How to Get the Best Car Lease Deal

You always want to make sure you're getting the best deal and a car lease is no different.

Securing the best lease deal requires careful consideration and evaluation of various factors.

Yes, the monthly amount is important, but it's crucial to assess the total cost, explore vehicles, and consider timing and ordering options.

Additionally, staying informed about new model announcements, reviewing mileage limits, and comparing different lease terms can help you find the best value deal.

Let's delve deeper into these tips to help you find the best value personal lease deal.

Compare Total Cost & P11d Value

When assessing lease deals, it's essential to look beyond just the monthly rentals. Work out the total cost, including the initial rental, monthly rentals, and any additional fees, like the admin fee.

Compare this to the P11d value of the vehicle, which is the list price plus any optional extras. This comparison gives you a better understanding of the overall value of the lease deal. You might find the total lease cost is the same on a £40k BMW as on a £50k Audi.

Consider Alternatives

While you may have your heart set on a particular make or model, it's worth exploring alternatives within the same vehicle class. For example, if you're considering an Audi A3, take a look at similar models like the BMW 1 Series or a VW Golf.

You might end up saving a small fortune by going for a BMW 1 Series instead of the Audi A3.

Timing and Ordering

If you are flexible with when you need the car, compare a factory order offer to a stock offer. Factory ordering may take longer, but it could result in a better deal and allow you to have the car built exactly how you want it.

Or, it might end up being that by taking a stock vehicle with quicker delivery, you save a few quid. Yeah, you won't be able to customise it, but if a dealer is trying to get rid of a stock vehicle, the deal might be worth while.

New Model Announcements

Keep an eye on new model announcements from manufacturers. When a new model is announced, dealers may offer better lease deals or discounts on the current model to clear inventory. This presents an opportunity to secure a better lease deal on the outgoing model.

Plus, if you're only leasing it, it doesn't matter that it is the 'old model', especially if you get a blinding deal on it!

Evaluate Lease Terms

Don't assume that longer lease terms always result in lower monthly rentals. Sometimes, opting for a shorter lease term, such as 2 years instead of 4, can work out cheaper, both monthly and overall.

Evaluate all lease terms carefully to work out the best value option, and don't forget, you can usually extend your lease at the end, anyway!

Assess Mileage Options

Consider your expected mileage and compare the cost of including extra miles upfront versus paying for excess mileage at the end of the lease. In some cases, it may be cheaper to just pay the excess mileage charge, rather than building them into the lease from the start.

Plus, you can always extend your mileage mid-lease anyway. That way, if you're unsure about your mileage, it is best to under-egg it and then extend, than it is to over-egg it and pay for miles you won't end up using!

To work it out, simply multiply the excess mileage charge by the number of extra miles you think you'll need, divide that by 100 to get the cost in pounds, and then divide that over your profile.

Example: let's say you have two quotes, both based on 3 years, with 3 months upfront and with an excess mileage charge of 10 pence per mile.

The first quote is based on 10,000 miles per annum, which is £400 per month. The second quote is based on 12,000 miles per annum, which is £420 per month.

Take the excess mileage charge and multiply it by 10 pence: 6,000 miles X 10 pence = £600.

Next, divide £600 by your profile, which in this example is 3+35: £600 ÷ 38 = £15.79.

This means by going for the 10,000 mile quote at £400 and paying the excess mileage charge at the end, you'd save a total of £160.

Granted, a lot of people, including myself, would rather have it built in so they don't need to worry about it. But, it is worth running the exercise because you might find the savings to be greater than that example.

The same goes for the other way around, too. If the excess mileage charge is expensive, but it's not much to add a few extra miles to the lease, you might want to do that so you have a buffer.

Consider Upfront Payments

While paying more upfront may seem counterintuitive, it can sometimes reduce the total cost of the lease. Some leasing companies offer a better overall cost for customers who pay a bigger chunk upfront.

Evaluate the impact of upfront cost on the overall lease cost to determine if it's beneficial for you.

Exclusive Deals

Don't overlook the possibility of exclusive off-market deals we can offer. These deals may not be widely advertised but could offer significant savings or special incentives on specific vehicles.

Book a call with one of our experts to see if we have something available that might work for you.

In conclusion, finding the best personal lease deal involves thorough research, careful comparison, and strategic decision-making. By considering total costs, exploring alternatives, and evaluating lease terms, you can find the best value lease deal.

Don't hesitate to explore different terms, consider timing and ordering options, and seek advice from our friendly experts. Whether you opt for Personal Contract Hire (PCH) or Personal Contract Purchase (PCP), these tips can help you secure an excellent deal.

Remember to review all terms and conditions carefully and feel free to reach out for personalised assistance.