Buying a car vs leasing a car – which option is the best for you?

lease car
Written by Nigel Simpkins

When it comes to getting a vehicle, a lot of people assume that buying is the only way to go. And, in some cases, buying would indeed be a better option. But that’s not always the case and you shouldn’t automatically right leases off. They have many advantages that you may not have thought of and they might be a better option for your situation. There are also many disadvantages to owning a vehicle you should be aware of. Let’s take a look at which option between buying a car and leasing a car is the best option for you.

Leasing Allows You to Get All the Latest Features

One of the benefits of leasing a vehicle is that you always get to drive a new or almost new vehicle. This means that you get all the new tech and safety features. You also get better fuel consumption or range in the case of an electric vehicle. The gap in performance between old electric vehicles and new ones is immense. Technology advances so much in this field and a car that was considered to have a good range a few years ago will look limited after a few years.

This is why we suggest that you give electric car leasing a look if that’s the type of car you are in the market for. If you’re looking for a cheap electric car lease, check out ElectriX. They’re a great resource for those looking for electric car lease deals and will help you figure out how much you’ll have to spend on an EV lease. I

Buying Gives You More Freedom

The main reason why people prefer to buy their vehicles is that it gives them more freedom. You won’t have to worry about how many miles you drive per year and will be able to customise the vehicle whichever way you want. Even small modifications aren’t permitted on leases most of the time because the vehicle is not actually yours. This also means that the leasing company can come to take the vehicle at any time.

Once you own a vehicle and you have paid for it, it’s yours and you are free to do what you want for it. So, if you absolutely want to modify the vehicle or if you routinely go on long trips, buying a vehicle is a better option.

Leasing Takes Some of the Hassle of Maintaining a Vehicle Away

When you lease a vehicle, performing maintenance on it is much simpler. You’ll be able to have most major issues serviced outside things like your suspension, your tyres, and all parts that are subject to wear. The vehicle will most likely still be under warranty, so you won’t have to worry about major issues like the transmission breaking down or problems with the car’s wiring. In addition, many dealers will throw in things like free oil changes and car washes into the mix. This could help you save some extra money.

Buying Allows You to Look at a Wider Range of Vehicles

Leasing will give you access to a narrower range of vehicles than buying. Most leases will be on newer vehicles, and that’s not something everyone wants. For instance, some people might want to get a luxury vehicle that is 5+ years old so they can save money. Or maybe they prefer the car’s old design. This isn’t something you’ll be able to usually get through a lease, and even if you could, it wouldn’t be advantageous to you since the vehicle would most likely be out of warranty. So, if you want an older vehicle or a rare one, buying is probably the way to go.

Leasing Allows You to Avoid Depreciation

Depreciation is one of the biggest issues when buying a vehicle. A car’s value can drop by as much as 30% the minute it gets off the lot. This isn’t something you have to think about when you’re leasing. It’s the dealer who’s going to have to deal with depreciation once you turn the vehicle over to them, not you.

Not only that, but you don’t know how much the vehicle will go for when you decide to sell. A lot of things can happen during a car’s lifespan. There could be some recalls, or the car or manufacturer might suddenly fall out of favour with the public. This means that you could end up with a vehicle that will be more difficult to sell.

These are all things you have to consider before choosing between buying and leasing a vehicle. Both options have their pros and cons, so don’t dismiss one for another and do your homework.