What you should know about Vehicle Leasing

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Vehicle leasing is growing in popularity and once the benefits have been explained then you too will want to join the car leasing revolution!

Understanding Vehicle Leasing

Put simply: you get to own a great new car for two or three years and when the lease is up you get to trade it in for a brand new one. No catches, no unexpected bills (well, if you haven’t damaged the car or gone over the agreed mileage).

Plus it’s often cheaper to lease than to actually own and most leasing deals include the usual maintenance costs so you’d be right to wonder why people bother owning a vehicle at all.

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One of the leading vehicle leasing firms in the UK is Firstvehicleleasing.co.uk and its managing director Andy Bell says: “The biggest issue about leasing is that people are used to owning their cars.

“Once people understand just how much money you can save by not actually owning the car then the process makes perfect sense.”

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Andy spells out the biggest savings is in the depreciation of a new car – that’s the difference between buying it new and the price you get for selling it. Unfortunately some makes and models will see a frightening 66 per cent drop in value in just three years.

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That depreciation cost is carried by the leasing company who factor things like that into the monthly cost of leasing. The agreed fee usually includes a servicing package and repairs under warranty.

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You won’t have to worry about any costly or unexpected bills for items that aren’t covered by the vehicle’s warranty.

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The other positive is when you come to sell a car you own. You won’t have to deal with the depreciation and/or will you have the trouble of selling it privately or trading it in (which usually means another drop in value on top of the depreciation).

Andy also points out: “Another advantage is one most people don’t really take into account and that’s you usually need a hefty deposit for a new car but when leasing you shouldn’t be asked for more than three times your monthly repayment.”

Also the agreed monthly repayment will not change during the life of the lease.

For more information about the best car leasing deals in the UK, contact Firstvehicleleasing.co.uk on 0800 298 2030 or visit their website for more information.

About the Author

Vincent Hill is the Marketing Executive at Firstvehicleleasing.co.uk. First Vehicle Leasing provides best vehicle leasing solutions to all over United Kingdom.

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Paschal Okafor is NaijaTechGuide Team Lead. The article What you should know about Vehicle Leasing was written by Paschal Okafor. The article was last modified: April 15th, 2016

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