How to make sure you are getting the best lease deal

How to make sure you are getting the best lease deal
17 October 2018

After hours of trawling through the internet and looking at various deals with different brokers all presented in a different way are you left scratching your head???

Good news! I have produced this little guide to hopefully make that road to your new toy easier!

First off, are the vehicles on the quotes the same vehicles?

Sounds crazy but, there are many different makes and models out there and some are very similar and even the most experienced professional make mistakes! After looking over the 3, 4 or even 5 quotes you have it would be easy to miss the difference between say a 2.0 TDI and 2.0 TFSI. If you have a quote which seems a lot different to the rest, check with your sales representative to make sure that its the same vehicle as the others.

Unfortunately even the smallest of difference, say Manual rather than Automatic transmission can alter the price of the monthly payments by as much as £20 a month in some instances. This soon adds up!

Excellent, you have chosen your vehicle and you have a great price! BUT WAIT, is it in stock?

Offers come and go all the time, some companies out there can be guilty of quoting a vehicle on an offer that may have expired or the stock has all gone! How do you get around this? Just ask your sales representative! Make sure to ask about the expiry date on the offer and the current stock situation so you know how long you have to make your decision. If you can find out who is supplying the offer, you can always check another one of your quotes if they are quoting from the same offer or if it is still live!

Hmmm, which colour should I choose???

Every car has to be in the right colour! Some people like the smart, sleek Black's while others like the unique, standout Green's and Blue's. Most manufacturers offer only 1 solid paint colour which is free. This is usually a White, Black or even Brown! Make sure your quotation gives you the freedom to choose the colour you want and includes Metallic paint where required. Metallic paint can add £20+ to a quote! While looking at your colour choice also make sure that all optional extras have been included as requested. You would not want your shiny new Cabriolet turning up without the added extra of the headscarf to keep you warm on those cooler days!

We have chosen a vehicle and its in stock, fab . . . . Ah, payment profiles . . .

3+35, 6+47, 9+23, 3+33 and so on. . . What do they all mean?

There are many different payment profiles to choose from to suit all budgets and requirements. Its always worth double checking the payment profile on every quote you get to make sure its right for you!

Is that 1 upfront, really 1 upfront? In most circumstances 1 upfront indicates 1 month's worth of payments upfront. Its worth checking this is the case on your quote as 1 upfront can sometimes mean 1 lump upfront payment that does not equal 1 month, leading to lower monthly payments but a bit of a shock to start with!

We are ready, we have the car, it's in stock and you got it for a cracking price! Road tax???

All the time I get asked about road tax (RFL) and contract hire. Almost all personal and business contract hire quotations include road tax, however like everything there are exceptions to the rule! Look out for terms such as Operating Lease & Finance Lease as these do not include road tax for the full contract term, sometimes road tax is not included in a personal or business lease, some companies sneak this in just as you go to sign the documentation! Always double check that road tax is included!

A few last things to check before putting pen to paper on that dotted line!

Excess mileage charges - Make sure your quotation first includes mileage to suit your requirements. No point having a 5,000 mile contract when you do 20,000 miles a year! All contracts include an excess mileage charge, and check the excess mileage charge against others as this can vary greatly!

Returning your car - Too soon to think about I know, but better to do so before its too late! At the end of the contract the vehicle is expected to be returned in a suitable condition with its age and mileage being taken into consideration. Any good broker will happily advise that they are fully fledged member of the BVRLA (British vehicle rental & leasing association). The BVRLA issue a guide called the BVRLA fair wear and tear guide that can advise on what condition your car should be returned in.

Who is your broker? Always check that the broker you are using has a good social media presence and a website to check they are 100% legit! Also check that they are FCA registered and if possible ask around the see if they have a good history.

That's it, you're ready to go and get that new car sealed!