We’ve recently written about the best time of the year to look for a new lease but there are other ways to ensure you find the best lease deals for your next vehicle.
We’ve put together the below article to help find the best lease for you.
When looking for a lease car there are three key questions to ask yourself:
What is your realistic budget?
Is leasing really the right choice for you?
Once we’ve looked at these three questions in depth we’ll also look at how you can find the best lease price, deciding when the right time to lease is and much more.
What Are You Looking for?
The first thing you need to consider is what your vehicle needs are and how you can make the most of a lease agreement to suit your requirements.
What will the car be used for? Is it a family car, a small vehicle to get you into tight city parking spots, or something with off-road and four-wheel drive capability?
While we recommend being flexible on the exact model and spec you’re after as this can often help get you a better vehicle for the same or a cheaper price, we do suggest thinking about your needs for a car and having an idea of what body style you’re after as well as your must haves, whether this is integrated satnav or a large boot.
Tied into what the car will be used for is its size and body shape. Most people have a preferred style of vehicle whether for aesthetic or practicality reasons and we suggest knowing what type of vehicle you’re looking for as this will help you narrow down our top leasing deals or help one of our Leasing Consultants to find you the best deal on the market that fits your needs.
You’ll also want to think about the fuel type. There’s a big push towards electric vehicles (EVs) and hybrids at the minute and you can find some great leasing deals on these. Leasing an EV or hybrid option gives you the choice to trial an electric model without the same large financial commitment of purchasing one.
For more information on what to look out for in your next lease car why not check out this article? Or for a more general guide on choosing your new car click here.
Another factor you’ll need to consider with a lease car is the mileage. When you buy a new car you might think about mileage in reference to your fuel consumption and the cost of filling up / charging the vehicle but with a lease you actually need to have a realistic estimate of your annual mileage as a key part of the agreement is a mileage allowance.
You can amend the contracted mileage during the contract though this can have an effect on the monthly rentals, which is why we suggest trying to be as accurate as possible with your mileage allowance.
Please note if you do exceed the mileage allowance when it comes time to end the lease agreement you will be charged an overmiles fee which is usually charged in pence per mile.
For more information on mileage allowances click here.
What Does Your Budget Look Like?
Leasing can be a much cheaper way to afford to drive a brand new car every few years without having to worry about the vehicle value having depreciated when it comes time for a new model. Often, you can get a great lease deal on vehicles that might be out of your budget to buy but you can afford the monthly lease payments.
With leasing you will pay a set amount for the duration of the contract, however if you want to reduce your monthly payments you can pay a larger amount upfront and vice versa.
Deciding on the amount you can afford to pay upfront as well as realistic monthly payments will help you choose a model that fits your needs and into your budget.
Is Leasing Right for You?
The most important thing to be certain of is if leasing is the right choice for your next vehicle.
As a leasing company, we speak to a lot of customers and know that leasing is a flexible way to drive a great vehicle for many people. However, we also know that sometimes the circumstances aren’t always right.
With a lease vehicle you have exclusive use of the vehicle for a set period but there is a date that the agreement ends and you have to return the car to the funder.
The British Vehicle Rental and Leasing Association (BVRLA) has issued fair wear and tear guidelines that define the conditions in which the vehicle will need to be returned in.
We mentioned above the mileage but wanted to reiterate it here. If you are someone who is doing a lot of miles then leasing might not be the right option for you. As well as making monthly payments higher all funders also have a maximum limit on their contractual mileage.
It’s also important to be aware that although some lease funders allow you to purchase a vehicle at the end of the agreement this is not guaranteed and so you need to consider whether ownership of the vehicle is important to you.
Take a look at this guide if you’re unsure whether leasing is the right choice for you.
A final thing to consider is that when you apply to take out a lease agreement the funder will run a credit check as part of the application process, and your credit score will have an impact on whether they are able to offer you a lease agreement. If you’re concerned about this then you might find this piece useful.
Getting the Best Leasing Price
We mentioned above about being flexible with the brand and model you want and this can really help you get a great deal on a higher spec model or one that ticks more of your must have boxes.
If you have a current car you can use then you might also want to look beyond the stock vehicles to factory orders. These cars take longer to be delivered because of production and transportation time but if you’re not in a rush to get your new vehicle then you should look at a factory order lease vehicle.
Please be aware though that the current pandemic is still having an impact on the lead time of vehicles and factory orders are taking longer than they did pre-pandemic. This download will explain why.
Another thing to think about is when you’re looking to lease a car as there are times of the year when you’re more likely to see a great lease deal. In particular around the new model releases is March and September can be a great time to get a bargain lease. For more information on other times of the year to get good lease deals head over to this article.
At Xcite Car Leasing we work with dealers across the country as well as the UK’s leading lease funders and so we’re able to get you great deals and you can see the very best we’ve got for you here.
If you have any questions about leasing or just want to find out more about the process head over to our guides homepage or give us a call on 0330 221 0000.
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