If you mention the term car leasing, most people automatically think of it as something businesses do to supply their employees with cars and vans. In the past, that would have definitely been the case.
Until recently, very few private individuals would have used leasing as a way of keeping a vehicle on the road. But, firms like vantage-leasing.com are changing all of that. The packages they offer, work just as well for someone who needs a car to get them to and from their job as it does for their boss who wants one for their sales rep. Leasing has several potential advantages over buying, which you can read about below.
Monthly payments are often lower
Typically, leasing payments work out lower than car loan repayments do. Naturally, this varies from person to person, but this is the case most of the time. Often, the difference is significant.
No down payment needed
Usually, when you buy a new vehicle you have to find the case to pay the down payment. Most leasing companies do not ask for any money up front. The few that do need a deposit, only ask for a nominal amount. This makes leasing an attractive option for someone who does not have much in the way of savings.
Good for people with a poor credit rating
If you have a bad credit rating, getting a loan is all but impossible. With leasing, this is less of an issue, because most companies have a deal that will work for you.
Predictable monthly costs
Because most maintenance and road tax is included in the monthly payment the cost of keeping the car on the road is predictable. For people who are on a fixed income, this certainty is a big selling point.
When you own a car maintenance costs tend to go up as the car gets older. Therefore, the cost of running your vehicle not only fluctuates it gets more expensive to do so, as time goes by. This is not an issue when you lease a vehicle.
Continuous warranty protection
The typical period of the lease means that you are always protected by the manufacturer´s warranty. By the time the warranty lapses, it is time to give the vehicle back to the leasing company and get a new one. This means you are never faced with big bills to replace important, and expensive, components. Naturally, if you buy your own car, once the warranty lapses you have to cover the cost of things like repairing the engine or replacing the gear box.
You get to drive the latest models
Normally, when you lease a car you will be driving a brand new vehicle. So, if you like driving the latest models leasing is likely to be a particularly good fit for you.
Is leasing a car for you?
As you can see, there are many potential advantages to leasing a car rather than buying one. Whether it is right for you or not is very much a personal decision. This calculator will help you to work out the true cost of buying and running a new car. You can then ask for quotes from a vehicle leasing firm and compare the two deals on a true like-for-like basis.
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