4 Most Common Vehicle Leasing Myths Disproved

By Lauren Bagnall
4 Most Common Vehicle Leasing Myths Disproved

As leasing becomes a more popular option when it comes to driving a brand new car, more and more people are doing their research and considering which is the best option for them. But with interest comes concerns, which is understandable. But with so much false information out there, it's time to put things straight and get the best contract vehicle leasing deal for you.

Here at MWVC, we have a range of lease deals on a collection of brand new vehicle makes and models. With contracts for both private and business lease, we have a range of deals suited to each individual preference and budget. Our vast collection of private and commercial vehicles come with different transmissions and fuel types, perfectly suited to each individual person or business.

You Have to Pay a Large Initial Deposit

Many people think that, because you're driving a brand new, top-of-the-range vehicle, you must have to pay through the nose just to drive it. However, that's simply not the case. Vehicle leasing is the cheapest way to drive a brand new motor without having to pay an extortionate amount up front, and whilst you still have to make an initial payment, it's not as expensive as you might think.

The initial rental is the first payment of the agreement and it will normally leave your account around 14 days after you have taken delivery. You choose what amount this will be at the quoting stage and you will have already discussed this with your sales executive during the qualification process. But usually it's based on a multiple of the monthly rental and would normally be 3, 6, or 9 times that of the monthly rental. Initial rentals of 1 or 12 times are also available. So for example you choose to take out a 3 year agreement at £300 per month, with a 3 month initial rental. Your Initial rental will be £900 followed by 35 rentals of £300 making up the 36 month term.

You Have to Pay Fees at the End of the Contract

In reality, one of the major benefits of leasing a vehicle is the fact that you can leave the contract without paying a penny in extra fees. Of course, if you've gone way over your annual mileage and you've bumped and scraped the car past reasonable wear and tear, you may be expected to pay fees. With personal contract purchase (PCP) you will have to pay interest on top of your monthly payments, but with leasing, you pay exactly what's agreed between you and your leasing company.

Here at MWVC, we will always be upfront with you to provide the best car leasing deal suitable for you. We also lease vans and pickups, perfect for individuals and businesses alike. You can view our current special offers here. If you wish to know what steps to take when leasing a vehicle from us, please read our previous article here.

You Have to Buy the Car

Once your contract is up, you can either walk away or lease a brand new car on a different contract. That's it. No hidden surprises, no extra fees. Leasing is the best option if you want to drive a brand new vehicle on a budget, and there are options available if you want to keep driving the car at the end of your contract.

When it comes to leasing, it's more of a rental process than a purchase one. Here at MWVC, we have a range of monthly rentals and a collection of vehicles to choose from, with bespoke deals and initial deposits to be agreed upon between you and a member of our friendly sales team. The Mercedes-Benz C Class Saloon is currently £297.52 per month inc. VAT, ready for personal lease today.

It's More Expensive

This is, by far, one of the most common misconceptions when it comes to leasing a vehicle. As previously mentioned, it's the cheapest way to drive a brand new vehicle without paying a huge amount upfront. If you buy a car upfront, it will depreciate overtime, meaning if you wish to sell it, you won't get a lot for it.

Vehicle leasing is easily one of the cheapest ways to drive a vehicle. Here at MWVC, we wish to make the process as smooth and care-free as possible. We can deliver all of our vehicles straight to your door anywhere in mainland UK, free of charge. We will stay in constant contact with you throughout your contract to make sure everything is taken care of. For more information, or to discuss your options, please give us a call on 0116 259 9548.