6 Things to do while leasing a used car

There is a rise seen in the regular leasing contracts. Does it mean that car leasing could be the future? Having a car in these times is important to many. You can ride a car without owning it too. That’s called leasing. By leasing a car, you will not have to own the depreciation attached to it. The moment you buy a car, it starts to lose its value. By leasing a car, you will not have to worry about depreciation, warranty, or selling the car. It’s just like a long-term rental. Car leasing is the perfect plan for those who want to ride a car but still have a low budget.

Now, let’s discuss the points that you must keep in mind while leasing a used car.

Lease options:

There are various options available to lease a car. The most preferred among those are the personal contract hire or PCH. This option is widely used in the UK as it lets you drive a new car every few years without burning a hole in your pocket. You will be required to pay the lease value of three months upfront. The finance company will also check your credit card scores.

There are business lease deals available for people who run a business and need a car for the same. Business lease deals are far more beneficial than personal deals. So always weigh your needs to find the right leasing option.

Choose the car wisely:

Understand your car requirements. Think ahead of time, if you are alone, then a small car would do, or if you are going to start a family, then a small car may not be enough. Another point to keep in your mind is to find a car that has better future value

Check for restrictions:

From having a mileage cap to being unable to drive the car abroad or modify your car, there will be certain restrictions on your lease agreement. So always check and read your lease agreement carefully.

Early termination:

Check the agreement for the costs and conditions involved when one decides to terminate their lease before time. 

Maintenance:

Do deep research on the various deals available in the market. Check out the rates that you will be paying in the long term which means throughout the length of the lease.

Car history check:

When it comes to leasing a used car, nobody wants to end up buying a stolen, written-off or scrapped car. That’s where a car history check comes in handy. It’s simple yet highly mandatory. From MOT history to import and export check, mileage estimate to V5C count, DVLA vehicle specification to running cost, economic and environmental details to performance data, the car history check report will provide you with vital information about a car’s hidden past.

Frequently Asked Questions:

1. Are there various options available to lease a car?

Yes, as discussed above there are various options available to lease a car. The most preferred one is the PCH option as explained above. You can always check your options before choosing the right one for you.

2. What happens if we go beyond the mileage cap?

If you go beyond the mileage cap then there will be a certain amount charged by the funder. So, keep yourself informed about the same while signing the agreement.

3. Does the car leasing price include insurance?

When you lease a car, its insurance will be your responsibility. It’s similar to when you buy or finance a car

4. Can I renew my lease?

It is always recommended to take a new car instead of extending. Also, it all depends upon the funder if they are willing to give you an extension or not.


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