Advice before signing new lease
Discussion
Hi!
I'm about to sign my first lease with select car leasing and was wondering if anyone could give me any advice before I sign?
Is there anything in particular I should confirm before signing? Anything to go over when accepting the car?
Any general advice or tips would be greatly appreciated! I don't want to be shocked by anything later down the line so I would very much like to confirm everything before I sign.
Thank you!
I'm about to sign my first lease with select car leasing and was wondering if anyone could give me any advice before I sign?
Is there anything in particular I should confirm before signing? Anything to go over when accepting the car?
Any general advice or tips would be greatly appreciated! I don't want to be shocked by anything later down the line so I would very much like to confirm everything before I sign.
Thank you!
Just make sure you are able to afford the repayments, and treat the car as if it was your own, you will be responsible for ANY damage when you hand it back, (Other than fair wear and tear).
Also, don't modify it, such as fitting a towbar, without asking them first, and try to keep within the agreed mileage limit.
That's it really.
Also, don't modify it, such as fitting a towbar, without asking them first, and try to keep within the agreed mileage limit.
That's it really.
Wacky Racer said:
Just make sure you are able to afford the repayments, and treat the car as if it was your own, you will be responsible for ANY damage when you hand it back, (Other than fair wear and tear).
Also, don't modify it, such as fitting a towbar, without asking them first, and try to keep within the agreed mileage limit.
That's it really.
Thank's for that! I don't plan to modify it at all and I am comfortable with the repayments so I think it should be ok Also, don't modify it, such as fitting a towbar, without asking them first, and try to keep within the agreed mileage limit.
That's it really.
wemorgan said:
As mentioned, be certain of your income or savings over the lease period.
We're Select the cheapest deal? Did you try a main dealer for a quote?
For the spec that I want (A200 AMG Line Premium) it's the cheapest that I have found.We're Select the cheapest deal? Did you try a main dealer for a quote?
Thank you!
I've opted not to go for the maintenance package after discussing with the sales adviser as I will most likely not need new tyres (8K mileage). Do you think this is the best way to go?
You will need to pay for routine servicing as part of the contract, and any "wear and tear" items that wear out, for example tyres. but you would have to do that if you bought the car anyway.
Remember to budget for any excess mileage charge at the end of the contract.
You should not need to pay any road tax, they will sort that out, so that's a fair saving.
Remember to budget for any excess mileage charge at the end of the contract.
You should not need to pay any road tax, they will sort that out, so that's a fair saving.
What's the excess mileage charge?
Just be aware your circumstances may change in the 2/3 years you have the car and mileage may increase.
Check if you can increase the mileage if necessary.
I would take out GAP Insurance but not from the Dealer.
Go online and it's pretty reasonable.
I got 3 years cover on my Leaf for about £140.
Just be aware your circumstances may change in the 2/3 years you have the car and mileage may increase.
Check if you can increase the mileage if necessary.
I would take out GAP Insurance but not from the Dealer.
Go online and it's pretty reasonable.
I got 3 years cover on my Leaf for about £140.
Wacky Racer said:
You will need to pay for routine servicing as part of the contract, and any "wear and tear" items that wear out, for example tyres. but you would have to do that if you bought the car anyway.
Remember to budget for any excess mileage charge at the end of the contract.
You should not need to pay any road tax, they will sort that out, so that's a fair saving.
Read the fine print on this. There's been a few deals lately that have stated RFL is only provided for the first year. I suspect pest this due to the changes in RFL in the last year or so which may not effect a cheaper car like an A200. Worth checking anyway.Remember to budget for any excess mileage charge at the end of the contract.
You should not need to pay any road tax, they will sort that out, so that's a fair saving.
Don't bother with tyres on 8k. Switch front to back half way through and you probably won't need tyres.
Wacky Racer said:
You will need to pay for routine servicing as part of the contract, and any "wear and tear" items that wear out, for example tyres. but you would have to do that if you bought the car anyway.
Remember to budget for any excess mileage charge at the end of the contract.
You should not need to pay any road tax, they will sort that out, so that's a fair saving.
Do you have any idea how much it would be for the routine servicing of the A200? I've searched online but could only find the Mercedes Service Care Plan.Remember to budget for any excess mileage charge at the end of the contract.
You should not need to pay any road tax, they will sort that out, so that's a fair saving.
GreatGranny said:
What's the excess mileage charge?
Just be aware your circumstances may change in the 2/3 years you have the car and mileage may increase.
Check if you can increase the mileage if necessary.
I would take out GAP Insurance but not from the Dealer. Go online and it's pretty reasonable. I got 3 years cover on my Leaf for about £140.
I think with my situation I will only get busier with work so my miles will most likely decrease if anything. Although I did speak to the sales adviser and he said that I could increase it.Just be aware your circumstances may change in the 2/3 years you have the car and mileage may increase.
Check if you can increase the mileage if necessary.
I would take out GAP Insurance but not from the Dealer. Go online and it's pretty reasonable. I got 3 years cover on my Leaf for about £140.
nunpuncher said:
Read the fine print on this. There's been a few deals lately that have stated RFL is only provided for the first year. I suspect pest this due to the changes in RFL in the last year or so which may not effect a cheaper car like an A200. Worth checking anyway.
Don't bother with tyres on 8k. Switch front to back half way through and you probably won't need tyres.
Thank you for this! I will check this thoroughly. Don't bother with tyres on 8k. Switch front to back half way through and you probably won't need tyres.
Check what length of service interval your car is on.
My last 2 cars were BMW and Audi which were both on 2 year service intervals. Handed them back 2 weeks early without servicing them and got no comeback from it.
As someone else said, switch the tyres from back to front around half way through and they should survive (depending on how heavy your right foot is...). If all the wheels are the same size it's a 20 minute job to switch them yourself.
My last 2 cars were BMW and Audi which were both on 2 year service intervals. Handed them back 2 weeks early without servicing them and got no comeback from it.
As someone else said, switch the tyres from back to front around half way through and they should survive (depending on how heavy your right foot is...). If all the wheels are the same size it's a 20 minute job to switch them yourself.
Excess mileage are often reasonable so should your mileage requirements increase it actually lowers the average cost per mile. Typically 7p or 8p per mile vs 50p per contracted mile for a £300 amortised per month deal for 8k miles per year.
Edited by nickfrog on Tuesday 11th December 18:39
wemorgan said:
craigjm said:
How can you do that? Your company could announce redundancies tomorrow and you might not see it coming.
Have sufficient savings to cover the lease for the duration, or at least an extended period.It just isn’t realistic to say to people you need to have money to cover the lease
craigjm said:
Right and let’s say a lease is £300pm how many people have 11 grand just sitting around? Quite frankly if your income dries up then a lease car is the least of your worries and there are options to hand it back. You need to be able to cover your mortgage more than anything for any period you may be out of work.
It just isn’t realistic to say to people you need to have money to cover the lease
Difference of opinion, I get that.It just isn’t realistic to say to people you need to have money to cover the lease
Lease financial agreements are not cheap to get out of. After your mortgage it's likely to be the next highest debt, but it never has equity.
The only point I'm making is, don't enter it lightly with a narrow view of £x/month, it's more than that and offers little flexibility if your circumstances change.
ps. I'm not knocking lease cars - I have 2 myself.
wemorgan said:
craigjm said:
Right and let’s say a lease is £300pm how many people have 11 grand just sitting around? Quite frankly if your income dries up then a lease car is the least of your worries and there are options to hand it back. You need to be able to cover your mortgage more than anything for any period you may be out of work.
It just isn’t realistic to say to people you need to have money to cover the lease
Difference of opinion, I get that.It just isn’t realistic to say to people you need to have money to cover the lease
Lease financial agreements are not cheap to get out of. After your mortgage it's likely to be the next highest debt, but it never has equity.
The only point I'm making is, don't enter it lightly with a narrow view of £x/month, it's more than that and offers little flexibility if your circumstances change.
ps. I'm not knocking lease cars - I have 2 myself.
Let's use a hypothetical scenario:
- You take out a (PCP or Lease) on a car and are 6 months into it (36 month term)
- You have just been made redundant and have come to the decision to get rid of the car.
ilikejam said:
Check what length of service interval your car is on.
My last 2 cars were BMW and Audi which were both on 2 year service intervals. Handed them back 2 weeks early without servicing them and got no comeback from it.
As someone else said, switch the tyres from back to front around half way through and they should survive (depending on how heavy your right foot is...). If all the wheels are the same size it's a 20 minute job to switch them yourself.
Mercedes is 15k miles or 12 months, whichever comes first, so it will need at least one service if on a 2 year lease, or two if on a 3 year lease, assuming it is handed back before the next service is due, which with careful planning is possible.My last 2 cars were BMW and Audi which were both on 2 year service intervals. Handed them back 2 weeks early without servicing them and got no comeback from it.
As someone else said, switch the tyres from back to front around half way through and they should survive (depending on how heavy your right foot is...). If all the wheels are the same size it's a 20 minute job to switch them yourself.
craigjm said:
Right and let’s say a lease is £300pm how many people have 11 grand just sitting around? Quite frankly if your income dries up then a lease car is the least of your worries and there are options to hand it back. You need to be able to cover your mortgage more than anything for any period you may be out of work.
It just isn’t realistic to say to people you need to have money to cover the lease
Not sure I get the £11k thing as it assumes that one is going to lose their job on month 1 of a 36 month lease and that they are not going to find a job for 35 months. All possible of course but having a car means that you're more likely to find a new job and may give you more options. Actually is should be £6k or so as in most cases you owe 50% To 55% of the remaining payments. It just isn’t realistic to say to people you need to have money to cover the lease
Still, lease are expensive to get out of indeed which in part explains what they can be so cheap as they're very secure yields for the manufacturers.
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