car lease hire

It seems as though there is no place on the roads for older cars these days.

Buying an older car may seem like a wise move when it comes to saving money, yet, the opposite may actually happen.

With new MOT rules which were introduced in 2018, you may find yourself updating that old car to the tune of hundreds of pounds or more.

With 32% of cars failing MOT in the North West alone, it doesn’t seem like a bargain any longer to own an old car.

If buying a new car is not an option, then consider leasing.

It’s a great time to lease a car so let’s dive in and take a look at how to save money when leasing a car.

Pick a car that keeps its value

Every new car depreciates in value, just some more quickly than others.

Do a little bit of research before you lease to find a car that has a good resale value. This means that it holds more of its value than other models and will have you save money when it comes time to buy it at the end of the lease term.

Use the term “best residual value” for the brand and model you are thinking of and then compare with other brands. You may find yourself looking at a different make and model than you originally had set out with.

Check deals frequently

Car lease deals are a great way to get into a new car without spending a lot of money upfront.

Be flexible with the type of car you want and keep checking leasing company websites and be ready to act when you see a good deal.

The deals can come in the form of a very low interest rate or even a low down payment.

This down payment can sometimes be called a “drive off fee”.

Resist the upsells

Many dealers make their money not from the sale or lease of a car, it is from the different packages they offer. Stick with the basic version and save money.

Adding trim or pinstripes does nothing to make your car perform better.

And doing any undercarriage rust protection and the like is a waste of money.

New cars do not need it as they are usually manufactured with corrosion protection.

Timing is everything

If you can wait, then leasing a car towards the end of the year will generally save you money.

As many dealerships will be looking to make space for next year’s models, they will be slashing prices on the older ones.

This is also a great time to bargain aggressively as they have a major incentive to try to get a deal done.

Even though leasing seems different than buying a car, the price is usually flexible and can be negotiated.

If the price is not budging, then try to ask for some free upgrades to make it more worth the price and may even add value to the car.

(pic courtesy of Helgi Halldórsson under creative commons)

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