Should You Lease or Buy Your Next Car?

Leasing a car certainly does have a lot of advantages. It is a big decision to make, though, isn’t it? Do you buy a vehicle that might cost you more in monthly payments but is yours once you’ve paid it off, or do you lease one at a low monthly cost knowing that you have to return it at the end of your contract? If you are pondering this choice, have a read through our guide and see if we can convince you either way.


  1. Leasing is cheaper

Leasing isn’t always cheaper, but if you are the type who likes to drive a new car, it is. With leasing, you pay a fixed monthly payment and then rent the car for a fixed period, usually three years. You can then lease another new car. If you were to buy a new car, you would almost certainly be looking at paying out a lot more each month on finance. We realize that the car would never actually be yours, but if you like having new and stylish motors, leasing could be the best option for you.


  1. Less worry about maintenance costs

When you decide to take on a personal leasing contract, you are buying yourself some freedom from worrying about maintenance costs. You will have to cover wear and tear on your vehicle and pay for any repairs that are needed, but if you are only ever going to have a car for the first three years of its life, what is likely to go wrong? You don’t even have to MOT a vehicle for the first three years. Leasing is just less hassle all around. Sometimes, you can even add a maintenance package to your monthly lease payment, giving you complete peace of mind.


  1. Take advantage of new technology

Leasing a car helps you keep up with technology better. When you purchase a vehicle, you will be stuck with it for some time. What if a new technology comes out that you really want to buy into? You’d have to go through the hassle of selling your vehicle and then buying a new one at an incredibly expensive price, and that’s if you can afford to do it. You can just swap your vehicle at the end of your term and go for a model with the new technology when you lease. Why not read our post about electric vehicles for some inspiration on the type of technology you could opt for.


  1. Less hassle

Leasing a car is just less hassle than buying one. Finance agreements can be difficult and time-consuming to arrange, and you sometimes have the trouble of having a balloon payment to make at the end of your agreement. It saves you the hassle of opting for a lease agreement. They are easy to arrange, and there is no administration once the agreement is over. Once your contract is done, you are free to choose what you want to d. You aren’t tied down with a vehicle that you either need to sell or exchange before moving on. 



Mark Munroe is the Creator and EIC of ADDICTED. He's ADDICTED to great travel, amazing food, better grooming & probably a whole lot more!