Today, when it comes to obtaining vehicles people are presented with a whole plethora of options including but not limited to PCP, PCH, bank loans and hire purchase – all of which may sound incredibly confusing to those who haven’t had to deal with this before. A few years ago, many people believed that buying a car was far more advantageous than leasing, however the general opinion regarding this has now changed and car leasing is becoming more and more popular. There are so many benefits of car leasing, and today we are going to cover just a few of these.
Benefits of Car Leasing
- When leasing cars instead of buying outright people can often find that they do not have to pay as much, this is because they do not have to pay what the car is worth at the time of them driving away in the car, instead car leasing companies typically offer vehicles at whatever the difference is between what the car is currently worth and what it will be worth at the end of the lease.
- When buying cars people quickly realise that they quickly deteriorate in value, meaning that when it comes to sell their car they find that they have lost a lot of money. Leasing eliminates this issue completely because generally people are able to update their cars around every 2-4 years, allowing for them to constantly drive the latest models. If you are a person that always likes to drive the latest and coolest, leasing is most definitely he bet choice for you!
- When buying a car there is typically a lot of financial aspects to think about, including but not limited to costs to maintain vehicles when they break. Car leasing can allow for people to avoid extra for a number of reasons including the cars being new and unlikely to encounter problems, not MOT costs (for the first three year) and no vehicle excess duty. All car leasing companies offer different benefits and advantages and it is important that you discover these and ensure that you’re happy with them before signing anything.
- When choosing to buy a car via monthly instalments people are often required to pay hefty initial payments however when leasing most people can drive away from as little as one monthly payment, making it a perfect option for all, even young and new drivers. Because of this there has been a rapid increase in younger people leasing cars, looking to drive cars in which they otherwise would simply not be able to afford to drive.
- Car leasing is even more beneficial for business people as they can generally reclaim VAT, anyone looking to go down this route should consult their personal accountant to see what they would advise.