One of the best ways to get hold of a brand new vehicle for low monthly rentals and low upfront payments is through a car lease. While many perks come with leasing your car, it’s almost always hard to guarantee that you’re getting a good deal.
Getting the best deal allows you to drive a new vehicle at a cheaper cost while being assured that you have the best car that fits your needs, delivered at the soonest possible time. Business and personal lease agreements usually involve long-term vehicle rentals for fixed monthly expenses. Despite this, prices won’t be the same for your preferred vehicle, given factors such as the leasing company and the time of year that affects how much you initially need to pay.
If you want to know how to spot some of the best deals when leasing, here is a list of tips you should keep in mind.
1. Compare costs from multiple dealerships and providers
There’s usually a greater chance of obtaining the best price for your car if you’re leasing one from a comparison website. The reason is that access to several providers means that you can also reach out to different funders who pay the financing for the deal.
Independent (not tied to more than one manufacturer) and franchised (tied to more than one) dealerships also provide leasing as a service due to the help of huge manufacturers possessing finance arms that can sustain it. Some examples are Volvo Financial Services and Ford Credit which are manufacturers that finance their respective deals.
On the other hand, independent dealerships obtain the support of banks to compete and provide deals that are great or even better than most.
Once you’ve already identified the vehicle you want to lease, it’s recommended to use a comparison site to compare offers from different providers to acquire the best deal. If you believe that you have a good offer in your hands, try approaching dealerships with the same vehicle to determine which is the cheapest.
2. Opt for a shorter lease contract
While it’s true that longer lease agreements drive your monthly rental prices down, you still end up paying more than usual. This is due to the fact that the monthly payments cover the vehicle’s depreciation or loss of value.
For instance, you might need to pay about £178 monthly for a Vauxhall Corsa for a two-year contract, totaling your monthly payments to £4,272. If your initial rent is due for three months, then it will be thrice £178. This means an upfront cost of £534. Adding the total of these payments provides you with the deal’s full cost of £4,086.
If we follow the same logic and computation for a car lease on a contract for 36 months, the total goes up to £6 084, which is significantly pricier. This is a massive difference for just an extra year, not to mention the potential problems that may arise from the car’s extended use.
3. Search for stock cars
Contrary to what some people think, stock cars don’t refer to the popular automobile racing sport in Canada and America.
When it comes to leasing, stock cars simply means that a car is currently in stock and is available to lease from the car provider. Stock cars are usually the fastest and most affordable way for you to drive a new car, with the lead time only taking about two weeks or so.
4. Look for special deals and offers.
Most times, leasing companies and providers give special offers, which are deals that they promote throughout the year on a wide range of popular cars.
These offers are worth looking at, especially if you’re still undecided on the kind of car or model that you want. Here, you will discover that the trim levels which are most sought-after are listed for a portion of its standard cost too, which means that you get more than what you pay for.
You can check out some of the special offers and deals at Vantage leasing if you want to secure the car that’s appropriate for your lifestyle and needs for the best value for your money!
5. Stick to your budget.
You’ll want to ensure that your budget meets your expenses, including maintenance costs for things such as a car service or even road tax.
One way you can make sure to obtain a good deal for your new car is to stick to the budget that you can allot for each month.
Many online providers and comparison sites allow you to search for vehicles by budget, which is a great way to discover a bargain if you don’t already know what kind of car you wish to have.
