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How long should you lease a car for?

Are you thinking about a car lease, but you’re not sure how long you should lease it for?

There are many car leasing offers out there – most of which are advertised with 2, 3, 4 or even 5 year leases.  But why do they vary and how does the length of a car lease affect you?

4 or 5 year car leases

In most cases we wouldn’t recommend leasing a car for this long.  Some companies advertise 4 or 5 year car leasing deals because they look cheaper.  The longer you lease a car, the cheaper the monthly rental will be – this is because you are financing the car over a longer period.

If you want to bring the cost of your lease down, leasing over 4 or 5 years will do this.  But you should be aware of the following:

  • Manufacturer warranty’s typically only last 3 years – so your lease vehicle will not always be under warranty
  • You’ll have to pay for an MOT after 3 years
  • You will be more susceptible to wear and tear charges – because you’ll be driving the vehicle for longer 

3 year car leases

3 year contracts are the most common.  This is because you get to spread the cost of the lease over a reasonable period - and because the car will still be covered by the warranty (as long as you are within the mileage limit of the warranty). 

2 year car leases

In the last couple of years, 2 year contracts have been popular.  People like them because they are only committing to a contract for 2 years. 

In the past there have been many low cost 2 year leases.  But due to the current economic climate, they are now quite expensive.  This is because leasing companies don’t want cars being returned to them in 2 years.  The market is very volatile at the moment and the risk of losing out on depreciation is quite high.

Need more help?

We're a friendly and helpful leasing company - We take the time to find you the best leasing deals that are right for you.  Why not contact us for advice on 0845 052 5268 or ask for a leasing quote

01993 894981 info@vesource.co.uk
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