Everyone loves a good sale. Why pay full price when you can save a few pounds? Leasing a car should be no different, and finding a good sale on your next car lease would be easy, right?
Let’s delve into the world of car leasing as we look at what makes a good car leasing discount and what you need to know before you sign on the dotted line.
This is how to rev up your options (pun intended) with car leasing discounts.
The Mystery of Car Lease Discounts
So you’ve decided to lease a car and are looking for the best price. A quick Google search can lead you to many car leasing sale options, but how many of these are legitimate sales, and how many have reduced the services or hidden costs elsewhere to keep their prices so low?
Sure, you get those leasing companies and dealerships that are honest and are trying to boost their leasing records, but can you trust these special offers?
We say yes, and we will tell you why.
The Costs of Leasing a Car
Leasing a car comes with a few terms and conditions, and while most are pretty straightforward, you need to read the fine print in your contract before you sign yourself up for any lease term.
Take special note of the costs involved in your car lease and also what your monthly repayments will include. These are the costs typically included in your car lease monthly payment:
- The depreciation value of the car for the duration of your lease term. This amount is divided by the number of months or years you have selected and is added to your monthly repayment.
- Sales tax is another cost that you will be charged in your monthly repayment for the full term of your lease. This tax is made up of the residual value of the car rather than the full price of the vehicle. (Residual value is the value of the vehicle at the end of your lease term).
- Road tax is charged to all road users. This amount, too, will be added to your monthly repayments.
- Maintenance or service fees are optional. Should you choose to take out a maintenance or service plan with your dealer or leasing company, you will be charged a monthly fee for this service.
- The most obvious charge added to your monthly repayment is the rental charge, which is, in essence, what you are paying the leasing company or dealership for the use of the car over the next few years of your lease term.
Are Discounts and Sales Legitimate?
Discounts, sales, and promotions are often held by leasing companies and dealers to encourage more people to lease cars. While it is a lucrative business in the United Kingdom, with as many as 30% of the cars on the country’s roads being leased, it is an option that many road users tend to forget about.
Just as your favourite clothing store would have a sale, so too do dealers and leasing companies offer discounts on their monthly repayments to attract more customers and possibly reduce the number of lease cars in their car parks.
We encourage you to do your homework when leasing a car and only leasing from companies that have a good reputation, are well-established, and can provide you with various options to lower your monthly repayments and get the best deal possible.
What Should I Look Out For?
You’ve made the bold yet smart decision to lease a car. What happens next? And how would you go about choosing a leasing company or dealer that will give you a fair price and help you find the car of your dreams within the confines of a very strict budget?
Here are our top tips for choosing the best car leasing company that offers discounts or sales:
Tip #1: Shop Around
Yes, we know that doing research can be tedious and that you might feel the urge to go with the first company you see, but this is not always a great idea. Compare lease deals, sales, and discounts across a few leasing companies or dealers and find one that suits your needs and your budget.
Tip #2: Trust Your Instinct
Remember your Mum or Dad telling you that if something seems too good to be true, it usually is? This applies to pretty much everything in life and should be kept in mind when you come across a car lease sale that looks a bit too enticing. Read the fine print, take note of what is included in the monthly repayment, and do your due diligence to ensure that all is above board.
Tip #3: Read Reviews
There are hundreds of business review sites on the internet, each allowing customers to rate a business they have used and provide feedback on the products or services related to that business. Take your time when choosing a leasing company or dealer, paying close attention to the reviews and feedback of previous customers when making your decision. Read both the positive and negative and use this to make your final decision on which car leasing company or dealer to sign a lease agreement with.
Conclusion
We’re sure you have read the horror stories of people who have signed lease agreements with a car leasing company or dealer only to find that there were a number of hidden costs or that something was wrong with the vehicle. You can avoid this possibility when you put the time and effort into choosing a leasing company and taking note of the terms and conditions of these special discounts and leases.
Follow our tips on what to look out for, and be sure to do your due diligence before signing a car leasing contract with just any leasing company or dealership. Remember, if it looks too good to be true, it usually is. Make smart choices, follow our tips and advice above, and you, too, could be behind the wheel of a shiny new lease car very soon.
