Leasing a car can be an excellent option if you want a vehicle with no long-term commitments.
Shop around and get lease quotes from a few options such as dealerships and leasing agencies. You can read online car lease company reviews to make sure you choose the right one for you.In this article we will break down a few of the main benefits of leasing a car.
Leasing a car is a simple process:
• Choose a car
• Get a quote
• Apply for financing
• Sign your contract
• Decide on a delivery date
Leasing a car will result in low monthly payments. When you lease a car, you are paying the difference between the purchase price and the residual value. Residual value is the value of the car at the end of your lease agreement. You are not paying the entire cost of the car.
Leasing a car allows you to drive a brand new car of your choice every 2 to 3 years. By leasing, you have access to the latest features and regular upgrades. With technology constantly evolving, you will be able to drive the latest technologically advanced vehicle for an affordable monthly payment. Because you will be paying a fixed price for your vehicle, there are no nasty surprises. All amounts and fees are agreed to upfront, so you will know exactly how much you will be paying every month.
In terms of deposits, you will pay one month’s rental costs as the first initial payment. You also do not need to worry about a vehicle’s depreciation value when leasing, as this cost is taken on by the leasing company. You can avoid any extra costs by taking out a maintenance plan with the leasing company. This will cover the costs of any servicing, repairs, and in some cases, replacement of the tyres. A maintenance plan will also cover you in cases of breakdowns.
Lease car companies require you to have insurance, as well as GAP cover. GAP cover is Guaranteed Asset Protection insurance, which is complete protection in the event of your car being written off in an accident. Insurance will cover such costs as glass protection and breakdown cover. You can opt to take out insurance through the leasing agency, or you can have your own insurance coverage. You will need to present proof of insurance documents when you apply for your financing.
The best thing about leasing a car is the hassle free return of your vehicle at the end of your lease agreement. Once you return your car, the leasing will complete a standard maintenance check, as well as check for wear and tear on the car. If there is excessive wear and tear in the form of scratches and dents, you will be required to pay a fee. The maintenance check also includes checking the number of miles and if the driver exceeded the mileage limit. A per mile rate will be charged for any miles over the mileage limit.