Any new car investment is a complex and multifaceted decision. Thus, ensuring you’ve chosen the optimal approach for your buying needs is also crucial, and this is something that we have discussed in detail here in this article.
There’s a lot to consider here, and whether to lease or buy your new vehicle is just one such question to ask. But what are the pros and cons of leasing vs buying, and how can you decide which of these will work best for your needs? Well, we’ve outlined several key things you should know as follows to help you decide whether leasing or buying might be better suited to your needs.
Always Investigate the Car’s History and Details Before Handing Over Any Money
Before buying a new car, making sure you know about the vehicle’s history is vital — and this is just as true if you’re purchasing a car second-hand that used to be a leased vehicle. As such, we strongly recommend running a car check on your chosen vehicle before you hand over any money for it; this simple process helps ensure that you won’t be caught out with far more baggage than you’d anticipated.
Buying vs Leasing: The Benefits
Both purchasing and leasing a vehicle can offer a range of pros and cons. Naturally, these will often be unique to an individual and their situation, so there’s no simple way to say which will be right for you.
Why People Choose to Buy a Car
If you’re looking for stability and long-term affordability, buying a car may potentially be a better option (especially if you’re looking to purchase second-hand, which reduces the sting of depreciation).
When buying a car, you’ll also have more freedom with how you use and customise the car, and in the long run, it can potentially offer better value than constantly leasing new vehicles. This factor is definitely noteworthy, especially if you have bought a second-hand model with a clean MOT history and few complications, as the ongoing maintenance costs will often be low; be sure to check this through a car history checking service before buying the vehicle, just to be sure.
Plus, it’s worth noting that you’ll own the car when all is said and done. This means that you’ll own an asset, which is often a useful security to have.
What are the Benefits of Leasing a Vehicle?
The benefits of leasing a car over buying are relatively apparent. Perhaps the most obvious benefit is that, in many cases, leased vehicles may come with lower monthly payments than a car that’s purchased new on finance. This can potentially help make it more affordable to achieve the high-end car you’ve always dreamed of. In addition, leased cars tend to be a lot less hassle; since they’re leased new, you usually won’t have to worry about wear and tear problems and the like. Plus, the car lease company sells it on once you’re done with it, so there’s less hassle involved with changing the car up.
And, of course, there’s the benefit that you’ll never have to settle for just one car. Leased vehicles are replaced regularly, so you can regularly enjoy the excitement of having a new car.