‘To lease a new car or buy it?’ That’s the age-old question, especially as a car can be for someone of their biggest purchases.

Motor-Vision are here to help guide you with that all important decision by comparing the pros and cons of each.

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Buying a car

Firstly, there’s the more obvious but traditional method of just paying for a car outright, knowing that soon it will be all yours to personalise and do as you wish with until your heart’s content.

Generally, this is the cheapest option long term as you save more money the longer you keep the vehicle. Plus, because the car belongs to you, it is not a huge drama if it happens to get scratched or bumped as there are no wear-and-tear fees to worry about.

Insurance payments get lower and lower over time, although with time comes the inevitable increase in repair costs.

Depreciation is another concern when buying a vehicle as its value will drop the moment you drive it away from a dealer, however purchasing does give you the chance to sell at a later date which is not the case with a leased car.

Leasing a car

Leasing has always been a big deal over in the US and is gradually finding its feet here in the UK as a result of our growing tendency to pay for things monthly.

In short, leasing is a finance option where you rent the car, either new or used, at a fixed price for around 3 years at a time and then hand it back to the leaser.

At that point you can pick out another vehicle and keep up with the latest models, but do keep in mind that despite the monthly payments being fairly low they are ongoing and there can be extra charges that can catch you out.

These include the ‘wear and tear’ fees, as mentioned before, and added mileage costs if you go over the agreed limit, however on the plus side maintenance costs can be pretty small compared to when you buy a car.

Each dealer will have different terms to abide by, so ensure you read them carefully.

So which do I choose?

Ultimately, it all comes down to personal preference and ultimately the financial position you’re in. But as long as you sit down and work out which best suits your lifestyle and budget you are sure to pick the option that’s right for you!

If you’d like to look into leasing a car, our sponsors ‘Best Car Finder’ are at hand. They have great deals on a wide range of cars, including commercial vehicles. Check out their monthly deals, exclusively for Motor-Vision readers at – https://smart-motoring.com/motor-vision-sponsors/bestcarfinder/ or call them directly for a more personalized quotation on 0203 507 0426.

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