Is it time to swap your Marmalade lease for something a little sweeter?

Younger and new driver car leasing is becoming ever more popular here in the UK and with the services of dedicated websites like Marmalade Leasing looking to introduce new drivers to a selection of lease vehicles for a one off monthly cost. It seems new drivers are spoilt for choice when it comes to vehicle leasing providing they can afford the high premiums per month for insurance.

Being a new driver and getting your first car is a dream come true. Freedom, expression and the ability to go anywhere anytime is a important day and milestone for many younger drivers.

Personal Car Leasing @CarLease UK & Moving on from a Marmalade Lease...

So you’ve passed your driving test and now its time to find your first car and one option open to some young and new drivers is the idea of a brand new lease car. But, the cost of insurance for many new drivers can be more expensive per month than many lease vehicle premiums.

One of the most common questions we receive here at CarLease UK is whether or not insurance can be included within a contract hire/leasing arrangement.

In short, most long-term leasing arrangements do not provide insurance as part of the package; insurance is something which you, or your business, must arrange yourself separately. There are “flexi-lease” options with car hire/rental organisations for individuals and businesses which all an all-inclusive position on the vehicle – these are more flexible arrangements in that they can often be terminated with little or no notice periods. However, this flexibility often comes at a significant cost.

Drivers aged 17-21...

For many young-drivers acquiring a brand-new vehicle is now pretty much essential! When you are looking to lease a vehicle, the main stipulation is that you are aged 18 (or older) as this is a credit based agreement. Before looking at any finance product, all younger-drivers should consider carrying out an online report to understand the basics of their credit position.

It is important that you carry this out at an early stage, rather than go into a car dealership or credit brokerage without truly understanding your ability to procure credit. Because many younger people have little to no credit, some finance companies will allow a joint-application, which means that a parent or guardian who resides at the same residential address to form part of the application.

In other cases, the younger-person may need to look at providing proof of earnings, 3 month’s banks statements and a higher initial rental in order to secure credit. Make sure you have covered some of the basics already i.e. registered at the correct address, on the electoral register and no CCJ’s/missed payments.

A further obstacle for many younger persons is car insurance. In some cases, the driver will pay substantially more on insurance than the actual car itself. According to recent research, the average insurance premium for a young driver between 17 and 22 is £1,771 per year. This proposition has led to some manufacturers and insurance companies to set up all-encompassing packages such as “just add fuel” and Marmalade’s “car’s for young drivers”. While there is no debating that these are a good method in which a young driver can begin to establish their credit rating and some no-claims discount on their insurance, there does need an accurate assessments of cost vs convenience.

Drivers aged 21-25...

In cases where a driver is aged between 21 – 25, there needs to be a good consideration of a long-term contract hire product vs an all-inclusive package. With contract hire, there is an ability to include all servicing, maintenance, tyres and breakdown recovery via a “funder-maintained” arrangement. What we advise younger people to do is to obtain a quote from us on this basis and then do their research online via the various insurance comparison websites to obtain an insurance quotation.

No/ Low Deposit Leasing Options?

If necessary we can offer low-initial rental quotations (sometime referred to as “no deposit” deals) if there is a restrictive budget. Once you have received a quotation from us, you can compare this against the packages including insurance and ascertain whether or not these actually provide you with the value they purport. In some cases, “insurance-included” packages are only available to drivers of a certain age, so do research the terms and conditions before jumping into your decision.

Learn more about car leasing in our Help and Advice pages or if you have any questions about leasing feel free to chat with one of our team regards your leasing needs. You can also read lease car reviews and news in our blog pages...

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