6. Price-doesn't-matter pitfall

Example: A car selling for $24,000 (or having a capitalized cost of $24,000) will have a residual value of $12,000 in three years. You'll need monthly payments of about $333 to cover the depreciation ($12,000 divided by 36 months). But if the starting price was $22,000 -- and the residual value remains $12,000 -- the monthly payments drop to about $278 ($10,000 divided by 36 months). Each month, you hang onto an extra $56.

Be especially wary that the starting price (capitalized cost) is not more than the MSRP.

7. The fee flim-flam

• Acquisition fees, sometimes referred to as document fees, are charged at the beginning of a lease. They typically run about $500.
• A disposition fee is charged when you return the car. As its name implies, this covers the dealer's cost to dispose of the car. These fees usually are several hundred dollars.
• A purchase-option fee is the amount it will cost to purchase the car at the end of the lease. The exact amount can vary.

While these are one-time fees, they still affect the overall cost of the lease. You'll want to negotiate everything and consider them in your computations when deciding which dealer to use.

8. Hidden-cost hoodwink

9. Tricky-term trap