There has been a sharp rise in the number of motorists opting to lease an automobile instead of purchasing in recent times and it is easy to see why. Leasing brings a whole host of benefits over buying and it can be a superb way to get behind the wheel of a brand-new vehicle at an affordable price.
Benefits
Leasing is perfect for those that are not concerned about ownership and like the idea of driving a brand-new car every few years as when the lease expires you can simply take out a new lease on a newer automobile. In addition to this, you do not have to worry about depreciation when you lease a car because it is not technically yours and you simply return the keys to the lender at the end of the agreement. This is a huge benefit as depreciation can be as much as 35% after just 1 year of ownership and 50%+ after three years.
Getting the Most
It is clear why so many motorists are now leasing, but how can you go about getting the most out of your lease? First, you should always visit a specialist company to get the best selection of automobiles and also to find the best, flexible deals. For those with bad credit, it is still possible to get a loan when you visit somewhere like Likely Loans.
Considerations
When it comes to taking out a lease, always treat the process as you would if you were looking to purchase the vehicle. This means that you should negotiate a price with the intention to buy and then also negotiate the down payment, mileage cap and purchase-option price. Keep in mind that the bigger deposit that you put down, the less you will have to pay each month so it is worth saving up to put down a large down payment. Also, remember that you can also pay less if you opt for a car that depreciates slowly. Before you begin to negotiate, always think about how much you will be able to afford each month (factoring in running costs) and also consider what your typical annual mileage will be.
Protection
Another important aspect to keep in mind is warranty. Avoid taking out a lease which will extend past the manufacturer’s warranty and, if it is not covered, be sure to protect your investment with a GAP insurance policy.
Taking out a lease on a car can be a brilliant way to drive a brand-new car every few years without breaking the bank. There are many benefits to leasing, but you must also consider the above when negotiating a lease in order to get the most out of the deal and to make sure that it is the right move for you.
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