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Should You Buy Or Lease A Car?

Should You Buy Or Lease A Car?

When you speak to people about how to get a new car you’ll generally get one of two opinions. Many people will tell you that buying your own car is the best way forward where as others will tell you that leasing a car is the best way to go. Both methods have their own pros and cons, it is down to you to research both ways of getting a car and deciding what is best for you and your needs. It is worth looking at www.premiumcarsdirect.co.uk for help and advice.

Mileage

mileage

When deciding whether to buy or lease a car you should think about how much you will be using the car. If it is your own vehicle then you can obviously can drive it as much as you want where as you’ll find that lots of lease cars have mileage limitations of 12,000 miles per year – if you exceed this then you’ll have to pay a fine.

Have a thinking about how many miles you do on average at the moment and whether this is likely to change. If it is likely that you are going to do more than 15,000 miles a year then buying a car rather than leasing is probably the best way forward for you.

What Type of Driver are You?

type-of-driver

Leasing is good because the maintenance of your car is handled by the leasing company – within reason at least. However on the flip side of this it will be your responsibility to return the vehicle in tip top condition. If you think that it is likely that you won’t be able to do this then you might be safer buying a car rather than leasing.

Of course no one can predict if they’ll crash a car – though we all hope we won’t. However you should make sure that you don’t have any little bumps or scrapes in a leased car because they could end up costing you a large sum of money when you return the vehicle back to the leasing company.

Think about The Future

about-the-future

If you are leasing a car then you are in contract to pay a set amount to the leasing company each month – it is up to you to make these payments in a timely manner. If your financial future is unclear or insecure then the sensible option is not to lease a car because you could be hit with hefty charges if you miss payments.

Costs

leasing-a-car

You should think about the costs of both leasing and buying a car and comparing these with each other. Leasing won’t always work out the less expensive of the two but at least you’ll know where you stand and that you are making a sensible financial decision.

Buying is an Investment

buying-an-investment

Although the value of a car will go down the longer you have it, it will still be worth something when you decide to sell it on. Leasing is the opposite of this, when you give it back to the leasing company you’ll have nothing to show for your money so this is something else you should take into consideration.

About Subodh Tandon

Subodh is a full time marketing consultant and a skilled blogger. His area of interest belongs to marketing and finance related news and love to share all of those topics over the internet. You can catch him directly through this blog.