If you ask most people what would be the best decision between buying and leasing a car, the majority would probably tell you that buying is better without hesitation. People like the idea of ownership, and it can sometimes be a good thing. The only issue is that cars aren’t like all assets, and a new car can become a burden really quickly. The reality is that buying and leasing both have their pros and cons, and some people might actually benefit from a lease. So, is buying a car new always the better option?
Driving a New Car on a Used Car Budget
Do you like the feel of driving a new car, but just can’t stomach the price tag? Then, the solution here could be to lease instead. With a lease, you’ll be able to get a new car for a fraction of the price you’d have to pay for a brand-new vehicle. You could decide to stick with the vehicle you had in mind, but could also afford a slightly more luxurious vehicle. You’ll have more options when it comes to leasing.
You Want to Own Something
If you’d like to own the vehicle, you have two options. Either you buy the car up front, or take the buy option at the end of the lease. Buying after leasing is usually not recommended, so if you’re adamant about this, then your best choice would be to buy right away.
However, there are some possible issues with this – the first is depreciation. Your vehicle will lose a good portion of its value the minute it leaves the floor, and up to 50% to 60% over a few years on average. Not only that, but you have no idea what the market will be for this vehicle a few years from now.
You Like Variety
When you lease a vehicle, you can go for a saloon for 2 years then switch to a 4×4 or a roadster. This isn’t the kind of variety everyone can afford. If you constantly like to switch vehicles, and don’t want to have to worry about getting rid of the vehicle at the end, then leasing is the only way to go.
You also have services like Vantage Leasing that have these leasing special offers on all sorts of vehicles. They’ll make it super easy to switch from one lease to the next, and might also give you a discount. They have leasing special offers on everything from entry-level vehicles all the way to luxury saloons, so you should be able to find what you need and build a solid relationship that will benefit you in the long run.
So, as you can see, the decision between buying and leasing isn’t as clear cut as you may have imagined. Both options could be convenient, depending on your driving habits, budget, and goals, so make sure that you consider both in detail before you make a final decision.