Thinking about leasing a car but worried about the myths surrounding it? You're not alone! Many people believe leasing is complicated or expensive, but that’s far from the truth.
We’re here to set the record straight with the top 10 most common car leasing myths.
1. You Need a Huge Deposit to Lease a Car
False!
Unlike buying a car outright, where you might need to put down thousands of pounds, leasing requires a much smaller upfront payment. Most leasing contracts offer flexibility, allowing you to choose an initial payment ranging from 1 to 12 months’ worth of your monthly rental.
2. You Don’t Own the Car
That’s true – but it’s actually one of the biggest benefits of leasing!
Owning a car means worrying about depreciation, resale value, and long-term maintenance costs. With a lease, you simply drive the car for the agreed term and then return it. No hassle, no stress – just the latest model every few years!
3. Leasing is More Expensive Than Buying
Not necessarily!
Cars lose value over time, and if you buy outright, you absorb that depreciation. With leasing, you’re only paying for the car’s use over the lease period – often making it more cost-effective than purchasing, especially when considering depreciation and maintenance savings.
4. There Are Hidden Fees at the End
False.
If you stick to the agreed mileage and keep the car in good condition, you won’t be hit with unexpected costs. Any additional charges – such as excess mileage fees or damage costs – are clearly outlined in your contract, so you always know what to expect.
5. Insuring a Leased Car is More Expensive
False.
The cost of insurance for a leased vehicle is no different from insuring a car you own outright. The only requirement is that it must have fully comprehensive cover, which is standard for most new cars anyway. Shop around for the best insurance deal, just as you would for any vehicle.
6. Leasing is Only for Businesses
False.
While leasing was once popular mainly for company fleets, personal car leasing has grown significantly. Anyone meeting the eligibility criteria can lease a car, making it an accessible and flexible option for drivers across the UK.
7. You Can’t Modify a Lease Car
You can – within reason!
While you can’t make permanent changes like repainting the car, certain modifications such as adding alloy wheels, a dashcam, or a tow bar may be allowed. Always check with your leasing provider before making any changes.
8. No One Else Can Drive My Lease Car
False!
Others can drive your lease vehicle, provided they meet the insurer’s criteria. Whether it’s a family member, partner, or an additional driver on your policy, as long as they’re insured correctly, they can use the car just like any other vehicle.
9. Leasing is Complicated
False.
Leasing is designed to be simple. At Leasing Options, we make it even easier with a straightforward process:
- Choose your vehicle
- Get a quote
- Apply for finance
- Place your order
- Sign the finance documents
- Take delivery of your car!
With no worries about selling the car later, leasing is often a stress-free way to get a brand-new vehicle.
10. Leasing is ‘Dead Money’
False.
While you don’t own the car at the end, you’re also not losing thousands in depreciation. A brand-new car can lose up to 50% of its value within three years. With leasing, you avoid the risk of depreciation and can upgrade to a new model at the end of your contract without worrying about resale values.
The Verdict?
Leasing offers an affordable, hassle-free way to drive a brand-new car with fixed monthly payments, lower upfront costs, and no worries about depreciation.
If you’re ready to explore your options, get in touch with our friendly team at Leasing Options – we’ll help you find the perfect deal for your needs!
