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Why would I lease a car?

When you lease a car, the finance provider owns the vehicle. At the end of the term you simply hand it back and may have to pay for any mileage over the agreed limit, and any damage not considered to be fair wear and tear.

You may have the option to include maintenance and other costs in the monthly payment.

Benefits

  • Your monthly costs are fixed at the start of the contract
  • As the dealer continues to own the vehicle, changes in depreciation don't affect you

Things to consider

  • Overall costs are often higher than cash, loans or hire purchase
  • You don't own the car, so you can't modify it and it must be kept in good condition
  • You won't build up a deposit from any resale value
  • Mileage is agreed in advance, and excess mileage can be costly