Leasing is not a new or strange thing anymore. Experts suggest that over 1.6 million people now lease a car in the United Kingdom alone. If you are looking to lease, companies are ready, willing, and able to provide you with all the information you need.
The trouble is, how do you know you are getting a good deal? How do you know how to get the vehicle you deserve at the price you need it to be? The following should make it clear how to start getting engaged with premium leasing and come out of it with an elegant vehicle you can afford.
What Is Car Leasing?
For those still not in the know, car leasing is a lot like renting. You choose a vehicle, you set up a regular fee, and you then drive away with your choice of vehicle.
As with other methods of renting, you have complete freedom to choose what you take away so long as the vehicle is on their roster and you can afford it. They may even have a variety of options for the vehicle, such as heated seats or a sunroof. These additions may add to the lease price you pay over time, however.
There will be a few other questions asked, for example, your expected mileage and how long you expect to lease for. Or should you expect to drive the vehicle longer distances, you can expect to pay a little more. If you end up going over that distance, you will have to pay extra for having had that privilege.
Then you put down a deposit, set up a monthly payment, and you can often drive away that day.
Should I Be Leasing? Shouldn’t I buy?
Whether you want to lease or not may depend on several factors. For example, if you do not tend to keep your vehicles in excellent quality due to the kind of work you do.
If this is the case, you may find a lease does not suit your style. Or, you may drive too much to get a good monthly cost when factoring in an expected annual mileage.
Due to your plans to lease a premium vehicle, you may worry about reputation damage. Some people may make assumptions about you for leasing a car instead of buying one may bring. When others you know judge one another on their vehicle ownership, this could be a factor.
Then again, the freedom to upgrade your car at the end of a lease may offset that by allowing you to drive a newer car every lease period.
What Are the Advantages of Premium Leasing?
In short, leasing a vehicle is cheaper. This goes doubly so for an expensive vehicle such as a Mercedes or other premium vehicles.
Monthly payments for a purchased car tend to be a lot higher and push people towards buying cheaper, more affordable cars. Especially if they want to feel more ownership of the vehicle.
Remember also that when you give the vehicle back, you do have the option of buying it at that time. You do not have to make the decision of whether you wish to buy the car then and there. You could lease now and start saving for a premium vehicle sale at a later time.
How Much Does Leasing Cost?
How long is a piece of string?
The answer to this question depends on many factors:
- The cost of the leased vehicle
- How much you put down on it to start with
- How much of a deposit you can afford
- Your credit score
These all have an effect on the cost of a lease.
A bad credit score may make leasing unaffordable to the unprepared, and you may even be better off searching out other options.
What if I Want to Stop Leasing?
If you find you no longer need the vehicle, this can be a tough situation, and it depends entirely on your contract. Some companies will state you need to pay off the rest of the contract in full. While others will only demand a percentage of the remaining lease.
Ask your lease provider for more information when you go into business with them. They will be able to provide the information you need to make an informed decision.
What Are the Downsides?
Vehicle leasing does not come without its concerns, with prestige vehicle leasing that is even more pronounced.
For a start, you will not tend to be able to modify how the car looks. Nobody is expecting you to start putting a roof-rack on a Mercedes. If, however, you want to change out the seats or the interior at any time, you may wish to check your contract before making such alterations.
As mentioned above, another downside is the mileage. Sometimes, a family emergency or other situation causes you to go above your planned mileage for the vehicle.
In that situation, you may find yourself having to fork out for extra at the end of the contract. Be careful to leave a little extra on the counter for emergencies, but it’s always a possibility.
Finally, if you wish to take your vehicle abroad, you may find you need to get permission. Talk to your finance company or lease provider before visiting.
Things are not always black and white, and they may have a list of countries they do not allow travel to. This will be due to a variety of reasons, such as local political problems or crime rates.
What Companies Lease Vehicles?
There are hundreds of locations across the country that would be happy to lease a car to you. Finding them can be difficult. This is why some groups such as Interlease make an effort to provide as much information on vehicles you may want to lease as possible.
Make sure to search on their site to focus your search on exactly the make and model of vehicle you are looking for. You will likely be able to find a vehicle to suit your needs.