Are you looking for a new car but worried you won’t be able to afford a decent model? Car leasing could be a great alternative.
There are a lot of benefits which come from leasing, making it a potentially great investment. However, it’s also important to understand the potential cons of leasing a vehicle. So, to help you make the best decision, below you’ll discover some of the pros and cons of leasing and when you should consider it.
The pros of leasing a car
There are a lot of pros of leasing a car rather than buying one. Firstly, you won’t have the same level of down payment to make. You’ll typically pay a small deposit, then make the rest of the repayments monthly. So, you won’t need to scramble together thousands of pounds to get the car you want.
Depending upon your credit history, you can also lease a car with affordable repayments. The amount you’ll need to pay will depend upon your credit rating and the model you’re looking to lease. Another benefit is the range of models open to you. When you’re buying a new car, you might not be able to afford a fancy model. However, if you go through ZenAuto, you’ll find a wide range of luxury models available to lease at an affordable cost.
Finally, a pretty great feature of leasing is that you don’t need to cover the cost of repairs. Provided an accident wasn’t your fault, the company will take care of the repairs for you.
There are a few disadvantages of leasing over buying. Some companies may restrict the amount of mileage you can do for example. Also, if you have a poor credit rating, you could end up paying a high interest rate.
Another thing to consider is that you won’t own the vehicle at the end of the lease period. However, this can be a good thing if you want to change models every three years. You can also find lease agreements which enable you to buy the car at the end of the lease.
As you can see, there are pros and cons of leasing that you need to familiarise yourself with before you decide if it’s right for you. For many people, leasing can be a great option, enabling you to get the model you want at a fraction of the initial cost. However, it is still worth considering the potential downsides too.