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10 tips for getting the best lease deal

1. Don’t be shy, enquire!

Getting in touch with the leasing company can reveal better deals. Sales representatives are aware of the large array of deals that may not be available on a company’s website. Leasing companies use a huge number of dealers to generate quotes, each of which will have a different price for a specific make, model, or extras on the vehicle. Get in touch and you could find a hidden gem!

2. Be Flexible
Looking for a BMW 1 series? Consider other German hatchbacks such as the VW Golf or Audi A3, you never know when there may be a great deal on.

3.Shop Around

If you’re adamant on getting that specific car at the cheapest price, you have to be willing to put in the time. Car leasing companies use different dealers around the country who may have drastically different list prices.

4.Get quotes on differing contract lengths

The cost to lease a car is calculated by estimating the residual value of a car at the end of a given lease period. As a result, depending on the vehicle, it may be worth more in 2 years rather than 4 making the lease cheaper over two years. It’s a good idea to check the prices on all the available leases.

5.Be prepared to pay more money up front.

There is little point having money sitting idly in your account when you could be saving in the long term! Giving a few more months as your initial payment could save you money over the duration of the lease.

6.Calculate your annual mileage

If you exceed your contract’s mileage things can get very expensive. You will have to pay a fee for every mile over the agreed mileage. This is mainly to make up for decreasing the residual value of the car as you are reducing its resale value by exceeding your mileage. To avoid a situation like this you should try and estimate your annual mileage and then keep to this. If you don’t do very many miles at all you should know that leasing companies can run a quote on any number of miles: 5000, 8000, 10000 etc. You can choose, obviously the lower the mileage the cheaper the lease.

7.Referral deals

If you’re about to lease a vehicle ask your friends and colleagues to ask for a referral discount. Both of you could save!

8.Do your research!

When looking at various companies be certain that they are BVRLA accredited and FCA approved. You may find a great deal only to then be forced to pay hidden costs upon returning the vehicle.

9.Hidden costs

You should never have to pay an admin or document fee on a long term lease. If you are requested to do so refuse, or move on to a different company.

10.You can also ask how much profit they are making!

The Financial Conduct Authority (FCA) approved new legislation that entitles consumers to know exactly how much money a leasing company is making off them! If you ask a sales representative they have to tell you this information, which gives you some room for haggling the price down. It is then up to the company whether or not they can go lower. If they don’t consider whether it really matters how much they are making, especially if it's the cheapest price on the market.  

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Posted on 20th May 2016 at 3:52 PM

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