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For companies, renewing the vehicles in their fleet with a business car lease is the ideal way to finance new cars. They help spread payments out over the months and prevent a single lump sum from having to go through the books.
Bank managers and financial analysts will also see the purchase of vehicles through car leasing deals as a positive statement of the longevity of the business. They also make sense, as car lease deals often include vehicle maintenance and servicing within the agreement, so you’ll save money on running costs, too.
The down payment on a car lease is typically the equivalent of three months’ payment. Two months as a deposit and a third as a month’s rent, plus management fees of between 100 and 200 pounds sterling. At the end of the lease, you can generally transfer your first car deposit to any subsequent vehicles you lease.
Once you receive your new car, you must make nine more payments for a one-year contract, or 33 payments if you accept a three-year contract. Before finally returning the car to the dealer.
So what’s the deal for business users?
The monthly payments, in addition to providing you with a new car, will also include full maintenance, routine maintenance and service, tires and exhaust. Many of the larger organizations also provide roadside assistance with AA or RAC and annual road tax.
Dealerships typically provide a dedicated accident manager along with a toll-free phone line to book appointments and services and a network of courtesy cars and pick-ups to assist business users.
Personalization, company livery and installation of devices such as satellite navigation, cell phone kits and tracking systems, along with fuel cards to control running costs.
All cars financed under a car leasing scheme must have full coverage and despite being able to get cars at a preferential rate, it is very likely that the cost of your insurance will be at full rate. You may need to take this into account when deciding what type of vehicle to take out.
It is also possible to enter into a new car lease agreement with certain companies. What you need to consider here is the type of car you are considering. Traditional fleet cars like Mondeo and Vectra lose value early in their life cycle, so you may be able to get some great deals here.
Higher-end cars that have value, like BMWs, VWs, or Audis, won’t depreciate as much in the first few years and won’t represent as much savings compared to taking delivery of a new car. These cars will represent a less attractive option for those considering new offers.
However, in general, business users who purchase automobiles through lease agreements will find that, in current market conditions, this is possibly the best way to finance their company automobiles.