Buying vs Leasing

When you’re thinking about getting a new car, it’s a big decision knowing whether you should buy or lease. At Evans Halshaw Leasing, it’s obvious which option we prefer but we want to explain the pros and cons of each option to let you decide what is right for you.

Leasing

If you choose to lease a vehicle, you can be sure to experience the thrill of driving a brand-new car with a low initial payment and fixed monthly costs so, you can choose a vehicle that aligns with your monthly budget. The downside to this however, is that you do not own this vehicle so you will have to give it back to the leasing company at the end of the agreement. Additionally, if you have poor credit, this may make it difficult to lease as payment must be paid each month.

You can rest assured though that you won’t need to go through the hassle of selling the car at the end of your lease. You just need to give it back and decide what you’d like to do next.

Another benefit of leasing is you don’t have to worry about a balloon payment at the end. It’s important to watch your mileage, however, as additional costs will ensue if you go over your limit. Just because you don’t own the vehicle outright, you are also still responsible for its wear and tear. You can read our guide on this here.

Delivery is simple when it comes to leasing; we can have the vehicle delivered straight to your home at a time that suits you. What’s more, for an additional fee, you can have the maintenance of your car covered giving you more piece of mind and further making things that much easier to manage.

Leasing is beneficial for businesses too as business lease customers can enjoy positive tax benefits.

As you can see, there are plenty of positives when it comes to leasing a car but there are elements to be mindful of as well which could mean that buying a car would suit you better.

Buying

The main positive to buying a vehicle is that you own it and do not need to return it to anyone. You can keep it for as long as you like and when you’re ready for a change, you can sell it through whatever means you prefer. It’s important to note though that it can be very difficult to sell your car and due to how quickly a car’s value depreciates, it is very unlikely that you will be able to get back the price you paid for it. The older your car gets, the more problems will start to arise which can add to the difficulty of selling.

As you are the owner, you can make changes to your car’s appearance, allowing you to inject your own personality and style into the vehicle. You can then do as many miles as you like in your bespoke vehicle as there is no limit, so you don’t need to worry about going over any mileage cap.

If you do plan on doing a lot of miles, then you need to ensure you stay on top of servicing and maintenance which doesn’t come included when you buy; this will all have to be paid for yourself. Other costs to consider are road tax, any cover and the high price you will have to pay upfront when you first purchase the vehicle.

You should now be fully informed on the advantages and disadvantages of both buying and leasing. There is no correct answer, only what feels right for you and your lifestyle.