To Lease or to Not Lease
When leasing a personal car in 2024, there are some big decisions that need to be made. The biggest one of all is which fuel type do you want? With the EV market improving each month, the main decision is whether you bite the bullet and commit to an electric vehicle. The benefit with a lease agreement is they are typically 2-4 years in length, and you don’t have to worry about reselling the vehicle at the end of the contract. This is a fantastic option for personal customers as you aren’t responsible for the vehicle value once your lease ends.
There are also some fantastic petrol and hybrid models from most manufacturers, including incredibly economically 1.0 and 1.5 engines from the likes of Volkswagen, Audi, and SEAT.
Financial Flexibility vs. Long-Term Commitment
Personal leasing offers financial flexibility that traditional ownership does not. With a lease agreement, you commit to fixed monthly rentals over the length of your contract compared to forking out a huge lump sum to buy a new car outright. Leasing is an appealing option for those who like to change their motor every few years without the hassle of selling or trading in for a lower price than originally expected.
If you know roughly how many miles you drive each year, leasing makes perfect sense as you only pay for the annual mileage you have committed too. With any agreement, if you expect to exceed your mileage allowance, our funders typically charge you on a per-mileage basis, this can vary depending on the funder but is typically around 6 pence-per mile.
Making the Switch to Electric
In an era where climate change is at the forefront of global concerns, the environmental impact of personal transportation cannot be ignored. Leasing an electric vehicle (EV) can be an attractive option for environmentally conscious consumers. Many brands offer competitive lease deals on EVs, taking advantage of manufacturer incentives to make them more affordable.
In 2024, we expect the increase of EVs on the road to be a significant jump compared to previous years. As the technology gets developed, it becomes cheaper to manufacture. Eventually, this is passed down to the consumer, including personal customers looking for a new electric vehicle.
Technology and Connectivity
Leasing offers the benefit to always be at the forefront of the latest technological advancements, this includes autonomous vehicles with self-driving functionality, improved satellite navigation, the latest safety technology and more. Brand new cars usually offer improved convenience and connectivity that was unimaginable just a decade ago. With the flexibility of vehicle leasing, this gives consumers access to the latest technology on the market. Once your contract is due to expire, you can simply upgrade your car for the newest model available.
So, should you lease a personal car in 2024?
The decision to lease a personal car in 2024 depends on various factors, including your financial situation, lifestyle preferences, environmental values, and technological priorities.
If you are a customer who prioritises having access to the newest models on the market, the best upgrades to the automotive industry and want to avoid the hassle of having to sell your used car on, then personal leasing is the perfect option.
It makes even more sense for those customers who are looking to try running an electric vehicle whilst the car has warranty for the duration of the agreement, plus getting to grips with the UK’s charging network and what the real world range you can expect from a brand new modern EV is.
If you are interested in finding out more about personal leasing, get in touch with our team at Britannia Car Leasing. We have a huge dealer network and a wide range of trusted funders that we are partnered with to bring you the most competitive deals.
