This article is brought to you by All Car Leasing.
Should you buy a car or lease one? These days, people are always looking to save money, but they’re also thinking about the best use of that money and whether buying a car would make a better future investment than leasing one.
So, which is the right road for you to take? Below, we’ve summarised the top reasons for both buying and leasing a car – hopefully it will help you to decide which circumstances are the best fit for your own lifestyle.
Advantages of leasing a car
- Leasing a car is often the better financial option for people who haven’t got a large income coming in every month. Both the initial deposit and the monthly payments you make will be often be lower than an ownership finance product like a PCP on the same car with the same terms.
- Leasing payments are fixed for the duration of the term, and you can usually include servicing and maintenance in your monthly payment as well, meaning you don’t have to worry about finding large amounts of cash for your car’s annual service.
- As you can change your vehicle fairly regularly, leasing is a good option for those who care about staying fashionable within the automotive world, and for those who think about image from a business perspective.
- When the lease runs out, you simply hand the car back to the leasing company. You don’t have to worry about selling it yourself, or being ripped off by a dealer when you want to part-exchange your car for a new one.
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Advantages of buying a car
- Buying a car can often be a better investment if you are uncertain about what your mileage will be. Most leases will agree a set annual allowance for mileage, with an additional charge applied for anything over that amount, so if your circumstances change and you end up doing a lot more miles than you anticipated, it could cost you a lot of money. Of course, you could always try negotiating your lease when you first approach the vendor.
- You can buy whatever car you like, new or used, whereas leasing is normally limited only to new cars. If you buy a used car a car in good condition that’s only a few years old, you will have beaten the worst part of the depreciation, and should retain a decent value when you come to sell it.
- Finally, for those new to driving with little experience, or for those prone to accidents, leasing might not be the right path for you. Most vendors charge wear-and-tear fees; these vary from company to company, but can be expensive. Buying an older car until you build your confidence could be a better way to spend your money.
You should also read: New car leasing advice for start-up businesses
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