We are often asked about the virtues of used car lease deals. The perception is that these are cheaper than new car lease deals and offer better value for money and in principle you would be right. Used cars cost less than new cars!

However, you do need to look at used car leasing with a different mind set and expect a different package to that you currently would get with a new car. First of all, used car leases are cheaper because the steepest amount of the depreciation has been lost after the first 12 months but to sustain the price advantage you need to lease the car for a 3 to 4 year period. Don’t expect to get a bonanza deal on 1 or 2 years.

Typically used cars are set up with a balloon payment at the end as well so you will own the car in the long run much like a personal contract purchase and unlike a personal contract hire. This by it’s very nature is very small amount of money because the car is that much older.

So how much can you save? Well expect on a 3 or 4 year used leasing deal expect to save between £30 and £70 per month on new car lease rates.