With the new 67 plate only around the corner, what better time to look into leasing your next new vehicle.
If you are looking to buy the new Evoque Range Rover and you’re short on ready cash, then leasing might not only mean you get to drive your new set of wheels, it can actually offer quite a few advantages over buying one.
Here are just some of the main benefits to leasing a car.
You can lease cars that are otherwise way outside your budget when it comes to buying outright.
You don’t necessarily have to pay a big deposit. Of course, the bigger the deposit, the smaller your monthly payments will be, but if you simply don’t have the cash sitting in your bank account, you can make a smaller down-payment.
Regardless of the size of your deposit, most lease payments are still smaller than the ones you’ll make if you take out a car loan.
Depreciation is never a problem as you don’t own the car. Once your contract term is up, all you have to do is hand the car back in a reasonable condition and you can take out another lease on a new car.
You probably won’t have to worry about taxing and insuring the car because these costs are usually included in the lease agreement.
You may also find that servicing and maintenance costs are included.
Reducing your monthly payments by making a bigger deposit
When you decide to lease a car, you have to make a deposit. Many leasing companies like Vantage Leasing allow you to choose the size of the deposit, which will reduce your ongoing payments.
However, if you don’t have six or twelve months’ worth of payments hanging around, you can simply make a smaller one.
Why leasing payments aren’t as big as loan repayments
With leasing, you’re not buying the car, you’re renting it. This means that your monthly payments are anything from 30% to 60% lower than loan payments.
Your payments are also fixed
You’ll agree your payments at the outset and they won’t go up (or down) until the term ends. You can also, if you decide to stick with the car for a second term, ask for a reduction.
You can choose a car that’s outside your budget
When you buy outright, you have to cut your suit according to your cloth and sometimes this means uncomfortable compromises on size or fuel consumption. With leasing, you’ll have many more models to choose from.
Your tax and insurance are usually paid
Very often, the car’s tax and insurance is included in the lease deal, so you’re saved the hassle of comparison sites and remembering to renew every year.
So’s maintenance, servicing and repairs
As you don’t own the car, all maintenance and services are the responsibility of the lease company. Repairs are also under the manufacturer’s warranty and any costs are borne by the dealership.
You can replace your car every couple of years of you want
Once your lease period is up, you can choose to extend it or to start afresh with an entirely new car. Staying with the older car can reduce your costs, but switching to a new one means you can take advantage of any new safety and fuel efficiency measures that came out during your previous lease.