Is Leasing a Car Right for You?

When most people think about car leasing, they tend to associate it with company car drivers. This is because, in the past, those were the only people who leased cars.

However, that is starting to change as firms like Vantage Leasing develop packages that are aimed at private individuals. Today, many people are realising that leasing a vehicle has several potential advantages over buying a new car every few years.

Of course, it is not the best option for everyone, but for many people, it makes financial sense to lease rather than buy. To help you to work out which is likely to be the best for you I have put together this simple checklist. It is not designed to enable you to make a final decision, but it should enable you to work out if it is worth looking at leasing instead of buying.

Your cash flow

Often the monthly cost of leasing is lower than loan repayments would be. If you do not have good cash flow, the right lease contract could enable you to own a vehicle and get on the road.

Initial down payment

The fact that most lease agreements require you to make a smaller down payment than you would if you bought a new car is also helpful for many buyers. These days, the day-to-day cost of living makes it hard for most of us to save a significant amount of money.

Leasing is a way into the car market

As you can see the lower initial costs of most leasing agreements makes it a way to be able to get on the road faster. Naturally, you do need to be aware of the long-term costs, but if you need a car for work, it is often better to pay a little extra overall rather than try to live your life without a vehicle.

How far you drive

When you lease a car, you need to be very aware of the terms and conditions of the lease. An awful lot of people do not realise that most of them come with some sort of mileage restriction. Therefore, if you typically drive many miles, a leased car may not be right for you.

How much flexibility you need

It is also important to consider what would happen if personal circumstances meant you suddenly had to change your driving habits. For example, if you currently live in a small flat close to work, but are planning to move to a house in the suburbs, you need to consider this before signing a lease deal.

How hard you are on a car

If you lead and active life and have kids in and out of your car all the time, you will need to be careful about vehicle damage clauses. Some agreements require you to cover the full cost of repairs.

Without a doubt, vehicle leasing is well worth considering, but it is something you should take the time to research and consider carefully. If you would like more information, you can find it here.

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