Nowadays, modern cars are implementing technology that was seemed more befitting of our smartphones and computers. Touch screen controls, voice commands, and even self-learning algorithms so that your vehicle can learn your preferences will eventually become standardised.
Until then, this technology comes at a premium and for any tech head working on a budget these kinds of features might seem out of your league. Fortunately, there are other financing options that can make driving your dream car a reality.
How Does It Work?
Put simply, leasing a car works a lot like a rental. However, rather than using the vehicle for a few days to a few weeks, leasing contracts typically run over a 24-48-month period. During this period, you’ll be responsible for insuring the vehicle so you’ll need to take into account the cost of a comprehensive insurance policy during your decision process.
You’ll also have to consider your annual mileage as this will be one of the deciding factors in determining your monthly fees. Most plans are based around the average number of miles most people drive, typically 16,500 on an annual basis. Going over your annual limit will result in an excess charge, which is a set fee for each mile overdue that is paid at the end of your contract.
What Are the Benefits?
One of the main benefits you have when deciding to lease a vehicle rather buying it is choice. Lenders like Lease Car stock a variety of different vehicle types, from Dacias to Ferraris, and you’ll still be able to customise your chosen vehicle with both varying features sets and cosmetic changes that you’d expect when buying straight from the showroom floor.
If you’re leasing the vehicle for business use, you’ll also be entitled to reclaim 50% of the VAT on finance and 100% on maintenance. In fact, if you can prove that there will be no private use of the vehicle, you may be able to reclaim all 100% of the necessary VAT.You can find more information on this on the government services website here.
Author William S. Burrough noted that “the purpose of technology is not to confused the brain, but to serve the body.” Technological advancements have already helped us so much in other parts of our lives, it’s a logical succession that it follows suit into the automotive industry. Let us know what you think in the comments below.