More and more of us are moving away from purchasing and are instead opting to lease a car, simply because it gives us the freedom to enjoy the latest and most innovative vehicles on the market.
So, when it comes to leasing a vehicle, what things can you enjoy that you don’t need to worry about when purchasing one outright? Here are a few to consider:
You can get your hands on a top spec car for a low price
Leasing a car offers a luxury many of us thought we could never afford to enjoy: being able to drive off the forecourt in a top of the range vehicle. This is because the upfront costs of leasing are significantly lower than buying a car outright, with a small initial rental to make and then a monthly rental payment that is usually tailored to your requirements.
You can change your car every three years
Most leasing deals work on a three year basis, this means you could drive a new car every three years, without the hassle of settlements and selling your car on the used market. This is a great option for those who love to drive a new car regularly and the process is generally a smooth one, with your current vehicle essentially being swapped for a newer model and the monthly rentals continuing to come out of your account.
You can enjoy a vehicle under warranty
This means mechanical repairs should be covered by the manufacturer, so you don’t need to foot the bill! This is great news because sometimes vehicles can just go wrong and you could find yourself scrambling to find the cash, on top of trying to build up your savings again after purchasing an expensive new car. Ensure you check what is covered in the warranty as it varies by manufacturer.
You don’t need to worry about depreciation
Depreciation is a real issue when it comes to purchasing vehicles, it affects all cars differently but it’s safe to say that once you leave the garage the car will have already lost some value. However, with leasing you can drive your car without the worry of how much it’s worth when you want to get rid of it!
You can build up your credit rating
Monthly rentals on a finance deal are a great way of building up your credit rating and something you can’t enjoy when buying a new car. Regularly making those repayments will boost your score, meaning it will be easier to get credit in the future whether that’s for a bank loan or just a standard credit card!