Today, it’s better to lease a car than buy. Car leasing has gained popularity over the years. For starters, car leasing is renting a car for commercial or personal use. It is quite different from hiring a car. In leasing, you get full possession of the car for a certain number of months or years. Car leasing is also different from buying. With leasing, there are great benefits you will enjoy. Here are some of the benefits of choosing car leasing over buying.
You’ll never get bored
New car models are launched now and then. Why drive the same car for 10 years when you can have a new car model every year. The good thing about leasing a car is that you try out the latest and most favourite cars on the market. Moreover, you enjoy the latest car technology and features.
Use it, and then lose it
A car is an asset to be used. The only purpose of a car is to take you to your preferred destination. There is absolutely no reason to own a car when you can possess a car through leasing. Personal car lease deals allow you to use a car for a period of time and dump it later. The dealer will receive the car at no extra cost provided that you’ve met the lease terms.
If it depreciates, lease it
Vehicles depreciate in value very fast. Financial experts advise that you lease any asset that depreciates and buy anything that appreciates. Owning a car means that you will lose a huge amount of cash as depreciation. You can avoid the annual depreciation of vehicles by leasing a car.
Low monthly instalments
You are not paying for the entire cost of the car. Leasing means paying for the car’s depreciation for the time you will be using it. Buying a car is very expensive to finance. Car leasing deals are much cheaper and flexible.
You don’t pay for major repairs and servicing
When you buy a car, you are fully responsible for its repair and maintenance costs. However, a leased car is under the ownership of the dealer. The leasing company caters for the car’s service and repair costs. The advantage of leasing a car is that you will be covered under the manufacturer’s warranty for the entire period of leasing.
Avoid resale hassles
When the lease period expires, you simply return the used car to the leasing company. Finding a buyer for a used car is tedious. You may end up disposing of the car at a throw-away price. Avoid such hassles by leasing your preferred vehicle.
These are some of the reasons why most people prefer leasing a car. When you lease a car, you are required to adhere to a set of rules and regulations. Although you don’t own the car, you are required to take good care of the car. Excessive wear and tear may result in an extra cost at the end of the lease period.