So, if a car was bought for £20,000 and depreciation of 55%. The vehicle will cost YOU -£11,000 over a 3 years or £3,667 per year, or £305.55 per month.
Other Factors Include:
- Loan purchase and interest costs.
- Higher road Insurance,
- Higher tax costs
- Higher servicing costs,
- MOT Cost.
- Extra breakdown down assistant costs
- Older cars become less efficient in fuel
- Warranty not included once a vehicle reaches a certain age
To put it short you'll be better off leasing for 2-3 years than buying a vehicle!
In addition to this you don't get to change your car into a brand new car every 2-3 years...!
Q. Is insurance included within the lease contract?
A. Unfortunately, no - when you enter a lease contract it is entirely your responsibility to take care of the insurance.
Q. What happens if I exceed my contract mileage?
A. Prior to you signing your lease contract, we will always advise you as to what the mileage charges are within your agreement. We will always try to ensure that that these charges are kept to a minimum as we will provide you with a quote based on your current mileage usage. The excess mileage charge will be sent from the funder to you in the form of an invoice at the end of the contract.
Q. I own a VAT registered business, am I able to claim back tax on Contract Hire?
A. Yes! You claim back up to 50% of the VAT charged on the finance of the vehicle and up to 100% the VAT charged on the maintenance applicable when the vehicle is for business and private use. For vans/commercial vehicles used solely for business purposes the hirer may claim 100% of the VAT on both the finance and the maintenance.
Q. Is delivery and collection included?
A. Yes! We can offer free UK mainland delivery and collection depending on the type of lease contract taken.
Q. Is maintenance included?
A. Maintenance is an optional cost that we can include on all quotes and includes all servicing, tyres and general fair wear and tear.
Q. Will the contract include vehicle tax?
A. Yes, either for the duration of the contract or 12 months. This will depend the type of contract taken.
Q. I used to have a company car, and am now opting out of the scheme. Can you help?
A. Definitely! We are able to offer you advice and then car leasing or purchase on a personal basis.
Q. Who supplies the vehicles?
A. All our vehicles are supplied through the main UK dealer network, and will be delivered straight from the dealership to your order.
Q. Is warranty included on the lease vehicles?
A. Yes, all our vehicles come with the full UK manufacturers warranty as standard.