Short Term Car Leases
The minimum period for the lease of a new car from a dealer is 24 months. Despite that, a lease, which is given for any period less than 24 months, is called as a short-term lease. If there is a lessee who wishes to get out of a lease, and another wants to assume that lease, then the person who assumes the lease might get one for less than 24 months. This constitutes a short-term car lease.
Leasing a car for a short term is always more economical. For a person who assumes a short-term lease, there are plenty of advantages. If the original lessee has already made a down payment, then the assumer is saved that amount in monthly payments. Also, most of the insurances are already covered. The lease remains active for a few months, which means that there is less risk of damage and accidents. However, the short-term leaser would be responsible for any damage to the car done during the period of the assumption.
A short-term car lease also proves to be more economical than buying a car for a short time by taking a loan. If we compare the same make of vehicle, same time, same terms and same down payment, it is observed that a leased car will cost 30-60% less than a car taken on loan.
Since depreciation of a car is much more in the first year than in the succeeding years, it is better to go for a short-term lease after the first year is over. This makes it a slightly used car, but it saves a huge bundle in depreciation. It is better to not make it too late because the warranty period would be over and the damages would not be covered. Also cars become less reliable as they get older and need more maintenance.
In Europe, short-term car leases are available to tourists. There, short-term car leases mean anything above 17 days– the minimum leasing period for a tourist. Renault, Peugeot and Citroen are the most popular short-term lease cars in France. They are very convenient for tourists, as well as students due to their pick-up and drop-off anywhere system. In most cases, the cars are not inspected when they are dropped off.
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European Short Term Car Leasing
An extended vacation, where you can drive around Europe and explore off the beaten path, can be an achievable dream. If you are considering a European vacation where you will have much more freedom and flexibility than with a guided tour, driving a car through Europe can be the ultimate vacation experience. The best and least expensive way to achieve this is through short term car leasing.
Short term car leasing involves buying a new car straight from the factory while you are in Europe, and ending the lease by having the car manufacturer buy back the car when you are ready to leave. There are two main companies in Europe that participate in this program, Renault Eurodrive, and Peugeot. This method of driving a car on your vacation has many benefits and only a few restrictions.
The main factor you will want to consider is how long you will need the vehicle. For a short term lease, you will need to lease the vehicle for at least 17-21 days, depending on the manufacturer. These programs work well if you have a longer trip planned, and want to use the vehicle for at least three weeks or so. You will be able to keep the vehicle for close to six months, which allows for a nice long vacation. The other requirement is that you have a permanent address that is not in the European Union. As long as you are living in the US, Canada, or a similar county not in the EU, you will meet this requirement.
There are many benefits to leasing as opposed to renting a car in Europe. First, you will have a new vehicle, so you can be assured its in good shape. If there are any mechanical problems, you will also have 24 hour roadside assistance included in your package.
One of the major benefits with short term leasing is the cost. By leasing, you will avoid the value-added tax (VAT) that can make up to 20 percent of a car rental fee in Europe. You will also get complete insurance without having to pay any additional fees for collision damage waivers. Unlike a rental car, you will protected from paying out of pocket if the vehicle is damaged without having to get additional insurance.
For many tourists, another benefit is the lack of age restrictions that normally accompany traditional car rentals. As long as you are over 18, you can lease a vehicle, and more importantly, there are no maximum age limits. With car rental companies, many have a cut-off age of 70, and they won’t rent to anyone older, or let anyone older drive the vehicle.
Starting and ending the lease process is simple. You can reserve your car, and complete most of the paperwork online, before you even leave for your vacation. When finished, you will be able to drop your vehicle off at a variety of locations that are convenient to your departure.
If you are planning an extended holiday, short term car leasing should be your first choice. You will have a lot of flexibility, and receive major savings over renting. If you need an excuse to extend your vacation to the required leasing period of three weeks or so, your car savings may help make up the costs of additional vacation time.
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Advice On Hiring A Car In Tenerife
There are a number of companies offering car hire on Tenerife but as it is now high season for the Canary islands, to ensure that you get the car you want it is better to prebook your car for collection at the airport as it saves time and cuts down on transfer costs. Also it is often the case that the further in advance you rent a car the bigger the discount offered. If you have a hire car waiting for you at the airport you can be on your way without waiting for a bus or a taxi. It is relatively easy to drive here as finding your way around the Island of Tenerife is pretty straightforward.
The main companies at Tenerife South Airport and Tenerife North Airport offering car hire are: Betacar, Autos Reisen, Avis and Cicar. We have joined forces with a company called CarTrawler who match your requirements against a large database of local car hire firms and then offer you the best rates for car hire at both Tenerife Airports. They will provide a free online local, national and international quote for your Spanish Car hire, but just to give you some indication of costs: a Peugeot 206 or similar hired for seven days during the last week in November (Saturday to Saturday) in Tenerife will cost you under £100 (this quotation includes collision damage waiver, theft protection, third party liability, VAT, unlimited mileage and airport fees). There are usually some good deals to be had so it is worth contacting Cartrawler to save you shopping around.
As well as middle of the road functional cars many car hire companies in Tenerife are now expanding into the growing market of luxury car rentals so if you are travelling on a business expense account, or simply want to indulge a dream, you can now explore Tenerife in a vehicle which is far from ordinary. Driving a BMW 3 Series Cabriolet or four wheel drive vehicle is not always possible on a long-term basis, but renting a car means that you can live the fantasy at least for the duration of your holiday. Once you have hired your ideal car the last thing you will want to do is get out of it in a hurry, so make the most of it by planning trips in advance and parade around the city centre or just enjoy a scenic drive.