Buying a car is a special thing. It’s like buying a ticket to a world of possibilities as the open road beckons. There are a number of different ways to purchase a vehicle as the upfront price of cars can be unaffordable for some. Some people also don’t want to buy just any car. Some people want to buy a prestige vehicle. Prestige vehicles come at a premium and many do not want to pay a high price right away which is why many turn to car leasing in the Midlands. Here at West Midlands Vehicles, we want to tell you why you should lease a prestige car rather than purchase it.
What is a lease car and how does a lease purchase work?
A lease purchase works very much like a mobile phone contract. You start by selecting the finance plan that fits your budget. There will be an agreed term of a contract with an annual mileage limit and a mutually acceptable option-to-purchase price and the end of the contract (sometimes referred to as a "balloon payment”). In basic terms, if your vehicle holds its value, the better the deal you are going to get. We will even source the vehicle that you desire and deliver it free of charge.
On a lease plan, you cannot return the car to whom you have taken the plan out with. However, you can ask for the vehicle to be sold with the proceeds going to any offset for the balloon payment. If the sale of the car is greater than the expected balloon payment then you will receive the surplus of the profit. A win-win for everybody!
What are the benefits of vehicle leasing?
- A finance package that is simple to understand.
- An initial expenditure that is minimal (usually three months in advance).
- Monthly payments that are fixed to your budget.
- There is no VAT on monthly payments.
- The structure of the option-to-purchase price is flexible.
- The balance sheet will display the vehicle as an asset.
- The depreciation of the vehicle is your responsibility.
- You own the vehicle at the end of the contract.
- You can drive a prestige vehicle for less money!
There are plenty of benefits to leasing a vehicle. If you are reading these and thinking they are exactly what you want in owning a car, right now, then leasing is definitely for you. However, there are things you will need to consider when asking if car leasing is right for you.
Is it worth leasing a car for myself right now?
This will depend on the type of person you are, your financial situation and the kind of vehicle you are looking for. Using the mobile phone analogy again, if you’re someone who likes changing their car every two or three years then leasing is absolutely perfect for you. Once the contract is up, you are free to do whatever you want with the vehicle you have now purchased. It’s yours now! You could sell the vehicle and lease a new car that you will, inevitably, have your eye on.
In terms of finances, it is a big win. With low monthly payments and a small down payment, to get you started, driving that dream prestige vehicle is within reach. Whether you have always wanted a Range Rover
Sport lease or have looked at Mercedes lease deals, with a lease contract you can have it from the moment you sign on the dotted line. The tax you will save is huge - everybody loves to save on a bit of tax! Plus, you have that flexibility to purchase the car early if you find you can afford to do so. For prestige vehicle leasing, it is a no-brainer.
How do I lease a prestige vehicle?
If you are sitting there and thinking about leasing a car in the West Midlands, then you need to get in touch with us at West Midlands Vehicles. We can find the right car and the right financial package for you.