Have you ever thought of looking into car leasing, but have been put off by all of the confusing information out there?
Have you ever thought of looking into car leasing, but have been put off by all of the confusing information out there? Or have you been told that you shouldn’t lease a car by others?
Well, in actuality, car leasing can be very useful and allow you to get a brand new car for a much more affordable price. Therefore, it is time to take a look at precisely when a car lease is a good idea. After all, it can be extremely helpful if you need to upgrade your car, but can’t afford to purchase a brand new vehicle outright.
So, let’s take a look at the benefits of car leasing.
Lower Cost Monthly Payments
One of the most important benefits of getting a brand new car on a lease deals with your own finances. Specifically, you can save money each month compared to buying a car on other financing options like Hire Purchase. This is because, rather than paying for the total cost and value of the vehicle, you are only covering the depreciation in value.
This is why you have a limit on the number of miles you are allowed to drive – it is to limit the depreciation so that your monthly payments continue to cover it.
Therefore, as long as you don’t go over the maximum annual mileage agreed when you take the car lease deal, you end up paying considerably less than you would if you were to try and just buy the vehicle outright.
No MOTs
Another benefit of getting a car on a lease is that, because the vehicle is new, you don’t have to worry about an MOT for three years. On top of that, because a typical car lease only lasts for 3 years, that actually means that you don’t have to be concerned about MOTs at all.
In fact, you can just “upgrade” to another car lease at the end of the current one, get a new car again, and never have to think about MOTs ever again. This can be amazing for your own stress levels as well as your wallet, since MOTs can often be rather expensive.
By not having to pay for the MOT, and any fixes that are required to pass the test, you will once again end up saving money compared to a used car or a car that you own completely.
Servicing and Maintenance
The last point to look at comes from Servicing and Maintenance. Similar to the MOT, because of the length of a car lease, and the fact that the vehicle is brand new, it will typically still fall within the warranty period for that car.
This means that, throughout your time driving the car, you won’t have to pay for the majority of servicing and maintenance. Therefore, the money you save by having the car still under warranty will offset the monthly fee.
With all that said, it should be clear that a car lease can be a very good idea when it comes to getting yourself a brand new car. So, why not take a look through the various car lease deals we have compiled here and see what car you can get!