Should You Buy Or Lease A Car?

The idea of getting a new car is definitely an exciting one, however, as with any other major purchase there are always some questions that need to be answered when making this decision, such as whether you would like to buy your car or you would like to go for something known as leasing.

There are certainly pros and cons to each option and there is no one-size-fits-all approach for everyone, so in this post we want to share with you some of the pros and cons of each option so that you can decide for yourself which is best for you.

Buy:

You can sell it whenever you want:
One benefit of having your own car is that if you need to sell it in a hurry or you just decide to upgrade later that you can sell this car anytime you wish, and that you don’t have to think about breaking a contract or paying a fee in order to break a contract early.

Of course it’s important to remember that cars do depreciate in value over time, so you may not get anywhere near as much as you paid for the car when you first bought it.

You can do what you like to it:
Another great benefit of having your own car is that you can customise it in any way you wish, such as if you want to add in TV screens to the back seat, paint it, or do whatever you feel is needed in the car then if you own the car outright you can do whatever you please, whereas if you lease the car, you technically don’t own the car so you won’t be able to do this.

It can be more costly:
When you own your car, although you’re not paying any monthly payment towards being able to use the car you certainly do have other ongoing costs associated with running a car whereas in a leasing agreement a lot of these are included in the monthly premium that you pay.

For example when you book your mercedes benz in for a service online you will have to pay the cost of that yourself, you also have to pay for other repairs, insurances, and these are all things that can add up over time.

Lease:

Allows you to have the latest model:
When it comes to leasing a car, one of the best benefits of that is that you are typically able to have the latest car that’s available, and it’s not going to cost you anywhere near as much as it would if you were to buy the car outright.

So for example if you want to have the latest Audi then all you would have to do is pay a higher monthly fee to lease that car and it’s certainly going to be much cheaper to do it this way than to buy the car outright and the good thing is with leasing is that you’re typically only tied into a contract for a fair amount of time and once that runs out then you can upgrade to the next model.

Not as expensive:
To lease car maybe a bit cheaper than buying one outright for the reasons mentioned above such as that you are going to a lot of the time find that many of the over and above monthly costs of owning a car or already going to be included in the monthly premium that you pay for the leasing agreement.