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Frequently Asked Questions - EV's

Here are a selection of our most commonly asked questions, view all of the questions on our FAQs page and feel free to get in touch if you can not find the answer you are looking for..

How does leasing work?

A lease is essentially a long-term rental agreement, offering exclusive use of a car for a set period at a fixed monthly price. As a business, this is the most cost efficient method of funding the vehicles as it takes advantage of the tax and vat regulations to reduce the whole life running cost of your vehicles and is supported by the buying power of the finance company, to assist in reducing the cost even further. The greatest cost of running any new car is depreciation, and many new cars will lose more than half their initial value after the first three years of ownership. Leasing a car lets you avoid any unexpected costs by offering a fixed monthly payment for the term of the lease. Unlike dealer finance or bank loans you only pay for the depreciation of the vehicle over the term rather than the full capital value. Rather than pay large deposits you simply pay a small initial amount, usually equivalent to three monthly payments, at the start of the lease. Then, at the end of the lease period (typically two or three years), you simply hand the car back. The job of selling the car and picking up the tab for depreciation is the responsibility of the lease company.When the lease ends, the vehicle is returned, and you can lease again.

What is Personal Contract Hire?

Personal Contract Hire is a long-term rental agreement giving you the exclusive use of a car or van for a set time for a fixed monthly payment. It is often a cheaper alternative vehicle funding option than the more traditional routes of a bank loan or dealer finance. You have complete freedom of choice over your vehicles make, model and specifications (colour, trim, in-car technologies etc.) and your contract is tailored to suit you in terms of your estimated annual mileage, the length of the contract and how you'd like your payments to be structured.

Who is Personal Contract Hire (PCH) for?

Fixed costs - meaning it is easy to budget, with no surprising costs. Convenience - You can add an optional fixed cost maintenance package to your monthly rentals which covers regular servicing, replacement tyres and other consumable parts giving peace of mind and reducing unexpected bills. (for more information, please see the separate Maintenance question) brand-new car every 2,3 or 4 years Full Manufacturer's Warranty, Annual Road Tax and Breakdown Cover included in monthly rentals. No worries about the impact of depreciation when it is time to upgrade your vehicle.

What is the optional Maintenance package?

For a fixed monthly rental that protects you from the rising costs of servicing, you can benefit from a maintenance package that safeguards your vehicle against any unexpected issues, regular scheduled servicing and MOT's (if applicable) You also have the peace of mind knowing that any work on your vehicle will be carried out by qualified technicians at accredited service centres. Mechanical and Electrical items that fail are repaired as necessary including all labour costs. All Manufacturers scheduled servicing and MOT's (if applicable). Replacement of any perishable item such as bulbs, wipers, batteries, exhaust etc. Replacement tyres (where included in a maintenance plan) where tread depth is less than 2mm (legal limit for MOT is 1.6mm). Please speak to one of our advisors for further information on what is covered under a maintenance plan

Why should I lease a car instead of buying one?

Leasing or contract hire has always been a popular way of running a car for businesses, however, due to heavy depreciation and the potential of unexpected and ever-increasing repair costs associated with car ownership, more and more private individuals are looking at the option of leasing Acquiring a new car through a PCH agreement means you can replace it every 2, 3 or 4 years. You just hand the car back at the end of the contract and take out a new one, avoiding the hassle of having to sell your old car privately or the disappointment of a low part exchange value. The added inclusion of a manufacturer's warranty, annual road fund licence and breakdown cover gives you complete peace of mind.

I can't see the exact model I want, what do I do? Can I add options to the car?

We can offer highly competitive quotations on most makes and models. We can also help you build your own car to your requirements. If you can't find your exact requirements, please give us a call on 01904 682892 or email us at sales@drivespeedleasing.co.uk where one of our advisors will be able to assist

Do you take Wear and Tear into consideration when leasing a vehicle?

A vehicle lease will always take into consideration something called 'fair wear and tear', where a vehicle's condition deteriorates over time. What the lease industry considers to be fair wear and tear is actually standard and set out by the British Vehicle Rental and Leasing Association (BVRLA). You can see details of the BVRLA here and our advisors at Drivespeed Leasing are always on hand to explain the 'wear and tear' process, too

Do I need to tax and insure a car I lease?

All our car Contact Hire deals come with the road tax paid. But you'll need to arrange your own insurance, as it's not included as standard with a Drivespeed Leasing deal. The lease customer needs to be the main driver on the insurance policy, though you can add other named drivers to the policy. And it's also your responsibility to ensure you have a fully comprehensive insurance policy. If you have any questions about lease car insurance, please email sales@drivespeedleasing.co.uk and speak with one of our specialist advisors

What is Van Leasing?

Van leasing is one of the growing ways to drive a brand new van for a specific period of time. Van lease deals typically last between 2 and 5 years. Simply put, you choose a new van or pick-up, pay an initial payment and then pay a monthly amount to drive it for a certain time period that you choose. And at the end of the lease period you simply hand it back. Taking a van leasing deal means you get access to all the latest van makes and models that have the newest technology, latest practical features as well as the most efficient engines

Benefits of Van Leasing

Van leasing provides so many benefits, including affordable fixed monthly fees, no risk of vehicle depreciation as well as no selling hassle at the end of the agreement, giving you much greater control over your automotive outgoings. And if you are a business then you can offset the VAT of the lease and you can even claim the lease payments as a business expense. Furthermore, you and your employees are always driving the latest vehicles, both helping the company's brand image whilst removing some of the risks associated with older vehicles at the same

Who can lease a van

Whether you are a mid-size enterprise, a business looking for a large fleet or a self-employed tradesperson looking for an upgrade to a brand-new van, we have a van lease deal for you. Van leasing is available for both businesses and private individuals, with the ability to build your leasing arrangement to your exact mileage and contract length specifications.

Can I lease a Pick-Up

Pickups are fast-becoming one of the most popular commercial vehicles to lease thanks to their unique combination of everyday practicality and versatile design. Pickups are a great option to balance your work and personal life. As one of the UK's leading pickup lease suppliers, we provide special offers on the UK's most popular pickups

Can I lease an Electric Van?

Yes, you absolutely can, and Drivespeed Leasing have some great deals when it comes to eLCVs. Manufacturers are constantly developing new electric vans and the technology is developing almost daily! An electric van lease could also offer significant savings to businesses who need to use their vehicles for personal journeys, with a new zero percentage benefit-in-kind (BIK) tax rate for electric vans having taken effect on April 6 2021.

Can I lease a specialist van?

We've got a van body type to suit all needs and budgets, with access to high quality conversions from all the major manufacturers. Whether you need a three-way tipper, a dropside with a long wheelbase, or a minibus to transport the entire crew to the site, we've got a lease van for you.

Drivespeed Leasing are also incredibly proud of our MS-RT Leasing brand. We are able to help with funding for one of Ford's incredible MS-RT commercial vehicles. Click here to visit the MS-RT Leasing website

How do I know what van is right for me?

You're likely to have really personalised, individual business needs and our advisors are always on hand to help you make that choice. Do you need a double-cab, or will a single-cab with a three-seat bench suffice? If you're concerned about load space, will an affordable small van like the Vauxhall Combo Cargo, which has a payload up to a whopping 900kg, actually mean you don't need to lease a medium-sized van? If you're thinking about leasing an electric van, then range between charges will be uppermost in your thoughts. The Citroen e-Dispatch, for example, has a great range of up to 205 miles and is built for comfort, but if you're covering hundreds of motorway miles each week, rather than criss-crossing counties, then a traditional diesel-powered van lease might be better suited to your needs.

Do you take Wear and Tear into consideration when leasing a van?

We realise that a van is built to graft, and a van lease will always take into consideration something called 'fair wear and tear', where a vehicle's condition deteriorates over time. What the lease industry considers to be fair wear and tear is actually standard and set out by the British Vehicle Rental and Leasing Association (BVRLA). And you perhaps won't be surprised to learn that there are different BVRLA guidelines for Light Commercial Vehicles compared with regular cars. For example, there's leeway and flexibility in terms of the 'working surfaces' of the van, ie, surfaces affected by the payload, body floors, tail boards and wheel arches. However, damage caused to the interior door lining, bulkheads and interior wheel arches through neglecting to secure a load properly is not acceptable and will need to be repaired before the end of your lease deal. You can see details of the BVRLA here and our advisors at Drivespeed Leasing are always on hand to explain the 'wear and tear' process, too

Do I need to tax and insure a van I lease?

All our van Contact Hire deals come with the road tax paid. But you'll need to arrange your own insurance, as it's not included as standard with a Drivespeed Leasing deal. The lease customer needs to be the main driver on the insurance policy, though you can add other named drivers to the policy. And it's also your responsibility to ensure you have a fully comprehensive insurance policy. If you have any questions about lease van insurance, please email sales@drivespeedleasing.co.uk and speak with one of our specialist advisors

Are the cars you supply brand new?

Yes, all the vehicles we supply are brand new unless stated otherwise. At times there may be particularly strong offers on pre-registered vehicles (registered by a certain date to attract extra manufacturer support) but these would still be regarded as brand new. We would of course ensure you were made aware if your chosen vehicle was pre-registered

Where do the cars come from and how do I get it?

All our vehicles are sourced and supplied from a national network of franchised main dealers. Once your vehicle has received its Pre-Delivery Inspection (known as a PDI) at the supplying dealership, the dealer will register your new car with the DVLA so that we can provide you with your new registration number enabling you to set up your insurance. Delivery is completely free of charge to your home or place of work providing that the delivery address is situated on the UK Mainland and can be arranged to be at a pre-arranged time and date to suit you.

What do you mean by Payment Profile and Contract Length?

The payment profile indicates the amount of monthly payments required as an upfront payment. This is often called the initial rental. This payment is normally taken from your bank account within 7-10 days of you taking delivery of your new vehicle. You will then make regular monthly rental payments for 23, 35 or 47 months depending on the length of your contract. The higher the initial rental the lower the monthly payments and vice versa

What sort of insurance do I need?

You'll need to have fully comprehensive insurance on your car for the duration of the contract

What is a Finance Lease

Finance Lease is an alternative option for businesses looking to lease a new van. Finance Lease gives you the option to pay the full vehicle list price over a set period of time. Unlike standard van leasing or contract hire, at the end of the contract you have the option to return the vehicle to the finance company for them to sell on your behalf to settle the balloon payment, or sell it on to a third party and receive the profits of this sale. Finance Lease has many advantages for businesses who may not be suited to contract hire, including no penalty charges if you go over your mileage or damage the vehicle during the contract and the opportunity to reclaim 100% of the VAT on your payments and offset these against your taxable profits.

What is a Finance Lease

Finance Lease is an alternative option for businesses looking to lease a new van. Finance Lease gives you the option to pay the full vehicle list price over a set period of time. Unlike standard van leasing or contract hire, at the end of the contract you have the option to return the vehicle to the finance company for them to sell on your behalf to settle the balloon payment, *or sell it on to a third party with the option of receiving the full profits of this sale. Finance Lease has many advantages for businesses who may not be suited to contract hire, including no penalty charges if you go over your mileage or damage the vehicle during the contract and the opportunity to reclaim 100% of the VAT on your payments and offset these against your taxable profits if you can prove 100% business use for your vehicle.
*Please speak to your sales advisor for more details

How are the miles per annum calculated?

We pre-agree your mileage with you when you take out the contract. Depending on the finance provider the mileage bands can range from anywhere between 5,000 miles per annum to 30,000 miles per annum. If you exceed the pre-agreed mileage, an excess mileage charge will apply. These figures will be provided on your quotation and official finance documents, so you are fully aware before entering into a contract. We suggest you carefully consider your current annual mileage and if you think you will cover approximately 12,000 miles per annum you should go for that choice rather than being overly cautious and going for 15,000 miles to be on the safe side. Remember, you will not receive a rebate if at the end of the contract you are under your mileage limit

What is your processing fee for, what does it cover?

We charge a one-off processing fee that enables us to cover the costs incurred for processing the lease agreement, produce the relevant vehicle documentation and reserve the vehicle in your name. Drivespeed Leasing Limited charge a processing fee of £249 (incl. VAT) for our services.

Can You Supply Business Fleets?

Yes, we do supply cars for business fleets. Whether a business is looking for an individual vehicle or a collection of different cars, our staff can help. Whilst the cars may be part of a fleet, they are treated as individual cars throughout the process. This means you must choose a deposit, how long you wish to lease them for, and what the annual mileage allowance will be for each car.

What happens when I return my vehicle at the end of the contract?

At the end of your contact, it is time to upgrade your car to a new one so that you can get something that suits your ever-changing lifestyle It is important that you get in touch with us before the end of your contract so that we might help you understand what you need to do but as a general guide it is good practise to review your lease providers "Fair wear and tear" guide, locate all keys, and check if your vehicle needs an MOT before its return. Drivespeed Leasing Renewals Team will of course be in contact with you at least six months before the end of your contract to start discussing your replacement options and to help you understand what happens at the end of your existing contract. You can read the BVRLA fair wear and tear guide

Will I be charged for delivery?

No, delivery is free in UK mainland. Your new vehicle will be driven from its supplying dealership and you'll only be charged if the vehicle is delivered outside the mainland or you have requested for a transporter.