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Benefits of leasing over purchase

When things are financially tight, buying a brand new car is pretty far from most peoples’ minds. It is a well-known fact that new car depreciate rapidly from the moment you drive them out of the showroom. Even second-hand cars carry a weight of financial responsibility when it comes to repairs and associated costs. Leasing cars is becoming a more popular choice among people wishing to enjoy all the benefits of a great car, without the associated costs of purchasing a car outright.

There are a number of benefits and advantages to leasing, which purchasing do not offer. Many people do not recognise just how beneficial it can be to lease a vehicle.

You do not gain the capital value of the car, but you do get a number of advantages including regular upgrades to new models, reduced expense on repair bills, and the luxury of knowing that you will be unaffected by depreciation of the car or ongoing maintenance costs. The following points cover some of the positives involved with leasing your car, compared to owning your own car:

  • When you lease a car, you do not need to worry about depreciation or fluctuations in the popularity of different car types.
  • Leasing packages usually allow people to change their car for a new model every few years, meaning that you always have access to a reliable, new vehicle.
  • As cars age, they tend to become less and less dependable. Choosing to lease removes the risk of things going wrong. This gives you peace of mind that you can keep up with the latest vehicles trends. Moreover, you can select from a wide range of new models when you upgrade every few years. In addition, a lack of expensive deposits when you take the car means that you do not to pay more for a new car.
  • Leasing options allow people who are safe and conservative drivers to own a car without being concerned about ongoing maintenance costs or upkeep. Even expensive repairs, not included in the manufacturer’s warranty, are covered through the leasing package. This means that you can get the car fixed at no extra cost.
  • Lease insurance provides assistance if your leased car is damaged or stolen during the time of your lease. If you owned your car outright, your insurance company would base their calculations on the used value of the car, even if it were written off. Lease insurance protects against theft, accidents and other mishaps, which would otherwise leave you stuck in the red financially, as a car owner.

It is important to note that leasing is somewhat cheaper than buying a car outright. This is because when you compare the cost of purchasing a new car every few years with leasing, you would be hard pushed to acquire the same quality of car for anywhere near the same price. It is an uncomplicated and financially viable way of having a car, which you are proud to drive, without the headache of being responsible for its ongoing upkeep. Leasing gives you the right to drive a car for a certain period, for less money than you would have to pay if you bought your own car.