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Buy or Lease?

Owning a brand new car is undoubtedly what many of us dreamed of. However, as appealing as the idea may appear to be, not everybody has the means to purchase one or to get a car loan. As much as car dealers are eager to sell a vehicle, they and the banks are not so keen about providing everybody the financially facility needed to make the purchase. So before you go about shopping for your dream car, first create a car shopping plan, make some research, and most importantly, do some math.

As you must know, there are other means by which you can secure a comfortable and convenient transport for yourself and your family. One of them is car leasing. In order to get the best deal and make the most of every penny you spend, try to compare how much savings will you get if you choose to buy a new car or lease one instead. This may seem like a complicated and overwhelming task, but this is actually easy to do since there are now several car lease payment calculators, which you can use for free online. Although the calculators cannot give you the exact figures, they can at least give you a ballpark idea on which among the two options will give your money maximum value.

After taking into account the “money factor,” take into figure your driving habits and travel needs. Shopping for your own car is the best option for you if:

-- you drive more than 17,000 miles a year;

-- you are attached to the idea of owning your own car;

-- you want to make modifications to give your car a customise and personal look; and

-- there is a chance that you might have to end the lease early and purchase the car (Purchasing a car from the beginning can actually save you more money than leasing it for several years, then deciding to purchase it later).

Meanwhile, when it comes to choosing a car to lease or buy, do not just take into account the features of the vehicle. Also, give its resale value some consideration. This is because the cars with high resale value make the best resale and lease deals. These are the types of vehicles manufactured under brands and models that give more importance to quality and reliability, instead of styles that drastically changes every year.

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Published by Ingram Finance UK
 
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