Having a car is often essential for most families, but the reality of running a car can also be costly. So deciding whether to buy or lease one can be a tricky decision as there are pros and cons to both. Leasing a car will usually give you lower monthly payments than getting car finance, and it also means that you are able to get a new car again in just two or three years; leasing also means that you will also have a warranty to protect you too.
Leasing a car means that you don’t have to worry about anything happening to it, as you will be covered and when the lease is up, you don’t have to worry about selling the car either.
There are negatives to leasing a car, however such as the fact that you need to have a stable income to qualify for the lease and the dealers that you are renting from will want you to show them that you have a stable lifestyle and a steady source of income. If you lose your job or get ill, this can have a significant impact on your finances, and it can be challenging to get out of a contract. If you had bought a car and couldn’t afford to run it anymore, it would be a lot easier to sell it.
There is also a limited number of miles you can drive during a lease term, and you have to be able to keep on top of the maintenance of the car as if you don’t, and if you go over your mile allowance, this could end up being very expensive.
While it might look cheaper on paper to lease a car and to pay for it each month, overall you are likely to pay more than you would if you had just bought a car outright. It is relatively easy to get car finance with an online application from Century Cars, and this can tell you what you’ll be able to afford.
Buying a car of your means that you’ll have full ownership of your vehicle, you can drive as many miles as you like, you can do what you want to your car in terms of customizing it, and you can keep it for as long as you wish. However, your monthly payments will likely be higher, there’ll be unexpected post-warranty repair costs, and you will have the responsibility of trading or selling your used car if you want a new one.
It does come down to what is right for you, and it’s a good idea to research both options, work out your finances, and see which one will be the most viable option. Look around and compare lease deals, how much they cost, the condition they are in, the miles they have done and see which works out best for you and what you would want to pay.