Leasing: What you need to know and what to watch out for

Although the Greek market is not the most mature in Europe, the trend of abandoning the traditional model of car ownership and adopting more flexible forms of owning and using a four-wheeler has gained considerable momentum.

More and more people are looking for a more… relaxed and therefore carefree relationship with their car, choosing to pay a pre-agreed monthly lease, which includes not only the right to the exclusive use of a vehicle but also the costs incurred during the duration of this cohabitation.

The benefits offered by a long-term lease program vary and in most cases are completely tailored to the needs and wants of the prospective client. Indicative of the flexibility offered by the long-term lease option is the possibility to change the car before the end of the pre-agreed period, so that the user always has at his disposal the car that matches his professional or family status.

Apart from the given flexibility of a leasing program, an equally important advantage is the fact that to start the lease and the use of the vehicle, a significant amount is not required, as is usually paid in the case of a purchase, but only an advance payment of 4,000 or 5,000 euros.

In fact, there are not a few cases where a leasing program even provides for a zero down payment, an option which increases the amount of the monthly rent. The duration of the lease of a vehicle is also adjustable, starting from 36 months and reaching up to 60 months, while a number of options exist even after the end of the contract between the user and the leasing company.

The better availability of the models that a company has in its fleet, as well as the significant tax benefits, which arise for professionals, also answers why one should choose leasing instead of buying.

Also important is the fact that the cost of the lease and therefore the use of the car is fixed throughout the duration of the contract, while at the end of the contract the user can acquire his new car following exactly the same procedure. In this way, the driver can enjoy the services of modern and efficient cars, which offer the maximum in terms of active and passive safety.

The provision of a replacement car in case of car breakdown, full insurance coverage, strict service and tire replacement scheduling and exemption from any tax burden complete the long list of benefits of a long-term lease program.

CHOOSING A CAR WITH LEASING

The multitude of long-term leasing options offered in the Greek market requires the professional or individual to carry out extensive research before finding the program and car that suits them.

Equally important is the choice of company to work with for years to come, whose consistency and support will largely determine the user experience. The “fine print” of the lease agreement is an issue that can cause friction in the relationship between the two parties, as it can hide critical details, such as the maximum permissible number of kilometers that can be driven with the vehicle, the terms of damage coverage, the method and time of payment of leases, the terms of returning the car after the end of the contract, etc.

Finally, the fact that with the leasing process our relationship with the car is not permanent does not mean that this makes it easier to choose it, as living with a car that does not fit and does not serve our needs can prove to be painful. We must, therefore, carefully choose the vehicle we are going to lease, starting from the offers that are published from time to time by all the major leasing companies and eventually ending up with more personalized proposals.

Copyediting:

Aris Galanopoulos

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