Has the time come to acquire a new vehicle? Perhaps you have recently passed your driving test and you are looking for your first car? No matter what applies, one of the key decisions you need to make is how you are going to go about obtaining your new vehicle. One popular option is leasing. Below, we take a look at the pros and cons associated with leasing to help you make your mind up.
PROS OF LEASING A CAR
One of the great things about leasing a vehicle is the fact that you can get a new car every two or three years. This means that you can drive around a new model. You will probably be able to drive a car that you would not be able to if you were going to purchase it outright. A lot of people also find this option more manageable financially. This is because you are going to make set monthly payments, and you will know how much you need to pay each month, as these costs will be fixed. Not only this, but also all repairs will be covered by the lease companies. You can find out more about this at intelligentcarleasing.com. If the car becomes damaged, and it is no fault of your own, you won’t need to cover the cost. This means that you won’t have to suffer the hassle that comes with an unexpected repair bill. Other benefits associated with leasing include the fact that you simply drop the car off at the dealer when you decide it’s time to move on. You don’t have the hassle that comes with owning and selling a car. You also don’t need to worry about any fluctuations with regards to the trade-in value of the vehicle. If you are a business owner, there may also be some significant tax advantages associated with leasing.
CONS OF LEASING A CAR
There are a number of cons that are associated with leasing a vehicle. This includes the fact that you need to bring the car back in the condition it was in when it left the showroom. Of course, general wear and tear will be accepted, but you won’t be able to customise the car. Also, if you need to get out of a lease before your contract expires; you will probably need to pay a rather hefty termination fee. You can find out more about this at leaseguide.com. You may also be subject to a fee if the car is handed back in a bad condition. Another important factor to take into account is that your lease contract will specify a maximum number of miles. And, of course, you won’t own the vehicle.
As you can see, there are many benefits and disadvantages that are associated with leasing a vehicle. When determining whether this is the right option, it is important to recognise that it is all about what works for you. While leasing may suit your needs and your financial situation, it may not suit someone else’s. So, don’t base your decision on what everyone else is doing, base your decision on what is right for you.