If you ask most people whether buying or leasing a car is the better idea, most will usually answer the former. But that probably wouldn’t be the case if you asked people who understand the caveat of owning a depreciating asset, or should I say liability, like a vehicle.
The truth is that it isn’t as clear cut as many may think, and there are many occasions when leasing could actually be the most sensible solution. Let’s take a look at some instances where it might be a better idea to rent a vehicle instead of buying.
If You Want to Ride a High-End Vehicle
If you want to drive a more expensive vehicle, but don’t want to have to go through financing, depreciation, and expensive maintenance costs, you could lease the vehicle instead. For instance, you could lease a Range Rover Sport from Vantage Leasing for the same price it would cost to finance your average mid-range 4×4.
While you won’t own the vehicle outright, you also won’t have to worry about reselling it. And you won’t have to buy an older luxury model to offset the cost, only to be left with a hefty bill if a major component breaks down.
You’re Trying to Save for a Better Vehicle
If all you’re looking for is an in-between car until you get the one you actually want, then leasing can also be a good idea. This will give you the chance to drive a vehicle that will be in great condition and possibly under warranty while allowing you to save on your next purchase. Or you could simply decide to go for a lease on a better vehicle after this one is done.
You Don’t Want to Deal with Dealerships
Some people simply don’t trust car dealers, and how can you blame them? Salespeople will often use every trick to try and swindle clients with no regard to what happens to them. But you could completely bypass dealerships by dealing with a lease broker instead. Brokers will usually be more willing to help and will be more transparent and efficient than most dealerships.
You Want a Brand New or Near New Vehicle
It’s always nice to know that you’re the first person who’s ever driven a car and being able to ride a brand new vehicle does have its perks. But buying a brand new vehicle is one of the biggest mistakes anyone can make because of the steep depreciation after the first year.
By leasing, you’ll be able to ride a brand new vehicle without having to worry about it. You’ll be able to switch vehicles every two years and always enjoy the latest functions and technology, which isn’t possible when you own a vehicle for five to 10 years.
As you can see, there are plenty of occasions when leasing is the better option. So, make sure that you weigh both options carefully and see whether leasing could actually be the best solution for you.