The Top Three Advantages of Vehicle Leasing You didn’t Know

Vehicle leasing was not seen as a traditional option in the UK for a long time, but in recent years, many individuals have begun to change their mindset and are now looking further into what vehicle leasing can do for them. Vehicle leasing or contract hire agreements have become quite the alternative to buying a vehicle, as it gives you the unique opportunity to save your funds for some other expenses that may be vital as well. But apart from this, it can give you a range of choices on vehicles you may not otherwise afford if you purchase it with your available funds. So what else should you know about vehicle leasing if you want to consider it as a serious option? Here are the top three advantages of vehicle leasing you didn’t know.

1. Lower payments per month

When you opt for a vehicle lease agreement, you don’t have to pay for the full value of the vehicle – you are simply paying for the difference between the vehicle’s actual buying price and the vehicle’s predicted or residual value once the term of the lease has ended. And compared to PCP or personal contract purchase agreements, you don’t have to deal with interest. With the same budget per month, you can drive a premium vehicle of your choice.

2. Lower rates for the deposit

As with other deals, vehicle leasing or contract hire deals will also come with a deposit – but the deposit will usually be lower than that of others. Many other deals would often require a deposit of around 10 to 20%, which can make your initial expense costlier than you would expect. But with vehicle leasing, you can have a vehicle of your choice with as little as a single month's deposit as your initial payment. This aspect makes leasing deals perfect for various circumstances. If you have just started with a new job and you don't have the funds for a high deposit as of yet, then you can go for a lease agreement that doesn't require such a heavy allotment of your funds. Deals like these are also perfect for businesses that need vehicles but would like to save their available funds for other necessary expenses or emergencies.

3. Do away with additional expenses

When you own a vehicle, you have a lot of financial responsibilities indeed. These additional expenses can certainly add up, and include the vehicle's MOT after three years, repairs and maintenance expenses, and servicing, among others. But when you choose to lease a vehicle, you have a brand new car that will not experience many problems compared to a used car, and if there are issues, these will usually fall under the warranty as well.

Also, if you lease a vehicle that comes with a maintenance package, then you don't have to worry about servicing, repairs, and other costs that can be unavoidable if you own the vehicle. Some deals and options even come with breakdown coverage and glass protection, along with access to a temporary vehicle in case your vehicle needs to be repaired. All you have to do, essentially, is choose the option that is best for you – and you can have the vehicle you've always wanted without paying a hefty price.

With extensive research and study, Simon passionately creates blogs on divergent topics. His writings are unique and utterly grasping owing to his dedication in researching for distinctive topics.