If you've never leased a car before, but you've always wanted to make the switch, this is the guide for you.
Car leasing is a fab way to get behind the wheel of a brand-new car without having to fork out thousands of pounds, but if you've never leased a vehicle before it can be daunting. We've pulled together our top tips for car leasing so you don't have to worry.
What is car leasing?
Car leasing is very similar to renting a property. You can drive away with a new car for a set period, but you will never officially own the vehicle as you would never own the property.
Theoretically, you could buy that property later down the line in some cases, but with car leasing, there is no option to buy the car, and it will be handed back to the lease funder at the end of your term.
When you lease a car you will put down an initial rental and agree to the terms of your lease deal, which will include factors like mileage and term length.
Taking out a car lease is an increasingly popular option for motorists. According to the BVRLA, via the Financial Times, there's an estimated five million lease cars currently on British roads.
Does it make sense to lease a car?
Leasing a car is a fantastic method of getting behind the wheel of a new car for the fraction of the price.
If you're not fussed about officially owning a car, and you like the sound of avoiding hefty upfront costs, leasing is the perfect way for you to get your hands on your next car.
Leasing gives you a tremendous amount of flexibility when it comes to choosing the type of car you want, your initial payment, annual mileage, and the monthly costs. And it removes any depreciation risk or the hassle of reselling your car as you simply hand the car back.
Leasing works well for those who like to change their car every few years as you benefit from the latest vehicles, safety features, and engines available on the market.