Not sure the best way to go about getting your brand new car? Both buying and leasing have advantages and disadvantages. Read our guide below to help you decide.
Most people are eligible to apply for a lease
You get to drive a new car every 2-4 years
The way cars are secured often means you will be driving a better car than you thought.
Its an affordable way to drive a brand new car
Road tax, breakdown cover and MOT (on cars less than 3 years) are all included
No depreciation risk
No worry selling the vehicle at the end of the contract
Fixed cost motoring
You can include a full maintenance package
If you go over your agreed mileage you will need to pay the excess mileage charge
If your circumstances change and you want to early terminate, this can be expensive
If you have a poor credit rating it can be difficult to lease
You will never own the vehicle
Your vehicle needs to be returned in a condition that meets the BVRLA fair wear and tear guide
You must maintain the vehicle if you have not taken out maintenance
The vehicle is yours and you have something to sell when you want to
There is no stipulation on how you look after the vehicle
You can drive as many miles as you want
Your vehicle will depreciate, unless of course you are buying a supercar or a vintage car. This means the car will lose most of its value in the first 2-3 years
You need to remember to renew your road tax yearly, also MOT the vehicle when its due. Along with breakdown cover and maintenance.
When its time to sell the vehicle, you have to go through the negotiations and disappointment of not getting what you think its worth
You will normally be required to leave a large deposit
Is a personal car lease right for me
Some questions below to ask yourself
Do you like to have cars with the latest technology and styling
Do you want the higher specification, but dont think your budget will stretch to the higher spec model
Do you want to avoid the issues having an older car brings
You know yourwhat your mileage will be across the contract length
Do you want fixed cost motoring
Do you not want the hassle of having to sell your car when the time comes
Do you want to own something that is depreciating all the time.
My circumstances may change, I might get a job with a company car for example.
I cant predict my mileage and it could change upwards drastically
If you own your own business, its always worth looking at a business lease and talking it through with your accountant
I dont mind driving an old or second hand car. I run them as long as I can.
I'm a clumsy driver and always bumping and scratching the car
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The Vehicle Leasing Expert Springwood, Booths Park, Chelford Road, Knutsford WA16 8QZ
The Vehicle Leasing Expert Limited is authorised and regulated by the Financial Conduct Authority FRN 828190. The Vehicle Leasing Expert Limited is a credit broker not a lender. Our BVRLA Membership number is 8135. All offers are subject to change at any time and are subject to finance approval and vehicle availability. Vehicles shown are for illustration purposes only. The Vehicle Leasing Expert Limited – Registered in England and Wales. Company Number:11685769. The Vehicle Leasing Expert Limited registered address is, Suite G1c, Springwood, Booths Hall, Chelford Road, Knutsford. WA16 8QZ. © 2019 Copyright The Vehicle Leasing Expert Limited. All Rights Reserved.
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