If you are coming to the end of your car lease, what are your options?
In this guide…
As your car lease journey nears its end, you may find yourself contemplating the next steps. Here’s a straightforward guide on what to expect and how to prepare for the end of car leasing, ensuring a smooth transition to your next vehicle adventure.
First and foremost, a proactive approach is key. Ideally, your leasing company should reach out to you before your contract ends to discuss collection details. However, it’s wise not to rely solely on this. If the end date is near and you’ve heard nothing, take the initiative and contact them. It’s not uncommon for companies to expect this proactive step from you.
When it’s time to say goodbye to your leased car, the process is straightforward but important. The vehicle will be thoroughly inspected upon return. This means checking for any missing items, ensuring all paperwork is complete, and verifying that the car’s condition meets the agreed standards, including mileage limits. Be mindful of potential wear and tear charges, which can apply if the car doesn’t meet the British Vehicle Rental and Leasing Association (BVRLA) guidelines or if you’ve exceeded the mileage limit. Keeping your car in top shape and within mileage bounds is your best bet to avoid extra fees.
What to Expect At the End of a Car Lease
First and foremost, a proactive approach is key as every leasing company does things differently. A good leasing company should reach out to you before your contract ends to discuss collection details, though it’s wise not to rely solely on this. If the end date is near and you’ve heard nothing, take the initiative and contact them. It’s not uncommon for companies to expect this from you.
When it’s time to say goodbye to your leased car, the process is straightforward but important. The vehicle will be thoroughly inspected upon return. This means checking for any missing items, ensuring all paperwork is complete, and verifying that the car’s condition meets the agreed standards, including mileage limits. Be mindful of potential wear and tear charges, which can apply if the car doesn’t meet the British Vehicle Rental and Leasing Association (BVRLA) guidelines or if you’ve exceeded the mileage limit. Keeping your car in top shape and within mileage bounds is your best bet to avoid extra fees.
How to Prepare Your Lease Car for Collection
Preparing your car is crucial for a smooth handover. Start by compiling all documents related to your vehicle, including the V5C registration document, which proves the vehicle’s registration with the DVLA, and any servicing or repair invoices that highlight the car’s maintenance history.
Locate and ready the spare keys for the vehicle, and remove any personal items like the luggage area cover, Isofix mounting covers, and storage area covers. Finally, getting your car cleaned inside and out will leave a strong impression on the leaser. This not only demonstrates your care and respect for the vehicle but also ensures that it meets the leasing company’s standards, potentially saving you from charges related to cleanliness or presentation.
Another Lease or Buy and Keep?
The idea of buying your leased car at the end of its term can be appealing. It offers the benefit of a lower purchase cost and the comfort of sticking with a familiar ride.
For some, a post-lease purchase looks like a convenience, but it also means you’re investing in a depreciating asset past its prime depreciation period. Moreover, the warranty coverage could be nearing its end, leaving you responsible for any future repairs. Technological advancements in newer models offer enhanced safety features, better fuel efficiency, and improved connectivity, which your leased car may lack. Additionally, the buyout price set at lease inception might not reflect the current market value, potentially leading to overpayment for the vehicle.
At cars2buy, we simplify car leasing. Our transparent service helps you compare deals from trusted dealerships easily, giving you an extensive collection of the UK’s best leasing options. We make your leasing journey as clear and straightforward as possible, saving you time navigating through hundreds of lease sites and offering you it all in one. Explore our latest offers, and you might find your perfect lease sooner than you think.