5 ways to save money on your next car lease

Five money-saving tips for your next car lease

We all like to get value for money, and with our spending habits changing all the time in a post-Covid 19 world, there has never been a better time to make your money work harder for you. 

One of the many car leasing benefits is the flexibility you have to tailor your lease term to suit your exact needs. 

It’s important to do this honestly and accurately to avoid any unexpected costs in the future. 

Follow these five helpful tips to save money during your car lease.

• Consider no deposit lease deals
• Add maintenance at the start of your lease
• Choose an accurate but fair mileage
• Consider in-stock vehicles
• Search by budget

Consider no deposit lease deals

At the beginning of every lease, you will be asked to commit to an initial rental, which can vary between one and nine months, depending on your funder. By choosing the smallest initial rental, you don’t have to face the big outlay of money straight away. 

The sum of money you put down at the beginning of your term as your initial rental will determine your monthly payment. The higher your initial rental, the lower your monthly payment and vice-versa. 

However, it is important to explore the different options available to you, as the lower initial rental can still result in a very competitive monthly payment, with the discrepancy between them not always as high as you might expect. 

Add maintenance at the start of your lease

Adding a car lease maintenance package at the start of your term can save you money in the long run and help you avoid unexpected - and often hefty - bills. 

The cost of your car maintenance package can be added into the monthly payments for ease of mind and can alleviate some of the stress when your annual service or MOT rolls around. 

All scheduled services, MOTs, perishable items and even tyre replacements are typically covered within your maintenance package. It’s another small monthly payment that could benefit you in the long term.

It is important to note that if you wanted to add this package into your agreement halfway through your lease, you may be required to pay the equivalent of the first half of your lease up front. 

Choose an accurate but fair mileage 

If you don’t allow for enough miles, you run the risk of mileage penalties at the end of your lease term. These could (depending on how far you exceed your limit) be greater than the difference of what your monthly payment would’ve been by choosing the higher mileage limit option. 

Just like the initial rental, the difference in price between mileage options can often be smaller than you think – so explore the different limits available, but make sure you don’t leave yourself short at the end of your term. 

It’s important to provide an accurate representation of the miles you plan to cover in your lease vehicle. 

Annual mileage limits can range from 5,000 all the way up to 30,000, with different increments in between. Your monthly payment will reflect your annual mileage limit – the higher the mileage, the higher the payment is likely to be. 

Consider in-stock vehicles

Due to stock shortages around the world following the Covid-19 pandemic, you can save time and money by considering vehicles that are in stock and ready to go. 

A global semiconductor chip shortage has resulted in some car parts being temporarily or permanently unavailable on new cars.

This will help you avoid long delays, but also ensure you get the best value for money from your next car lease as you won't be forgoing key components or technology in your next vehicle. 

Search by budget

Carparison's car search tool allows you to browse all of our lease deals by budget. Take the time to explore everything available within your price range to determine what is the best value for money.

If you have a vehicle in mind already, compare its specification to the best that's available in your price range to see if you can save money by considering a different manufacturer.

By default, so many models now come with a healthy kit list that means you don't need to spend over the odds to get some of the key features you might be craving.