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The Pros and Cons of Car Leasing Over Buying a New Car as You Get Older

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You may not have thought about leasing a car rather than buying one before but there are some distinct advantages, especially as you get older and have different driving needs. Here is a guide to the pros and cons of leasing over buying a new car as you get older.

Leasing Can Save You Money Upfront

Buying a car outright means that you have to part with a lot of cash up front. Of course, you can trade-in your old vehicle, providing the dealer will allow you to do this, but you will still have to pay the difference. This can be expensive, especially if you are living on a fixed income. You might want to save the money for a rainy day or spend it on something else.

If you lease a car, you will pay a smaller fee upfront, usually equivalent to paying the first two- or three-month instalments. You will then pay for the car every month for the term of the lease agreement. This means that you can save your cash and just make monthly payments which could work out as more convenient for you.

Leasing Saves You Money on Repair Bills

When you buy a car, you are responsible for the maintenance costs. When you lease a car, the cost of repairs and other bills to keep your car on the road are included. This means that you only have to pay one monthly fee and won’t have any nasty bills if you take your car to the garage.

Leasing Can Better Suit Your Requirements

Leasing gives you flexibility. For example, the price you pay to lease a car will depend on the mileage you drive per year. This means that if you don’t use your car very often you can cap the mileage and you may get a better deal.

A car lease means that you can drive a car with all the latest technology without having to part with a lot of money first. You might decide that you want to switch to an electric car as they are more economical or better for the environment. This is easy to do through electric car leasing. ElectriX can provide you with everything you need to know to keep electric cars on the road and enjoy years of happy motoring. They even offer a good deal on car insurance depending on your age and how many miles you drive.

Cars Are Returned at the End of the Lease

You never actually own a lease car which means that at the end of the lease you can simply give the keys back to the dealer and walk away. This means that if you have decided that your driving days are over because you no longer feel safe on the road, or you have been unwell, you don’t have the hassle of selling or scrapping the car. This can make life simpler for you when you need it to be.

You Can Sell a Car You Own When You Want To

If you buy the car outright, you can sell it whenever you want to without having to wait until the end of the lease. This can be good if you decide you don’t like the car, or your mobility needs change, and you need a car you feel more comfortable in.

You Can Modify a Car You Have Bought

If you think you might want to make modifications to your car in the future, then you should buy rather than lease. You might want to make changes to your car to make it easier to drive as you get older or you might decide that it would look good with go-faster stripes on the sides. You can do whatever you like with a car you own, whereas, if you have a lease, you may be prohibited from doing this.

Buying a Car Means That You Don’t Have to Worry About Mileage

A lease contract is usually extremely strict about how many miles you are allowed to drive per year and will penalise you if you go over this.  You do not have this problem with a car you own, and you can drive as many miles as you like every year. One year you might decide to potter about locally and the next you can decide to go on a cross-country road trip. This won’t make a difference to the price of the car if you have already bought it.

Getting a new car is a big commitment whether you decide to buy or lease one. Think carefully before you decide what to get and how to finance your purchase and take your time to find a deal that is right for you.

 

Photo by Brett Sayles: https://www.pexels.com/photo/boutique-showroom-on-city-street-4280705/

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