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Why should I lease a car vs buying one?

22 February 2019
 

If you’re interested in driving a brand new car, you’ve got options to make it happen. In the traditional route of buying a car, you may have to pay a large upfront deposit, and sign on for a large loan amount that you’ll pay on for up to 72 months. 

If that doesn’t sound appealing, leasing a car could be a better option. With this method, you could lease the same vehicle you love, at a fraction of the purchase price.

It is no surprise why millions of drivers in the UK are deciding to lease a car, rather than buying one. If you’ve been on the fence about which option would be best for you and your needs, it’s important to understand the great advantages of leasing a car vs. buying one.

Advantages of Leasing a Car

1. The Process is Less Complicated

Because you’re not buying a new car, there’s less paperwork involved in the process. Think of it like renting new apartment vs buying a new apartment. You get to enjoy the same benefits of the space, without all the fuss of large amounts of money down. Choosing the right car leasing contract can save time and money.

2. You Could Pay Less Per Month for the Same Vehicle

This is the huge advantage that we touched on earlier. You pay less for your leased car because you’re actually paying for the depreciation value of the car for the term of your lease agreement. Going down this route also means that you may qualify for a nicer vehicle than you would have if you were purchasing, or you may have the option of extra features for your leased car.  

3. There are Less Repair Expenses

Your leased car agreement usually comes with maintenance and warranty coverage. This means that if there are any repairs required during the lease period, you won’t have to worry about it affecting your budget. Your lease agreement might also include pre-determined maintenance or repairs. This will help to avoid unexpected costs. 

4. You Get to Drive a New Car Without a Large Deposit

If you’ve ever bought a new car before or considered buying one, you’ll know that a large down payment is often required. When you opt for a personal car lease, you won’t need a large down payment. In fact, some car leasing companies don’t require a deposit at all. This helps make the vehicle more affordable for your lifestyle.

5. No Worrying About Selling your Car

After a few years of owning a vehicle, most people start looking for something new. This usually means selling the car back to dealership, and trading it in for something newer. This process usually involves the same amount of paperwork (and sometimes even more) than was involved when purchasing the car in the first place. 

Bonus: Leasing A Car Could Help Improve Your Credit

While it’s true that any line of credit, when used properly, can have a positive effect on your credit score, leasing a personal vehicle serves double duty. You’ll get to have the car you really want, and work to improve your credit rating at the same time. Learn more about how it works on our post “Will A Car Lease Improve My Credit?”.

With a lease agreement, this won’t be your concern. Simply return the vehicle at the end of the lease agreement term and move on. Personal car leasing offers the flexibility to trade as you like, without worrying about being caught with a huge car loan.

Speak to a Reputable Car Leasing Company Near You

If you’re considering making the switch and want to lease a car near you, reach out to experts who can help you get started. My Mojo Auto Lease has a history of happy customers, and our consultants are always ready to discuss your vehicle needs.