Did you know that a lot more people are now going for car or vehicle leasing than ever? This wasn’t the case in the UK in years past, but nowadays, more individuals are choosing to lease over buying for many reasons. But what has made vehicle leasing more attractive, and what can you really expect from it? More importantly, what is the real benefit? If you’re considering leasing a vehicle but would like to make sure of your decision, here’s a look at the benefits vehicle leasing can give you.
- Lower payments each month
There is no doubt that with vehicle leasing, you will not need to shell out a huge amount of cash every month. In fact, you only need to settle the difference between the car’s price upon purchase and the car’s predicted value at lease’s end. Unlike PCP or personal contract purchase arrangements, car leasing doesn’t come with any interest, and unlike purchasing a vehicle, you don’t have to pay for the entire thing. This is important for those who go for car leasing: you can afford to choose a vehicle that would normally be too expensive if you were to buy it.
- Your choice of brand new vehicle
There’s nothing like driving around in a new vehicle, and with leasing, you can do just that. Leasing lets you take advantage of the latest models every several years, and you can even have access to upgrades regularly.
Everyone knows that car technology has vastly improved, and you can now take advantage of some advanced features on safety, fuel efficiency, in-vehicle entertainment, and more. If you purchase a vehicle, then you will probably be driving it around for a long time – even a decade. But leasing will give you the chance to use the latest vehicle models every few years, and it can even come with your choice of extras such as driver aids, advanced tech, and your preferred colour.
- A lower amount of deposit
Contract hire or car leasing deals allow you to save money on the deposit. Most PPC agreements available require a deposit of between 10 to 20%, making your initial payment a bit prohibitive and not pleasant for your finances. But with leasing, you can easily drive around in a vehicle that’s brand new with a minimum of a single monthly payment for your initial fee. You may benefit from lower deposit fees if you have a steady income, but you’re new at your job and don’t have the sum you need for a new vehicle purchase.
- Do away with extra charges
If you regularly update your vehicle, it isn’t just to look good – it also helps you avoid any costs related to driving an older model. Newer vehicles have fewer problems than older ones, and with vehicle leasing, whatever issues the car has would usually be covered in the warranty.
Also, if your car leasing package comes with maintenance, you can get covered for regular servicing as well as repairs, and some packages even come with high-quality tyres and the like. The MOT isn’t a requirement until a car has reached three years on the road, so most lease agreements will help you avoid this expense. What’s more, you don’t have to worry about road tax since this will often be included in the package as well.
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