Leasing a car might make more sense than buying a car. It all really depends on your circumstances and preferences. If you’re the kind of person who likes to upgrade their car every few years; leasing is probably the more affordable option.
Leasing a car instead of buying it also allows you a certain amount of flexibility financially and with your options for upgrading. Buying a car is a huge financial commitment to make, even with the more entry-level makes and models.
Buying a car will cost you quite a pretty penny upfront. Even with financing options, this just isn’t feasible for everybody. In this situation, leasing a car is the best solution that gets you in a car without breaking the bank. For help in finding the best leasing options available to you, it is suggested you read more about it so you can make an informed decision.
How Does Car Leasing Work?
Car leasing is very simple really. You’ll basically be signing up for a long-term car rental. The deals that are available will depend on a few things:
- How long do you plan on keeping the car
- Which make and model you’re interested in.
- The mileage that you’re going to use.
Depending on these factors, you’ll have a range of deals to choose from. You simply have to pick the monthly payment that works for your budget. You’ll make an upfront payment and then monthly payments for the duration of your lease.
The leases typically last from two to four years. At the end of your lease, you can likely extend your lease or choose to terminate it. If the car is still in good condition, and you haven’t exceeded the annual mileage, there will be no additional fees.
Advantages of Leasing Over Buying
While the main benefit of leasing over buying is the affordability aspect, there are several other benefits that might interest you. We’ll break down each of the advantages of leasing instead of buying a car:
The biggest advantage is that leasing a car requires less money upfront. The upfront payment you have to make is typically 3, 6, or 9 months’ worth of instalments. When this is added to the payments you’ll make for the duration of your lease, it’s still less than buying a car.
It’s also more affordable because you get to look at your budget and pick a deal that works for you. You don’t have to find a way to make your budget workaround financing payments.
As a car owner, you have to worry about the car value depreciating from the moment that you buy the car. On top of that, you have to handle the financial part of servicing your car and dealing with any emergencies that may occur.
When you lease a car, you can get a lease that has a maintenance package. The maintenance package will take care of any services that the car needs. Additionally, depending on your lease; you may also have your MOT, breakdown cover and road tax paid for.
Brand New For Less
Choosing to buy a car can limit your options on what you can get. It’s possible that you won’t have the money for a brand new car. However, with leasing, you have your pick of brand-new cars for a reasonable, fixed, monthly fee.
Should you want to try an electric car, you can easily switch your lease with little, to no hassle. You will also find that there won’t be much difference in price from leasing a traditional petrol or diesel car.
Leasing is a very good option if you’re looking to get into an electric vehicle. The technology for these cars is improving every day, so you don’t have to worry about your car being outdated within a few years or less.
Choosing an electric car over the traditional petrol/diesel cars will help you save even more money. Electric cars are more affordable to run and maintain than traditional cars. There are fewer moving parts, so less should go wrong. It’s also cheaper to charge an electric car than it is to fuel up a traditional car.
Leasing your car gives you the flexibility to upgrade every few years without the astronomical costs of buying a new car that often. You’re also likely to have a wider range of makes and models that you can pick from.
Leasing a car is the most affordable option available if you’re looking to get into a new car but are lacking the funds. Leasing gives you the chance to use a brand-new car for a few years without worrying about maintenance costs. Keep saving your spare change and get a great car for a fraction of the cost.