Leasing vs buying: which is right for you?

Whether you buy or lease a car, it’s a huge financial commitment, and you want to make sure you make the right decision about which route you should take. If you’re not sure whether to lease or buy your next vehicle, here are a few considerations that should help you decide…

When you should lease:-

1. If you have less money to spare

The biggest indicator of what you should do is your bank balance. If you’re low on funds but need a car, leasing a vehicle is often the best option. Whether a small economical vehicle or a luxury SUV from the likes of Vantage Leasing, there will be little to no deposit required, and the monthly payments you make will be far lower.

2. When you’re not sure on the vehicle

Another way of looking at leasing is as an extended test drive. You could be the indecisive type, not ready to take the plunge on buying a vehicle in case it doesn’t meet your needs, in which case, leasing is the perfect alternative. It gives you the chance to see whether the car meets your requirements, and if it doesn’t, you simply give it back!

3. If your situation is prone to change

Leasing is also the most convenient option. If you’re planning on going travelling, switching jobs or considering starting a family, you need to be able to change your vehicle to suit your new needs very quickly – you can only get this level of flexibility with a leased car.

4. When technology is important to you

Finally, you could be a car geek, always reading up on the latest releases, or seriously into your technology and have to have the latest gadgets. The fact that you can swap your car for an upgrade whenever you wish means you’ll always have the best car with the highest quality, which you would never normally be able to afford.

When you should buy:-

1. If you’re always on the road

Buying is often the better investment if you’re constantly on the road for work or hobbies. There are often mileages restrictions on leasing agreements that cap you at a certain figure, and if you check the small print, you’ll most likely find fees for every mile over that. If you’re always on the road, buying your car could save you hundreds in the long run.

2. If you’re new to driving

Although new drivers often consider leasing because they’re low on funds, it’s often worth simply saving whatever possible and buying an older model. With little experience, on average they’re more prone to accidents, scratches and so on, which will incur fees with a leased vehicle.

3. If you’re thinking long-term

If you’re a car lover and need the latest model, leasing is the better option, but if you’re thinking of your car as a long-term investment, buying is always cheaper – the longer you own it, the more you save.

Tell us why you decided to lease or buy by leaving a comment below…