What happens if you crash a leased car?

If you crash a leased vehicle, the company you hired the car from will still require lease payments. Thankfully, your vehicle insurance will cover the cost of the damage (up to the policy limits and less any excess amount). Yet, bear in mind that if the vehicle is totaled, the insurance firm will only pay out on the vehicle’s fair value.

Why should you lease and not buy a car?

There are many advantages of leasing instead of buying a car. For one, monthly leasing payments are lower than payments through financing means. It’s also a more feasible way of consistently driving a new, high-end vehicle without it costing an arm and a leg. Additionally, you don’t have to worry about depreciation or upkeep of the vehicle as the car ages, as the car will not be your problem then!

Can I negotiate a lease price?

Yes, you can negotiate a lease price. Different leasing companies offer contrasting levels of flexibility in negotiations. However, the better prepared you go into the discussion, the more likely your chance of successfully negotiating a lower payment is. Make sure you have shopped around and collected competitor figures for the best chance of a successful negotiation.

Lauren Le-Hair, Author at Lendstart

04 Dec, 2022

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