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Everything you need to know before you decide to lease a car

11th November 2021 Print

You can rent a car to try out different models, sizes and brands. Buying a car is a big investment, and you need to be sure you are making the right decision. You can try out a few different cars to find your dream model. Or, you can rent a car while you’re on holiday to get around your new destination. 

What is leasing?

You can lease a car for a fixed period of time before returning it for a newer model. In some cases, you can buy the car and keep it. Leasing is another term for personal contract hire and is one of the most affordable ways to have a car. You can pay a deposit alongside regular monthly payments for two to three years. These monthly payments are usually lower than other forms of car purchasing. 

Remember that you are renting the car, and you do not own it once you have finished making the payments. You should review the terms and conditions of your car contract before you sign anything. There is also a pre-annual agreed mileage limit, and you will have to pay extra money if you exceed it. You will usually have to pay the added fee at the end of your contract. 

Most lease contracts do not include maintenance, and you will be responsible for servicing and maintaining the car. You can ask for maintenance to be added to your monthly payments, or a manufacturer service package may be available. The car should be in good condition when you return it. 

Benefits of leasing a car

When you lease a car, you get access to a brand new car at a price you can afford. You just have to pay the fixed price every month, and there is no risk of depreciation. It’s an even better deal if you can get maintenance included in the offer. 

It’s also one of the most affordable ways to have access to a car in the long run. Deposits are normally at a fair price, and there’s not much hassle. You can have a better car for a much lower price. 

Risks of leasing a car 

Ultimately, you do not own the car, and there may be added charges. You need to pay for administration costs, and you can’t end the contract early without a fee. You will have to pay more if you exceed the mileage allowance and cover your maintenance costs. 

Try out a different car next year through a leasing contract.