Leasing usually means driving a new car, with lower monthly payments compared to purchasing. 

However, like with all industries, misconceptions and myths about leasing come around due to misunderstandings, lack of information, and incomplete knowledge of how leasing works. 

That’s why I’m here.

I’m here to debunk common myths about upfront costs, flexibility, maintenance, and more.

By understanding the realities behind these myths, you'll be better equipped to make an informed decision, navigate the car leasing landscape with confidence and you can avoid being stung by bad deals and poor terms.

So. Myth 1: Leasing Is More Expensive Than Buying.

With almost every lease agreement, it’s just not true. 

The reality is that leasing usually comes with lower monthly payments compared to purchasing.

When you lease, you're essentially paying for the vehicle's depreciation over the lease term, which typically results in lower monthly costs than if you were financing the entire purchase price when buying.

Myth 2: You Need a Large Upfront Payment to Lease a Car

While some leases might involve an upfront payment, aka an initial rental, it's not always a huge amount. 

The initial rental can be flexible and with a lot of leasing companies, you can actually decide how little or how much you pay upfront. Of course, the more you put down, the less you pay per month, but it’s usually up to you and doesn’t effect the overall cost.

An initial rental, often referred to as a "deposit" or "advance payment," is a sum of money you pay at the beginning of a car leasing agreement. However, it's not a down payment in the traditional sense of vehicle ownership. Instead, it's a prepayment towards your lease payments. It can be as big or small as you want - so, it’s flexible. 

Myth 3: Leasing Has No Flexibility

Again, false. 

Leasing offers a whole range of customisable options that will cover all sorts of different preferences. 

While lease terms are initially established, lessees have the flexibility to select a mileage allowance that matches their driving habits, choose lease a duration that suits their needs, and choose exactly what they put down upfront. 

You can extend your lease, you can swap for a new model, you can request to buy the car, you can increase your mileage mid-term, etc. It’s pretty flexible if you ask me.

Myth 4: You're Responsible for All Repairs and Maintenance

While lessees are responsible for keeping the leased car in good condition, many lease agreements coincide with the manufacturer's warranty period. 

This means that a significant portion of repairs might be covered by the warranty if something was to go wrong, which is typically three years or longer. 

Regular maintenance, such as services, oil changes and tire rotations, they’re usually the lessee's responsibility, but major repairs due to manufacturing defects are often covered. 

Additionally, you might want to include a maintenance package as part of your lease and they’re always worth chatting through and considering. 

So, yeah, leasing doesn't necessarily mean you'll be solely responsible for all repairs, and manufacturer warranties can provide valuable peace of mind.

You might hear people saying that you’ll be stung at the end with a huge bill for the condition of your car. 

So long as you’ve looked after it, you probably won’t. Damage really isn’t that bad and the charges are not too high if you’ve caused any.

Plus it’s all done properly - lease companies are regulated by the BVRLA so have to follow guidelines with their charges and you can argue them if you think it’s unfair. 

Myth 5: It’s Difficult to Qualify for a Car Lease

It’s just not true. Car leasing is accessible to a wide range of credit profiles, not just the ones in excellent standing. 

While good credit can certainly lead to more favourable lease terms, many leasing companies offer options for individuals with varying credit histories. Leasing companies take into account factors beyond just credit score, such as income and financial stability.

To be honest, your credit probably isn’t as bad as you think it is. 

You can do a soft search on yourself and see what it looks like and we can make some suggestions if you want to chat with our team. There are firms that will look at bad credit, although we don’t really specialise in that. 

Myth 6: You Can’t Terminate a Lease Early

People often assume that once you've signed a lease agreement, you're locked into it until the end of the term. 

However, the reality is that while ending a lease early might involve fees and considerations, it's not impossible. 

Many lease agreements do allow for early termination, but the specifics to do so vary based on the leasing company and the terms of the agreement - with a lot of leasing companies, you’ll be charged 50% of your remaining lease rentals. So in this instance, if you’ve got a year left and you want to hand it back, you’ll be charged 6 months. 

So if your circumstances change unexpectedly, yes, you may have options to exit the lease early. 

Car leasing myths can cast uncertainty on what is, in reality, a versatile and pretty accessible way for most people like you and me to drive a new car. 

The truth is that leasing offers flexibility, affordability, and feasibility which doesn’t necessarily come with buying outright. 

It doesn't require exorbitant upfront payments, it doesn’t lack flexibility, and it’s not unattainable with less-than-perfect credit. 

At Motorlet, we want to ensure our customers fully grasp the benefits of car leasing and what it means for them. 

If you need more help, or you’ve got some questions, get in touch with us below!