Buying vs Leasing – Which is the Best Option for You?
Contrary to what you may leave, when weighing up the option of buying vs car leasing it is not always dependant on income, and there are a number of other things to consider. According to a number of recent reports, over the past 5 years the number of people opting to lease over buying has grown dramatically, which could possible lead us to thinking that leasing is now much more beneficial than purchasing. However, today we are going to discuss the benefits of both these options with the intention of enabling people to make the more appropriate and informed decisions.
There are two main reasons why a number of people prefer to buy their vehicles instead of leasing, and these are as follows:
- The first reason why people choose to purchase cars is all down to how much they drive. This is because leasing companies typically only allow for drivers to cover a certain amount of miles. Of course some car leasing companies are willing to negotiate mileage terms however in the majority of these cases it works out far cheaper to purchase a new car.
- The other main reason why some people prefer to purchase cars is down to how they drive. For example some new drivers prefer to buy a car of their own because they are more prone to getting scratches on their cars due to lack of experience. Similarly people who drive regularly on unknown roads also sway away from leasing as the wear-and-tear penalty fees can often be incredibly high.
When it comes to car leasing there are plenty of benefits for people to take advantage of, hence why it has grown so dramatically in popularity. Some of the main benefits of car and vehicle leasing include:
- Car leasing allows for people to always drive new cars, as they are not tied to any stupidly long contracts and are typically able to upgrade their vehicles every four hours.
- Car leasing provides people with the opportunity to drive cars that they otherwise may not be able to drive. This is because there isn’t usually any hefty upfront fees, and instead a number of smaller, more manageable payments.
- A number of costs can be minimised when car leasing because maintenance costs are cheaper and also the majority of people leasing do not have to worry about road tax.
What are your thoughts? Do you lease a car or have your bought one? We would love to hear which you think is the most beneficial solution.