Operating Lease for Business Fleets in Euro

June 30 was the last day for free leva-to-euro exchange at Bulgarian banks. For most people, that's just a calendar note. For companies running a fleet on operating lease, it marks something else — the first full review of costs entirely in euro.

For six months now, offers, invoices and accounting records have been exclusively in euro. And right now, many fleet managers are discovering something unpleasant: the offer that looked cheapest on paper when the contract was signed isn't always the one with the lowest real monthly cost.

Why Comparing Operating Lease Offers Is Harder Than It Looks

Most operating lease providers in Bulgaria quote a single number — the fixed monthly installment. But that number rarely covers the same things across different companies.

Two offers with a similar monthly installment can differ substantially in scope — one including insurance and a full service package, the other covering only the financial part of the lease, with insurance billed separately and servicing entirely at the client's expense. At first glance, the lower installment looks like the better deal. In practice, it often ends up more expensive over the full term once all the separate costs are added in.

This isn't theoretical. It's exactly where most companies go wrong — comparing a single headline figure instead of the real cost of use, what's known in leasing practice as TCO (Total Cost of Ownership).

What Actually Goes Into the Real Monthly Payment

Before comparing two offers, check whether both include the same items:

The financial component of the installment — the depreciation of the car's value over the term, plus a financing/interest component. This is the base on which everything else is added.

Insurance — third-party liability and comprehensive (casco) coverage. Some providers fold this into the monthly installment; others invoice it separately once a year. The second type of cost is easy to “forget” when budgeting.

Scheduled maintenance — oil, filters and consumables per the manufacturer's service schedule, typically included in the service package by most operating lease providers. Wear parts such as brake pads, discs and tyres depend entirely on each driver's individual driving style, and for that reason are usually left outside the package and billed to the client — it's worth asking the provider explicitly what their service package actually covers, since the scope varies between companies.

Tyres — set, mounting, dismounting and storage. In most operating lease offers this sits outside the base installment and is billed separately.

Vehicle tax and road/infrastructure toll — small amounts individually, but they add up noticeably over a year for a fleet of 10+ vehicles.

Replacement vehicle in case of breakdown or repair — not every contract includes this, and its absence means a real cost for a business left temporarily without a vehicle.

Once you add up all these components over a 36- or 48-month term and divide by the number of months, you get the true monthly installment — not the one on the first page of the offer.

How to Compare Without Currency-Conversion Mistakes

This year brings a second practical problem. Old contracts and offers signed in leva back in 2025 are now being compared against new offers drawn up directly in euro. A surprisingly common mistake: converting by multiplying by 0.51129 instead of dividing by the official rate of 1.95583.

The difference looks negligible down to the cent, but when comparing several providers and dozens of vehicles over several years, it can distort which provider actually comes out ahead. If you're comparing an old offer in leva against a new one in euro, check that the conversion divides by 1.95583 — not the rounded multiplication.

A Practical Method for Comparing Two Offers

1.    List every component from above for each offer — even if a provider claims “everything is included.”

2.    Ask in writing exactly what the service package covers — only scheduled maintenance (oil, filters) per the manufacturer's schedule, or also wear parts such as brake pads and discs.

3.    Multiply the monthly installment by the number of months and add all separately invoiced components (insurance, tyres, tax, and any wear parts outside the package).

4.    Divide the total back by the number of months — that's the real monthly cost for comparison.

5.    Only compare offers with the same mileage allowance and term. A difference of 5,000 km a year or 12 months in term makes a direct comparison invalid.

This simple calculation takes twenty minutes and often reshuffles the ranking of offers that initially looked equivalent.

What to Expect From an Operating Lease Provider

A good sign of a trustworthy provider isn't the lowest headline price — it's how clearly they answer the question: “What exactly is not included in this installment?” If the answer takes more than one sentence, the problem is likely in how the offer is structured, not in your question.

It's worth keeping in mind that online operating lease calculators (including SIMPL's) typically show an installment for the bare rental of the vehicle only, without insurance, servicing, tyres or other related costs. That means a calculator result isn't directly comparable to an “all-inclusive” installment from another offer — before comparing, you need to add all the separate components yourself, for each offer, using the method described above.

The six-month mark in euro is a good opportunity to run the fleet budget numbers properly once — before the next round of contract renewals.

Try SIMPL's operating lease calculator at simpl.bg to get an indicative installment for the bare rental of a vehicle for your fleet — and get in touch with our team for a full, tailored offer including insurance, servicing and tyres.