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9 Benefits of Leasing a Car Over Buying One

The advantages of leasing a car go beyond the emotional boost of driving around in a shiny new vehicle.
In addition to avoiding the commitment of sinking your savings into something that is constantly losing you money, you can drive away with lower monthly payments and an included warranty. As a result, personal car lease deals have become increasingly popular in the UK.
Are you considering making your next car a lease?
Here are the top nine benefits of leasing a car over buying one.

1. The Latest Auto Technology

With leasing, not only do you get to take pleasure in driving a new set of wheels, you'll benefit from all the latest technological advances.
That means new car technology such as exterior cameras and blind spot monitors, as well as a more efficient engine. Plus, you'll benefit from the latest safety features to protect you and your family.

2. Wider Choice of Vehicles

If you're considering buying a car, your choice will be limited by your budget.
Getting a loan to cover the difference is an option. But, since the value of the car you buy will depreciate over time, banks see high-value car loans as high risk. And, even if you are granted a loan, it may only cover part of the total value of the car.
If you don't have the funds to make up the difference, you'll have to settle for a cheaper car. Or, like many other people, you can get a personal lease deal on your dream car instead.
When you lease a car, you only pay the car's depreciation for the lease period. As a result, leasing means you can drive away in a better make or model than you'd be able to afford if you bought the car.

3. Guaranteed Reliability

Are you worried about your car breaking down on the way to work?
As cars get older, they get less reliable. Leasing a car that is brand new means you don't have to worry about its quality or reliability. You'll only be driving it for two or three years and few cars will have any problems during this time period.
What's more, in the unlikely event that anything goes wrong, the lease car will usually be covered by the manufacturer's warranty.
You can even have a full maintenance lease deal  to cover all running costs (excluding insurance and fuel)

4. Access to the Best Deals

Leasing companies operate as independent car brokers. This means they continually get the best deals from dealerships and finance companies across the UK.
As a result, they can offer competitive market rates and low monthly payments for you as the customer. In fact, monthly payments are usually much lower than those you'd have to pay if you bought a car.

5. No Need to Worry About Depreciation

Another reason that the monthly payments are low is because you'll only borrow the amount that a car depreciates, instead of borrowing enough to buy the car. For example, a car worth 30,000 GBP might be worth 15,000 GBP after three years. So, the plan covers the 15,000 GBP depreciation.
As such, the risk of a car maintaining its value following those three years isn't something you need to worry about, unlike if you'd bought the car.

6. Few Upfront Costs

As well as lower monthly payments, the best lease deals also allow you to get a new car with very few upfront costs.
There are many no deposit lease deals, or, if a down payment is required it's usually quite low. Instead, any patments you have to cover are often distributed between the monthly rentals. This means you can spread the cost over time, rather than having to fork out a lot of money upfront.
In comparison, if you wanted to buy a car, you'd have to put down at least 10%, but more often 20%, of the car's value to get a good loan rate. For this reason, leasing is a much more attractive option for people with limited savings.

7. No MOT or Maintenance Issues

Cars don't have to go in for their annual MOT check for road-worthiness until they reach their third birthday. By that time, it's likely that the lease car won't be your responsibility anymore so you can avoid the hassle of booking your car in for its MOT.
Plus, you can avoid any costly repairs or replacements that might arise from the MOT check.
If you'd bought the car, that wouldn't be the case. In fact, during leases of 36 months or less, the manufacturer's warranty will cover you. As a result, you'll never have to worry about major repair costs should something go wrong.

8. Gain Control of Your Vehicle Budget

With leasing, there are no surprises, such as having to replace an expensive timing belt or your car failing its MOT. When you lease a car, you know exactly how much you'll be paying each month.
And, the combination of lower monthly payments and less chance of maintenance costs means you can gain better control of your monthly vehicle budget.

9. Avoid the Hassle of Selling

When you want to change your leased vehicle, investigating the best time to buy a car or how much you can sell your current one for won't be necessary.
At the end of your lease, you will simply return the car to the leasing company. Not only do you get to avoid the hassle of actually selling your vehicle, but its value at the end of the contract is also not your concern.

The Benefits of Leasing a Car

With so many benefits to leasing a car, it's no surprise that many people are turning to this option when the time comes to look for a new set of wheels.
From a wider selection of vehicles to greater reliability, as well as a range of financial benefits, leasing is the best choice for many people.
For more information about the cheapest personal lease deals, request a quote or a call back today!

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Posted on 2nd November 2018 at 11:21 AM

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