Of course, there's never a bad time to lease a car, but some times are even better than others.
It's the same with most things. Just like how there's a best time to get a deal on a house, a bike or on a set of Christmas decorations, there's also a best time to lease a car.
After all, we know that when you have your mind set on a vehicle, you want to lease it at the lowest possible price, and there's a few different time-related factors which can help you achieve that.
The End of the Month/Quarter
Car dealerships and salespeople have monthly and quarterly targets that they need to hit, and on which their bonuses depend. This means that sales associates looking to meet their quotas may be more motivated to offer a cheap deal around these times.
So by waiting till the end of a certain month, there's a high chance that you could get lucky.
Holidays/Off Peak Times
In other words, times when business is quiet and everyone's wallet is usually being spent on other things like food, nights out and social events. Times like Black Friday, Cyber Monday, three-day weekends, and especially Christmas.
At the end of the day, dealerships and funders need to meet targets, and these are the times when fewer people are interested in sorting out a new car lease, meaning that some leasing companies may be open to offering deals at discounted rates.
The end of December can be an especially good time, as it's not only approaching the end of dealers' monthly AND yearly quotas, but it's also right in the middle of the biggest holiday of the year.
March and September: After the Release of a New Model
Although there's nothing stopping car manufacturers from releasing new models at any time of the year, the vast majority are released either in March or September, making these months an ideal time to take out a lease deal on a brand new car at a low price.
That's because they'll then want to get the older models out the door so that they can stock the new ones in their showrooms. So if you're someone who doesn't mind getting behind the wheel of an older model and losing out on certain new upgrades or features, then there's excellent deals to be had around this time.
Another point to note is that the registration numbers change at the start of these months as well. What this means is that any vehicles which might have been registered early before the first day of the month may have better offers, seeing as they have to be delivered as quickly as possible before they are classed as a used vehicle by the funders.
Bit of a double-edged sword though, because March and September may equally be bad times to swoop in on lease deals, as other people will be trying the same.
Weather/Seasonal Considerations
It's not always about financial considerations, though. The 'best' time for a good deal can also be dependent on the type of car you're after, and how that relates to the time of the year.
Say you want to lease a MINI convertible. You don't want to do that in the middle of winter, so just before summer and spring would be the best times in this instance.
In the same way, it could be worth looking into a deal on a 4x4 or an SUV ahead of winter. That way, you can take full advantage of the all-weather features like all-wheel drive and weather-specific driving modes.
Other Top Tips for Getting a Great Lease Deal
1. Look at similar cars
If you don't have your mind one-hundred percent set on a specific lease car, then why not check out other models in the range, or even a similar specification model from another manufacturer.
2. Be flexible with your terms
Say you've found your dream car, but the deal is set for a longer duration than you wanted, or with slightly less mileage allowance. If so, could you live with a three-year instead of a two-year lease? Or could you get by okay by doing 2,000 less miles per year?
3. Consider putting down a larger initial payment
Although the overall cost of a lease deal will still be the same if you pay a larger deposit upfront, the fixed monthly payments that follow will be made lower, allowing you to more easily manage your monthly expenditure. (Assuming you have access to a large upfront sum and can still afford the monthly lease payments.)
4. Be prepared to wait a little longer
Found your dream car, but not able to take it out on a 'ready to go' lease deal? Well then, you may be able to get it on a factory order deal instead. Provided you don't need the car immediately, of course.
Worst Time of Year To Lease A Car
As already mentioned, there can be specific times of year when it's not ideal to take out a lease deal on a certain type of car. For example, leasing a convertible in the winter (especially if you're on a short contract), or an SUV in the summer.
But financially speaking, there's two main times to avoid:
1. The beginning of the month, quarter or year:
If the end of a month, quarter, or year is the cheapest time to lease a car, then the reverse is also true. Dealers will just be starting on their quotas and won't have as much of an incentive to offer you a discounted deal.
2. When the market is hot:
Carrying out research, keeping an eye on the market and checking sales reports can all help you determine when this time is. Dealers will be doing particularly well when the market is hot, so the ball's going to be in their court and they won't be as inclined to offer you a discounted deal.
Summary
Well, there you have it. A definitive rundown of the time-related factors that can help to get you a cheaper lease deal on a new car.
If we had to pick an absolute 'cheapest time' to take out a car lease deal, it would have to be at the end of December, around Christmas. Not only will dealers be likely to offer cheaper deals due to it being arguably the quietest time of the year for the motoring industry, it's also the end of the month and of the year, further incentivising them to slash prices in order to meet monthly AND yearly targets.
FAQs
What time of year is the cheapest to lease?
Leasing is cheapest at the end of a month or quarter, as dealers might be behind on certain quotas and will be open to offering discounted rates.
What is the best month to lease a car?
Vehicle manufacturers tend to release new models in March and September, meaning dealers might offer discounted lease deals on older models in order to make space for them. So these are the prime months to swoop in on a great deal.
Why has car leasing become so expensive UK?
Due to a simple case of supply and demand. Nowadays, drivers are much more likely to get a vehicle via finance rather than cash. Due to this greater demand, the base rate gets driven up, meaning the monthly price of new vehicles also increases.
When should I start looking for a car lease?
If you're still on an existing lease contract, the best time to look is around six months before it's due to end. This gives you plenty of time to go through the leasing process and get your new vehicle ordered before the existing contract with the leasing company is over.