Are you considering buying a car, but think leasing might be a better option? Most people in the UK prefer leasing a car to buying one, and for a good reason. Leasing a car comes with many benefits, some of which you wouldn’t enjoy if you chose to buy the car instead. Outlined below are some of the reasons/advantages of personal car leasing.
1. You get the best deals
Most car leasing companies in the UK operate as autonomous vehicle brokers. This thus means they get the best deals in real time from major dealerships and finance companies in the country. That said, these companies offer competitive market rates to their clients, which can save you good money in the long run.
2. Access to a better car
Leasing gives you the privilege to choose a much better car than you could afford. Another a car is that you only pay for its depreciation during the lease period, and not its value. This means monthly payments for the same will be much lower than if you were financing a car loan. This also means you get to drive a better car in terms of make and trim.
3. Drive a reliable car, all the time
Cars are known to depreciate in both value, performance, and dependability as time goes by. An older car is more likely to break down, which might not be the case with a newer version of the same. Leasing gives you a chance to drive a new car, hence no need to worry about the car breaking down. Most of these cars are still on warranty too.
4. Access to the latest safety features and technology in motor engineering
Newer car models come equipped with the latest safety features and technology that makes driving both easy and safe. Leasing a car lets you enjoy most of these features, which includes Autonomous Emergency Braking (prevent crashes) and .
5. Spend your money wisely
Leasing a car is a wiser decision as compared to buying it. According to J Paul Getty, a billionaire tycoon, a wise person leases anything that depreciates and buys anything that appreciates. You don’t have to spend your life's savings on a car that will depreciate, and only spend much of its time outside the house.
6. Total control of your car's expenses
When you lease a car, all monthly expenses are rolled into one package. This includes breakdown cover and Road Fund License. The package, of course, is exclusive of insurance and fuel. You can also choose to include a maintenance package to the lease to lower the budget even more. You can, therefore, have an estimate of how much you get to spend on the car.
7. Eliminates big-ticket motoring costs
By leasing a car, you get to choose the newest car available. As mentioned earlier, newer cars are more reliable, meaning you never have to spend money on items such as aircon units and timing belts. The chances of needing a new battery for the car are minimal too.
8. No need to worry about the car's roadworthiness
New cars don’t require the annual MoT roadworthiness check until they are 3 years old. Leasing a new car eliminates the need to have the car checked unless you choose to keep it for more than 3 years. Most people however choose to switch to another car instead.
9. No PCP hassles
At the end of the lease period, all you need to do is hand the vehicle over to the leasing company free of charge. This also gives you a chance to pick a new car hassle free. This is unlike where you have to negotiate with the dealership on its value.
10. No need to deal with dealerships
Leasing eliminates the need to deal with dealerships. You therefore never have to drive from one dealership to the other looking for a better deal. All you need is identify a reputable broker to hire the car from.