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Benefits of Leasing or Buying a Car

Benefits or leasing a Car

If the leasing route is the way forward for you, here at Lamia Leasing we are always happy to talk you through the process and what is involved, as well as sourcing the best car/deal for you.

Some benefits of leasing are as follows:

  • Lower monthly payments. It’s generally much cheaper to lease a car rather than buying one. You can choose to have no upfront payment and also set the annual mileage to suit. You need to be aware that if you exceed your agreed mileage or return the car damaged, you will incur charges; 
  • Fixed term agreement. Agreements are generally between one and five years and the monthly cost is calculated based on the depreciation of the car over the term. You will always know where you stand and unlike when you are buying a car, you will never run the risk of owing more than the car is worth.
  •  Fixed price motoring. You can opt to have a maintenance pack included in the agreement. As well as being covered by the manufacturers’ new car warranty, with a maintenance pack you can also cover the cost of servicing, parts, labour, tyres and consumables, effectively future proofing against any price rises for the term of the agreement. 
  • Upgrading your new car. By leasing a car, you can simply swap it in for the latest model when your agreement comes to an end. This means you’ll always have the benefit of staying abreast of new safety innovations, technology, comfort and economy. 
  • Never have to sell your car. At the end of the agreement, you simply hand the car back and walk away. You don’t have the hassle or worry of trying to sell the car and worrying about what you might get for it. 
  • Credit approval. Leasing as opposed to buying a car generally means that the finance companies can be a little less strict on approving applications. This is due to the fact that it is easier for them to take the car back if you default on the rentals.

Benefits of buying a Car

Some benefits of buying are as follows:

  • Long term cost. Although the monthly costs to lease a car are generally cheaper than buying one, you will never own it. Therefore, when you buy a car, you build up equity in it so you can recoup some of your money when you come to sell it or trade it in for a new one. The longer you keep it, the less it will cost, although it does depreciate. 
  • Sell your car. Unlike leasing, when you are buying your own car you have the option to sell it at any time and pay off any outstanding finance you have on it. You are never tied in to a fixed term agreement. 
  • No mileage restrictions. Unlike leasing, you are not tied in to a maximum number of miles that you can drive during the agreement. As such, there are no associated charges for exceeding the mileage as there is no limit. 
  • Wear and tear. Unlike leasing, you are not restricted to ‘fair wear and tear’, ie, keeping your car in a good condition. If you pick up the odd dent or scratch here and there, it will affect the resell price, but you won’t have to have it repaired at the end of the agreement. 
  • Depreciation. Although not comparing like for like with leasing a new car, if you buy a car that is two to three years old then it would have incurred the depreciation of potentially up to 40% that happens in the first couple of years from new. This can give you a huge saving over buying new.

If you’re looking to buy a new or ‘pre-loved’ car, we would be happy to help you not only source it but also arrange the finance to pay for it.

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Lamia Car Leasing are a credit broker and not a lender, we are authorised and regulated by the Financial Conduct Authority. Registered No : 676641

Registered in England & Wales with company number : 5925668 | Data Protection No : ZA083826 | VAT No : 890912208

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Disclaimer: All vehicle images and descriptions are for illustration and reference purposes only, all vehicle leases are subject to credit approval and subject to change at any time. E&OE.

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