Top 8 Critical Mistakes People Make When Leasing a Car
O
ne of the ways to exercise your UK driving licence if you don’t have your own car is by leasing one. Leased cars will serve you as well as your own cars but you must remember that it’s not your own vehicle to avoid making some costly mistakes which many very many people make. Here are the top 8 Critical Mistakes People Make When Leasing cars.
Failure to understand car lease agreements
Leasing a car is simply renting a car where you are supposed to pay a predetermined amount of depreciation for using a car for a certain length of time. This means that you are responsible for all the maintenance as long as you have that car and are also expected to pay the taxes monthly fees and interest as long as you have it. Understanding this will help you take ultimate care for the car.
Driving over the mileage limit
Once you lease a car, the financing company or the lease company allows you to put a limit to the number of miles you want to drive each month or year as part of the agreement. Most people don’t even read the agreement document fully and end up driving past the limit which could attract a lot of charges. The charge could go up to 30% per extra mile
Leasing cars you cannot afford
Considering the lease prices for every car is an important move before you decide on the car you want. The better the car, the more expensive it is to lease. Keenly evaluate the prices against your budget so that you only take a car that you can afford. You cannot transfer or sale the car once you have leased it.
Failure to consider the vehicle’s fuel consumption rate
The fuel consumption of different cars varies according to the engine model and the age of the car. If you want a car that you will use regularly, look for less consuming models so that you don’t lease a car that is too expensive t keep n the road.
Modifying the car
More often than not, the temptation to modify the lease car is usually overwhelming. In the case of a lease car, you are not supposed to repaint or modify the body no matter how ugly the car looks. Modifying it will only attract extra end-lease fees.
Giving out the lease car
Once you have leased a car, the insurance arrangement only covers you as the recognized driver. Don’t give it out to other drivers outside the agreement since any risk will be transferred to you. Accidents involving other people will cost you a lot.
Timely payments
The car lease companies will never keep bothering you with the car lease fees and other required payments as long as you have signed the agreement document. They let you make mistakes and then charge you at the end of the lease period. Ensure that you make your down payment and all the presiding payments on time so that you won’t be charged extra unnecessary charges.
Maintain the car well
At the end of every lease period, the condition of the car is thoroughly assessed to compare with its original status. Any depreciation and damages are charged on you. Maintain the car well to avoid huge charges.
Share this:
Category: Car Lease
