The advantages of leasing extend further than the perks of a shiny new car. In addition to avoiding commitment to a depreciating vehicle, you can drive away with lower monthly fees and mechanical maintenance.
Still wondering whether leasing a car is right for you? Recently, personal car leasing (PCH) has become much more popular in the UK and there are plenty of benefits to it. Here are our top 10 reasons why you should consider a lease next time:
1 Get a really amazing deal
Car leasing companies operate as independent vehicle brokers, continually getting the best real time deals from all the major finance companies and dealerships in the UK. This means they can offer some of the most competitive market rates available, helping drive your monthly costs down.
2 Drive a better car
Lease a car and you’ll invariably find you’re driving a better vehicle than you would if you had bought one. Why is this? With a car lease you only pay the car’s depreciation for the lease period, not the value of the car (because you don’t own it). As a result, your monthly payments are typically lower compared with other forms of finance, so you can lease a better make, trim or option.
3 Drive a more reliable car
Worried about not getting to work or swimming lessons because your car might break down? The older cars get, the less reliable they become. Lease a car and that won’t be a problem because you’ll be driving a brand new model. What’s more, if something does go wrong, the car will normally be covered by the manufacturer’s warranty.
4 Enjoy the latest technology, efficiency and safety features
Because you are driving a new car, you benefit from the latest technology manufacturers are introducing into cars. Recent popular additions include things like Auto Crash Prevention to help prevent crashes, Apple Car Play that syncs your smartphone screen with the car’s and even things like park assist and adaptive cruise control.
5 Avoid tying up your cash/savings
Billionaire oil tycoon J Paul Getty said: “If it appreciates, buy it. If it depreciates, lease it.” Lease a car and you won’t be sinking your savings into something that spends much of its life sitting outside your home or office losing your money.
6 Own your monthly vehicle spend
Apart from fuel and insurance, when you lease a car you know exactly what motoring is going to cost you because your expenses are rolled into one – monthly payments, Road Fund licence and breakdown cover. And if you include a maintenance package, your ability to budget becomes even stronger.
7 Cut out unforeseen motoring expenses
You’re driving a new, hence more reliable car, so it’s highly likely you won’t have to replace expensive mechanical items such as timing belts, clutch or cambelt. You probably won’t even need a new battery.
8 Avoid the hassle of the new MoT
Cars don’t have to have an annual MoT roadworthiness check until their third birthday. By that time, the car will most likely not be your responsibility any more. Tougher MoT testing comes into play on the 20th May 2018 so this will only get more expensive for those with older cars.
9 Avoid PCP stresses
With leasing you simply hand back the car at the end of the lease and you are free to choose your next new vehicle. Unlike PCP, there’s no haggling over the final versus the estimated value of the vehicle, you avoid having to negotiate a part exchange with the dealership on your next vehicle, perceptions of equity being there when it isn’t, or having to buy the car outright.
10 Avoid the dealership fun and games
As you’re dealing with independent brokers who constantly review the market for the best rates, you’re not being held captive to dealership finance. You also don’t have to trawl around car dealerships trying to work out which one will give you the best price – only to end up feeling like they all want to rob you, or make you take products you don’t need, in order to “save” money. Yawn.
"What I liked most was the complete removal of the hassle involved in finding a car and getting rid of the old one. I am very pleased with the outcome and was very impressed with the whole process."
Rev. Ken MacDonald, Bearsden, nr. Glasgow