Buying a car straight of the lot isn’t your only option when it comes to getting a great vehicle at an awesome, affordable price. Car hire, in which you lease the car you would like to have, is also a great way to get the exact car you would like, but with reduced payments that reflect the limited amount of time for which you will be using the car.
If you are interested in exploring car hire, then there are a few facts you should understand before you start car hunting. Here are some important points to keep in mind during your car search:
- Understand What Car Hire Is
If you want to get the most from your leasing options (leasingoptions) then you need to understand how the terms of a lease work. When you get a car under this arrangement, your monthly payments are not calculated based on the total cost of the vehicle. Instead they are calculated based on the amount the price of the car is expected to depreciate while it’s in your hands. So for example, if the car’s price will drop GBP 15,000 while you have it, then you will be expected to pay that GBP 15,000 in monthly payments while you are using it. This can reduce the amount you end up paying, if you negotiate the right deal.
- Most Car Hire Deals Are for New Cars
Following from the point above, dealerships get the most money from leasing a car when they lease a new model. That’s because the car loses value fastest in its first several years on the market. After that, the price declines more slowly, and the monthly payment a dealership can expect from a car hire arrangement decreases accordingly. For older cars, the monthly payment might be so low that it’s not worth the dealership’s effort. So know ahead of time that you will likely only have new (or relatively new) cars to choose from.
- Car Hire Deals Are Negotiable
Although it is true that the price you pay for a car hire is determined by a fairly rigorous mathematical formula, that doesn’t mean that you aren’t free to negotiate. Generally, dealerships will try to tack a little extra onto the price they charge car hire customers, simply to pad their margins. You can press them on this, and often negotiate them down to a more reasonable price. Don’t feel trapped into overpaying, simply because all the dealerships offer you higher prices right off the bat.
- You Need to Know the Full Price of a Car You Hire
The final point to understand, in order to get the best possible deal, is that the only way you can negotiate fairly with a dealer is if you know how much your potential car would retail for, and how much it’s expected to cost at the end of your lease term. You can find these values by checking online with the Kelley Blue Book or a number of other car appraisal services. Getting accurate numbers for these sources may cost you a little bit upfront, but could potentially save you hundreds down the road.