IMPORTANT: MotorEasy Car Leasing Comparison Tool
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Car leasing offers you the opportunity to drive away a brand new car for a low monthly price. Sounds great, right? For many people, it's the most convenient way of owning a car as you don't have any of the hassle that can come with long term car ownership.
Finding The Best Car Lease Deal - What Do You Need To Know?
There are a few details that you should bear in mind. A lease plan requires an agreement as to how many miles you can cover each year. This is important as it will affect the monthly amount you pay. Only you will know your annual mileage, but as a rough guide take a look at previous MOT certificates. You can find these in the MOT history section in your MotorEasy account.
How Much Does Car Leasing Cost?
The longer the lease period, the smaller the payments and the initial rental. The initial rental is an advance payment equivalent to a three, six or nine months rental. This is non-returnable, so it's vital to know how much you're committing to the scheme.
If you're looking at the difference between PCH (personal contract hire) and PCP (personal contract purchase) you may find that PCH does have higher monthly payments. However, you may also find that the total amount you pay is higher on PCP, we definitely recommend that you shop around.
When it comes to looking after the car, unless you select a maintenance option when the lease agreement is made, you're responsible for running costs. That means servicing and if relevant, MOTs, over the period. Tyres and brakes are also your responsibility and there are guidelines about wear and tear requiring you to return the vehicle in a reasonable condition.
Want to know more and the options available to you? Read our complete guide on how to finance your new car
Should I Get GAP Insurance For My Lease Car?
When entering into a leasing deal it's important to note if there are any get out clauses. These can sometimes be very costly and leave you having to pay for the rest of the lease even if you don't have the car anymore.
With GAP Insurance in place should you write the car off or it's stolen you're safe in the knowledge that it will help pay for any remaining finance. Plus, use code GAP11 to save 11%!
Find out more on our GAP Insurance Comparison