Car Leasing vs Car Buying

Lease or Buy A Car? Unless you have £20,000 sitting around you are going to have to finance your car purchase, whether that be through leasing or through a loan. Before rushing into a decision, it's important that you look at the pros and cons of leasing or financing a vehicle so you can choose the option that best suits you. Ownership LEASING You don't own the vehicle but depending on your lease, you can get a new car every two to four years. Also, because you are not buying the car, monthly payments are generally 30% - 60% lower when you lease. BUYING You own the vehicle after your financial obligations are met, it will be yours to keep, sell or trade. Mileage LEASING The typical mileage limit on a lease vehicle is between 5,000 - 30,000 miles per year. Most people drive at least 10,000 mile per year so be sure to choose a leasing term that is appropriate for your average anual mileage. BUYING Mileage limits are not a problem as you own the car. However, keep in mind that the more miles you put on your car the lower the resale value will be. Modifications LEASING A lease car can only be modified with approved accessories at the beginning of your lease. BUYING If you're into modifications, you'll be able to do whatever you want to your new car. Bear in mind, modifications can alter the car's resale value. Maintenance & Repairs LEASING Repairs and maintenance are usually covered in the lease which can save the average car owner £100's per year in fees. BUYING As the owner you will be responsible for any costly repairs and maintenance work that needs to be carried out on the vehicle Designed by: Jacit Ltd www.allcarleasing.co.uk