While the world has come out of lockdown, there’s still a lot of financial uncertainty. Making a huge purchase, like a car, might not be as appealing as it was before. That said, for many people a car to get around and go about their lives is a necessity. There are several different options for those interested in car ownership. So what is the best option?
Personal car leasing is the best alternative to buying a new car upfront. Leasing the car can actually help you save money on your car expenses. On top of that, leasing a car provides the customer with more options. You get your pick of the best makes and models, plus, you can upgrade the following year.
Buying a brand-new car is fairly expensive with prices ranging from at least £17,000, depending on which make and model you want. On top of that, the car depreciates in value from the second that you drive it off the lot. If you’re interested in your options regarding car leasing, find out more.
What is Personal Car Leasing?
Essentially, the personal car lease is a long-term car rental. In the agreement, you get to use a brand-new car for a set period, usually 24 or 36 months. You will also have an agreed annual mileage that you mustn’t surpass. You may be subject to extra fees for the extra miles travelled.
You then pick a fixed monthly fee. Make sure this fee works with your budget because they may take the car back, should you fall behind on your monthly payments. At the end of your lease, you can simply hand the car back and pick another one.
This is provided that the car is in good condition and under the agreed-upon mileage. You may also be offered the option to extend your lease and keep renting your car.
While you can get a personal car lease at a car dealership, you can now lease cars online as well! The deals that are available to you will depend on the make and model you want. Other factors are how many miles you intend to travel and how long you want to lease it.
You will still be responsible for all your parking and speeding tickets. You will also be responsible for your car insurance policy. You can always end your lease early, but you may have to pay an early termination fee.
Always read the fine print!
Qualification Requirements
- You have to be over 21 years old.
- You have to have a valid UK driver’s licence.
- You must have at least three years of employment history.
- You must hold a reasonable credit rating.
Benefits of Personal Car Leasing
The biggest benefit of leasing a car is that it is more affordable than buying a car. Instead, you have the upfront payment and then manageable monthly payments.
You can experience the car that you really desire at a fraction of the cost. This is also a great way to try out a certain model before making the commitment and buying it.
One of the main benefits of a personal car hire is that you have access to the latest models without having to pay the matching prices. Where you might have had to buy a secondhand car, you can lease a brand-new car.
This means that you have access to cars that you might not have been able to afford if the only option was buying the car outright. This also means that you have access to premium technology, features and safety features in your car.
Another great benefit is the reduced costs of running and maintenance. Should something go wrong with the car while you drive it, the warranty will cover it. The odds of something going wrong are also fairly low because the car will be brand new.
You can also get maintenance packages when you choose to lease your car. The package will typically cover the costs of servicing and maintaining the car for the duration of your lease. Some maintenance packages will even cover your road tax.
Final Thoughts
You don’t have to buy it to experience it! You can drive the car of your dreams and save a little money at the same time. Buying a car is undoubtedly a major expense, even with financing plans. Leasing a car is a perfect way to use the car while only paying a fraction of the cost.
While you lease the car, you will still have a few responsibilities and expenses to pay for, such as your petrol and insurance. You can opt to include a maintenance package in your lease that should cover all servicing and even replacement tyres!
