When is Leasing a Car Better Than Buying?

    Posted by Ben Davidson about 6 months 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.


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