There is no doubt that our relationship with cars is changing. We can now rideshare, carpool or Uber, Lyft, or Grab around at the touch of a button. But what happens when you want to use that car more than once, day after day without actually owning it, having to pay for it upfront, or keeping it forever?
Well, enter car leasing. While some people have known about this little secret, many never tried either because of a lack of know-how, understanding, or willingness to explore the idea. But – have you considered car leasing and how it might fit into your life as a woman?
In the next couple of paragraphs, we’ll be going into how car leasing works. And, if you were ever interested in what types of deals are out there, look at this website.
So, how do you go about leasing a car?
To start car leasing, you’ll want to start looking online using the terms ‘car-leasing’ or ‘car lease deals’.
Get an idea of the types of vehicles that you can lease – there are a lot – and the types of associated terms that come with leasing. You’ll have to know:
- What kind of vehicle you’re looking for
- How long you want to lease for
- How much of an initial deposit you wish to pay
- Your predicted annual mileage
- If you’re taking out a maintenance package
The above five points will inform your monthly payment, which is the relatively small fee that you pay every single month to lease the vehicle.
Quite obviously, more expensive cars will cost more to lease.
If you lease the car for a more extended period or put down a higher upfront initial rental on the vehicle, then your monthly fee will be less than if you didn’t. And, if you have a higher mileage or take out a maintenance package, then your monthly fee will also be higher.
The best types of vehicles to lease are those that are on a good lease deal, hold their value longer, or those bound to depreciate the fastest – like electric vehicles.
Now, we’ll explain some of these and more and cover some industry-secrets to get better lease deals.
1. Shop around, make inquiries and remain open-minded
It’s essential to have an idea of what vehicle you’d like when you start looking for a leasing deal – but don’t be so set in your ways that you won’t change your mind.
If you’re the type of person that doesn’t have to have the car of your dreams right now, you’d be amazed at what deals can come your way. Because leasing agents – the agent that will help you finalize your contract – deal with hundreds of cars and customers daily, they’ll know a lot more than you do. They might suggest customer favorites, or know what car is similar to what you had in mind but is a couple of hundred dollars cheaper. This, multiplied over 48 months, will save you a lot of cash.
The best part?
If your car isn’t exactly what you had in mind, you’ll have the option to hand it in at the end of your lease simply. While you can cancel, this isn’t recommended, as leasing companies can enforce heavy financial penalties or consequences.
2. Getting maintenance will mean you won’t have to service the car yourself
Sure, maintenance is a little extra, but it means that the majority of servicing is now the responsibility of the funder. They won’t chase after you and book the car in for you, but if you have maintenance, you know that pretty much everything other than glass and tires is taken care of. As always, it’s important to check with your leasing agent about what is covered.
If there’s a chance you don’t know a lot about car repairs or have never had to peak inside or fix an engine yourself – this option might save you a lot of stress. When you maintain the leased car yourself, the contract is called customer-maintained; when you take out a maintenance package, the contract is now called a funder-maintained contract.
Funder-maintained contracts – albeit a bit more expensive – can be easier because you get a list of pre-approved garages and service people who can work on your car. This way, you never have to worry if your car is in the right hands, and don’t have to waste time doing research or risk being disappointed by bad service.
Also, you’ll always know what you’re paying for.
3. Make sure that you’ve opted-in to comprehensive insurance
While it’s typically the law, it generally falls on you to ensure that you’ve taken out insurance on your car. While any car insurance is good, having third-party, fire, and theft is the minimum legal requirement that will protect you from:
- Damage that occurred in an accident that is said to be your fault.
- Accidental or purposeful damage to the car.
- Theft or damage from theft that happens to the car.
Furthermore, if you take out GAP insurance – you’ll be covered for the ‘gap’ that is between what the car was worth when it was obtained, and it’s expected worth at the time that is was written off or stolen. These two elements to your car insurance will mean that you should be covered for everything that could occur – and because it’s a leased vehicle – you’ll want to be. If you don’t have adequate insurance to cover your lease and your car is stolen and written off, there is a good chance that you’ll have to pay out extra to the leasing company for this.
4. Try to avoid canceling or terminating your car lease early
Although having to cancel or terminate a car lease is completely normal, it isn’t advised if you want to have the best lease deal possible – because there are penalties to doing so. Most lease companies won’t allow changes to be made to the contract within the first year. And, even if you cancel the car lease after this – you’re still likely to either pay 50% of the total remaining fees or the actual cost to the leasing company.
There are a few very real reasons why people terminate car lease contracts, including:
- Relocation to a new country: a new job or unexpected opportunity might warrant this
- Lack of funds: unfortunately, the risk of running into debt could mean a cancellation
- No need for the car: if you were unable to drive, or perhaps offered a car through work
Canceling a car lease contract should be a decision that is weighed up and considered because of the fees that are associated with doing so – unless you don’t mind paying the penalty, of course.
5. Bonus: Get car accessories through your lease company
If you’re an outdoors type of girl, you might want to get certain accessories for your cars like a roof rack for your bicycle or surfboard. Or, if you have pets – you might want to install an animal guard between the seats.
While this is entirely doable, somewhat enquire with your leasing company about your needs before you take out the contract and see if this is something that can be arranged. This happens because the car should be returned in its original condition, and you might have to pay to have the accessories removed, and any damages incurred from adding accessories will be your responsibility to cover.
If your needs change in the middle of your contract and you want to add something you never thought of, call your leasing agent to discuss this and see if there are any associated costs. As you’re leasing the car from them, they will normally have the final say on anything you want to do to the car.
Final thoughts: How can car leasing benefit you as a modern woman?
There is always a range of leasing deals out there, and they’re constantly changing.
While getting a good deal could be a result of being in the right time at the right place, as always, being informed does help in getting a better lease. If you’re the type of woman that is simply looking to use a car, drive from A to B and not worry about repairs or selling it on later – then car leasing could be for you.
As for insurance and maintenance, it helps from a leasing perspective to have these should you be able to afford them and want to have the most worry-free lease you can. As always, take the time to look at your lifestyle and needs – as these will be the ultimate factor that dictates how you will end up obtaining a car to drive.