Getting the best deal
It is better to lease a vehicle with a low rate of depreciation because the lease payments will be lower. Research new vehicles and think about the features and optional equipment needed before approaching a leasing company.
When researching lease terms and conditions, check the following:
- types of leases available
- initial costs
- continuing costs
- excess mileage charges
- excess wear and tear charges
- early termination charges
- options at end of lease
- other end of lease costs and charges.
Lease terms and conditions
Leases are usually for 12, 24, 36 or 48 months and it is advisable to choose a lease term for the same length of time as the general warranty on the vehicle. Registration and insurance are usually included in lease payments. It is possible to negotiate comprehensive insurance, maintenance and roadside assistance to be included in a leasing package. This can save time but is more expensive. Most leases include gap insurance to pay for what is owed on a lease if the vehicle is stolen or written off in an accident.
Research new vehicles
Factors to consider when deciding which vehicle to purchase.
Supported by the Community Sector Investment Fund (external link - opens in a new window).