Contract hire agreements are becoming increasingly popular in Britain, especially among those who want a brand new car for the first time in their lives.
Is it right for you?
There is no doubt that car leasing is an excellent option for those who do not necessarily have the financial means to buy a car directly, or who are simply not interested in buying a car at the end of the contract.
Extensive choice of lease cars
With the increasing number of options available, there are also more and more options you can lease, from the best contract hire leasing companies available.
Many leases offered will work for a reasonable price (including VAT) for the first two years. And car leasing is an all-inclusive package that includes insurance costs in the monthly fee and helps you budget. Leasing companies offer customers a range of options for car and van leasing.
Leasing companies like Diamond Contract Hire in the UK have a wide range of options suitable for most people who need a vehicle. You can browse the wide range of car rental offers and a wide selection of rental cars and vans for lease online.
You save money
With leasing, you pay less upfront, get a lower monthly payment and get a better car for much less money. With cheaper monthly payments compared to new car finance, you can save a small fortune by opting for car leasing.
Choose wisely
Instead of simply accepting the first lease deal from a dealer, online research can help you find the best place near you to lease your car and choose from various makes and models.
When deciding which make and model to lease, take into account the depreciation of the car. You will usually receive a brand new car that is still under the manufacturer’s warranty.
New or used?
You should also consider whether it is more sensible to lease a used car or whether you are considering leasing a new vehicle. If you do not want to deal with the extended warranty and possible maintenance costs that may be incurred by leasing a used car, you would be better off leasing a new car.
Although used car leasing has emerged in the UK in recent years as a viable alternative to new car leasing, it’s not always worth the cost savings.
The latest tech
New cars come fitted with all the latest safety and tech gadgets. If you are looking for a new car with the latest technology and want to have it at a lower price than buying it, leasing may be the best option for you. Just make sure you spend some time to find the right car that suits your needs and budget.
Your credit rating
Check your credit rating to make sure you are likely to be qualified to lease a new car. A good credit rating will get you the best leasing deal.
Final thoughts
More and more people are opening up to leasing and driving a new car for years without large upfront costs. If you don’t have the money to buy outright and want to pay a flat rate per month, leasing can be a good alternative. The payments are spread over time, which makes them more affordable, and it can also be cheaper than buying a car outright.
Kidal Delonix is a contributor to Mr. Hoffman's blog. The views and opinions are entirely his/her own and may not reflect Mr Hoffman's views.
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