Leasing is becoming an ever more popular method of paying for a new vehicle. Every year more motorists in the UK are opting to pay monthly rather than buy a car outright.
For many people currently, with the UK economy in a state of recession, the most important consideration when in need of a new vehicle will be the financial side of things, now more than ever people are more keen than ever to put in time and actually research cars for sale. Everyone is looking to save money where possible, and driving is an important aspect of life but one which comes with many expenses – road tax, insurance, MOT and servicing to name a few.
So why and how does leasing make a vehicle a more financially viable option? To help you make the decision which is right for you, here are our top five advantages to leasing rather than buying.
Pay Less, Save More
To buy a new car outright costs a lot of money, even for small vehicles. This can be tough to save up for to pay in one lump sum, so paying monthly represents a much more viable option to many people. Monthly repayments on average are up to 55% less on cars leased than cars bought.
More Choice
If you have some money saved up, for example £10,000, the best new vehicle you’d be able to get would be a small family car. A BMW, Mercedes or other premium model would be well out of your price range. Choose to lease however, and these cars can become fairly affordable through monthly repayments.
Less Expenses
Most leases will be covered by a manufacturer warranty for their lifetime, while road tax and maintenance costs are also included in the price. Should you need a new car part, you won’t have to shell out thousands of pounds.
Costs Remain The Same
There is no need to worry about repayments rising with a lease deal. If you buy a brand new Volkswagen Golf and have a collision, even if it is not your fault, your insurance will probably rise year on year. This won’t happen with a lease model.
No Depreciation
As soon as you drive out of the showroom with a new vehicle, it is no longer new and instantly loses a significant proportion of its value. With a lease deal you don’t need to worry about this and you can have a new vehicle every two to four years.