Searching for a new car can be a nightmare whatever your budget.
Whether it’s choosing between lots of shiny new models that all look great or trying to decide if the bargain Corsa will get you home, achieving the best deal can cause the worst headaches. That’s not to mention the different specifications, friend recommendations and trepidation at negotiating the “right” price (whatever that could be!).
An excellent alternative to purchasing your next car is leasing, an option that is quickly becoming a favourite with those on a budget or requiring peace of mind when it comes to their wheels. An option that is similar to buying on finance, leasing is often a way of securing reliable transport with smaller monthly payments, with drivers being “tied in” for lesser periods of time and easily being able to upgrade their car more frequently. Also with leasing there is no hassle of having to sell the car or trade-in when it becomes your responsibility. So how do you decide whether the lease is right and negotiate the best deal?
What Type of Driver Are You?
A lifestyle that is heavy on mileage will cause the cost of the lease to rocket. Often limiting particular packages to certain mileage bands, it’s best to check what your ideal cost per month will buy you distance wise. Commuting to a part time job or visiting grandkids can rack up the miles, but the standard 7000 – 10000 miles on the more budget orientated packages are often suffice. Make sure you negotiate a suitable mileage to avoid excessive mileage charges. Additionally, if you tend to be “aggressive” with your driving, returning the vehicle can often be tricky, as it needs to be in a suitable condition when the lease ends. Of importance to maintaining the vehicle’s health is picking one that is suitable for your needs. Choosing a C1 to ferry shopping once a week may be ok, but add a lengthy commute on top and live in a rural location and you may be in trouble! Just with purchasing, it’s important to pick a car that suits your lifestyle to get the best value. This means it’s handy to select a reputable business that offers dealership leasing that’s both impartial and trusted. It’s good to shop around.
What is the “True” Cost?
Monthly payments are the amount you pay to lease the vehicle, with an initial deposit required that usually equates to three months of this. The true benefit of a lease is the use of a vehicle that remains under warranty whilst you can enjoy the new surroundings, seldom requiring maintenance and typically costing less than the usual finance deal when compared to the same quality/marque of vehicle. As the dealership will want to retail the vehicle at the end of the lease, the car will need to be serviced on an annual basis by a dealer approved garage with manufacturer approved parts. It’s vital to fully enquire on the additional and add on charges which are incorporated within the lease conditions. Alternatively to a pure lease, many dealerships offer the option to build equity in the vehicle, allowing a subsequent lease to be cheaper or the chance to purchase the vehicle outright at a reduced cost as you already part own it. This gives you the chance to determine whether the vehicle is right for you, rather than buying it immediately.
Staying on the Front Foot With Negotiation
As with any financial commitment, it’s vital that the small print is thoroughly navigated. Most leases prevent customisations although this may be wavered when relating to disabilities or age related modifications. It’s important to establish the boundaries before incurring costs.
Road tax and insurance is separate to the lease fee, although with the former it is sometimes included, again the small print is key to getting this right! The lease term is perhaps the most negotiable area to save money and get the most from the agreement, with cheaper monthly payments often available with longer leases. However, if flexibility is at the heart of what you do, it’s best to keep it short!
Latest posts by Silversurfers Editor (see all)
- Which is your favourite Christmas Carol? - December 8, 2016
- Sunrise at Avebury stone circle Wiltshire by Paul Giles - December 8, 2016
- A review of Internet Privacy - December 8, 2016
- Sunset at Cley windmill by Pauline Goldsworthy - December 7, 2016
- Do you boil your Brussels? - December 6, 2016