Comprehensive Guide to Car Leasing | All Your Questions Answered
Silverstone Leasing

Frequently asked questions

We get asked many questions about car leasing, such as what are the advantages of leasing a car? and the negatives? so we have put our frequently asked questions about leasing in one place. If you have any other questions, please contact us on our live chat below.

Question: What are the main drawbacks of car leasing?

The primary drawbacks include: 1) The car cannot be bought, hence there is no ownership. 2) A larger upfront payment is often needed to reduce the monthly payments. 3) The car cannot be customised. 4) The car cannot be sold.

Question: Could you explain how car lease agreements function?

Our leasing agreements involve a number of reputable funding partners, and we also have exclusive 'batch' deals with certain dealers. You can search for your desired car by make, model, or budget.

After selecting your preferred car lease deal, simply choose your preferred terms (2, 3 or 4 years) and the mileage. The lease rental will be displayed. If you wish to proceed, complete the online enquiry form and a member of our team will get in touch to discuss your needs.

We can inform you about delivery times, ensure that the car leasing deal is suitable for you and guide you through the application process.

Once credit approval from our finance partner is received, our customer care team will email the finance documents and arrange delivery.

If the car is a factory order, our customer care team will update you every week.

Once delivery has been booked, the driver will give you a 20-minute notice before delivery. Your account manager will also follow up after delivery to ensure you are satisfied.

We will stay in touch regularly to ensure everything is going well, and as the time for your car to go back approaches, we can arrange for a new car lease deal.

We strive to make the entire process easy and stress-free. This is one of the reasons why we have many positive Google reviews - 5 stars in fact. Please have a look.

Question: What are 4 major advantages to leasing a car?

The primary advantages are: 1) Fixed rental. 2) No depreciation costs. 3) New car every 2 to 4 years. 4) Low BIK on electric cars.

Question: What is a good monthly payment for a car lease?

The shorter the lease term, the higher the residual value, which translates into lower monthly costs. This, however, depends on the make and model of the car. Most customers prefer to make a smaller initial payment to maintain financial stability, especially in light of the current cost-of-living crisis.

Question: Who is the best car lease company?

We work impartially with the best funding partners in the industry, including LeasePlan, ALD, Novuna, Santander, Alphabet, Arval, Lex Autolease, and RCI Financial Services. We have the ability to advertise special offers from all these partners.

Question: What are the downsides of car leasing?

At the end of the contract, you will not own the vehicle.

Question: Is leasing a car a good idea?

If you're looking for fixed monthly payments and a new car every 2 to 4 years, then car leasing could be a great option for you. Feel free to browse through some of the offers we have.

Question: What is the most cost-effective way to lease a car?

Opt for a lower annual mileage, a shorter term, and include maintenance in your lease agreement.

Question: What is the purpose of car leasing?

Car leasing allows you to drive a brand-new car or van for a low monthly payment, without having to worry about vehicle depreciation.

Question: Is it more beneficial to lease a car for 24 or 36 months?

This depends on the residual value of the car. A higher residual value typically results in lower monthly payments. However, some customers prefer a longer term as it means less frequent changes of vehicles.

Question: How much does it cost to lease a Tesla?

We have partnered with Tesla to offer the best car lease deals. The cost varies based on your desired lease duration, mileage, and initial payment. We currently have special offers on the latest Model Y, with some rentals starting at £399 + VAT. Click here to see our latest Tesla offers.

Question: Why should one consider leasing a Tesla?

We've seen a significant increase in Tesla car leasing orders recently due to several factors. First, Tesla's supercharging network, allows you to charge your Tesla in just 20 minutes or top it up in 5 to 10 minutes. Secondly, availability. There is plenty of Tesla stock, which means you can lease a new Tesla and be in it within 2 to 3 weeks. Lastly, business leases of Tesla come with a low Benefit in Kind (BiK) rate, currently at 2% company car tax on all-electric cars. With its fast charging, quick delivery times, and great offers, Tesla is definitely a top choice.

Question: Is it possible to lease a Tesla in the UK?

Absolutely, you can lease a Tesla in the UK and even take delivery within 3 weeks! We at Silverstone Leasing offer both Model 3 and Model Y. Prices start from as little as £373 per month ex VAT for business leases, and we also offer personal leases.

Question: Can I lease a Tesla for 1 year?

You can lease a Tesla for a duration of 24 to 60 months. We also offer 18-month leases, but we find that a 3-year term is most popular among customers.

Question: Can a Tesla be left parked for a month when I go on holiday?

Yes, you can leave your Tesla parked for a month. Just be aware that you might notice a slight decrease in mileage, typically around 2 to 5 miles.

Question: Is it financially wise to lease a car?

We believe it is. Leasing a car gives you the benefit of a fixed payment plan.

Question: Is it more advantageous to lease a car for 24 or 36 months?

This decision depends on your personal preference. A 24-month lease allows you to change your car every two years. However, if you've made an initial payment, you'll have to do so again for the 2-year term. That's why most customers prefer a 36-month lease. We can tailor all quotes to suit individual needs.

 

Some more FAQ's below

What is the process involved in leasing a car?

    The car leasing process is pretty straightforward and involves the following steps:

    1. Research: First, you must determine the vehicle type you want to lease. Consider factors like size, make, model, and budget.

    2. Select a lease deal: Once you've determined the type of car you want, you can select your preferred lease deal. This includes the lease duration, typically between 2 and 4 years, and the annual mileage limit.

    3. Apply: After choosing a deal, complete an online application. The leasing company will check your credit and approve you if you meet their criteria.

    4. Finalise the deal: After approval, you'll finalize the lease agreement. This includes reviewing the contract, understanding your responsibilities, and signing the paperwork.

    5. Take delivery: After all the paperwork is done, the car will be delivered to you. In most cases, the leasing company will arrange delivery at a location convenient for you.

    Throughout the lease, you'll make monthly payments. You'll return the car to the leasing company at the end of the lease term.

What should I consider before deciding to lease a car?

    Before you decide to lease a car, consider the following factors:

    1. Mileage: Leased cars have a mileage limit, typically between 10,000 to 15,000 miles per year. If you exceed this limit, you'll have to pay extra charges. Therefore, it's crucial to estimate your annual mileage before leasing a car.

    2. Wear and tear: Normal wear and tear are expected, but any significant damage will result in extra charges when you return the car.

    3. Duration of lease: Leases typically last between 2 and 4 years. The longer the lease term, the lower your monthly payments will be. However, you'll be committing to the same car for a longer period.

    4. Insurance: Leased cars often require a higher level of insurance coverage, which can be more expensive than the minimum coverage required for owned cars.

Are there any additional costs associated with leasing a car?

    Yes, besides the monthly payments, leasing a car can involve several additional costs, such as:

    1. Down Payment: Some lease deals require a down payment to lower monthly lease payments.

    2. Registration and title fees: When buying a car, you must pay registration and title fees when leasing.

    3. Insurance: Lease contracts usually require higher insurance coverage, which can lead to higher insurance premiums.

    4. Maintenance and repairs: You'll be responsible for the maintenance and repair of the vehicle unless your lease deal includes a maintenance package.

    5. Excess mileage charges: If you exceed the agreed mileage limit on your lease, you'll have to pay extra mileage charges.

    6. Wear and tear charges: At the end of the lease, you may be charged for repairs if the car has damage beyond normal wear and tear.

Can I terminate my lease contract early?

    You can terminate a lease contract early, but it usually involves hefty early termination fees. The exact amount can vary based on your lease agreement, remaining time, and the leasing company's policies.

    Some leasing companies may allow you to transfer your lease to someone else, which can be a more cost-effective way to end a lease early. However, not all leasing companies offer this option and those that may require the new lessee to meet specific credit criteria.

    It's best to thoroughly review your lease agreement and understand the potential costs and penalties before deciding to terminate a lease early. If you want to end your lease early, it may be better to consider a shorter-term lease or even buying a car instead.

Special offers 

In stock Top deal Metallic Paint Included

SUZUKI SWIFT HATCHBACK

1.2 Dualjet 83 12V Hybrid SZ-T 5dr Auto

£209.63 Per Month (inc VAT)

£1,886.67Initial Rental

  • 48 months
  • 5,000.00 miles pa

£174.69 Per Month (excl VAT)

£1,572.21 + VATInitial Rental

  • 48 months
  • 5,000.00 miles pa
  • 48 month term
  • 5000 miles per annum
In stock Top deal

AUDI A3 SPORTBACK

40 TFSI e S Line 5dr S Tronic

£344.45 Per Month (inc VAT)

£3,100.05Initial Rental

  • 48 months
  • 5,000.00 miles pa

£287.04 Per Month (excl VAT)

£2,583.36 + VATInitial Rental

  • 48 months
  • 5,000.00 miles pa
  • 48 month term
  • 5000 miles per annum
In stock Top deal

MAZDA CX-60 ESTATE

2.5 PHEV Exclusive Line 5dr Auto [Comfort Pack]

£496.91 Per Month (inc VAT)

£4,472.19Initial Rental

  • 48 months
  • 5,000.00 miles pa

£450.65 Per Month (excl VAT)

£4,055.85 + VATInitial Rental

  • 60 months
  • 5,000.00 miles pa
  • 60 month term
  • 5000 miles per annum
In stock Top deal

TESLA MODEL Y HATCHBACK

Long Range AWD 5dr Auto

£543.68 Per Month (inc VAT)

£4,893.12Initial Rental

  • 48 months
  • 5,000.00 miles pa

£453.06 Per Month (excl VAT)

£4,077.54 + VATInitial Rental

  • 48 months
  • 5,000.00 miles pa
  • 48 month term
  • 5000 miles per annum
In stock Top deal

TESLA MODEL Y HATCHBACK

Performance AWD 5dr Auto

£649.75 Per Month (inc VAT)

£5,847.75Initial Rental

  • 48 months
  • 5,000.00 miles pa

£541.46 Per Month (excl VAT)

£4,873.14 + VATInitial Rental

  • 48 months
  • 5,000.00 miles pa
  • 48 month term
  • 5000 miles per annum
Top deal

PORSCHE MACAN ELECTRIC ESTATE

300kW 4 100kWh 5dr Auto

£899.46 Per Month (inc VAT)

£8,095.14Initial Rental

  • 60 months
  • 5,000.00 miles pa

£749.55 Per Month (excl VAT)

£6,745.95 + VATInitial Rental

  • 60 months
  • 5,000.00 miles pa
  • 60 month term
  • 5000 miles per annum
Top deal

SKODA ENYAQ ESTATE

210kW 85x Sportline Plus 82kWh 4x4 5dr Auto

£560.59 Per Month (inc VAT)

£5,045.31Initial Rental

  • 60 months
  • 5,000.00 miles pa

£467.16 Per Month (excl VAT)

£4,204.44 + VATInitial Rental

  • 60 months
  • 5,000.00 miles pa
  • 60 month term
  • 5000 miles per annum
Top deal

KIA SPORTAGE ESTATE

1.6T GDi ISG GT-Line 5dr

£333.05 Per Month (inc VAT)

£2,997.45Initial Rental

  • 48 months
  • 5,000.00 miles pa

£277.54 Per Month (excl VAT)

£2,497.86 + VATInitial Rental

  • 48 months
  • 5,000.00 miles pa
  • 48 month term
  • 5000 miles per annum
In stock Top deal

MG MOTOR UK ZS HATCHBACK

1.0T GDi Exclusive 5dr DCT

£297.03 Per Month (inc VAT)

£2,673.26Initial Rental

  • 48 months
  • 5,000.00 miles pa

£247.52 Per Month (excl VAT)

£2,227.72 + VATInitial Rental

  • 48 months
  • 5,000.00 miles pa
  • 48 month term
  • 5000 miles per annum
Top deal Metallic Paint Included

VOLKSWAGEN TIGUAN ALLSPACE ESTATE

1.5 TSI R-Line 5dr DSG

£444.50 Per Month (inc VAT)

£4,000.50Initial Rental

  • 60 months
  • 5,000.00 miles pa

£370.42 Per Month (excl VAT)

£3,333.78 + VATInitial Rental

  • 60 months
  • 5,000.00 miles pa
  • 60 month term
  • 5000 miles per annum
In stock Top deal

TESLA MODEL 3 SALOON

Performance AWD 4dr Auto

£880.75 Per Month (inc VAT)

£7,926.77Initial Rental

  • 48 months
  • 5,000.00 miles pa

£733.96 Per Month (excl VAT)

£6,605.64 + VATInitial Rental

  • 48 months
  • 5,000.00 miles pa
  • 48 month term
  • 5000 miles per annum
In stock Top deal

VOLKSWAGEN GOLF HATCHBACK

2.0 TSI GTI 5dr DSG

£414.84 Per Month (inc VAT)

£3,733.56Initial Rental

  • 48 months
  • 5,000.00 miles pa

£345.70 Per Month (excl VAT)

£3,111.30 + VATInitial Rental

  • 48 months
  • 5,000.00 miles pa
  • 48 month term
  • 5000 miles per annum