How To Find The Cheapest Car Lease Deals In 2024

How To Find The Cheapest Car Lease Deals In 2024

In the current economic climate, households are constantly on the look-out for ways to make lifestyles cheaper and more affordable, and motoring is a key element of this budgeting strategy. There are many benefits to vehicle leasing compared to purchasing a car outright, but does that always mean the lease deal is cheaper overall? And what can we do to make sure it is?

The many benefits of car leasing include no disposal costs, flexible terms to suit you, and the inclusion of a manufacturer’s warranty, breakdown cover and road tax. With a car leasing deal you can also expect lower monthly payments than comparable finance deals to purchase the same vehicle. This means we can afford a higher spec of car for the same money we would be paying to buy it, but that doesn’t necessarily mean it is cheaper over the full duration of the lease agreement.

When assessing leasing costs we need to look at the total overall cost, ie. the sum of the multiple monthly payments, plus the initial deposit. Is that cheaper or more expensive than the value you would lose in depreciation when buying and selling the same vehicle? The answer is that this will vary, but there ARE ways to make car leasing cheaper than buying the same vehicle.

Understanding what makes car leasing cheaper than car buying

When a leasing company takes a vehicle back after it has been leased, in many cases they will sell the vehicle after it has been leased. Just like any vehicle ownership transaction, they will take into account the drop in value due to depreciation, so the leasing company knows it will lose money upon selling the car, so the monthly leasing cost you are paying is actually covering the estimated value of this depreciation. This is why the mileage restriction is an important element of the leasing deal, because the less you drive the vehicle, the less it will depreciate and the less you will pay in your monthly cost.

Another major factor in finding the cheapest leasing deal is partnering with an established leasing company, such as Pink Car Leasing. The major leasing companies have good partnerships with the major motoring brands and they will buy multiple vehicles at a time, often at a discount, which means they pay less for a vehicle than an individual would in a car dealership. This is how car leasing is much more competitive than buying a vehicle, as long as you choose an established and reputable car leasing company.

What makes a leasing deal more affordable?

So now let’s look at the ways you can search for cheaper leasing deals in 2024:

• Stock – The best leasing deals change all the time and stock availability is a big factor, so if you have a particular model you are keen on, it is worth being patient and keeping an eye out for the best leasing deals, because stock availability can change throughout the year, and regular pricing reviews mean that if a leasing company has a surplus of stock at one point, it may choose to offer some more generous deals.

• Mileage – Make sure your anticipated mileage is realistic. You don’t want to end up paying over the odds for mileage you are not using, but equally, you don’t want to be paying additional charges for exceeding the mileage.

• Used cars – If it is not a deal-breaker to drive a brand new car every time, then consider a pre-leased vehicle for your next lease, as this will be much cheaper.

• Budget – If you have a strict budget and this is more important than the actual car you drive, then make sure you stick to it. You will be able to find a great value leasing deal if you search online, and you may be pleasantly surprised at the spec of the vehicle your budget will cover. On the other hand, if you are fixated by a particular make and model, you are more likely to stretch your budget and the deal becomes less affordable.

• Service and maintenance – Some leasing deals include service and maintenance and some don’t. It is always worth checking this, and if necessary, could you search for and negotiate your own servicing and maintenance costs independently? Could this make the deal more affordable? If you are driving a brand new vehicle, for example, is it cheaper not to include a fixed service and maintenance cost, because you shouldn’t expect many maintenance issues?

Contact Pink Car Leasing for the cheapest car lease deals in 2024

At Pink Car Leasing we have over 20 years’ experience in the vehicle leasing industry and this has enabled us to build strong relationships with all the major motoring brands. We can pass on the benefits of this to you, with a range of special offers and the best value car leasing deals on the market. In order to find the cheapest car leasing deals in 2024, check out the amazing value you can find at Pink Car Leasing.