The decision to get a new car is a big one, and you’re likely going to be faced with two options – whether to buy a car or lease one.
Of course, there’s certainly no right or wrong option here, and the choice you make will depend on various things, such as your lifestyle and what you can afford.
So, in this post, we’re going to share with you some of the pros and cons of buying a car and leasing one.
You Own The Car Outright
This is a great way to go if you’re looking to get a car that you own completely, and it also means that you’re later able to sell the car if that’s what you choose to do. Hence buying a car, in this case, could be a good option for you.
It’s More Expensive
Of course, one of the downsides of buying a car is that it can be more expensive. Obviously, this will be dependent on various factors, such as the car you buy, and if you’re looking to buy a brand new car versus a second hand one, the costs will definitely be much higher. The other way that a car can be more expensive to own is when you think of the overall monthly costs involved – these will definitely be higher than when you lease a car.
You Have More Control
When you own a car, you have more control and freedom over everything that is to do with the car. Although cars aren’t like houses, and there’s only so much you can do in terms of customisation, you still have this option with a car that you own unlike when you lease one.
The Monthly Costs Are Lower
One of the reasons why people take a car on a lease is because they’re able to spread the cost of the car over a set period of time; and this means that the cost of the lease is definitely going to be a lot cheaper than it would be when buying a brand new car upfront.
You Can Get A New Car Every Few Years
Probably one of the best things about getting a car on a lease is that you can upgrade to a newer model or even completely new car every few years. So if you’re looking to upgrade to something like the New Jaguar XJ, this is something you’ll likely be able to do with a car on lease.
You May Have To Pay To Get Out Of The Lease Earlier
A lease is a contract like any other, and since it’s set over a certain period of time, then you’ll need to pay to get out of it earlier if that’s what you want to do. Of course, it always depends on what’s in the contract, but it’s likely that you’ll need to pay something. Hence, this is something to consider when you are thinking about whether you should lease a car or buy one – be it brand new or second hand.