An enormous amount of people use the lease system for their cars these days. In fact, around 25% of all cars on the road and almost 75% of all luxury cars are leased. It can be a cost-effective way of getting your dream set of wheels. And, regardless of what you might have heard to the contrary, there is some value to be found.
But, how do you find that value, and where are the best deals? Today, we’re going to take a look at some of your options when it comes to getting a car lease. There’s a lot to get through, so let’s start up the engine right away.
Business or pleasure?
The first thing to do is decide whether you want a car for business or pleasure. Business rates tend to be cheaper, so if you are self-employed or run a business, it might be a good idea to go down this route. However, bear in mind that when it comes to tax relief, you can only claim for the amount of business use, not private. Now, the amount it will cost will depend solely on the type of car you want. However, an excellent starting guide would be around the £200-250 mark. Take a look at Toyota leasing fleet deals for more info. As you can see, the better your car, the more financial impact it will have each month.
To keep or not to keep?
You need to think about what sort of lease you want. There are leases with maintenance paid for, and some without. Some agreements will let you keep the car; some you’ll have to hand it back. There are Hire Purchase deals, finance leases, and personal contract purchases to consider. What’s best for you? Well, the cheapest deals tend to be for when you hand it back at the end of the period. However, if you were to keep the car, you could get some money back by selling it. So all in all, you are probably better off buying a ‘keeper’.
What happens next?
Once you have an idea of the car that you want, it’s a simple process. Most leases can be completed over the phone or via email. You’ll be given an account manager in most cases, who will talk you through your options and look over your credit history. If you have a poor credit score, you can still get a car lease, but your payments might be bigger than they would if you had a good score.
Do I need a deposit?
Yes, you will need a deposit in most cases. But at the same time, car leasing is quite a flexible agreement in most cases. In general, you will find that the less deposit you lay down, the more it will cost you each month, and vice versa. There are occasions when you don’t need a deposit at all, but it varies from dealer to dealer. Get in touch with your local leasing company for more details.
And that’s it, folks! Leasing a car has never been easier, and it is easy to see why it is becoming a popular way to upgrade a vehicle. Thinking of taking on a lease instead of buying a new set of wheels? Let us know how you get on.
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