Is car leasing for me?
Some people think about car leasing and they say, what about my children though? Or my cat, or my dog? are they gonna wreck my car? Is leasing for me?
It's a really important question, actually, because lots of people are put off from leasing because they've got young children, they've got scatty animals. And they think that this is gonna end up with them having a really big fine at the end of that contract because there are stains on the leather or there are crisps in the carpet.
But it's really important to distinguish between what is just general wear and tear, or what its actual damage. That's right. That's exactly right. So if you own the car and you have food stains or juice stains, or whatever it maybe or scratch marks inside your car, you will probably see a price drop when you sell it privately or give it back to a dealer.
But leasing works differently because you need an external assessor to come out and see if he thinks the car is actually damaged or not, because the fact is, they're not buying the car.
So the British Vehicle Rental and Leasing Association, or BVRLA for short, actually has guidelines on what is fair wear and tear. So what you think might be damage might actually be just wear and tear. Very good.
And I have with me right here a bump and scratch measuring tool you will get with your least purchase from your dealer, funder or broker.
Now this tells you what you are allowed. Dents; You're allowed up to ten millimetres in diameter. No more than two per panel. Paint must not be broken. With the scratches, you are allowed up to twenty five millimetres. These are acceptable. Primer or bare metal must not be showing, moulding and wheel arch trims, scuffs and scratches up to twenty five millimetres are acceptable. Moulding or trim must not be cracked, broken or deformed.
Great, so to put it into real terms. That's almost like having a nearly two inch scratch every single wheel. Imagine taking that into a car buying company like, What's that one called again? We Buy...
Anyway, true story. My friend actually had a scratch on his wheels, and he ended up having to pay £360 to cover it. But really, he just repaired it himself. It would only cost £180. Anyway... Luckily, with car leasing, you don't have that issue as you're not selling your car.
That's right. And if the marks are worse than that, you may be pleasantly surprised because, in fact, the price you'll have to pay back will be a lot less than what you think.