15 Tips About Car Leasing from Industry Experts

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If you don’t want to pay a huge upfront cost and aren’t too worried about whether you own the car, then leasing could be a great option for you. Leasing is where you ‘rent’ the car for two or three years, paying affordable monthly payments, then if you do not want to pay a balloon payment to own the car outright you can simply hand it back.

Here are some top tips from industry experts about how to get the most from leasing a car:

  1. MoneySavingExpert.com advises us not to forget about VAT! Something could seem like a really good deal, then you add the VAT on it starts getting pretty pricey, pretty fast!
  2. Automotive News tells us that leasing is a smarter option. You cannot predict the re-sale value of a vehicle, especially after 36 months. As most leases are AT LEAST 24 months, leasing is a smart move, as you don’t risk losing the resale value of your new car.
  3. LeasingExperts.co.uk explain to us that in most cases taxing your new car is included in that of the lease price. This means that you do not have to tax your car on top of your monthly payments!
  4. Thecarexpert.co.uk advises us that leasing is a really great option for individuals who don’t have a very high monthly income, this is because the monthly payments are relatively low, and you do not need any big upfront payments.
  5. Insidermedia.co.uk talks to us about how leasing a car is an ASSET LEASE. This means that the lease is taken out against the asset itself, if you can’t afford the balloon payment at the end of the lease there are no fines or nasty surprises, you just hand the asset back!
  6. Arnold Clark tell us that lease monthly payments are often cheaper than month payments for loans, if you need a loan in order to buy your own car.
  7. LeasingExperts.co.uk remind us that if there is any damage of the end of your lease this might incur additional payments. Remember this if any damage occurs to your vehicle.
  8. The DMV says that lease options can be a better option than buying your car, because you get to drive a new car every few years.
  9. Arnold Clark would recommend leasing, because you can change your car easily and keep up with the latest models.
  10. Thecarexpert.co.uk reminds us that servicing and MOT is usually included in monthly payments as well, meaning that it is unlikely that you will pay any additional service charges on top of your monthly lease payments.
  11. Safermotoring.co.uk advises us that leasing might not be right for all motorists, as often people would rather own their car.
  12. MoneySavingExpert.com also says that your car will be covered by the manufactures warranty until the end of the lease!
  13. Consumerreports.org advises that leasing often means you can driver a higher spec model than you could afford if you had bought the car outright.
  14. Thecarexpert.co.uk also says that after the lease ends you do not have to worry about selling the car yourself (which sometimes can be difficult!), you simply hand it back to the dealer and they do the hard part for you.
  15. MoneySavingsExpert.com also reminds us that if you make late payments you are likely to invoke late payment charges, or in extreme cases, your car will be reclaimed.

It is good to hear from the experts when considering whether leasing is right for you. Talk to one of our highly trained experts at UltraCar today and see if we can find the right lease for you.