With everyone feeling the pinch, would you consider leasing your next car to save money? Our guide reveals the pros and cons
The typical contract hire deal is advertised as, for example, '3 + 35'.
Therefore, it’s important to carefully consider how long you want a lease to last and ensure you will be able to meet all the payments.'Wear and tear' are three words you’ll become familiar with at the end of your contract. Why? Well, because you need to make sure the car is in good condition before you hand it back. If it’s damaged beyond what your contract with the finance company lists as 'fair wear and tear', you’ll be expected to cover the cost of repairs.
Mileage on a leasing contract is usually advertised as ‘per year’. For example, 8000 miles or 8k per annum, which adds up to a total contract mileage of 24,000 or 24k over a three-year lease. Maintenance packages can sometimes be tailored to what you need, so can include servicing, repairs, new tyres and batteries, exhausts, breakdown recovery and MoT testing. However, it pays to work out what you think you’re likely to need.
At the end of a PCP contract, you have three options: hand the car back to the finance company, trade it in for a replacement on a new PCP deal or keep it. If you decide to keep it, you normally have to make a ‘balloon payment’ to cover the car’s minimum guaranteed future value , which is set at the start of the contract and is the amount the finance company thinks the car will be worth at that time.
If you’re struggling to afford your monthly payments, it’s still better to talk to the finance company than to fall behind. The company might be able to extend the contract to lower the monthly costs or attempt to find another solution.
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