Questions you should be asking when leasing or buying a new car
New car buyers are increasingly asking themselves whether they actually want to part with their hard-earned cash to buy a depreciating asset – or whether they should lease a vehicle instead. This article will help you decide on which is the best course of action to take when making a final decision.
Buy or lease: Buying is paying for the entire cost of the vehicles, irrespective of what are your miles or since when you have it. In lease, you are actually paying a part of the total cost of the vehicle that has been used. Leases have various aspects that make them an ideal choice for e.g. in case of lease the up-front expenses are usually lower.
What do you want: Before entering into any kind of deal on a car, you must have a list of items that you are looking for in the car. This includes everything right from the cool wheels, anti-lock brakes, front and side airbags, Bluetooth hands-free technology, electronic stability control, , air conditioning to the leather seating to the various performance boosters that cars have. A major chunk of these aspects is needed for safety, performance enhancement and convenience.
What is the actual worth: Before you zero down on any car, check the Manufacturer Suggested Retail Price (MSRP) that has been set by the company of the car you are planning to buy. This price varies from dealer to dealer considering the additional charges that are levied. Check on leasing rates on various cars to verify whether the cars can retain their value and simultaneously give you a good deal. Steer clear from opting for cars that depreciate at a faster rate as these will simply make you pay more.
How much do you want to spend: The budget for your car would play a decisive factor for leasing or buying a car. Most of the time, when people are talked into leasing a car, however, they are unaware of the expenses that could come up if the lease contract is ended before its time.
Finally, leasing a car saves you the trouble of selling or trading in the car when you want to renew. With a lease, you send the vehicle back and, with most people who lease, take delivery of a new car.
What our experts have to say: Andy Bell, managing director of Firstvehicleleasing.co.uk, says: “Once people have a look at the advantages for leasing a vehicle they often can’t believe how much money they actually save – despite not actually owning the vehicle.
“The headache of owning and running a car is removed and you get trouble-free motoring for the duration of the lease. And then you get a new car delivered every two or three years.”
Andy points out that a leased car is covered by a warranty which removes any worries about repair bills but he does add that when asked about your annual mileage you should give an accurate estimate to prevent charges for any extra miles driven.
For more information about car leasing deals, contact Firstvehicleleasing.co.uk on 0800 298 2030 or visit their website for more information.
Vincent Hill is the Marketing Executive at First Vehicle Leasing Ltd. First Vehicle Leasing Ltd provides best car leasing deals and solutions to all over the United Kingdom.