If you’re looking for a new car there are a number of options available, even after you’ve decided on the model. Buying a car up-front might be the traditional option, but it isn’t always the most sensible choice when you consider the benefits of leasing. So, is leasing right for you?
One of the most important things to consider is personal finance. Leasing a car can be an ideal option for minimising cost, especially if you are interested in having a car (or the same car) for only a few years. Even more so if you only need a car for a year or less. Due to minimal depreciation, some higher performing cars such as Mercedes-Benz or BMW models can be surprisingly affordable to lease compared to their purchase value. By taking advantage of this and leasing your next vehicle, you could drive a considerably better car than you may otherwise be able to afford
The variety of leasing options are fairly broad, which means that you can be highly flexible in the contract you choose and the way you make payments. For example, at Carparison we can offer a variety of leasing options including operating leases, contract hire, and personal contract purchase. As such, you can choose a leasing option to best suit your personal situation and budget. Our leasing consultants are on hand to help you find the right option for you.
By definition, there is considerably less long-term commitment involved in leasing a vehicle, making it one of the most convenient options when buying a new car. This means that you can easily change the type of car you drive or upgrade to a higher-end model at the end of your contract. Leasing offers flexibility to best suit your current circumstances. So, if you find you want to switch from a saloon to something with a bit more space, it isn’t a problem. You can also enjoy any improvements to performance, safety and fuel economy when you upgrade to a new model at the end of the lease. By contrast, it may be much more difficult to quickly and easily sell a car you have purchased- that’s if you’ve even finished paying for it by the time you’re ready to move on to something new.
While there are many benefits, there are also some restrictions when you enter a lease. Any leasing contract will come with a clear mileage allowance and expectations for the condition of the vehicle on its return to the dealership at the end of the term. While these can feel limiting, you are able to set your mileage at the beginning of your lease and your monthly payments will adjust to reflect the increased or decreased depreciation in value of the vehicle based on your choice. Therefore, the smaller the mileage you choose the less you will pay and vice versa. If you do exceed your mileage allowance an excess mileage charge will apply and this will be between 5 - 25 pence per mile.
Fair wear and tear refers to the natural deterioration to a car's condition based on normal use throughout your lease period. This will not include damage caused by a collision, mistreatment or neglect. Abiding by regular service intervals and keeping your car clear of dirt and grime will help maintain the health of your vehicle. However, you will be expected to rectify any damage to the vehicle outside of the stated fair wear and tear rules before you hand your car back. If you fail to do this, a charge to cover repairing the damage will be owed at the end of your contract.
If you are concerned about these areas of leasing or are coming to the end of a lease and would like guidance, contact our leasing specialists who will be happy to help.
Leasing is an increasingly popular option for car buyers looking to drive a better car than they would otherwise be able to afford while also standardising, and often reducing, their running costs over the lifetime of the lease. If you feel leasing is the right option for you, our team will happily search out the very best deals in order to get you behind the wheel of your perfect car. Simply request a quote online!
* All vehicle images and car descriptions on this site are for illustration and reference purposes only and are not necessarily an accurate representation of the vehicle on offer.
01395 331 513
Hill Barton Business Park
Clyst St Mary
Carparison Ltd trading as www.carparisonleasing.co.uk is an appointed representative of Product Partnerships Limited which is authorised and regulated by the Financial Conduct Authority. Product Partnerships Limited FCA registration number is 626349 and its address is Salts Piazza Offices, Salts Mill, Victoria Road, Saltaire, BD18 3LA. Product Partnerships Limited’s permitted business is to act as a Principal for a network of Appointed Representatives who arrange regulated credit facilities for customers who are purchasing goods from them.
Carparison Ltd trading as www.carparisonleasing.co.uk acts as a credit broker not a lender. We can introduce you to a limited number of lenders who may be able to offer you finance facilities for your vehicle. We will only introduce you to these lenders. We may receive a commission payment from the finance provider if you decide to enter into an agreement with them. You may be able to obtain finance for your vehicle from other lenders and you are encouraged to seek alternative quotations. There is an additional processing fee of £195 plus VAT chargeable to the applicant with every confirmed financial agreement. If you would like to know how we handle complaints, please ask for a copy of our complaints handling process. You can also find information about referring a complaint to the Financial Ombudsman Service (FOS) at financial-ombudsman.org.uk
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