More and more people are embracing the fact that they can drive a new car every few years, thanks to leasing rather than buying.
This guides contains all the essential information related to why lease a car?
Leasing means that you pay to use a car for a specific period of time. Depending on which deal you go for, these can be between two and four years. After your deposit, you just pay once a month for that period.
You are essentially paying only the depreciation on a car - the difference between its new retail price and its expected value when the lease period is over. This means you’re often paying less per month, compared to other ways of financing a new car.
As the amount the car will depreciate by is agreed in advance, there’ll be no surprise drops in its value. If, on the other hand, you buy a car and the manufacturer subsequently brings out a new model, the value of yours will take a sharp fall. Additionally, road tax is also included in a lease.
Leasing also means that you’re able to have a new car every few years. If you want to have the latest technology, the newest safety features and the greatest reliability, it’s a good way to go.
Maintenance is also an important part factor. If you’re leasing a new car then it will come with the manufacturer’s standard warranty. However, you can also include our maintenance package with your agreement, which also takes care of all the servicing it will need for the lease period.
Choosing what you want
When you’re looking into how to lease a car, the first thing to do is decide on the particular make and model you want. You can do this by searching our website, either by clicking the manufacturer you want, or by searching through our special offers.
Then personalise it to you: choose the length of your lease, how many miles you’ll cover per year, how large a deposit you’ll set and whether you’d like to to include maintenance.
This is when you also get to choose which options you’d like on the car - from satellite navigation to racing stripes and metallic paint.
Once you've chosen everything you’d like, click ‘enquire now’. We’ll crunch the numbers and check your credit record and, once everything is approved, we’ll come back to you with your personalised quote.
If you review it and you’re happy with everything, you can confirm it. Our sales team will then order your car.
The big day
How long your car takes to arrive will depend on the specification you’ve ordered, and whether it’s a car we have in stock or has been built to order.
We’ll then deliver your brand new leased car to you, and hand over the keys.
When the lease ends
We’ll get in touch with you in plenty of time before you get to the end of your lease period but, when it’s over, we’ll give you different options on what to do.
If there’s no damage to the car beyond normal wear and tear, and you haven’t gone over the mileage in your lease agreement, there’ll be no more costs to pay when you hand your car back.
Typically, once you can hand the car back, you can simply end it there. Or you can take advantage of now knowing more about how to lease a car, and take out a new agreement on a new model.
Alternatively, you may be able to buy the car to keep yourself. Ask your Motorfinity account manager for more information, if that’s what you’d like to do.
To find out more about the leasing process, how it works and what it includes, check out our guide: What is car leasing?
Or, learn more about our exclusive NHS car lease deals here.