The Autofestival, an unmissable event in Luxembourg at the start of the year, is fast approaching, and with it comes the reflection on changing your car. Whether you're considering buying or leasing a car, this guide will help you every step of the way.
Optimising the Value of Your Trade-In
The first step is to carefully evaluate your current car. By comparing its features with similar adverts, you can obtain an estimate of its resale value. Car dealers often offer trade-in deals, simplifying the process. Bear in mind that the price offered by a dealership is generally lower than selling your vehicle privately.
The Best Option for Your Lifestyle
Are you hesitating between purchasing and leasing? Here are some arguments to help you make the right choice. Opting to purchase grants you full ownership of the vehicle, providing maximum customisation with no kilometre limitation. If you need to use a personal loan to finance your purchase, monthly payments may be higher.
In contrast, private leasing generally offers more affordable monthly payments, allowing frequent renewal, access to newer vehicles, and maintenance benefits. However, it comes with kilometre restrictions and often the choice of the insurer is also limited. It is also important to check if deductibles apply in the event of a claim under the integrated insurance within the leasing contract.
With Time2Lease, you retain the flexibility of choosing private leasing while maintaining your LALUX insurance. This allows you to enjoy the financial benefits of private leasing while retaining high-performance insurance cover without deductibles and the services of your current insurance agent.
Ultimately, the choice between buying and leasing depends on your personal preferences, lifestyle, and long-term financial goals. Analyse your needs carefully in order to determine the best option for you.
Choosing and Updating Your Car Insurance
In Luxembourg, only third-party liability for vehicles is compulsory. This only covers damages caused to a third party, but neither damages to your own vehicle nor those suffered by the driver are covered. It is therefore advisable to take out insurance that covers you when you get behind the wheel and to insure a new car with Casco.
Once you've chosen your preferred model, the dealer will ask you for the name of your insurer at the time of purchase and will send them a request to obtain the new 'green card,' i.e., the insurance certificate, so that you're in the clear when you leave the garage. All you have to do is notify your insurance agent to cancel the contract on your old car. The same procedure applies if you lease a car through Time2Lease.
The Transaction Between Individuals
When purchasing a used vehicle from an individual, you will be responsible for all formalities related to vehicle registration with the SNCA. In this case too, your agent will help you insure the vehicle and obtain an insurance certificate. This certificate will be essential to successfully complete your procedures with the SNCA.
Driving with Peace of Mind
Don't hesitate to ask your LALUX agent for advice and check out the easyPROTECT Auto packages that are perfectly suited to your specific needs!
By following these steps, you can make the transition to your new car in Luxembourg as smooth as possible. Make the most of your motoring experience!