In the UK, unlike our cousins in the US, when it comes to cars, we’ve tended to prefer to own them outright. There’s something tangibly reassuring about that costly piece of metal sitting on the drive actually belonging to us – even if its value could be falling like a stone while we simply look at it.
New cars lose a huge amount of their value through depreciation in the first few years of their life, typically by 20-35% in the first year and up to 50% or even more over three years.
However, there is an alternative to buying a new car outright that removes this residual value risk and which can work out to be far more cost effective in the long run.
Personal leasing offers a financially viable alternative to purchasing a new car, and there is no worry about depreciation costs as you simply pay for the use of the car, and can change it at regular intervals.
Personal leasing will give you a known cost of acquiring and running a new car over a set period of time, with complete peace of mind that at the end of the contract that there will be no concerns over the value of the vehicle or how to dispose of it. You will also be free from having to negotiate potentially troublesome part-exchange prices and values.
The vehicle is purchased by a finance company which estimates a value of the vehicle at end of the term and calculates your monthly payments accordingly.
The benefits are that there is no residual value risk and you have known, fixed monthly payments. Make sure the car is returned in a reasonable condition and not at a greater mileage than stated at the start of the contract, and you can simply switch to another brand new car!
Personal leasing deals are available at www.myleasedeals.com; here you can browse or search through a huge range of personal lease car finance offers for some of the very latest new models in the market.
There are new cars to meet every taste and need. Exciting new models like the Vauxhall Mokka SUV, the stylish BMW 5 Series or the compact Volkswagen Up! are just a tiny sample of those available.
Using the service could not be easier. Once you’ve found the new car that meets your requirement, all you have to do is simply fill in the quote request form, letting us know which vehicle you are interested in and the timescale you would like to run it for.
You will be asked to pay an initial instalment which will be followed by the set monthly payments. The amount of initial upfront payment can be tailored to meet your requirements.
There are a number of offers advertised on the www.myleasedeals.com site and these usually include an initial payment of three, six or nine monthly rentals in advance. Obviously, the higher the initial payment made, the lower your monthly rental will be.
You can pre-agree the length of the contract and the annual mileage when you take it out. Typical contracts are for 24, 36, 48 or 60 months and mileage bands usually range from 10,000 to 40,000 miles per annum. If you exceed the pre-agreed mileage then an excess mileage charge will apply. The figures will be provided on your quotation and final finance document.
Benefits of our personal leasing service