The recession may have put the brakes on car sales, some in the motor industry may now pin their hopes on leasing schemes.
A gradual increase in personal leasing schemes is to be expected, it makes perfect sense in the current economic conditions. The driver can still specify the colour and any extras they want but rather than buying they rent for a specified period. A typical example, for instance a Ford Focus 1.6 five doors is £15,095 if you haggle you may buy it for £13,000 and if you take out a personal loan over three years the monthly repayments would be £411. In comparison a three year lease would cost just £235 a month for 35 months after an initial payment of £705. This allows you to drive 10,000 miles each year saving a total of £5,866. Maintenance costs can also be incorporated into the monthly lease payment.
Buyers should be sure to compare like with like when checking lease deals, quotes can exclude VAT as they are aimed at business customers.
Drivers can be quite shocked at the low trade in values quoted by dealers when looking to buy a new car so leasing as an alternative to buying outright may become the more popular option.