If you are interested in car leasing and have done your own research about it, then you already know that leasing can come with more than a few advantages. One of the best – and most obvious – advantages of car leasing is that it lets you save money on monthly payments for the vehicle, and it also allows you to save money on the initial deposit fee. Along with this, vehicle leasing gives you a unique chance to have an entirely new vehicle model with all its excellent and advanced features, and you can even upgrade your vehicle every few years without any hassle. Unlike purchasing a vehicle, car leasing allows you to drive around in your dream car since the cost isn’t as high as a car purchase, but it can also help you avoid other expenses such as MOTs, vehicle excise tax, and more. But there are other facts about car leasing that are not readily known. So what are these other advantages? Here are the little-known facts you should know about the advantages of leasing a vehicle.
The process is very simple
Vehicle leasing is unlike other options like purchasing a car or going for a PCP contract or agreement because the process is very simple. The process of leasing isn't as stressful as buying a vehicle since basically, all you need do is choose your vehicle, get your quote, get financing, sign your agreement or contract, and decide on the car's date of delivery. Contracts for car leasing can be made in half the time it takes to purchase a car or go for a PCP contract.
It comes with a fixed price
There's another fact about vehicle leasing that you may be unsure about: does it have a fixed price? What if it comes with hidden costs or charges? The thing is, with typical car leasing deals, everything you need to pay for is already agreed upon right away. You don't have to deal with unclear aspects or 'grey areas' such as equity or annual mileage. Unlike other deals such as PCP deals, which often promise equity at the contract's end, which may fail to materialize, your standard contract hire and leasing deal is simple, straightforward, and clear from the beginning.
And, since your monthly expenses are not set to change during the entire term of your car lease contract, you can budget your finances more easily and manage your transactions from the start.
Tax relief if you have a business
If you have your own business, you know very well that it can be difficult to invest in a fleet of cars or even just a single vehicle if you don’t have the funds for it. But with a car leasing arrangement, you can definitely take full advantage of a new vehicle or even several new vehicles along with an array of tax breaks, including, but not limited to, breaks on mileage, savings on low emissions, and more. If you lease your vehicle for business use, you can easily reclaim as much as 100% of your contract's VAT, and you can also request a VAT claim on maintenance expenses and additional mileage accrued during the period of the lease.