The Benefits Of Car Leasing In The UK: Finding The Perfect Car Lease
Car leasing is a popular option for consumers looking to obtain a brand-new car at an affordable price. With personal car lease options available, car leasing in the UK can often be a cost-effective alternative to purchasing a car outright. However, it is important to conduct research to ensure that you find the best deal on a car that meets your needs.
The pandemic had a severe impact on the availability of new cars on the market in 2022, which resulted in a shortage of good deals for both buying and leasing. However, things are changing in 2023, as supply restrictions are becoming a thing of the past for many makes and models. As a result, good leasing deals are back, and often the most cost-effective way to get behind the wheel of a brand-new car.
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According to Paul Harrison, a representative from lease comparison site Leasing.com, “Last year was certainly a tough time for the motor industry but all the signs are that a very different market is emerging this year. Waiting times are coming right down with many cars on good lease deals listed as ‘In stock’ on our site. Many more are listed for delivery within 1-2 months. If you take a little time to search with us we can help you find the right deal for you.”
If you are looking for the best lease deal, Leasing.com has shared the following tips on how to find the best deals using their site.
1. Give Yourself Enough Time To Search
If you’re considering car leasing in the UK for the first time, or looking to upgrade your current lease, it’s important to plan ahead. The ongoing pandemic has resulted in a shortage of in-stock vehicles, and as a result, prices have risen. To avoid this premium, it’s advisable to start your search for a personal car lease a few months before you actually need the vehicle. This way, you can secure a better price and have peace of mind that you’ll have access to the car you need when you need it. So, whether you’re after a compact city car or a family-sized SUV, be sure to start your search early to ensure you get the best deal possible.
2. Be Flexible & Aware Of A Deal
When it comes to car leasing in the UK, finding a great deal can be a challenge. However, by keeping an open mind and being flexible with your preferences, you can increase your chances of getting a fantastic offer. While you may have a general idea of the type of car you want, it’s worth considering other makes and models to see what deals are available.
It’s also important to consider the length of your lease. Sometimes, a three-year deal can offer a better monthly price than a two-year deal on a similar car model. To make your search easier, you can use filters available on sites like Leasing.com to compare prices and narrow down your options. The Leasing.com Value Score is a useful tool that rates all offers out of ten, allowing you to compare deals and rank them easily.
Whether you’re searching for a personal car lease or a business car lease, checking the score can help you determine if you’re getting good value for your money. By taking the time to explore your options and use these tools, you’ll be able to find the best leasing bargains available in the UK.
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3. Consider A Longer Lease
Car leasing in the UK is a popular way to drive a new vehicle without having to pay the full purchase price upfront. With a personal car lease, you can spread your costs over several years of monthly payments. This means that you can drive a new car without having to make a significant financial commitment.
When it comes to leasing a car in the UK, you’ll find that four-year lease deals often offer lower monthly prices than shorter leases. This is because the longer the lease, the less you’ll pay each month. If your goal is to keep your monthly motoring costs as low as possible, it’s worth considering a longer lease.
To keep your monthly payments as low as possible, it’s also worth paying as much as you can upfront. Your initial payment is made up of several monthly instalments bundled into one. You’ll have the option to pay one, three, six- or nine-months up front. The more you pay upfront, the less your monthly bill will be. So if you have the money available, it’s worth paying more upfront to reduce your monthly payments.
4. Ensure You Provide A Correct Mileage
One of the biggest factors that affects the residual value of a car is its mileage. The higher the residual value, the cheaper a lease tends to be. This means that if you’re someone who has recently started working from home, you may find that your annual mileage has significantly reduced. This can be a good thing when it comes to leasing a car, as it means that the residual value of the car will be higher, and therefore the lease will be cheaper.
However, it’s important to make sure that you choose a mileage allowance that’s appropriate for your needs. Overestimating your annual mileage could see you overpaying for your vehicle, as you’ll be paying for miles that you’re not actually using. On the other hand, underestimating your annual mileage could mean that you end up paying extra charges for exceeding your mileage allowance.
So, if you’re considering a personal car lease in the UK, make sure you take your annual mileage into account when choosing your lease agreement. It’s always better to be realistic about your mileage needs, as this will help you to get the best possible deal on your lease.
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5. Be On The Hunt For Special Offers
Car leasing in the UK has become increasingly popular over the years, as people look for more cost-effective ways to get behind the wheel of a new car. When it comes to personal car lease deals, there are many options available, and it can be overwhelming to navigate the market.
However, leasing companies often have special offers that make the decision-making process easier. These deals can be particularly attractive, offering the chance to lease a car at a lower price than usual. It’s worth noting that these offers tend to be available for a limited time only, so it’s important to act fast if you find one that suits your needs.
One website that can help you find the best leasing deals in the UK is Leasing.com. They have a range of special offers available, with vehicles from a variety of manufacturers. In fact, 9 out of 10 users claim they found the best deals using Leasing.com.
If you’re in the market for a new car and want to explore your options, checking out Leasing.com’s special offers could be a great place to start. With so many deals available, you’re sure to find something that suits your needs and budget.
In conclusion, car leasing in the UK is a cost-effective option for those looking to get behind the wheel of a brand-new car without the commitment of buying one outright. While the pandemic impacted the availability of new cars in 2022, the market is now changing, and lease deals are becoming more accessible. To find the best deal, it is important to conduct research and be flexible with your preferences. Leasing.com is a useful tool that can help you find the best deals available, and it is advisable to start your search early and consider a longer lease. Additionally, ensuring that you provide a correct mileage and being on the hunt for special offers can help you secure the best possible lease deal.
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Car Leasing FAQs
What is car leasing?
Car leasing is a long-term rental agreement where you pay a fixed monthly fee to use a car for a specific period of time.
How does car leasing work?
You choose a car, agree on the lease term and mileage, and pay a fixed monthly fee for the duration of the lease. At the end of the lease, you return the car to the leasing company.
What are the benefits of car leasing?
Car leasing allows you to drive a new car without having to pay the full purchase price upfront. It also includes maintenance and servicing costs, and you can upgrade to a new car at the end of the lease. Read our article on Car Buying vs Leasing: Pros & Cons To Help You Decide.
What is the minimum lease term?
The minimum lease term is usually 24 months, but it can vary depending on the leasing company.
What is the maximum mileage allowed?
The maximum mileage allowed is usually 10,000 to 15,000 miles per year, but it can vary depending on the leasing company.
Can I customise the car?
You can customise the car, but any modifications must be reversible and approved by the leasing company.
What happens if I exceed the mileage limit?
You will have to pay an excess mileage charge at the end of the lease, which can be expensive.
Can I end the lease early?
You can end the lease early, but you will have to pay an early termination fee, which can be costly.
Can I buy the car at the end of the lease?
You can buy the car at the end of the lease, but you will have to pay the residual value, which is the estimated value of the car at the end of the lease.
What is the difference between personal and business leasing?
Personal leasing is for individuals, while business leasing is for companies. The terms and conditions can vary depending on the type of lease.
What is the initial payment required?
The initial payment required is usually three to six months’ worth of lease payments.
What happens if the car is damaged?
You will have to pay for any damage beyond normal wear and tear, as outlined in the lease agreement.
Can I lease a used car?
Some leasing companies offer used car leasing, but it is less common than leasing new cars.
What documents do I need to provide?
You will need to provide proof of identity, proof of income, and proof of address.
How do I find the best leasing deals?
You can compare leasing deals from different companies online or through a broker to find the best one for your needs and budget.
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Need Gap Insurance?
There are a few different types of policy you can choose from when taking out your Gap Insurance cover with Click4Gap. These depend largely on how you intend to fund the purchase of your vehicle. So what car Gap Insurance is right for you?
If you paid cash for your vehicle, or paid a sizeable deposit, or if you financed it, Combined RTI Gap cover will pay out the shortfall between the cost of your vehicle and the market value at the point of claim, which is the amount your motor insurer will cover. This is cover that will protect you no matter if you use your vehicle for private use or for business.
If you leased your vehicle or it is under a contract hire agreement, Lease/Contract Hire Gap Insurance will cover you for the shortfall on your lease agreement, after your motor insurer settlement. If, for any reason, you change your vehicle within the first 90 days from the start date, we will also arrange to transfer your cover to your new vehicle without hassle or charge.