When is Leasing a Car Better Than Buying?

    Posted by Ben Davidson about 1 years ago
    Buying a car is one of the biggest purchases anyone can make, therefore it is always good to be aware of all the different options out there. With long-term leasing on the rise it is becoming an increasingly popular choice for people looking for the convenience of a car without the long-term commitment and expense of actually owning one. If you are looking for the convenience of a car, but are unsure you want to commit to the investment read on for when leasing a car is a better solution to buying one.

    What to Consider First- Money


    Before making a decision on whether to buy or lease you must first consider what you need your car for and what would best suit your situation. It is important to think firstly of course about your monthly cash flow. Many people buy cars these days on credit and have to pay substantial monthly repayments, which of course, enables people to own their own cars in the long run, but those monthly payments are just not possible for everyone. If you are interested in calculating the different options use a ‘lease vs buy calculator’ here at dinkytown.net to figure out the financial requirements on both sides.

    If you are worried about large monthly outgoings then a car lease is a much more favourable option. Monthly lease costs are cheaper than paying for a car, on a monthly basis, so this could work in your favour if you are concerned about your budget. Buying a car also requires a down payment so if you are worried that you don’t have enough saved for such a down payment, then again, leasing could be a really good option for you. Look at a car leasing specialist, like allcarleasing.co.uk to see what options are available. Then look at your local car dealership to see what packages and deals are available and weigh them both up. Before you start researching packages and options however, make sure you are first, looking into the amount that you can allocate to either owning a car or leasing a car and take it from there.

    How Much Do You Drive?

    Another important factor to consider when weighing up buying against leasing, is how much you drive. If you cover a lot of miles on a weekly basis then owning your car may be a better option. Racking up thousands of miles on a lease car can come with extra costs, so you will definitely need to take this into consideration. If you only need a car for day to day tasks and for general convenience then a lease could be a solid option.

    How Careful You Are

    If you are prone to minor accidents that result in scratches and marks then a lease car might turn out to be more costly than expected. Wear and tear fees are higher with a lease car, than with a car that you own, so if you are at risk of damage from kids and other potential hazards then you may not want the worry of trying to keep the car as pristine as possible. So this is definitely something worth considering when balancing up leasing or buying.

    In the end, your decision will come down to your budget, your lifestyle requirements and your driving needs. So just take a little time to weigh up the options to see which would best suit your needs and your routine.

    Tags:

    Latest Articles

    See All
    • Staying safe behind the wheel no matter your age
      Staying safe behind the wheel no matter your age

      July 19, 2018 - With this in mind, it is worth taking certain steps as a senior to ensure you are as safe as possible behind the wheel. For example, you might consider updating your car with more modern safety features and lower insurance costs. Alongside this, ther

    • Prepare Yourself For These Common Road Trip Disasters
      Prepare Yourself For These Common Road Trip Disast...

      July 19, 2018 - Depending on how long you have, determines on how far you can go. You may choose to travel during the weekend and make a couple of pit stops along the way, or you can go for even longer and camp out in the woods

    • Knowing What to Do When Things Take a Turn for the Worse on the Road
      Knowing What to Do When Things Take a Turn for the...

      July 19, 2018 - No matter how good a driver you may be yourself, there are all sorts of extraneous circumstances that can result in accidents of varying degrees. So, it’s always a good idea to know what to do when things do take a turn for the worse on the roads. He

    • 7 Ways To Make Your Interstate Roadtrip A Success
      7 Ways To Make Your Interstate Roadtrip A Success

      July 19, 2018 - An interstate road trip can be an exciting adventure, but before you get started you may want to do some preparation and planning. Here are 7 tips for making your interstate roadtrip a success.

    • 2018 Volvo S90 T8 Inscription: Understated and electrified elegance
      2018 Volvo S90 T8 Inscription: Understated and ele...

      July 11, 2018 - Volvo has long held a reputation cemented in safety innovations. Now the company is looking to go green, promising to electrify its entire lineup by 2019 – and this is the first example of that promise being delivered. The company’s full sized S90 se

    • So, You’re A Graduate Looking To Break Into The Automotive Industry
      So, You’re A Graduate Looking To Break Into The Au...

      July 11, 2018 - The 2017-2018 school year will see colleges and universities award more than 3 million associate, bachelor and master degrees, according to the US Department of Education. Most of the big car manufacturers offer trainee roles to graduates looking to

    • 5 Signs That You Need a New Car
      5 Signs That You Need a New Car

      July 11, 2018 - Your car is your pride and joy, and it can be extremely difficult to let go of a vehicle which you love and one that you have been driving around for a long time. But there comes a time in every car owner’s life that it is time to move on and upgrade

    • Is Your Car Costing You Too Much?
      Is Your Car Costing You Too Much?

      July 11, 2018 - Cars are expensive. There’s nothing new about it. The average transaction price of a new vehicle in Canada is $33,464. So why are many vehicles so expensive? You’d be surprised to know that scrap yards and Craiglist buyers can buy cars from less than

    • Protect Your Car On The Roads This Summer
      Protect Your Car On The Roads This Summer

      July 9, 2018 - When the weather is scorching, it’s essential you keep your car cool, but steps should also be taken to protect your car in the blistering heat.

    • Don't Go Shopping For A New Family Car Without This Checklist
      Don't Go Shopping For A New Family Car Without Thi...

      July 9, 2018 - Trying to find a vehicle that ticks both those boxes can be extremely difficult, especially if you have quite a limiting budget. But those aren’t the only two things that you need to look out for in your next family car. In fact, there is a whole ran

    Share This!

    or