Leasing a vehicle can be a smart financial move, offering flexibility and lower monthly payments compared to outright purchasing . However, finding the right lease plan can be daunting, especially with the various options available. At Advanced Vehicle Contracts, we aim to simplify the process for you, by introducing the pros and cons to all options available at the very beginning. We have compiled our top 10 tips for choosing the right lease plan:
1. Assess Your Driving Habits
- Our first tip is to consider how many miles you drive annually, we know this can be tough but if you estimate your average daily mileage and multiply that by 365 you will have a fairly accurate figure. Most lease agreements come with mileage limits, typically ranging from 5,000 to 25,000 miles per year. Exceeding these limits will result in additional fees, so choose a plan that matches your driving habits.
2. Understand the Total Cost
- A tip that we always try and pass onto to our clients is to look beyond the monthly payments. Start by Factoring in the initial rental, then look at fuel costs and any potential penalties for early termination or excess wear and tear. Having an understanding of the total cost of the lease will help you budget more effectively.
3. Check the Residual Value
- This tip wont affect those on a Contract Hire agreement but those who are looking into a Personal Contract Purchase (PCP) or a Finance Lease (FL) agreement will need to consider this. The residual value is the estimated worth of the car at the end of the lease term. A higher residual value often means lower monthly payments. We would recommend Comparing residual values of different models to find a car that holds its value well.
4. Consider Lease Duration
- Now we consider this one a biggy as everyone has different ideal lease terms, they typically range from 24 to 60 months. The benefit of shorter leases are that they allow you to drive a new car more frequently, while a longer lease can reduce your monthly payments as you're spreading the cost over a longer period. Make sure to choose a lease duration that aligns with your plans and preferences.
5. Evaluate the Car’s Features and Reliability
- Ensure the car you’re leasing meets your needs in terms of features, performance, and reliability. if you are not sure on the features of a vehicle or would like more information on the exterior and interior features we at Advanced Vehicle Contracts are more than happy to provide you with a specification list so you can make the most informed decision. We would also recommend to research reviews and ratings for the models you’re interested in to ensure you’re making a sensible choice.
6. Plan for the End of the Lease
- Think about what you want to do at the end of the lease. One of our friendly reps will be in touch 9 months before the end of your contract to help you understand your options, which include; returning the car, buying it (based on what contract you have), or lease a new one. Understanding your options and planning ahead can make the transition smoother and also save you money.
By following these tips, you can choose a lease plan that best suits your needs and lifestyle. At Advanced Vehicle Contracts, we’re here to help you every step of the way. Contact us today to learn more about our leasing options and find the perfect vehicle for you.
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