How to choose the right lease deal for you
Our guide to getting the best leasing deal and the things to consider
Whether you're a seasoned lessee or a first-timer considering the leap, understanding the ins and outs of car leasing is crucial to getting behind the wheel of a new vehicle without breaking the bank.
The allure of leasing a new car
Car leasing is an increasingly popular option for drivers who relish the thought of cruising in a brand-new car without the hefty price tag of ownership. It's a savvy choice for those who prefer to avoid the long-term commitment and potential depreciation that comes with buying. Leasing a car allows you to enjoy the latest models with the latest technology and safety features, all while keeping your monthly expenses predictable.
The financial perks of leasing
When you lease, you're essentially renting the car for a set period, which means you only pay for the depreciation that occurs during your lease term, rather than the full value of the car. This results in lower monthly payments compared to financing a car purchase. Plus, with fixed monthly payments, budgeting becomes a breeze.
Securing the best lease deal
Before you sign on the dotted line, it's vital to ensure you're getting the best possible deal on your car lease. This article is your roadmap to securing a lease agreement that aligns with your financial goals and lifestyle needs.
Who should consider leasing?
Leasing is tailor-made for drivers who enjoy the thrill of a new car every few years and want to sidestep the hassle of selling or trading in their vehicle at the end of the contract. It's a hassle-free approach to driving that lets you focus on the road ahead, not the rear-view mirror.
The importance of credit
The car lease provider will carry out a credit check on you, and you’ll need to specify how many miles you wish to drive each year. The better your credit score the more likely you’ll be accepted for a lease contract – and on better terms and lower interest rates.
Factors to consider in a new lease
When you're in the market for a new lease, there are several factors to keep in mind:
Price Comparison: Utilize services like Moneyshake to compare prices from various leasing providers. This ensures you're not overpaying for your new ride.
Special Offers: Keep an eye out for special offer lease deals. These can be a goldmine for savings on popular models.
Budgeting Smartly: Search by budget to filter options that are within your financial comfort zone.
Lease Term Length: Consider how the length of the lease will impact your payments and overall costs. Shorter leases often mean higher monthly payments but less concern about maintenance.
Depreciation Savvy: Opt for cars that hold their value well to get more favorable lease terms. Prestige brands are known for their resilience in the depreciation department.
The long-term view
While a longer lease might seem like a good idea for reducing monthly payments, it's important to remember that you might incur additional costs such as MOT and repairs once the car ages. Always balance the term length with potential future expenses.
Other useful guides
We have a broad range of helpful guides which explain more about car leasing. Find out more:
Electric Car Leasing with Moneyshake
We’ve joined up with partner Moneyshake to bring you electric car leasing deals from the UK’s top lease providers. With the rise of eco-conscious driving, electric vehicles are a smart choice, and with Moneyshake, you can compare deals based on budget, make, model, or mileage. Plus, your chosen car is delivered at no charge, including road tax and a full manufacturer warranty.
Leasing a car can be a smart financial move, offering the pleasure of driving a new vehicle with predictable costs and no long-term ownership concerns. By considering your budget, credit score, lease term, and vehicle depreciation, you can secure a deal that suits your lifestyle and keeps your finances in check. With tools like Moneyshake, finding the best lease deal is easier than ever. So why wait? Start your engine on the road to a fantastic leasing deal today.