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Car Leasing Made Simple – Advantages & Disadvantages

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Car Leasing Made Simple – Advantages & Disadvantages

These days our cars mean everything to us, they’re our most favourable mode of transport that gives us our independency to come and go when and where we please. However with the price of a decent car these days on the increase there has got to be a better way of obtaining a car without paying a small fortune, and there is!

Car leasing is an affordable scheme that allows you to pay monthly instalments under a contract period for using a brand new car. This means there are no large upfront costs and you can pretty much start driving straight away. In previous years you had to physically go into a showroom and speak to one of the sales team to sort out a lease, however these days you can now sort out a car lease over the internet. Its car leasing made simple!

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If you buy your lease over the internet you are protected under the Distance Selling Act, which regulates consumer contracts under the sales of goods or services without face to face contact. When purchasing a lease online make sure you have all the companies details just as a precaution, and always look for the padlock sign to make sure the site it legitimate and the connection is secure.

When trying to get the best price on a lease agreement, ensure you have the full contract details and there isn’t any hidden extras. It’s common to forget VAT so find out whether that’s inclusive in the price, which will guard you from any unknown additional charges.

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So what are the advantages and disadvantages of a new car lease?

Advantages

Stating the obvious, it means you get a brand new car and can start driving it almost straight away. You can choose whatever colour of vehicle you wish and anything else to suit your specification. Given that it’s a new car it will have all the latest features and safety functions, and it will be accident free and mechanically sound. A full manufacturer’s warranty is included so you will have service support.

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One of the best advantages of leasing a car is that there is a low initial payment so you don’t need to empty all funds just to make the payment. A bonus advantage is how easy it is to sort out at the end of the lease, the vehicle will be collected so there’s no hard sell, and you can even trade it in for an upgrade on a new lease.

Disadvantages

As the car is brand new the cost will be higher than it would be for a used model, and insurance could also be potentially higher as well. As the lease is a binding contract any early termination could become costly, and you must return the car in good condition or penalties will be applied. Lastly if you were to go over the agreed annual mileage, you will have to pay excess fees which again can figure out pretty costly.

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Aside from these advantages and disadvantages, there are many reasons to lease a car. You might be someone who really looks after your cars and knows how much you travel on an average annual mileage anyway. You might be someone who can comfortably manage the monthly payments from a regular income. You might even be someone who just likes to keep up to date with the latest features, and for that reason you change your car every 3 years anyway.

Sometimes people need a car for work, especially as more and more companies are expanding and are moving out of the city. In this scenario a company car might not be an option so a lease would really support your day to day travel from point A to point B.

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So as you can see, like everything else car leasing has its advantages and disadvantages, but it’s all about what works for you.

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