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80% of new cars sold in the UK in 2016 was a lease car

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80% of new cars sold in the UK in 2016 was a lease car. If you don't mind whether you own the car that you drive or not, then leasing is a great option for you – but there are a few things to consider.Here is my 6 point checklist to help you get it right first time.

1.Choose a car – or at least a type of car – what do you need to satisfy your needs? Does it need 5 doors? Does it need to be an estate car? Does it need to be petrol/diesel? Do you have a preferred manufacturer? The more generic you can be, the better deals might be available – but if you've got your heart set on a particular car, make sure that you tell your lease broker that so that they aren't looking for deals on cars that won't make your heart happy.

2.Choose a lease broker – Of course, this is what I do – but you might want to go elsewhere (perhaps my sparkling wit is too much for you). When selecting a broker, make sure that they cover the type of lease that you want – lots only do commercial brokerage, so if you're looking for a personal lease, you might need to go elsewhere (I do both, I'm flexible like that!)

3.Choose your lease term and the mileage you are likely to do. Both of these things will affect the monthly payment figure, so it's important to choose wisely – your broker should help to guide you with this. Remember that there is an excess mileage fee to pay if you do go over your agreed mileage allowance, so it makes sense to be completely realistic about the miles you will be doing in this vehicle.

4.Make sure that you can afford your payments – your broker should ask the question of whether the deals they find for you are affordable, but you need to be honest. If you miss payments, this can affect your credit score and the lease company can come and take the vehicle back.

5.Check your insurance – some lease deals include insurance, but others don't. If yours doesn't, then you'll need to arrange your own insurance – and you might need to get GAP insurance, just in case the unthinkable happens and your car is written off or stolen. Your broker should have this information – so if they don't tell you, just ask.

6.Check what else is involved in the lease agreement -is servicing included? Is road tax (if applicable) included? What about breakdown cover – each lease agreement is different, so always check it out and don't assume.

So, there is a lot of choosing and checking involved there – but taking care of these things ahead of signing your lease agreement will make for a much smoother transaction, and much less stress all round.

Remember that you won't own this car- the lease company own it – and they will charge you extra if you don't take care of it. So if you're not a great driver, prepare to pay some excess fees on the return of the car!

With some agreements, you get the option to purchase the vehicle at the end of the lease term – so if you fall in love with driving it, you might have the option to keep it – but again, each lease is different – so check before you set your heart on it.

If in doubt, give me a shout – I'll always guide you through the process and get the best deal I can for you. 

Car leasing VS Outright Purchase...
 

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Sunday, 21 April 2019