Lifestyle

Buying Or Leasing A Car: Which Is Cheaper?

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Owning and running a car can be expensive. However, it’s also often necessary for people depending on where you live and where you work. So deciding whether to buy or lease a car can be a tricky decision as there are pros and cons to both. Leasing will likely give you lower monthly payments than getting a car loan, and it also means that you’ll get a new car again in two or three years; leasing also means a warranty will still protect you too.

Leasing your vehicle means you never have to worry about anything happening to it either, as no matter what, you will be covered and then when it comes to the end of the lease, you don’t have to worry about selling the car either.

There are also negatives to leasing a car, however. For example, you must have a stable source of income to qualify for a lease and the dealers you are renting from will need to see proof that you have a stable lifestyle – or at least a steady source of income. If something happens and you lose your job or get sick, then this can have a significant impact on your finances, and it can be quite challenging to get out of a contract, whereas it would be quite easy to sell your car if you couldn’t afford to run it anymore. There terms that you have to meet when it comes to leases, or you will have fees to pay.

The number of miles you can drive is also limited during your lease term, and you also need to be able to keep on top of the car’s maintenance. If you’re not aware of this, then this could end up costing you a lot of money.

Financially, it might look cheaper every month, however overall you are likely to pay more than you would if you had just bought the car outright. You can get car finance quite easily with an online application from Century Cars and you’ll know what you can afford.

The pros of buying a car of your own include the obvious; you’ll have ownership of your vehicle, you can drive as many miles as you want to, you can do what you want to your car in terms of customizing it, and you can keep your vehicle for as long as you want. However, you’ll likely have higher monthly payments than if you get a lease, there’ll be unexpected post-warranty repair costs, and you will have the responsibility of trading or selling your used car if you want a new one.

It does come down to what is right for you, and it’s a good idea to research both options, work out your finances and see which one will be the most viable option. Look around and compare lease deals, how much they cost, the condition they are in, the miles they have done and see which works out best for you and what you would want to pay.

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