Few of us can afford the outlay required to buy a brand new sports car or top of the range luxury car, but leasing a performance car remains a viable and even affordable option. Depending on the type of lease agreement that you sign up for, the agreement may even include costs like road tax and general maintenance, and you can either hand the car back to drive a new model every few years, or pay the final fee and buy the car you’ve been driving at the end of the lease agreement.
Before you talk to a lease company or get more information on leasing luxury cars, you will need to perform some basic calculations. Primarily, you should determine how much you can afford to spend each month without pushing your personal budget to the limit. Remember that emergencies do crop up, and if the car you lease suffers any damage beyond general wear and tear, then you are likely to be liable to pay for the necessary repairs.
You should also calculate how many miles you will be driving. A lease agreement is essentially a long term rental, where you agree to rent the car for a period of time and to cover a maximum number of miles. If you exceed the mileage that you have agreed to, then there is likely to be an additional charge. If you know roughly how many miles you will drive during the agreed period, you can ensure that your lease agreement covers you for this distance.
You should also take into account any additional payments that you will have to make towards the car. While some lease agreements include ongoing maintenance and general costs, this really does depend on the lease type that you opt for. You may have to pay for tax and most companies will demand that you have both fully comprehensive insurance and have regular servicing to ensure that the car is kept in the best possible condition. You will, of course, have to pay for costs like petrol yourself.
Determine the type of lease you want. Some agreements offer you the opportunity to pay a lump sum at the end of the agreement and keep the car, while others do not include this facility. Determine the type of features that you want, whether you intend to buy the car at the end of the lease agreement, and whether you will be covered for your regular and required journeys under the standard mileage allowance before taking out your lease.