What is a vehicle maintenance plan
A vehicle maintenance plan is an additional agreement or fee charged by a vehicle finance company or third party vehicle specialist, designed to help you budget monthly for the cost of looking after your vehicle.
A vehicle maintenance plan is not the same as a manufacturer’s service plan. In addition to your annual service, there are a host of other consumable items covered by a maintenance plan.
Why you should have a vehicle maintenance plan when doing personal car leasing or business van leasing
It is important to bear in mind that vehicle leasing or vehicle contract hire do not automatically include vehicle maintenance plans. It is a common misconception that it is either free, or the responsibility of the vehicle finance company.
We’ve all been there – visited our local dealer for a service and/or MOT and come back with a much larger bill than we expected, swallowing up money we’ve put to one side for something else more exciting!
What does a vehicle maintenance plan allow you to do
A vehicle maintenance plan allows you pay to maintain your vehicle fully by spreading the cost over the year rather than paying ad hoc for any servicing or replacement parts
The parts and labour are available at a discounted rate due to the buying power of the finance company or third party maintenance specialist, allowing you to save money over the course of the contract
You also limit your risk and exposure to unexpected costs – such as a flat tyre for example!
As an added bonus, some leasing companies will also reduce the monthly rental when servicing is selected, as a car with a fully documented service record will be worth more at the end of the term.
What’s included in a vehicle maintenance plan?
Mechanical and electrical repairs as a result of fair wear and tear
Consumables: Bulbs, exhausts, batteries
MOT Tests where applicable (not due until 3 years from the date of first registration)
Unlimited premium brand tyre replacement due to wear and tear or punctures
Mobile tyre fitting (subject to T’s and C’s and availability)