You have decided that you want to lease your car instead of buying or go through a finance scheme, and you have a rough idea of what car you want next. This is great news! Now you can start looking at lease deals and talking to sales experts on what car lease deal is right for you.
But, where do you start?
These days, there are plenty of places to look to find car lease deals and while this gives you lots of choice, it can often be hard to know where to look or even what to look for.
In this article, we look at where to find car lease deals, what you should be looking for when comparing car lease deals and how to get the best lease deals.
Where to find car lease deals
As we said, there are plenty of places to look for car lease deals, so in this section of the article, we are going to go through where to look and the pros and cons of each.
Online Comparison Websites
One of the first places you will think of looking is online. Websites such as CarWow and OrangeWheels work as a sort of middle-man between yourself and a dealership. You choose which car you want and then dealers pretty much bid for your business.
These types of websites are hassle-free and you can get a car without having to leave your house or speak to anyone on the phone. If talking to salespeople or walking around a dealership isn’t your thing, then you might find looking online appealing.
However, you don’t get an expert opinion, nor do you have a leasing expert to negotiate for you the way vehicle brokers do. Also, if you have a problem, you may not have someone on the other end of the phone to help you out. There is also a chance that the companies may not be regulated, so you need to ensure that they are accredited, have a customer service process in place and have customer testimonials, so you can see how good the company is.
Going to a dealership is the most traditional way of getting a new car, regardless of whether you are leasing or buying. Dealerships have their advantages, they have access to manufacturer discounts that others may not have, and at certain times of the year, you can get some great deals. This is often because they are trying to clear their forecourts for new stock.
Also, dealerships have targets, and they have been known to make a loss just to shift units, so there is a chance that you can get a great deal going through a dealership. You can also see the car you want to lease and drive away with it there and then once everything is approved and signed.
However, with a dealership, you are only limited to that one brand. So you have to be sure that you definitely want that brand. You are also more likely to be limited to a few finance houses so you can’t be 100% sure you are getting the best deal for your situation. Another disadvantage with dealerships is that you are going to get a biased opinion.
Vehicle Brokers are becoming more popular as leasing is becoming more popular. When you go through a vehicle broker, you tell them what you are looking for in terms of the type of car, the mileage, how long you want the car for and your budget. They will then do the research for you, find the best lease deals for your situation and present them to you. You choose the one that suits you the best.
Brokers are not tied to one particular brand or finance house so are not bound by targets. They also have access to multiple finance houses so they truly can find the best deal for you. You may also benefit from a ‘fleet’ discount which can be very high. If you have bad credit, then there are some brokers that have access to specialist finance houses that work with people with bad credit.
However, going through a vehicle broker isn’t for everyone. For example, you can’t see the cars you are looking at, and if you want to test drive them you will still have to go to a dealership. You will also have to wait for the vehicle to be delivered to you, this can take a few weeks or a few months depending on whether you go for a stock car or a factory order. You can read more about stock cars and factory order cars here.
When going through a vehicle broker, you must do your research first. There are some brokers that are not as reputable as others, and may not give you the best deal. You may also be charged extra fees by these brokers. This can easily be avoided as long as you know what to look for. You can read our article on what to look for in a vehicle broker here.
So that’s where to find car lease deals. There are pros and cons of each, and they are suited to different people and different situations. Whichever you decide is up to you, and what you think is best for what you are looking for.
How can I compare leasing deals?
Once you have a few deals you like the look of, you will want to compare them to see which one is the best. But how do you compare car leasing deals? Here are some of the things you should be looking at when comparing leasing deals.
- Your pre-agreed mileage can greatly affect how much your lease contract costs. The more the car is driven, the less it will resell for so the higher the mileage the higher the leasing costs.
- When you are comparing lease deals, mileage is one of the first things you should check to ensure the amount of miles you are doing matches with what you have been quoted.
- You can read more about excess mileage here.
- Is the car a stock car or a factory order?
- We touched upon this a little bit earlier, but it’s something that is worth checking as it could influence your decision.
- A stock car could take less time to deliver, so if you need a car urgently then a stock car could be your best bet
- A factory order, however, is one that needs to be built and can, therefore, take longer. If you want your car to be completely tailored to your taste and you don’t mind waiting longer for your car, then a factory order is something you should consider.
- The contract length
- Unlike a Hire Purchase, the longer the contract doesn’t necessarily mean lower monthly payments. This is because when you lease a car, you are paying for the depreciation and the longer you have a car the more it depreciates.
- This isn’t always the case, however, so it’s worth checking how long the contracts are for when comparing lease deals.
- Initial Payment
- How much you put down initially will vary from deal to deal. You can choose how much you put down initially and the more you put down, the lower the monthly payments. How much you put down is up to you, but when you are looking at lease deals it’s worth checking to see how much they have (hypothetically) put down as an initial payment, as this can drastically change the price.
- Whether it includes a maintenance agreement
- A maintenance agreement is an additional monthly cost that covers the cost of all servicing for the duration of the contract. This means you do not have to pay for it upfront and is appealing for those who want to stagger their costs over their contract.
- This can bump the cost of the lease up, so you should double check to see whether a maintenance agreement is included, or not included, in the lease price.
- You can read more about maintenance agreements here.
So those are some of the things you should be looking for when comparing lease deal
How do I find the best lease deal?
There are so many lease deals out there, how do you know you’ve found the best one? Here are some of the things that help you find the best lease deal;
- The type of car
- Some manufacturers are better to lease than others. Prestige cars are often great to lease because they depreciate slower and therefore are cheaper to lease than people think.
- We recommend keeping your options open when looking at brands and don’t commit to one brand from the word go otherwise you could miss out on some great deals.
- Be ready to compromise on mileage
- Do you really need those additional miles? As mileage is one of the biggest factors in bumping lease prices up, it is worth being open to negotiating on mileage.
- Sometimes, it is worth paying the excess mileage fee than it is to have more mileage and never use it.
- This is something you should consider and discuss with your leasing expert.
- Have a good credit rating
- Unfortunately, this is something that you cannot change immediately. But, if you have a strong credit score then you are more likely to get a better lease deal.
- You can read more about how to improve your credit score here.
- Be flexible on the length of the contract
- As we said, the length of the contract can impact the cost of the lease. It is worth being flexible with how long you have your car for, as it could get you a better deal.
Ultimately, the key to getting a better deal when it comes to leasing is to be open, flexible, and willing to compromise. Being that little bit more open when it comes to brand or length of the contract, or compromising on mileage can make a difference in terms of lease price, and could end up getting you a better deal.
In conclusion, you can find car lease deals online, through a dealership or by using a vehicle broker. All of them have their pros and cons, and are suited to different people. You should choose the best one for your situation and what you feel the most comfortable with doing. When comparing lease deals, things such as mileage and the initial payment make a huge difference in terms of price, so it’s worth looking at them when comparing lease deals. The key to getting the best lease deal is to be flexible and willing to compromise. Hopefully, this has given you some idea of where to find car lease deals, and how to find the best lease deal.
- The motoring industry: What’s happening? - 30th March 2020
- Local independent vehicle broker makes it happen for keyworkers - 27th March 2020
- The current global situation – What’s going to happen to my vehicle order? - 25th March 2020