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Common Car Leasing Myths
posted on Nov 20 2014 by Kiri Nowak
There are a lot of myths surrounding car leasing. Many people don’t really understand what it is and just go on what they have been told. If you are trying to decide between buying and leasing make sure you do your research first. Don’t believe the hype, otherwise you could miss out on getting your dream car for a great price. Here are 10 common car leasing myths that aren’t true.
You have to pay for the car at the end of the lease
No, you don’t. With most car leasing deals you pay for your car on a monthly basis for an agreed amount of time. Once your leasing contract runs out you give the car back and that’s it. However, if you do want to be able to buy the car at the end of the lease this is a possibility on some makes and models. Speak to a member of our sales team to find the right contract for you.
Excess mileage charges are extortionate
When you lease a car you will agree to an annual mileage, most car leasing deals are for 10,000 miles per annum but you can up to around 30,000 miles if you wish. It really does depend on how many miles you think you will be doing. If you go over your agreed mileage you won’t suddenly get a huge fee, it’s based on a fee per extra mile you do. How much you pay per mile depends on the manufacturer but it’s often very reasonable.
You will get charged a lot of minor wear and tear
There is an assumption that when you lease a car you will get charged a lot by the manufacturer when you return it. You are allowed fair wear and tear for the duration of your lease contract. For example, you shouldn’t be charged for very minor scratches. To find out what is considered fair click here. For more information about vehicle return standards click here.
Leasing is more expensive than buying
A lot of people think leasing is more expensive than buying, however this is not normally the case. When you buy a car it instantly loses value, it is not cheaper to buy a car unless you keep it for a very long time. It’s also difficult to predict how much repairs will cost you if you buy a car. When you lease a car you pay a fixed monthly price with no nasty surprises.
Leasing vs buying example - say you bought a Mercedes-Benz C220 AMG Sport for £29,995. You then sell it and it has done roughly 30,000 miles. You would probably get around £17,000 for it. Your car will have lost a under half its value over this period. Whereas if you leases the exact same model it would cost you roughly £10,865 over three years. This example is proof that leasing this car saves you a third of the cost.
Leasing a car is complicated
Leasing is actually a very straightforward and simple process. Our staff are here to help and they will make sure you experience of leasing a car is as smooth as possible. We will find you the right car and explain everything clearly. Car leasing doesn’t need to be complicated.
Leasing is not flexible
Another rumour is that car leasing has little flexibility. This is not true, you can find the right car and get a car leasing contract that is perfectly suited to your needs. There are so many different options and different types of cars available to lease. You can adjust your mileage, contract length and deposit. Once you have found your dream vehicle you can make it even better by changing the spec, adding equipment and selecting the colour you prefer.
Leasing is only for businesses
This is another myth that is not true. You can get a personal car lease, you don’t have to run a business to be able to lease a car. Here at LeaseYourNextCar.com we offer both business and personal car leasing deals.