At one time, the way to acquire a new car was to buy it outright or on a hire purchase deal with a loan. In recent years, however, there has been a significant change. Many people are opting for car leasing in Leicester and elsewhere as a way of getting a new car with less financial pain.
The growth of leasing
The increase in popularity of leasing has come about partly as a result of the recession. Car manufacturers keen to maintain their sales have had to find more innovative ways to part their customers from their cash.
Leasing plans aimed at individuals and small businesses are offered by many companies, and they offer the chance to get a better car than you might otherwise be able to afford. The reason for this is that at the end of the lease, you simply hand the car back unless you choose to pay a residual amount to keep it. Leasing therefore favours cars that hold their value well because they will be worth more at the end of the contract. You might find that the monthly payments to lease a prestige car are competitive with those of a cheaper vehicle.
Financial benefits
Leasing from somewhere like http://leasing.totalmotion.co.uk/ offers a number of other benefits in terms of your finances. The biggest cost when you buy a car is depreciation – the difference in value between what you buy it for and what you sell it for. Leasing effectively eliminates this for the individual because you hand the car back at the end of the contract. You also don’t have the hassle of selling it or trading it in.
You also don’t have to worry about finding a high initial sum to buy the car, so you only need to focus on coming up with the monthly payments. It is possible to have regular servicing rolled into the contract price, and road tax is usually included too, so you can control your motoring costs over two or three years.
A good leasing company will be able to come up with a deal to suit your budget on a car that meets your requirements. Given how hassle-free leasing is compared to buying, it’s easy to see why so many people are taking this option when it comes to getting a new car.
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