How to Get a Good Deal on a Car Lease
If you are thinking of leasing a car and want to find the best deal, read our top 10 tips to help you get a great price and save money in the long term.
1. Check for special offers
If you do not have a particular make or model in mind, check out the latest special offers and see what deals you can find. These lease contracts are cheaper but only available for a limited time.
You can choose between a range of body sizes and types, so whether you need an SUV, hybrid or estate, you can get the car of your choice at a great price.
2. Try different manufacturers and models
The manufacturer and model type will play a big role in the price of your lease. Obviously, a more luxurious brand will cost more, and a smaller car without much equipment will be cheaper.
If you want to look at different manufacturers and models, try our Compare Tool. It breaks everything down by allowing you to compare up to four different cars at one time. There is even an option to add in the contract type to ensure you get more accurate results.
3. Save on maintenance
A big part of driving any car is the maintenance involved. But if you want to save more in the long run, leasing with maintenance can help you cut repair costs and avoid those expensive surprise bills.
Here at Leasing Options, our maintenance package is designed to help you save money over time, as it covers routine maintenance, repairs and accident management. If you take up this package, the costs are spread over your fixed monthly payments, so do not have to fork out a large lump sum if the car develops a problem.
4. Get gap insurance
It may be recommended that you take out Guaranteed Asset Protection (GAP) insurance, which makes sure you are not left paying for a car you can no longer drive.
Should your lease car be stolen or written off due to an accident, fire or theft, your insurer will normally only pay the current market value of the vehicle. Due to depreciation, this figure could be a lot less than you would expect, meaning you might not have as much as you need to pay your lease contract.
GAP insurance helps to protect you from financial shortfall. It helps to cover any difference between the pay-out you receive and the remaining amount due on the contract. And with over 500,000 cars written off every year in the UK, you should consider whether you would benefit from this product.
5. Increase your initial rental
Part of the rental agreement for leasing a car also involves putting down an initial payment. This does not serve as a deposit that you will receive back at a later date. Instead, this is a contribution towards the total value of the agreement. Therefore, how much you pay upfront will help to reduce your monthly instalments.
You will have the option to pay anywhere between 1-12 months’ worth of payments. It makes sense to pay as much as you can afford initially, as you can then enjoy lower monthly payments for the remainder of the contract.
6. Pinpoint your mileage
When you are finalising the details of your leasing deal, it is a good idea to try and pinpoint your annual mileage as exactly as you can. The mileage allowance you agree to will have an impact on your monthly payments. Because of depreciation, a higher mileage will generally increase your costs.
Overestimating may seem like a safe bet, but as the costs are directly linked, you will not get as much value from the deal if you do not drive close to a higher mileage bracket.
Though, you should also avoid underestimating your mileage. Once the car is returned at the end of the lease, your miles will be checked against the agreed amount. If you have exceeded your limit, you will need to pay – though this can be as little as 5p per extra mile.
7. Choose an economical car
Driving an economical car does not just benefit the environment – it can help your bank balance too.
The most obvious advantage is the fuel economy you will enjoy compared to other cars. Not having to fill up your tank as frequently will save you a lot of money that you can then enjoy spending elsewhere.
Many economical drives are cheap to insure too. They are part of a lower insurance group as they are often smaller in size, have less powerful engines and are easier to repair.
8. Increase contract length
In most cases a lease contract runs from between two to four years. If you opt for a longer contract, your payments will be spread out further. This means you will have less to pay each month, helping you to manage those monthly outgoings.
9. Take advantage of tax relief
If you own a business, you can enjoy the tax relief benefits that come with business car leasing.
VAT-registered businesses can claim back between 50-100% of the initial payment and monthly instalments made, depending on how the car is used. Any payments made related to maintenance and extra mileage charges will also be reclaimable.
What is more, because you are not paying out a huge lump upfront to purchase the car, the monthly outgoings are easier to manage and it will not have a detrimental effect on your cash flow.
10. Ask about a better deal
If you are still not sure that you have been given the best possible deal, we encourage all of our customers to get in touch with our customer service team. We will try to do the very best to find a deal that suits your budget. And if you find a better price elsewhere, we have an exclusive Price Match Promise offer that will ensure you are getting the best deal.
Now you know how to get a good deal, search for a car lease today and see how you can find the best value with Leasing Options. From Mercedes-Benz to Seat to Jaguar, we have more than 30 makes to choose from – all you need to do is decide on your car.