Car Leasing: When the time comes to change to a new car, many people will think that shopping in the used car market is best or possibly even buying new. While both of these options have benefits, many people are finding that leasing is actually the best option and can work well for many different types of motorists. Keep reading to find out why leasing could be the best option for you.
Drive the Latest Cars
One of the biggest benefits of leasing is that you can always drive the latest cars. Few people will be able to afford a brand new car every few years, but with leasing, it is a cost-effective way to get behind the wheel of a brand new car. Additionally, when you are driving the latest cars, it also means that the likelihood of breaking down or needing repairs is much smaller. This also allows you to get ahead of the curve and get an electric car now, before the 2030 UK ban on new petrol and diesel cars.
Less Commitment
When you buy a car either new or used, it can be a major commitment to make but this is not the case with leasing. When you own a car, you will have the hassle of selling it and you will also lose money due to depreciation (this could be by thousands of pounds). Leasing allows you to simply trade-in for a newer model at the end of the agreement without the hassle or financial hit.
Lower Maintenance Costs
Maintenance costs can be high, especially if you buy an older car that might require more work and is more likely to break down. With a lease deal, services are often included and any issues will be covered by the manufacturer warranty. This means that you are spending less and you do not have to worry about the shock of an unexpected breakdown cost.
Lower Upfront Costs
Leasing usually involves cheaper upfront costs as well. You will find that finance deals often require a deposit of 10 or even 20%, which can be a lot to cover upfront. A lease is often just one monthly rental repayment and the monthly payments are usually lower as you are only paying the difference between the purchase price and the residual value.
As you can see, leasing has many benefits and often works out to be the smartest financial decision when the time comes to change your car.
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