When is the best time to lease a car?

Car leasing is a great option for those who want to enjoy driving the latest model without forking out a lump sum or shouldering the expense of depreciation.

Leasing a new car rather than buying one is a cost-effective solution. If you shop around, you’ll find a huge selection of lease deals available—there’s something to suit all budgets!

However, if you want the best lease deals, it pays to research and be informed. In this article, we’ll provide top tips for getting a good car leasing deal and reveal the best time to lease a car. 

What is car leasing?

Car leasing is a financial agreement in which you pay a leasing company a fixed monthly fee to rent a new car from them. Most lease deals last between 2 and 4 years and require a small upfront payment.

At the end of the lease term, you return the car to the leasing company. Leasing a car is generally considered a cost-effective way to drive a new car. 

When is the best time to lease a car?

If you’re keen to get behind the wheel of the latest model, the best time to lease a car is as soon as it hits the market. Why? Because the car has not had time to depreciate at this point, and its resale value is at its peak. This means the leasing company can afford to lease it to you for lower monthly lease payments.

Although new vehicle models are released throughout the year, many are launched in March or September, when the new registration plates are released.

Another great time is during the winter, particularly around December, when fewer people are considering changing their vehicle as they’re focused on Christmas shopping instead. Many leasing companies offer special offers during this time to try to drum up more business during their quieter months, so it can be a great time to snatch up a deal.

What can affect the cost of leasing a car?

One of the great appeals of leasing over buying is that car lease deals are charged at one fixed amount each month, making budgeting for your car simple and affordable. However, the amount people pay monthly to lease a car can be wildly different. For example, at LetsTalk Leasing, our current lease deals vary in cost from £152.75 per month for a Fiat 500 to £1,646.07 per month for a Maserati Granturismo.

Let’s find out what factors influence the cost of the leasing deal. 

• Vehicle value – It goes without saying really that some cars are more expensive to lease than others. The higher the car’s initial sale price, the more expensive it is likely to be to lease.
• Length of the lease term — The monthly cost for shorter leases is often higher than that for longer ones because the cost is spread over a longer period.
• Anticipated mileage – Lease deals come with annual mileage limits, so when shopping for a lease deal, you’ll need to estimate your annual mileage and choose a deal you are confident will comfortably cover. The higher the mileage limit you choose, the higher the monthly cost will likely be.
• Estimated depreciation – Cars that are expected to depreciate less over the lease term can be leased for less since they should have a higher residual value once the lease ends.
• Initial payment – Most leasing companies will require you to make an initial payment when you take out the lease deal. Making a larger initial payment can help to reduce the price of your monthly lease payments.
• Market demand – How popular a car model is can also affect the price of the monthly payments to lease it. Popular models may be more expensive to lease, while leasing companies may drop the price on those in lower demand to attract more interest.

Top tips for getting a good car leasing deal

Okay, now that you’ve got a good idea about how car leasing works, let’s discover some tips for sniffing out the best lease deals.

1. Research and compare – The first point on our list is a bit of a fundamental rule when shopping – always make sure you research, shop around, and compare deals and prices. Never go with the first company and deal you see without checking out the competition.
2. Consider models with high residual value – Some cars hold their value better than others. Find out which cars that fit your requirements hold their value and depreciate slowest. These cars are often cheaper to lease. Similarly, brand-new models that have just been released will likely have higher residual value at the end of your lease term as they’ll still be in demand and have had minimal time to depreciate.
3. Don’t be scared to negotiate – Leasing a car is a big financial commitment, and some leasing companies are open to negotiating the price or the lease terms – it doesn’t hurt to try! Here at LetsTalk Leasing, we offer a price match guarantee, so if you find a cheaper deal elsewhere, we will try to not only match it but beat it!
4. Understand the lease terms — Before you sign on the dotted line, ensure you fully understand the lease terms and have read the small print to ensure it’s right for you and avoid any surprise fees or charges.
5. Consider the best time to lease a car – Consider timing your purchase for March or September, when most new models are released or during quieter times of the year when leasing companies are more likely to run special offers.
6. Check out LetsTalk Leasing’s special offers — We offer special offers and lease deals on popular car models all year round. Whether you’re searching for a hatchback for city driving or a family-sized SUV for year-round road trips, we’re confident you’ll find a special offer to suit your requirements and budget within our collection.

Find out what car leasing special offers we currently have available online, or for more information about our services, contact our team of friendly advisors by calling us on 0330 056 3331 or emailing contact@letstalkleasing.co.uk.