For anyone looking to buy a new car, it might be time to consider leasing the vehicle instead.
This article is a brief guide to what you need to know about leasing a car, rather than using a bank loan to buy one.
The biggest positive to leasing is that you can replace your car every two or three years and avoid some of the costs which are incurred with older cars.
The next biggest positive to consider is that leasing is cheaper than using a bank loan in the short term to buy a car.
That’s because the car’s depreciation in value is calculated into your monthly repayments. The only drawback to consider at this point is that you may face extra charges for any damage to the vehicle or should you go over the agreed mileage limit you may be charged extra.
However, in the medium term leasing a car or buying a car with a bank loan often work out about the same. The issue here is when you come to change your car – when leasing, your car is replaced but if you own it you’ll have to trade it in (often for much less than the market value) or sell it privately. Whatever happens it’s a time-consuming and often frustrating process.
In the long term it’s quite often cheaper to use a bank loan to get your new car.
Things to consider when getting a bank loan include – the car firm selling the vehicle may be able to get a better rate of interest for you on the loan and you may still need to put down a fairly large deposit.
Essentially, the decision as to whether you should get a new car by leasing it or by using a bank loan comes down to personal circumstances.
You may want the best value over a long term which would mean getting a bank loan but if you like to change cars or remove the worry of ownership then leasing is by far the best route to take.
One increasingly popular firm for car leasing is Firstvehicleleasing.co.uk and its managing director Andy Bell said: “Anyone looking to buy a new car should sit down and weigh up all of their options. Leasing is a great way to get a new car on a regular basis and is usually the cheapest way of financing a new car.
“Leasing also means the cost of depreciation won’t hit you in the wallet! That’s something for the leasing company to deal with but for most people who are used to owning a car it is something of a leap to running a car you don’t actually own.”
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The biggest positive to leasing is that you can replace your car every two or three years and avoid some of the costs which are incurred with older cars.
That’s because the car’s depreciation in value is calculated into your monthly repayments. The only drawback to consider at this point is that you may face extra charges for any damage to the vehicle or should you go over the agreed mileage limit you may be charged extra.
However, in the medium term leasing a car or buying a car with a bank loan often work out about the same. The issue here is when you come to change your car – when leasing, your car is replaced but if you own it you’ll have to trade it in (often for much less than the market value) or sell it privately. Whatever happens it’s a time-consuming and often frustrating process.
In the long term it’s quite often cheaper to use a bank loan to get your new car.
Things to consider when getting a bank loan include – the car firm selling the vehicle may be able to get a better rate of interest for you on the loan and you may still need to put down a fairly large deposit.
Essentially, the decision as to whether you should get a new car by leasing it or by using a bank loan comes down to personal circumstances.
You may want the best value over a long term which would mean getting a bank loan but if you like to change cars or remove the worry of ownership then leasing is by far the best route to take.
One increasingly popular firm for car leasing is Firstvehicleleasing.co.uk and its managing director Andy Bell said: “Anyone looking to buy a new car should sit down and weigh up all of their options. Leasing is a great way to get a new car on a regular basis and is usually the cheapest way of financing a new car.
“Leasing also means the cost of depreciation won’t hit you in the wallet! That’s something for the leasing company to deal with but for most people who are used to owning a car it is something of a leap to running a car you don’t actually own.”
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*Article source: business2community.com
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