Leasing a car could be the ideal solution for you if you need a car and can’t afford to buy one. This option, as well as helping you to get your wheels, actually has some advantages over buying your car outright. Let’s take a look at the main ones.
The biggest advantages of leasing a car include:
- you may well end up driving a car that you wouldn’t be able to afford otherwise;
- you might not have to make a significant down payment, although the bigger the down payment, the lower your monthly payments will be;
- those monthly payments will probably be lower than those of a regular car loan;
- you’ll never have to worry about the depreciation of the car’s value;
- many lease deals include tax and even insurance, which is peace of mind;
- some of your maintenance costs may also be included, and
- you can return the car at the end of the lease period and start another deal on a new car.
Making an up-front payment can reduce your monthly payments
When you lease a car, you often make a deposit or down payment. Many car lease companies, like All Car Leasing, let you choose the size of this payment, as the more you pay upfront, the lower your monthly payments will be. You can also, if you just don’t have enough money for a big deposit, make a minimal one.
Your monthly payments won’t be as high as those of a regular loan
You’re not buying the car, you’re renting it, so you’ll find that lease payments are between 30% and 60% lower than loan repayments.
You’ll fix your monthly payment
You’ll agree on your payments at the start of the lease and they won’t change until the end of the period. Most leases are around two to four years and the fact that you’ll know what you’re paying for this time frame means you can budget for other things.
You can drive a car that’s outside your budget
There’s no reason for you to have to settle for a car that’s too small, or that guzzles fuel. If you look at the personal Audi contract hire options, for example, you’ll be pleasantly surprised!
Tax and insurance are often included
You won’t need to worry about finding the money to tax and insure your car if it is, or even worry about remembering it.
Maintenance is often taken care of
When you lease a car, you don’t own it (you already know this, of course!) so the maintenance schedule and costs should be under the manufacturer’s warranty period. Any repairs or services are usually paid for by the leasing company.
When your lease ends
You can return the car to the leasing company and, if you want to, select a new one. This means you can have a new car every two years or so, so you can stay up-to-date with safety and fuel efficiency developments and you’ll avoid the depreciation nightmares.