With new cars often costing thousands of pounds, it’s really no surprise that many people are looking into alternative options. One such solution you may have considered is auto leasing — but is this really a viable option? Well, if this is something you have been thinking about, today’s guide on leasing vs buying could help shed some light.
Leasing vs Buying
Both leasing and buying can offer benefits. However, deciding between the two may not necessarily be a straightforward process, which we strongly recommend considering.
Benefits of Leasing
Leasing can undoubtedly offer a lot of great benefits over buying outright. No wonder, then, that many people are making the switch.
For one thing, a leased car is a lot more affordable. The most significant factor here is that you won’t have to save up to buy the car outright; indeed, even when you buy on finance, you’ll still be expected to put down a pretty large sum of money. Fortunately, with a leased car, you generally pay monthly – ideal if saving up isn’t practical.
Another factor to consider is that leasing allows you to enjoy newer cars more often. Repeatedly buying and selling cars means you’ll often lose a fair sum of money through depreciation. However, with leased vehicles, you can generally change them up after a couple of years, so your leased car will often be newer than you might be able to justify normally.
And, of course, there’s the ease to think about. After all, at the end of the lease term, there’s no need to worry about selling the vehicle, as all you’ll need to do is return it (and get a new car, if you so wish).
Benefits of Buying
While car purchases can be potentially more complex and more of a commitment than leasing, they do provide some excellent benefits. For one thing, you won’t be limited in the distance you drive and where you use the car (which can be a problem with some lease plans).
What’s more, you’ll also have more freedom in customising and using the car. Plus, if there’s any damage to the vehicle while in your ownership, you won’t be slapped with a fine (which may be common on some lease plans).
Making Car Purchases Safer
One of the main drawbacks of buying a car is the potential to get scammed with a dangerous vehicle. Luckily, there are ways around this – namely, by getting a car history check first.
Car history checks allow you to view vital information regarding your new vehicle. This includes:
- Past MOT history
- Write off status
- Stolen status
- Write off category
- Past number plates
- Mileage estimates
- Financing status
By getting a car check first, you can ensure that your car purchase is genuine – making it much safer to buy your dream second-hand model.
Before deciding whether to buy or lease a new car, considering today’s critical points could definitely help. However, if you’ve been left feeling unsure about whether leasing vs buying is right for you, make sure you start by doing your research into the different options to see whether there’s a car on the market that might be a good option to consider.
And, if there is, always run a car history check on the vehicle first just to be extra sure that you’re buying a genuine, safe vehicle.