If you want to drive a brand new car but can’t afford the upfront cost, or you want to have one monthly payment to cover car tax and maintenance, leasing a car can be a very attractive option.
Always make sure you know your rights. Resources such as the Money Advice Service can help here: https://www.moneyadviceservice.org.uk/en/articles/leasing-a-car.
What are the key benefits of leasing a car? We’ve compiled a list of the reasons leasing might be the best option for you compared to buying.
Low up-front costs
While there is likely to be a registration fee, a lot of car leasing options require only a small deposit or even none at all. Either way, it is usually always more affordable than if purchasing as new.
Smaller monthly payments
As you will not technically own the car, monthly payments are often up to 60% lower than buying a new car and tend to be at least 30% less. These payments should be fixed at the start of any contract so you now what to expect each month. Contracts generally last for two or four years.
Tax and maintenance
Depending on the leasing deal you agree, road tax and maintenance costs such as servicing and new tyres or exhausts can be included in the total monthly payment.
Finding a good leasing firm can help here. Simply search in your area. For example, searching online for car leasing Leicester will come up with a range of reputable firms such as leasing.totalmotion.co.uk. Check reviews to make sure you go with the most trusted option.
Once your lease has ended, you should be able to easily swap to a new model. Not only does this mean you will be driving a car with the latest safety and fuel economy features, but you will also avoid depreciation costs, which can be very high. You also don’t have to go through the hassle of selling your old car.
Of course, it will also mean that you are able to have a brilliant car that you would not normally be able to afford if you were purchasing outright.
If you do decide to lease a car, always make sure you shop around for the best deal and go with a trusted, professional organisation.