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Driving a luxury car is the ultimate symbol of wealth, prestige and success. However, luxury car driving is affordable and far more accessible than you might think. For a fraction of the cost, you can lease the luxury car of your dreams instead of buying it.
Leased luxury cars offer lower monthly payments, no depreciation, and the opportunity to drive the latest model every few years. Interested in leasing your dream car? This car leasing guide discusses how to lease a luxury vehicle and what you need to get started.
What Is a Car Lease
A luxury car lease is a popular long-term rental option where you borrow a vehicle for business or personal use for a fixed monthly fee. Leasing periods are typically between three and four years, and you can continue leasing the same car or upgrade to a new luxury vehicle at the end of the leasing period.
The monthly leasing agreement fee will depend on various factors. These include
- The luxury vehicle you choose
- The lease agreement length
- The annual mileage agreement
- The amount you pay upfront: The higher your down payment, the less you will pay monthly.
The Leasing Process
Once you have decided on the luxury car you want, the next step is finding a car leasing broker.
Choosing the Right Leasing Company
Using a car leasing broker like Lease Loco helps you streamline your search to find the best car leasing deals. A comparison website can also help you locate car leasing companies offering maintenance or insurance packages within your budget. The peace of mind that comes from working with a broker ensures you will receive a quote tailored to meet your personal needs and your budget.
Documents You Need
Leasing a luxury vehicle requires documentation, and a credit check will be conducted. Depending on the car leasing dealership, your documentation will be required before you begin the leasing process or after approval but before delivery takes place.
Most leasing dealerships require the following documents:
- A valid driving license
- Proof of residence
- Your insurance card
- Your latest payslips ( two to three months)
- Your business trading documents, such as registration forms, are required if you are a business.
Getting Insured
Vehicle insurance is compulsory in the UK, and most leasing dealerships do not include insurance since this will be your responsibility. A comprehensive insurance policy is best suited for leasing a luxury vehicle, ensuring that you will be covered no matter what happens.
Make sure to let your insurance company understand that you are leasing a vehicle. Your insurance company will know who to pay if you’re in a car accident.
Finalising Contract Terms
Once you have been approved to lease your dream luxury car and all the documentation has been authorised, finalising the contract terms is next.
The following terms should be included and agreed to
- The car lease contract length (typically between 3 to 4 years)
- The annual mileage
- The delivery date of your leased vehicle
- The agreed monthly instalment/payment
- Any additional costs associated with a maintenance package
Once you have agreed to the terms of your contract, your luxury vehicle will be delivered to you, and the final step is to enjoy your new ride!
What Are Maintenance Packages?
Most leasing agreements do not include a maintenance package, so you are responsible for all servicing your leased car needs. You’ll have to pay for maintenance packages, but considering it’s a luxury vehicle, you’ll save money when you have to change the oil filters, do tune-ups, etc. Choosing a maintenance package requires discussion with the leasing dealership.
What Happens at the End of Your Lease Contract?
You must return the car when your leasing contract ends, and your broker will handle the rest. The leasing dealership will inspect the car for damages or wear and tear to determine whether it is in good condition.
Maintaining the luxury vehicle in top condition is crucial, as any damage will be your responsibility. Excess mileage charges may apply if you exceed your annual mileage agreement – and they’re not cheap!
The option to lease your next luxury vehicle is perhaps one of the best parts of your leasing agreement ending!
Final Thoughts
The idea of driving a luxury car was nothing more than a pipe dream, but a luxury car lease makes that dream possible. Leasing a luxury vehicle may seem like a lot of work, but it is easy and efficient. Always ask your leasing broker questions if you are unsure; they will gladly assist you.
