Should You Lease Or Buy Your Next Motor?

So it’s about time to get yourself a new motor; but should you buy or lease? Perhaps you’ve always previous bought your vehicles and are wondering what leasing is all about? Maybe you’re wondering which option is best for you? While the most viable choice will depend on your personal circumstances, let’s consider some of the facts. 

Leasing a car

When you get a lease, you never own the car, which means returning it when your contract is up and not having to pay out any deposit. One of the benefits of leasing a car is that your monthly payments will be lower than buying one. If you’re currently seeking to save some cash- this might be a good idea. Having said this, sometimes when you run up the mileage up too high, there will be charges at the end of the contract. The question of whether it’s cheaper to lease or to buy a car is not a straightforward one. It depends upon factors such as the deprecation of the purchased vehicle over time and the mileage. When you buy a vehicle, after you’ve paid it off you’ll have an asset to sell on. With a leasing option; you’ll have nothing gained back at the end of your contract. While you may not be gaining an investment; if you need a car for just a short duration of time, leasing could be a flexible choice here. 

Buying a used car 

Those who would like to own a car, without the big price tag, should consider a used car.  When you buy a used car, you’ll be getting a deal that could be up to half the price of brand new. You’ll have lower car insurance costs plus your car registration fees may be lower too. When you buy a new car, due to the depreciation, you’ll lose money. If you buy used, you’ll generally be purchasing the vehicle after the depreciation has already occurred. You’ll be gaining an asset but without losing cash. Some people worry about the reliability of a used car, but the fact is that there are plenty of high-quality options out there. Simpson Motors offer an excellent range of used vehicles. Companies like this could help you to find something great if you choose this route. When you buy a car, you’ll have no mileage limit (most leased cars do). You’ll be able to drive as much as you want! 

When you are considering leasing or buying, you should think about how likely your car is to incur damages. With a leased car you’ll have to pay for damages when you’re contract is up. These include cosmetic damages to the interior. If you’re buying something used; you may not worry too much about cosmetic damages. If this is the case, you could save yourself some money here. If you know that you’ll be taking good care of your car, this won’t be an issue. Having the option to sell your car on offers greater flexibility as opposed to being tied into a lease contract. To make a decision, it’s best to review your financial and personal circumstances.

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