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The attraction of car leasing

Leasing is becoming a popular method of financing a car and it is an industry that is growing with the UK seeing growth of 8.98% in 2016 on the previous years figures. Europe accounts for 31.5% of the worlds car leasing market with the UK the third largest and Germany fourth, the two countries combined make up 42% of the total European market and 13% of the total world market. So, it is evident that more people are choosing to lease their cars whether this is personal or business with car leasing Leicester companies (or a company within your local area) such as https://leasing.totalmotion.co.uk/.

Here are some of the advantages of leasing a vehicle:

  • You are more than likely going to be able to drive a car on lease that is of a higher status than one you would be able to afford if you purchased the car outright.

  • Monthly payments on leasing tend to be lower for leasing than on finance for purchasing this is in part due to the fact that you don’t officially own the car. There are of course many different finance options available to you both for purchasing and leasing a car.

  • There are also often less maintenance costs with a lease car and MOTs are often not needed as the cars are usually under three years of age when you start your lease contract. As lease cars are usually brand new or ex-demonstrator cars you will find that they have very little go wrong with them and anything that does is usually covered by the manufacturers warranty. Although a good car leasing company will always go through the fine details regarding servicing with you.

  • Leasing a car means that you can avoid the depreciation costs that occur when you purchase a car with the price dropping almost as soon as your drive your purchased car off the dealer’s forecourt. It is thought that in the first year of you owning the car it will drop in value by as much as 40%. This depends on a number of factors including how many miles you do annually and how well you maintain the car. On average if you complete around 10,000 miles a year a car will have lost 60% of its value by the time you have owned it for three years.

  • At the end of your leasing period you can exchange your car for a brand-new vehicle of your choice.
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