If you’re getting a little bit tired of your old banger, and you’re thinking that picking up a new vehicle might not be the worst thing in the world at the moment, then you’ve probably spent at least a few minutes thinking about the different options you have open to you. Well, if that applies to you, you’ve come to the right place.
Deciding between either leasing or buying outright can sometimes be rather difficult, as which option best suits you will depend heavily on your current situation. That said, don’t stress too much, I’m confident that I can help to point you in the right direction.
Have a quick read through this guide and you should be better placed to make a decision that is right for you.
What You Need To Consider
If you’re thinking about buying a car outright, there are obviously many elements you need to take into consideration. One question you’ll need to ask yourself is “do I have enough cash to spare?”. Although you might think that £2000 is enough to get you a car that works, in reality, the chances of that car lasting you more than a year or two are very slim.
So, perhaps leasing might well be a better option for you if you fall into this category. Instead of paying £2000 for something that will go bang in 12 months time, why not rent a really nice car for the same time period at a much reduced price?
You’ll almost certainly be able to find a quality lease car for around £100 per month, which means your total annual spend will only amount to £1200. Try having a browse online at tilsungroup.com to get some quotes and see for yourself.
How Many Miles Do You Drive?
Depending on the amount of time you spend in your car, you may wish to look at alternatives to buying outright. When you chose to lease any car, most maintenance costs will be covered by the leasing company, so there is no need to worry about huge mechanics fees. So, if you feel that you often drive a considerable distance each week, and you’re likely to encounter engine trouble etc as a result of this, it’s probably better to check out the deals on offer at a reputable leasing company.
Is It For Business Use?
“Why does that matter?” I hear you ask. Well, if you do use your car for business purposes, any money you spend on it can be recorded as an outgoing within your yearly tax return. So why bother risking your financial stability by paying out £2000 in one go to buy a car when you can seriously decrease the amount of tax you pay by leasing a far superior model and coughing up monthly payments.
So there you have it my friends. A quick and simple guide to help you work out whether buying or leasing is the best solution available to you. Hopefull I’ll have helped you to make the right decision.
Photo Credit to Alex C Jones