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Help! Shall I buy or Lease a Vehicle?

By: Musa Aykac

So your old car has had it, you have had enough of running to garages and getting stuck on the roads, you decide to buy a new vehicle but are confused on which make and model to use or if you actually want to fully buy one or lease one.

The first thing to take into account when looking to get a vehicle is will it be economical for you, for example if you had a family of say 6 you would not want to get yourself a nice sports car but instead a family saloon that can fit the whole family. Some more important aspects of what you are looking for will also have to be considered financial.

More commonly you use a car loan or a financial agreement when buying a new or used car. Only a selection of wealthy people in the world can buy a car outright by paying cash. The down payment is higher, the monthly payments are also higher, and you should also take into account the maintenance costs.

When buying a car do you have the money to buy it outright? Or would you have to get a loan? Could you afford the monthly payments if you are leasing a car, would it be more beneficial to you if you were leasing a car? These are the questions you must ask yourself

Do not just go out and get a car just because your friends and family have one. Find out if it is feasible and beneficial for you to have one. If you live in a city it would be better off getting public transport so you may not need a vehicle. Keep in mind that once you do buy a vehicle it does not end there you will have to fork out on maintenance, road tax, mot and insurance on a yearly basis which all does add up.

Taking everything into consideration and weighing out the two if you are in it for the long run then it is recommended that you buy yourself a car. But if you are looking for a short to mid term use of a car then leasing would be the best option to take. There are also benefits of car leasing which entirely depends on who you take the lease out with, some benefits can include a scheduled maintenance every few months, so the car is always in tip top shape. It may well also improve your cash flow over buying a car on loan as the interest rates may be very high for purchasing.

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