Leasing a car is often the most cost-effective way for consumers to obtain a brand-new car. But as with purchasing any product, a little research will ensure you find the very best deal on a car that you'll love.
In 2022, the impact of the pandemic led to a severe shortage of new cars in the market. So, there weren’t many reallygreat deals for cars to buy or to lease. But things have changed. In 2023, supply restrictions are becoming a thing of the past for many makes and models and as a result good leasing deals are back, and often the most cost-effective way to get behind the wheel of a brand-new car.
Paul Harrison of lease comparison site Leasing.com said: “Last year was certainly a tough time for the motor industry but all the signs are that a very different market is emerging this year.
“Waiting times are coming right down with many cars on good lease deals listed as ‘In stock’ on our site. Many more are listed for delivery within 1-2 months. If you take a little time to search with us we can help you find the right deal for you.”
So how do you find the best lease deal? Leasing.com have shared the following tips on how to find the best deals using their site.
Start your search early
Whether you’re leasing for the very first time or looking to replace your current lease, it’s always a great idea to start your search before you intend to change cars. Since the pandemic, in stock vehicles often command a premium, so if you can order a vehicle a few months before you’ll actually need it, you’ll often get a better price.
Be flexible and spot the deal
For the real leasing bargains, it’s important to keep an open mind. While you might know the general type of car you want, if you allow yourself a little flexibility on the make and model, you’ll have a much greater chance of sealing an awesome deal.
The same applies when it comes to your rental profile. For example, you might find a three-year deal for a better monthly price than a two-year deal on a like for like model. The best place to compare prices and narrow down your search is to use filters available on sites like Leasing.com. The Leasing.com Value Score is an advanced algorithm that gives all offers a score out of ten, which you can use to compare deals and rank them. So, if you're looking for a bargain lease deal, or want to know if you're getting value for money, just check the score.
Opt to lease for longer
Leasing allows you to spread your costs over several years of monthly payments. For this reason, you’ll find that four-year lease deals will often offer lower monthly prices than shorter leases. If your main aim is to keep your monthly motoring costs as low as possible, it’ll be worth paying as much as you can up front too.
Your initial payment is made up of several monthly instalments bundled into one. You'll have the option to pay one, three, six- or nine-months up front. The more you pay up front, the less your monthly bill.
Don’t overestimate mileage
A car’s mileage is one of the biggest factors affecting its residual value, and the higher the residual value, the cheaper a lease tends to be. So, if you’re one of the many people who now work from home, you might find your annual mileage has significantly reduced. Make sure you choose a mileage allowance that’s appropriate, because overestimating could see you overpaying on your vehicle.
Keep an eye on special offers
Leasing companies will sometimes have special offers available at particularly attractive prices. These deals are often only live for short time though so you need to act quickly if they are the right deal for you. For some of the best leasing prices available right now, you can check out Leasing.com’s special offers. You’ll be hard pressed to find like-for-like vehicles for less, with 9 out of 10 users claiming they found the best deals using Leasing.com.