• EN/GB
  • My Account
Long Term Leasing Or Buying a Used Vehicle - How to Decide?

Long Term Leasing Or Buying a Used Vehicle - How to Decide?

Posted On 28 Mar, 2018

Read More

Buying a new or used vehicle can be one of the biggest expenditures that one may incur, which is why many people go for the option of lease cars for sale in the UK. Here is a list of pros and cons of leasing and buying:

Purchase of leased vehicles: Why yes
1. You can change to a new car frequently and drive a new one every 2-3 years
2. There is always guarantee protecting you
3. You don’t have to worry about sales practices every time you want to change a car

Buying a leased car can cost up to 60% lesser than what you would end up paying to buy the same model of the car. Even the warranty on the car is a huge advantage when you do not want to worry about not having complete coverage otherwise.

Purchase of leased cars: Why not
1. You must have a stable and steady source of income
2. You can only drive only a certain number of miles
3. You must take care of the car and maintain it as a new one

Being able to pay for the monthly payments means having a predictable and steady source of income at your disposal at all times. Imagine not having this predictable source of income someday and then having to pay for these monthly payments of your leased vehicle. It is easier to disengage from a leased car’s contract than putting up a used vehicle for sale. However, the terms of termination are mostly strict and if you find yourself returning the car before the contract expires, you could end up paying heavily for it due to early termination fees.

Purchase of a used car: Why yes
1. You have the ownership of the car
2. You can personalise the car as you will
3. You can put up this used car for sale or for a trade-in

So, quite naturally, the biggest advantage of buying a used vehicle is that the car is yours and only yours. You can use it as much as you want or drive it as much as you would like to without having to worry about the mileage limitation imposed on a leased car. You can even customise the car according to your liking since you are the owner and you are the one who gets to decide. Although, it’s advisable to not personalise your car in a way that may not be entirely likeable by others in case you are planning to put this car up for sale later.

Purchase of a used car: Why not
1. Higher monthly instalments or payments as compared to a leased vehicle
2. Unforeseen post warranty repair charges and costs
3. Selling your car isn’t as easy as terminating a leased car’s contract

It’s obvious that the monthly payments of buying a used car in the UK are much higher than of a leased vehicle, but you must consider one very important aspect here - can you ever say that you really own a leased car? Another big disadvantage is probably not being able to rely on a guarantee to stay covered for any damage caused by the wear of the vehicle. So, when you go to a used cars sale agency, you should ensure that you ask for complete documentation which proves that the vehicle has always had all the necessary maintenance given to it.

Other Articles

When Should You Think of Buying a Rental Car?

When Should You Think of Buying a Rental Car?

Read More

How Often Do You Change the Oil/Oil Filter in Your Vehicle?

How Often Do You Change the Oil/Oil Filter in Your Vehicle?

Read More