Leasing: is it the right option for me?

Choosing whether to lease a car or not ultimately comes down to your own desires and preferences; essentially it’s your choice. However, today we’ve teamed up with Clear Car Leasing to get the best tips and advice to help you decide whether to lease a car or not.

One of the factors to consider when debating whether to lease a car or not is whether it’s for business or personal use. If you plan on leasing a car from a business perspective then you must first consider the size of your business; will it be worth the investment? Larger companies often choose to lease cars rather than purchase them as they often have a high staff turnover, therefore by purchasing a car the business would be more susceptible to risk if the employee leasing the car decides to leave the business. Whereas by leasing a car, the business would be much more protected as there is less commitment and you also don’t suffer from any depreciation losses on the car.

Although one of the arguments against car leasing is that you never truly own the car, it can actually be considered to be more financially viable to lease a car, therefore it is becoming more popular to do, particularly for businesses.

Another potential downside of leasing a car is that if you go over your allocated mileage allowance then you may have to a pay small fixed charge per mile. However, this eventuality will often be outlined in the original quote that you receive. Similarly, insurance isn’t usually included in the price of the lease and is generally the responsibility of the individual that is leasing the car. On the contrary, road tax is generally included in the price of the lease so this can be seen as a definite positive to many people.

Leasing from a personal perspective is somewhat different. One of the positives to consider is that it allows you time to find exactly which car is right for you. For example, you may not wish to commit to one vehicle by purchasing it, therefore by leasing a particular model, you’re able to effectively “test” it before purchasing.

With car leasing, you essentially get the ability to treat the car as your own, as long as there is no damage to the car. You also benefit from the fact that as you don’t own the car, then you don’t suffer from the hassle of having to sell a car which is worth much less than it initially was. Moreover, with leasing you generally have the ability to lease new cars, rather than old and used models.

Another positive thing to note is the fact that it is more affordable from a personal leasing point of view, as you may not be able to purchase a car upfront, and so leasing a car may be much more affordable for you. You would be able to benefit from the luxury of driving a car of your choosing without the worry of the financial burden that comes with purchasing a car.

Naturally, the cost of the lease depends on a number of factors, including the model of the car and the length of the lease. Obviously, the higher end models of cars will be more expensive to lease, but it entirely depends on which car you choose.

With such a large number of leasing options for business and personal use, and so many different cars to choose from, it can be hard to know where to start. Hopefully our article has outlined some of the things to consider when choosing whether or not to lease a car.