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Why lease?

It's Better to Lease

As an individual we always want the best value, smallest monthly payments, and regular change cycles that allows us to keep up to date with modern designs. With Leasing you can change your car regularly - typically every two to three years, enjoy lower payments, peace of mind with reliability, and avoid any hidden costs. This may not be the British-" I want to own my car" attitude... but with current economic times, personal incomes coming under increasing pressure, surely "thinking outside the box" must come into play!

Owning a car outright does come with hidden costs!! Yes this really can be a pocket eater for the general motorist! Do we forget with haste when we buy a car the following factors....

DEPRECIATION of Vehicle - this can be as much as 65% over a 3 year period!!

So if a car was bought for £15,000 and depreciation of 55%. The vehicle has costs YOU -£8250 over a 3 years , or £2750 per year, or £229 per month!!

Other Factors Include:

  • Loan Purchase and interest Costs.
  • Higher Road Insurance,
  • Higher Road Fund Licence,
  • Higher Servicing Costs,
  • Extra MOT Cost.
  • Extra Road-Side Assist Cost.
  • Extra Fuel costs from car less efficient.

In the short term (2-3 years), leasing is cheaper than buying car with a loan, in the medium term (4 -5 years) the two methods are about the same, and in the long term (5 years +) it is cheaper to buy.

'The Lease'

Your first payment which can be as little as one rental. In effect you hire the vehicle for an agreed period of time and pay a fixed sum for the contract. (bookings fees may apply. Greater rental advances may be applicable) The fixed sum will take into account the average mileage you are likely to do. The higher the mileage, the higher the rental. All contracts are individual to your needs. Excess mileage charges can apply if agreed mileages are exceeded. A rental can be set to include full maintenance, including tyres. All contracts are subject to credit checks.

Terms usually range from 18 months to five years, and when the lease ends you simply return the car and walk away.

'The Loan'

Buying outright means a major cash outlay, or a high initial deposit, and after all payments have been made you will be able to keep the car at the end of the term. But you will need to make a significant down-payment at the outset, and don't forget that the company selling you the car will be charging interest on any money borrowed. Because you own the car remember you are responsible for the whole car from servicing through to road fund licence costs and MOT's. At the end of the day your car will have gone down in value and will eventually bring you all the additional costs incurred by old vehicles going wrong.

FAQs

Q. Who is responsible for insuring the vehicle?
A. When you lease a vehicle, it is entirely your responsibility to take care of the insurance.

Q. What happens if I exceed my contract mileage?
A. We will inform you in advance of signing the contract how much will be charged should you exceed the declared mileage. As brokers we can ensure these charges are kept to a minimum. The excess mileage charge will be sent to you in the form of invoice at the end of the contract.

Q. Are there any VAT advantages to Contract Hire?
A. Yes! If your business is VAT registered you can also claim back up to 50% of the VAT charged on the finance of the vehicle and up to 100% the VAT charged on the maintenance applicable when the vehicle is for business and private use. For vans/commercial vehicles used solely for business purposes the hirer may claim 100% of the VAT on both the finance and the maintenance.

Q. Is delivery and collection included?
A. We offer free UK mainland delivery. Collection depends on the type of contract taken. For contract hire or personal contract hire and contract purchase or personal contract purchase the finance company will collect the vehicle at the end of the contract unless you are purchasing the vehicle.

Q. Is maintenance included?
A. Maintenance is an optional cost and includes all servicing, tyres, brakes, exhaust, battery and labour.

Q. Will the contract include Road Fund Licence?
A. Yes, either for the duration of the contract or 12 months. This will depend the type of contract taken.

Q. I used to have a company car, and am now opting out of the scheme. Can you help?
A. Yes, definitely! We are able to offer you advice and then car leasing or purchase on a personal basis.

Q. Who Supplies the vehicles?
A. All our vehicles are supplied through the relevant vehicle manufacturers UK dealer network.

Q. Do vehicles have a warranty?
A. Yes, all our vehicles come with the full UK manufacturers warranty.

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