Leasing a car instead of buying one is becoming increasingly popular, even though this might sound totally counterintuitive. After all, we are constantly told it’s better to own your own house, so why shouldn’t the same apply to a car? Let’s take a look at the reasons for this.
Monthly cash flow
In many cases, depending on the price of the car, it is cheaper to lease a car than to pay off the loan you get when you buy a car. With a lease, you’re simply paying for the depreciation of the vehicle as opposed to the whole cost of it.
Less down payment
In addition, the down payment that you have to put forward for a leased car is often less than what you’d have to put down on a loan.
No payment for repairs
When you buy a car, you’re liable for things when they go wrong. When you lease one, on the other hand, you’ll be covered for all mechanical problems, provided that they come under the warranty of the manufacturer. Most leased vehicles are pretty new, which means they should be covered for the duration of your lease.
No dealerships to deal with
When leasing a car, you can avoid the dreaded car dealership by going through a broker. A broker will usually be an industry expert who will know all the ins and outs of leasing a car and what fits you and your budget.
When you lease a car, you’ll be leasing the car that always has the latest technology. Today’s vehicles are changing rapidly, with ever-increasing fuel efficiency and state-of-the-art safety features that help avoid accidents. With a leased car, you’ll always be in a car that is up to date. Once your lease comes to an end, you can simply swap the car for an updated model.
No long-term responsibility
Of course you will need to look after the car, and good security such as garage doors like these from garage doors Bristol based company Up and Over doors Ltd is important. However, as a general rule, leases last no more than a couple of years, which means that after that, you can choose a different car. This is great if you get tired of the car you’re driving or you’re someone who likes to change cars often.