Whether you run a business or are just a working professional, having a smart vehicle will be something that’s not only aspired to but eventually becomes necessary. It gives off a great first impression, shows an air of successfulness and is more likely to tempt new investors and clients towards your company.
For new businesses and workers it can be hard to afford just one car, let alone a fleet. Business car leasing provides a more affordable manner to achieve this when done right.
Do: Lease Early On.
An advantage of leasing is that your company and drivers won’t lose out as new cars depreciate in value. Therefore going for the newest vehicles around is definitely worth it. Fresh models are usually released around March and September each year so preparing to lease then is best. When the lease is up you can then switch to drive an even newer model, all the while giving the impression of taking pride in having a new car.
Always try and negotiate every element of price, especially when looking to lease more than one vehicle. The savings you can make will prove significant, from slashing the deposit to getting a better monthly payment plan. It’s also a wise move to negotiate what the leasing contract covers. Many will include maintenance and service costs, which takes a lot of hassle and expense away from your business if any vehicle suffers the odd problem.
Don’t: Be Stingy with Mileage.
One of the main ways people get caught out and end up paying a lot more than they expected when leasing is by going over their stated mileage. Many people try and play it as tight as possible by claiming the minimum they’ll drive, thinking this will reduce the leasing fee. However, it’s easy to exceed this and the leasing company will then lump you with a much larger add-on fee. Be overly honest in the first place.
Don’t: Forget About GAP Insurance.
The business may have already taken out some insurance to cover all its vehicles but if any of them are being leased then GAP insurance is required. This protects the driver and business in the event of a vehicle being stolen or written off. In usual circumstances many insurers will pay out the car’s cash value but considering it is being leased and most cars depreciate in the first three years you can end up owing the difference. It is sometimes included in leasing policies but is always best to check.