Car ownership can be a massive added expense and stress in your life but having a car can be quite convenient. Fortunately, there’s a way you can have a car of your own without having to buy it. Renting a car doesn’t have to be designated as something you only do on holiday.
Renting a car can be an affordable and hassle-free method of getting your own car. Personal Contract Hire (PCH) or car leasing, isn’t the same as renting a car but it’s a similar premise.
Leasing a car is simple!
Essentially, it’s signing a contract to lease a car for a set period of time. Contracts typically last anywhere from two to three years. The car lease requires an upfront payment and the agreed-upon monthly payments thereafter for the lease period.
Car leasing companies like Lease Loco offer millions of deals from dozens of providers at your fingertips. You just have to decide on the car you want and the monthly payment that works for you. Then you’ll get to enjoy all the benefits of car leasing.
Low Monthly Payments
When buying a car, you’ll need to cough up a lump sum as a deposit. If you don’t have the means or time to come up with that kind of money, leasing can be the ideal option for you.
Leasing a car comes with lower upfront payments, sometimes it’s just as little as one month’s rental. The monthly payments are also typically quite affordable. You have the luxury of picking the deal that fits into your budgeted amount for monthly payments.
Car leasing comes with a lot of flexibility. When you own a car, you’re tied down to that car for at least a few years. When you’re leasing, you can pick the length of your contract. So you only have to commit to the car for as long as you feel comfortable.
Your chosen lease contract will be completely tailored to you! You can pick the deal that you can afford, in your dream car, for as long as you want it. You are certain to find a deal that is compatible with your budget and your desires.
While the latest cars may be out of your budget if you’re looking to buy one, leasing a car gives you access to the latest models. On top of that, you’re guaranteed to receive a brand-new car to drive whereas you might have only been able to afford a used car.
You can also start with a mid-range model and then upgrade to the latest model at the end of your contract. Receiving and returning your car will both be hassle-free experiences. You’ll have your new lease delivered to you. Normal wear and tear are expected, so as long as there’s no major damage – and you’re within your mileage limit – all you have to do is return it.3
Lower Maintenance Costs
There are also fewer costs associated with the maintenance of a leased car as opposed to the costs of maintaining your own car. The maintenance costs that you have to worry about with car ownership are already taken care of when you lease.
If you lease a car with maintenance included in your lease; you won’t have to worry about any repairs or routine maintenance. Additionally, the car will likely be covered by the manufacturer’s warranty for the duration of your lease. This means that any major repairs and breakdowns will be covered.
It’s highly unlikely that you’ll experience any issues with the car as it will be brand spanking new. Most lease contracts will also include breakdown cover, so you are completely covered when it comes to the maintenance of the car. You’ll have to handle your own car insurance but they will take care of the road tax for you.
No Resale Worries
What to do with your old car, when you want a new car, is something you won’t have to worry about when you sign a lease. Most car owners would be looking to use the proceeds from selling their old car to buy their new car. The problem with this is that they definitely won’t receive nearly as much as they originally paid for it.
Cars start to depreciate from the moment you drive them home from the dealership. In fact, cars can depreciate up to 60% in just three years! Depending on the price and state of the car, it can take quite a while before you’re able to successfully sell it to someone else.
Buying a car can be a hassle, and dealing with the car when you’re ready to upgrade can also be quite a hassle. Avoid it altogether and go for a car leasing contract instead. This option is cheaper and more convenient than the former.
You can drive a brand-new car for a few years and not have to worry about what happens to it when you’re done. Just return the car and lease out a new one! If you plan it correctly, you can have your old lease picked up on the same day you get the new one delivered.