Traditionally, car leasing has been associated with brand-new cars and often tied into company car schemes. But there has been a recent increase in the availability of second-hand car leasing schemes.
So, how does it work?
Just like with leasing a new car, leasing a second-hand car effectively involves renting the vehicle for a specified period of time.
The length of the lease agreement will vary by provider, but all will require monthly payments for the duration of the contract. Almost all will also ask for an up-front deposit.
During the contract, you will be responsible for the maintenance and upkeep of the car and there is also likely to be a set annual mileage limit.
What are the advantages?
Perhaps the main advantage is that the monthly payments are usually lower than with a new car. This is mostly because a second-hand car will be worth considerably less than a brand-new one. New cars lose around 40% of their value in the first year.
Road tax and insurance are sometimes covered in second-hand lease agreements which means you do not have to worry about dealing with these.
Finally, you do not have to worry about trying to sell the car at the end of the contract.
What are the disadvantages?
The fact that you don’t get to keep the car may actually be considered a downside for some as you then have no asset to speak of at the end of the contract term. Despite being cheaper than leasing a new car, it is also worth comparing finance and lease agreements for used cars to establish which gives you the best value.
Local options
If you are based in or around the West Country, there are a number of firms who offer car leasing Bristol and the surrounding area such as Autolyne Car Leasing. These companies offer leasing options for both new and used cars.
Whilst not giving you access to the very latest models, second-hand leasing should still enable you to get a new(ish), well-maintained car with most of the recent technologies/creature comforts.
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