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Should I Lease A Car?

July 9, 2020

Did you know that you can actually lease a car and get a new one every couple of years rather than just purchasing one outright? You could purchase a car and be stuck with it for the foreseeable or you could spice up your choice of car every few years and get a good deal while you’re at it. I know which one we’d rather choose.

 

Advantages of leasing

1. Use it before you lose it. A leased car is just a car that you’re technically borrowing and will give back in the near future. Your car allows you to get from A to B easy peasy and nothing else. So why would you actually need to own a car? All you want to do is use it and get rid of it. That’s why leasing makes perfect sense.

2. You’re in control. When it comes to leasing, you’re in the driver’s seat all the way. You control the cost of your usage based on time and distance.

3. Leasing is easier and quicker. The belief is that leasing allows for the possibility of a customer renewing their lease on a repetitive purchase, which is why leasing companies make the entire process as easy and as quick as possible.

We asked some of the pro’s for their advice and here is what they had to say;

“There are many good reasons why you should consider leasing a car. Firstly, you don’t have to worry about the hassle of selling the car at the end of the lease and to find it’s value has depreciated a considerable amount. When you agree to a leasing contract, these costs are already estimated into the contract. If you’re taking out a longer lease, then typically the costs can be a lot lower too and these are included as part of the rentals which are at a fixed cost on a monthly basis, meaning you can budget all of your vehicle outgoings accordingly. You also get to enjoy a large choice of higher quality cars for the price you’re paying, which you know are going to be reliable and can even be customised to suit your needs. You can enjoy getting the car you’ve always dreamed of and it’ll be unique to your driving experience.” Tim Alcock, LeaseCar

 

Disadvantages of leasing

1. Less flexibility. Compared to other financial agreements, many believe that car leases come with less flexibility. For example, with a Personal Contract Purchase, you can terminate your agreement if your circumstance were to change unexpectedly before you make your final payment. This would cost you less in the long-term rather than continuing to pay for a lease agreement.

2. You must pay all monthly instalments. There’s no way out of a lease agreement. Once you’re in, that’s it. You must pay all of your monthly payments right up until your contract ends.

3. Your mileage is limited to your contract. If you don’t want to pay any excess mileage charge, then it’s best not to exceed you limited that is stated within your contract.

 

Sell your car and lease

If from reading this it’s made you consider leasing a car and you think it could be right up your street given that you get to change your car every few years, then why not give it a go? What have you got to lose?

If you’re worried because you need to get rid of you’re old car first, maybe by getting rid of this it could help pay the initial first payment, then we can help take it off your hands for you.

Just simply enter your reg number here and we’ll provide you with a free instant valuation that will give you an insight into just how much your car could be worth.

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