Leasing a car for a period of time has become an increasingly popular option compared to buying and owning a vehicle outright. In order to ensure you get the most for your money, here’s all you need to know about negotiating a cheap car leasing deal.
Your monthly car leasing payments will be cheaper if you choose a car that isn’t brand new, as the amount you pay is determined by the depreciation of the car during the leasing period. New cars have a higher depreciation value, so it makes sense that your monthly payments will be higher if you opt for a new model. Choosing a car that has been used but is still in very good condition can make a big difference to how much you pay.
As well as the age of the vehicle, the type of car you choose will affect your monthly payments, so don’t go for the swankiest model if you want to keep costs down. According to MoneySavingExpert.com, leasing a hatchback is going to be cheaper than a top-of-the-range 4×4 luxury car.
The more you can put down as a deposit, the cheaper your monthly leasing payments will be. How much deposit you are allowed to pay upfront varies, so speak to a leasing provider, such as http://leasing.totalmotion.co.uk/, who provide car leasing in Leicester, to see what options are available.
How much you pay each month for vehicle leasing will also depend on your annual mileage allowance that comes with the car. Think this one through carefully before you make an agreement. The higher your mileage allowance, the more you’ll have to pay monthly, so choose a low mileage allowance if you want to keep your costs down. Bear in mind, however, that if you exceed this allowance, you’ll need to pay extra, so be as realistic as possible.
Length of Lease
How long you take your lease out for will affect how much you pay, so for a cheaper deal take out a longer lease. Most contracts typically last for two to four years, so for longer deals be sure that the vehicle you pick will suit your needs for this extended period. Additionally, consider aspects such as interest, VAT, servicing, breakdown cover and other terms and conditions when calculating lease costs.