Leasing, or personal contract hire (PCH), to give it its more formal name, is an agreement you make over a fixed period of time, and in return, you get the car you want.
You pay monthly payments which cover the depreciation costs of the vehicle, but that’s it. At the end, you don’t own the car. You simply hand it back and pick a new one.
Leasing is a flexible way to own the car you want without having to worry about long-term commitment, the resale of the vehicle or – in some cases – the maintenance.
There are several positives to leasing a car instead of buying outright or on hire purchase. However, there are also things you need to consider to make sure it’s right for you. We’ve listed both below.
Advantages of leasing a car
- A large range of cars to choose from
- No long-term ties to the vehicle
- Choose how much deposit you wish you pay – all our vehicles come with a no deposit option
- Change your car more frequently
- The plan is flexible around you
- Choose how long you want the car
- No worries about resale or depreciation
- Can include a maintenance package for fully fixed-price motoring
- Enjoy the full balance of the manufacturer’s warranty
- Cheaper monthly payments as you’re only covering depreciation
Disadvantages of leasing a car
- You never own the vehicle outright
- Ending your contract early can be expensive
- You have to keep the car in good condition
- You must be insured fully comp
Why do people lease cars?
With all that in mind, it’s worth asking the question: Why do people choose to lease a car?
Although we can’t speak for everyone, price, flexibility and care-free motoring are usually very important when choosing your next car.
The last thing you want with your new car is to be forking out fortunes on repair bills, monthly payments or feeling as though you’re trapped in your agreement.
That’s why leasing is so popular; you can have the car of your dreams without the hefty price tag. And if circumstances were to change in your life, or you just fancied a change, you can with a lease.
Just hand the car back and choose another, more suitable one.
What’s included with a lease?
You choose what’s included in your lease agreement and what isn’t. If you want a maintenance package, for example, where all your servicing is included in the cost of your monthly payment, on most new cars, that can be arranged.
If you don’t want that, you don’t have to take it. Like we say, a lease’s flexibility means you can tailor your plan around your needs and wants to make it your own.
Is it easy to take out a car lease?
In a word, yes. In fact, it’s really easy to take out a car lease.
- Choose the car you want
- Get in touch with us
- Agree your terms
- Sign your paperwork
- Have your car delivered to your door within 48 hours
It really is that simple. You can do it all without having to leave your own home.
Is a car lease right for me?
We’re not the ones to decide if a car lease is right for you. However, we will give you all the information you need so you can make an informed decision.
We’ll never rush or pressure you into making a decision, it has to be right for you. Think of Hippo more as automotive advisers rather than salespeople. We’re here to help you make the right decision for you, nothing more.
And if you do decide that car leasing is for you, we’ll do all the legwork on your behalf; making the process as seamless and straightforward as possible.
How do I find the right car for me?
If you already know what car you’re interested in, that’s great. Head over to our search tool and you’ll be able to find what you’re looking for.
If not, don’t worry. We can help. One of our expert team will be able to take what’s important to you and find the perfect car for your circumstances that also meets your budget.
Can I lease a car with bad credit?
Yes, you can lease a car with bad credit. You may have to pay a little more depending on your credit score, but that’s not a definite.
We have a team of less-than-perfect-credit specialists who’ll be able to talk you through everything and find out if you’re likely to be accepted.
How to take out a car lease
Alternatively, if you’d like us to call you, just fill in our short, quick enquiry form here.