasing an X5, it is important to have auto insurance. Most leasing companies have their own mandatory requirements that include GAP coverage. This is coverage for the difference between what a customer owns from the leasing company and the total worth of the X5 if it is damaged in an accident or stolen.
