During price comparison we found very significant price differences between vehicle lease companies, so to find a cheap vehicle lease deal it is wise to familiarise yourself with all of the different costs associated with the vehicle lease contract.
Below we have set out how you can gauge true value for yourselves based on the total contract costs.
Once you are familiar with these, we would recommend that you have a look online for three vehicle lease quotes initially and then approach our recommended vehicle lease supplier for a quote.
They will then endeavour to beat any car or van lease quote, plus if you go through them, you would also stand to benefit from our exclusive vehicle lease discount code. You would also stand to benefit from all the attributes mentioned on our Low Cost Lease Cars page, which we found set this supplier apart from their competitors during price comparison.
This vehicle lease supplier were found to be extremely competitive across the board, but if in the unlikely event they cannot beat the price you find, at least you would have the peace of mind that you would have already found one of the cheapest vehicle lease deals.
TIP: Do not get seduced by the quoted monthly prices alone!
Add up the total cost of the contract by taking into account all of the 5 points below:-
1) The one off document (or set up / admin / finance arrangement) fee. (If not shown assume this is £250.00) Some companies do not put this on their websites but all 14 of the companies charged typically between £200.00 - £300.00.
2) The initial payment – All companies will have an up-front cost and it will either be expressed as one of the following A or B:-
A) Upfront cost in addition to the advertised monthly rates. (i.e. if it is a 36 month contract with a £600 upfront cost and £150 per month thereafter, it would be 36 x £150 monthly rate (5400), plus £600 upfront cost = £6000)
B) Upfront cost added to the first months rental. For a 36 month contract, this may be illustrated as (3+35), with the upfront cost being 3 times the 1st months payment. This means the agreed monthly repayment (multiplied by 3) for the first month followed by another 35 payments at the quoted monthly rate. (i.e. 3 x £200 monthly rate (600) plus 35 x 150 (5250) giving the total contract cost of £5850).
As you can see the subtle difference in the way the upfront cost is laid out (A or B) affects the overall vehicle lease contract price!
3) Monthly costs – simply the quoted figure per month. You can sometimes opt to pay more to reduce the monthly figure.
4) Make sure the deals you are comparing are for the same quoted mileage! Many vehicle lease adverts catch your eye with very low monthly contract prices, but only permit you to use 6000 miles before being charged approx. 10p – 15p per mile extra over that!
5) Make sure the vehicle lease deals you are comparing are for the same contract length. Many vehicle lease companies will charge you less overall if you commit to longer contracts.
TIP: The choice of car or van model is all down to personal preference, but with petrol price always creeping up long term, we would suggest that you give extra consideration to the MPG performance and the road tax band of the lease vehicles you are interested in.
Please look at our exclusive Road Tax & Fuel Savings Calculator to give you an indication of the cost savings which can be made associated with getting a new lease vehicle.