Business, Personal

The Big 5: Things to Consider for your Vehicle Lease

Posted on May 22, 2017

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The Big 5 -things to consider for your vehicle lease

Vehicle Leasing can be complicated, but at Concept we will provide you with the first day of school hand hold grade of step by step advice. We want to understand your needs and make sure you understand all the benefits and disadvantages for the different leases we have to offer, so you can find the perfect fit, both for the vehicle you want and financially.

Lease Term

The lease term is simply the length of time that your car will be leased. Typically, this will be anything from 24 – 48 months. Generally, the longer the term the lower the monthly repayments. The choice you make is largely based on the commitment that you want to make, but your decision should also factor in things like warranties, maintenance and termination costs.

Maintenance Contracts

Like any car, whether you're leasing or owning the vehicle, there is likely to be a few bumps and scrapes. It is important that you understand what maintenance is covered in your lease agreement so that there are no unexpected additional costs. You can also find out things like will you receive a courtesy car free of charge if any work is needed on your vehicle.

Mileage Restrictions

The more miles a car drives, the more its value drops. This is no exception when it comes to leasing.

When you agree on a leasing contract, an annual mileage for the contract will be agreed, every mile that exceeds this mileage limit will be subject to a set fee. While agreeing to a lower mileage may save you some pennies on your lease, under-estimating your mileage could really cost you with excess charges, so make sure you know how much driving you'll be doing during the lease.

Insurance

Leases generally do not include insurance as the car does not belong to you, so having fully comprehensive insurance is a necessity.

Although this is easy to obtain, the premiums on insurance can often be higher if you choose to lease rather than if you owned the vehicle – that's why at Concept we are delighted to work with the SIA Group in order to provide our clients with access to a comprehensive range of insurance related services.

Owning the Vehicle

Consider whether leasing a car is better for your situation rather than owning the vehicle. Some leases allow the opportunity for drivers to own the car at the conclusion of the agreement, this is generally only an option for business lease holders however there are a few exceptions for personal leases. What you want to happen at the end of the agreement will have a heavy impact on the type of lease agreement you take up going forward.

If this is all making as much sense as a fish in gumboots then do not fret, we are here to help. We have a number of lease agreements for both Personal & Business users to suit any need and a wide range of vehicles on offer. We can walk you through all your options and explain all the little bits a pieces you need to know.

Got a question? Find out more, take a look at our website, or contact us today to find a deal that suits your needs.