This article is sponsored by Intelligent Car Leasing.
Photo: Unsplash
Car leasing continues to increase in popularity in recent years, especially in most U.S. and U.K. markets.
As more and more people become used to subscription-model services and paying what they use for, drivers are increasingly enjoying the peace of mind that comes with leasing, using and driving a car for a set period.
Of course, the added benefit of car leasing is that you not only get access to the newest models and vehicle technology; you also get a safer vehicle. Given that it’s never been driven before, it’s likely to be more reliable while also incorporating all the latest safety features.
If you’ve ever considered leasing a personal car for yourself or your family, did you know there are a few ways to save and get the best lease deal? Here are just a few.
1. Learn related leasing jargon and unknown terms
While this might seem obvious, you’d be surprised at how many people don’t take the time to fully understand their contracts before signing.
They will happily commit to a 24-, 36- or 48-month lease while simply having glossed over terms that are important to their lease. Taking the time to better understand these terms will ensure that you not only feel more comfortable and confident when signing but will also avoid any extra penalties!
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2. Consider a car maintenance package
When you take out your lease, you’ll be given two options: You can either pay a little extra every month for a maintenance package or choose to maintain the car yourself.
New lessees might not favor this option because they’re used to maintaining their cars themselves and might think it’s a hassle. However, experienced lessees know that a maintenance package is a convenient and time-saving option.
Your car will likely only be able to be serviced at registered garages and can be collected and delivered too. All you need to do is make a phone call and the maintenance company will take care of the rest.
3. Choose the correct initial rental
An initial rental is an important part of your lease contract because the more you pay upfront, the less you’ll pay over the course of your contract, and vice versa.
If you have the money available, you can pay more upfront and enjoy cheaper monthly repayments over the course of your lease. However, it’s important to remember that if you decide to cancel your lease or your car is written off, it’s unlikely that you’ll get this money back.
If this were to happen, it might make sense to pay a lower initial rental (if your credit score if good enough).
4. Calculate the correct annual mileage
When you take out your lease, you’ll be asked how many miles you intend to drive each year. This will be known as your annual mileage.
It’s important to calculate your annual mileage correctly because this will inform your monthly lease cost. If you drive more each year, you’ll be asked to pay extra per mile as a penalty, which can turn out to be quite expensive.
Therefore, you will want to have an accurate picture of how many miles you drive a year to avoid this extra charge.
5. Be aware of your fair, wear and tear guidelines
Throughout your lease, you’ll be expected to adhere to a certain standard of upkeep and maintenance on your vehicle.
It’s up to you to be aware of what these rules are and how they will be assessed at the end of your lease because if you fall outside of them you will be asked to pay extra for the various components.
If you don’t adhere to these guidelines correctly, these payments could cost a couple of extra hundred to a thousand dollars.
6. Take out comprehensive insurance
A comprehensive insurance package will protect you not only from third-party, fire, and theft, but GAP insurance will also cover anything that this won’t.
In the case of an accident, if your car is damaged or written off, you’ll be held accountable by the leasing company for these costs.
It is in your best interest to have a comprehensive insurance plan in place if an incident happens and there are costs to be paid.
While leasing a car is a convenient and useful service for the modern driver, it can be confusing for first-time lessees. These tips will prepare you and you’ll be an expert before you know it!
The News Wheel is a digital auto magazine providing readers with a fresh perspective on the latest car news. We’re located in the heart of America (Dayton, Ohio) and our goal is to deliver an entertaining and informative perspective on what’s trending in the automotive world. See more articles from The News Wheel.
