Who is the founder of select car leasing?
Select was started in 2004 by two men with a true passion for cars and people, Mark Tongue and James O’Malley. With over 10 years of customer service experience in the motor trade, the pair had a vision to provide people with a smart and hassle-free way of obtaining a brand new car through the concept of leasing. Mark Tongue, Joint CEO and founder of Select Car Leasing, added: “As the UK’s largest and most trusted car and van leasing broker, we are delighted to formally announce this strategic partnership with Mobilize Financial Services UK.
Can you negotiate with select car leasing?
There is no negotiating. The prices are set depending on what you put down, miles you select and length of lease. For instance, while leasing works out cheaper on paper it’s not really an investment, because the car never belongs to you. However, if actually owning the vehicle doesn’t matter to you, then leasing is an affordable way of getting behind the wheel of a new car every few years.Leasing typically has lower monthly payments and lets you drive a new car every few years, but comes with restrictions on mileage and doesn’t let you build equity. Buying often costs more but allows you to build equity, have complete control over your car, and drive as much as you’d like.Leasing provides access to the latest safety and technology features and comes with lower monthly payments; however, it can be more expensive in the long run, as it requires ongoing monthly payments with no equity. When you purchase a car, you build equity with each car payment.Yes, the current market value of your leased car can play a crucial role in determining the best time to trade it in. If the market value of your vehicle is higher than the lease’s residual value, it could be an ideal time to trade in, as you may have positive equity that can go toward your next vehicle.Here are a few questions to ask when leasing a car that’ll help you ensure you’re getting a good deal: What is the upfront, drive-off cost? Are there any leasing specials or incentives available? What is the residual value of the leased car?
Is leasing cheaper than buying?
Key takeaways. Leasing a car requires less money upfront and has lower payments, but there are typically mileage restrictions and additional costs. Buying can mean more expensive monthly payments and long-term maintenance costs, but you have greater control over its use and lower costs in the long run. Since most leases last 2-3 years and new cars are almost always under factory warranty for the first 3 years or 36,000 miles, there is little risk for out-of-pocket repairs and maintenance costs. A lease allows you to walk away from the car at the end of the term without investing time and energy to resell it.The Cons of Leasing On the downside, when you lease a vehicle you’re not building any equity: you’re essentially paying the interest to finance a loan and pay off the value depreciation. It’s like a really long rental period instead of owning the vehicle.Ownership – The most obvious downside to leasing is that when the lease runs out, you don’t own the equipment. Of course, this may also be an advantage, particularly for equipment like computers, where technology changes very quickly.Leasing a car for 3 years is often more favourable due to the vehicle’s warranty coverage and lower maintenance costs. However, a 4-year lease may offer lower monthly payments.
What is a disadvantage of a lease?
The major disadvantages to leasing are that after a lease, you have nothing to show for it–unless you have a buyout option, and internal interest rates (that are already figured into the lease cost) are typically more expensive. The reduced upfront costs of leasing allow individuals to preserve cash for other expenses or investments, providing greater financial flexibility. This advantage makes leasing appealing for those who want to drive a new car without draining their savings.Leasing is often cheaper – your upfront cost and monthly fees are typically cheaper with leasing so you get more for your money. You own a finance car – if you are to take out a finance agreement, you’re the owner of the vehicle outright whereas you ‘rent’ the vehicle with leasing.But why are some car leases so cheap? A few factors come into play. First, car leasing is essentially a long-term rental, where you pay for the vehicle’s depreciation rather than its full price. Second, some cars are naturally cheaper to lease based on their value, demand, and maintenance costs.Leasing lets you spread the cost of the asset over fixed monthly payments rather than making a large upfront purchase. By using a leasing option it allows you to preserve your working capital for other expenses.
Is leasing a car a good idea for me?
Ultimately, there’s no right or wrong answer. Leasing is generally cheaper up front, but owning is cheaper long term, albeit with more frustration as the car ages. Leasing gives you more peace of mind, but owning gives you more freedom. Only you know what’s right for you. One of the main disadvantages of leasing is that you never own the car. While the payments are lower, you get nothing back at the end of the agreement. Another downside is that you’ll be charged for any damage to the car.Higher-end vehicles. Some people choose to lease a car because it allows them to drive higher-end cars for a more affordable monthly payment. Plus, a two- to three-year car lease allows drivers to easily and frequently upgrade their rides.The long-term effect of leasing a car depends on how you manage your finances. If you make your payments on time and avoid taking on too much debt, your credit scores should increase over time. If you miss payments or max out your credit cards, your credit scores may drop.