London is a major hub for commercial activity in Europe. People from various countries come to this city in search of job opportunities. For commuters, the city offers a decent public transportation system. But, the public transport system is time-bound and crowded. Instead of choosing public transport, luxury car leasing in London is recommended to those who search for comfort in commuting and need an option for the longer term.
If you have settled in London recently, having a luxury car will help you explore many tourist destinations of the city with family. There are many other benefits of having a luxury car. The only problem is the budget. Buying a new luxury car is a costly affair, and thus you should look for alternative options.
If buying a luxury car is not financially viable, leasing a car is the best option. Leasing a luxury vehicle is not an uncommon thing in London. Many service providers offer vehicles on lease. One should know the steps to choose the best luxury car leasing service. In the following section, find some tips for super car leases in London.
How Does Car Leasing Process Work?
If you are going to lease a car for the first time, you should know how the process works. Leasing a car is similar to renting a car, though leasing means a long-term rental contract. Typically, the contract length varies from one to five years.
A luxury car leasing company gives many choices for cars to clients. So, you can check the options and pick a vehicle that suits your budget and requirement. After completing the selection process, you need to sign a contract with the leasing company. Typically, the agreement includes an upfront fee known as the “initial deposit”.
The contract also comes with a few more terms and conditions. Typically, the company for prestige car lease will specify the yearly mileage of the car. The mileage can vary from 8000 to 30000 miles. If you go for the higher mileage, you have to pay more for leasing the luxury car. If you lease a vehicle for commercial purposes, your company can obtain a discount on VAT.
Find a Registered Luxury Car Leasing Company
For luxury and sports car lease, you need to find a registered company in London. The company must have approvals from FCA and BVRLA. Find more information in this regard in the following section.
- Choosing an FCA-approved luxury car rental service is essential. For checking the FCA approval, you need to find the six-digit FCA reference number. You can verify the authenticity of the number through the Financial Services Register.
- Choosing a company with BVRLA (British Vehicle Rental and Leasing Association) membership will help you obtain top-quality services. Such companies offer fair and transparent super car leases.
Check Online Ratings and Reviews
For leasing a luxury car in London, you need to check online ratings and reviews of the companies. The companies with good reputation offer satisfactory deals. Nevertheless, reputed companies exhibit different ranges of luxury vehicles. You can easily compare prices for leasing different cars and choose the most suitable deal.
Use Google to find online reviews and ratings of a car rental service in London. You can make a list of the companies that have many positive reviews. Get quotes for leasing luxury vehicles from such companies, and you can easily compare the quotes to find the most budget-friendly provider.
GAP Insurance for the Leased Car
Guaranteed Asset Protection (GAP) insurance is not mandatory for leasing a car in London. But, purchasing such an insurance policy has a few noteworthy benefits. If the leased vehicle gets damaged or stolen, you can claim the money from the insurance company. However, GAP insurance policies are expensive.
Regular insurance policies are the alternatives to GAP insurance. However, regular insurance policies assure financial coverage based on the current market value of the vehicle. Every car loses market value with the advent of time. So, regular insurance policies will not cover the actual cost of leasing the vehicle.
Maintenance of the Car Is Your Responsibility
In most lease agreements, maintenance of the luxury car becomes the responsibility of the lessee. If you are looking for a prestige car lease for several years, you need to find a good maintenance package for the vehicle. A lot of car maintenance services offer exclusive and customised packages to their clients.
A good maintenance package deal comes with a few critical services. Make sure that you include the following things in the maintenance package for sports car lease.
- The package includes servicing costs with repair and replacement of parts. Some commonly included parts are brakes, exhausts, tyres, wipers, etc.
- MOT test coverage is another vital component of a luxury car maintenance deal. If you are leasing a car for less than three years, MOT coverage is not essential.
- The maintenance package must include air filter and fuel consumption checking in periodic intervals.
- Breakdown assistance is also an essential thing in a luxury car’s maintenance package. Good mechanics offer 24-hour recovery service.
Maintenance packages come with a few standard exclusions too. You can find those exclusions below.
- Repair for damages due to accident
- Damage to the vehicle due to the usage of the wrong fuel
- Repair for vandalised car
- Damage to body paints and scratches
Car Inspection before Leasing
For a prestige car lease, you need to inspect a car before finalising the leasing deal. For inspection, one can hire a professional mechanic. For a layperson, it is not easy to understand the conditions of different parts of the car. But, a mechanic can easily detect the strengths and weaknesses of a vehicle.
Investing a small amount in hiring an expert for car inspection can save hefty expenses later. A vehicle in poor condition will need frequent servicing. Thus, you will have to make regular expenses for the car. Moreover, a car in top-notch condition is safer on the roads. If the vehicle is not in great shape, it increases the risk of accidents.