10 Quick Tips About Car Leasing
Thinking about leasing a car instead of buying it outright? Read these ten quick tips to see if leasing is right for you!
- Leasing is great for if you are on a lower monthly income, as it consists of affordable monthly payments.
- In many lease agreements, service plans and MOTs are often included, meaning that you do not have to worry about additional payments.
- Leases usually last two to three years.
- At the end of your lease you may have the option to buy your car outright by paying a ‘balloon payment’ to your lender. If you decide not to do this, you can simply hand your car back.
- Leasing means you can drive a brand new car with a higher spec than you could afford than if you had tried to buy the car outright.
- Car leasing has loads of different options, so whatever your budget there is likely to be a car leasing option for you.
- The manufacturers warranty usually covers the car until the end of the lease.
- There are no worries about your car losing value over time. As you often hand your car back at the end of the lease, any decrease in value is not your problem.
- Remember, most car lease agreements have an agreed maximum mileage. If you exceed this mileage you will have to pay charges for it.
- It is often possible to extend the lease period if you want to keep driving the car but don’t want to pay the balloon payment to own it.