Personal Leasing
Over the last few years, personal car leasing has become more and more prominent in the UK.
Mainly the reasons are for convenience. Joe bloggs no longer wants to worry about his car losings it value on the drive - or a poor review in a magazine dropping the future value of his car.
Personally leased vehicles are now available from most car dealerships and even over the Internet.
Another reason is price. With the bulk buying power of car leasing companies now, and the distribution they have with the various car leasing brokerage networks, the price monthly for leasing a car has dropped dramatically.
I have seen family saloons for less that 150 pounds per month, and shopping style runabouts from less than a hundred.
Now that’s not a bad deal for a brand new car, once every two or three years.
A huge contributor in the drive toward personal leasing has been cash for car schemes operated by employers. Conventionally, an employee might be entitled to a company car - but now companies are moving more and more toward giving a cash car allowance and letting the employee find the car (usually with some restrictions). This has a huge effect on the BIK and car tax an employee is likely to contribute making personal leasing a much more cost effective option to a company car.
Soon, I will produce a full breakdown with a comparison of costs for a typical company car user compared to taking the vehicle on a personal lease and post it here.
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