Should You Lease or Buy Your Car? Your Questions Answered

If you are looking for a new car, for work or for leisure, then gone are the days of scrimping and saving to buy a car outright. From getting cars on finance to leasing a car, there are a whole new world of options available to you. If you want to buy a car outright in cash, then by all means, that is still an option. But there are some definite pros to the former two ways. So you need to decide what the car is for and how long you are going to need it. Buying a car outright or on finance, can mean that at the end of the day, you own your car. But to lease a car can often cost you a lot less each month as you’re essentially renting the car, not paying off a ‘mortgage’ on the car.

So it is obvious, there isn’t a clear-cut answer. Both ways have a series of pros and cons, so what will work for you may not work for others. It can be a good to start off by asking yourself a question; how do you like to pay for things? If you need quite a large or fancy car for your work, to transport clients or materials in, then leasing from somewhere like Flex Fleet Rental could be the best way to go for you. It isn’t going to be needed all the time, but when you need it, it doesn’t cost you a lot of money.

If something more long-term is for you, then getting a car on finance or buying outright could be the way to go instead. If you like to have your cars for a number of years, including some where you may not be paying anything, then it certainly can be the way to go. Having some time without paying anything is something that is often forgotten, and can be the reason why many people choose to buy a car on finance; they will have paid it off at some point and then own the car, not making any more monthly repayments.

It can be a tricky decision as there are good and bad points to both. Perhaps considering your lifestyle could be a deciding factor? How much can you spare each month for repayments? Leasing means paying less sales tax, and lower monthly repayments. However, you could end up having to pay a large amount if your needs change and you no longer need the car. If you’re in a contract, then it could cost you to get out of it. Having said that, the same can happen when getting a car on finance as you will still be liable for the monthly repayments, even if you no longer need the car (unless you sell it back to the retailer, for example).

So although all of the answers aren’t here, it is up to you to weigh up the pros and cons and see what will work best for you, your financial situation, and your lifestyle.


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