Leasing Vs Buying a Car

When the time comes to change automobiles, there are many tough decisions to make and it is important that you take your time as it is a big investment. One of the biggest decisions that you need to make is whether you want to purchase a vehicle or arrange a lease. There are benefits and drawbacks to both methods and ultimately it will come down to your situation and personal preference.

Here is all that you need to know.

Buying

Buying a car can be a good option if you like the idea of owning an automobile and if you are someone who spends a lot of time behind the wheel. When you buy a car it gives you complete control over the vehicle with no limitations in place, plus the market is enormous so you should easily be able to find what you are looking for.

The key drawback when it comes to purchasing a car is depreciation. Cars are constantly depreciating which means that you will suffer financially if you plan to sell the car down the line. The rate of depreciation is particularly high in the first few years which is why it is best to avoid new cars.

Leasing

Leasing is an option which is rising in popularity and suits many different types of motorist. The key benefits of leasing are that you can avoid depreciation and you do not have to worry about selling the car. Additionally, this method gives you the freedom and flexibility to change cars every few years which many motoring enthusiasts enjoy. Driving newer cars also gives you access to better technology, more economical vehicles and safer cars. You can often find flexible deals on the latest and best cars from personal car leasing specialists.

The downside to leasing is that you never actually own the vehicle which means that there are limitations in place. This usually includes annual mileage restrictions and a no customisation/modification rule. This means those that often make long journeys or use the car heavily throughout the week may feel restricted when it comes to leasing.

Overall, whether you lease or buy is up to you and will depend on your situation and preference. Buying gives you complete control with no limitations in place but you will have to deal with depreciation while leasing can allow you to drive new cars every few years and avoid depreciation but you will have limits as to how you can use the automobile.