Media post: What are the cost of a short-term car lease UK?

A short-term car lease typically costs between £400 and £800 monthly. However, some luxury vehicles or high-performance cars can cost upwards of £1,000 per month.

A short-term car lease in the UK refers to a lease agreement lasting less than 12 months, like those provided by Flexxilease. Compared to traditional long-term car leases that often last for 2 to 4 years, short-term leases offer a more flexible and temporary solution for individuals or businesses that don’t want a long-term commitment.

What are the main factors that determine the monthly instalments of a car lease?

The main factors that determine the monthly instalments of a car lease are:

– The car you choose.

– Your initial rental payment.

– The length of the lease.

– Mileage allowance.

What are the standard costs associated with short-term car leases?

Initial payment: This is an upfront payment required at the start of the lease. The initial fee can vary depending on the car’s make and model and the lease’s length.

Monthly payments: Monthly payments are made throughout the lease. The amount of the monthly payments will depend on the factors listed above and your credit score.

Mileage charges: Most short-term car leases come with a mileage limit. You will be charged an additional fee per mile if you exceed the mileage limit.

Early termination fees: If you terminate your lease early, you may be charged an early termination fee.

Other fees: Other fees, such as a processing fee, documentation fee, or disposition fee, may be associated with short-term car leasing.

Why should you choose a short-term car lease?

Flexibility: One of the primary advantages of a short-term car lease is its flexibility. With a lease duration typically 3 to 12 months, you can switch to a different vehicle or adapt to changing lifestyle needs more frequently than a long-term lease. 

Up-to-date models: Short-term leases often allow individuals to drive newer models with the latest features and technology. This is especially appealing for those who enjoy having access to the most recent advancements in automotive technology without committing to a long-term contract. 

Lower initial costs: Short-term leases generally have lower initial payments than long-term leases. This makes it a more accessible option for individuals who may not want to make a significant upfront investment or prefer to allocate their financial resources differently. 

Reduced maintenance costs: Since short-term leases typically cover the duration of the manufacturer’s warranty, lessees are less likely to incur significant repair expenses. This can result in lower overall maintenance costs, providing peace of mind and financial predictability during the lease period. 

Avoiding depreciation concerns: Individuals can avoid the long-term impact of vehicle depreciation with a short-term lease. As vehicles tend to depreciate rapidly in their early years, short-term lessees can enjoy a new car experience without worrying about the long-term resale value.

The costs of a short-term car lease in the UK can vary greatly depending on the type of car you choose, the length of your lease, and your mileage. Typically, car insurance isn’t covered within short-term leasing deals, so keep this in mind when budgeting. The benefits of short-term car leasing are becoming particularly popular with younger drivers as over two-thirds of 18-24-year-olds are looking to lease their new vehicle. One of the main reasons is the lower costs compared to outright buying a new or second-hand car.