How does Car Leasing work? - FAQs, PCP vs Lease Examples and Tips

UK Car Leasing Explained in Full with FAQ's
- LeaseLoco Link : https://leaselo.co/notaguru-personal-leasing-guides

Remember that I am not a financial advisor or car finance professional and am therefore not qualified to give any kind of financial advice, views shown here are purely my own but you must make your own financial decisions. Always seek professional advice before entering a finance arrangement of any kind and seriously consider your financial position and the long-term affordability of any deal that you may enter into.

Car Leasing Explained UK. Everything you need to know about leasing a car in the UK. How Does Car Leasing Work? This video is for anyone currently thinking about leasing a new car in the UK and hopefully gives you some great tips on getting a cheap car lease.

In this video, I explain in detail how car leasing works and also recommend some of the best websites I used to find the cheapest car leasing deals for personal contract hire (PCH). Car leasing is a type of car finance, which, in my opinion, is often a great way of driving a brand new car for the cost of a used car.

Leasing a car is very similar to hiring a car, but for a longer period of time. Leased cars are brand new cars, however, you do not ever own the car and nor will you usually get the opportunity to own it. At the end of the agreement, you simply hand the car back. 2, 3 and 4-year car leases are the most common.

We also look at owning vs leasing a car and at Car Leasing vs PCP with a real-life example on a Hyundai Tucson where we see savings of over £10000 in the first 3 years.

Lease deals usually look something like this: -

• Initial Deposit - This is payable upfront and is non-refundable along with any broker fee (if applicable).
• Lease Term - This is the length of the lease.
• Annual Mileage - This is the number of miles you are limited to on an annual basis, anything over this may be chargeable (as an excess mileage fee)
• Maintained or Non-Maintained - This determines whether you are due to pay for servicing or tires. Maintained deals are more expensive than non-maintained and do not always represent good value.

One thing I didn't mention in the video was Gap Insurance. Gap insurance may be worth the cost if you're concerned about not getting the original value of your car back if it's written off by your insurer. It basically covers the difference between any write off the amount you get from your insurance company, and the amount outstanding on any car finance agreement - in this case, the amount you would owe the lease company if their car was written off.

My favourite car leasing deal sourcing site is: LeaseLoco - https://leaselo.co/notaguru-personal-leasing-guides

The BVLRA Fair Wear & Tear guide can be found online at : -https://www.fleetalliance.co.uk/fair-wear-and-tear-guides/

00:00 Intro
00:46 Lease a car or Buy a car
01:31 PCP vs Lease (PCH)
02:39 What is car leasing?
03:14 Am I in the trade?
03:42 Shop the deal, not the car
05:08 Private plate on a lease car?
05:19 Do I pay road tax on a leased car?
05:37 Who pays for servicing?
06:15 What about lease return damage?
07:25 Should I just buy a cheap car instead?
07:57 Can you only lease a new car?
08:15 Can you add optional extras?
08:39 What happens at the end of the lease?
09:45 Where do you find the best lease deals?
11:03 Should I lease my next car?
11:19 Why don't more people lease a car?
12:33 PCP vs Lease Real Example
15:44 What are the downsides of leasing?
18:16 Please Like & Sub & Follow Me On Socials :)

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This channel tries to deliver honest advice for real people. Remember that I am not a financial advisor or car finance professional and am therefore not qualified to give any kind of financial advice, views shown here are purely my own but you must make your own financial decisions. Always seek professional advice before entering a finance arrangement of any kind and seriously consider your financial position and the long-term affordability of any deal that you may enter into.

All music used in this video is written, recorded, and produced by me.

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