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Is it cheaper to lease or buy a car?

There are many factors that influence the overall price of leasing as opposed to buying a car so there is no general rule regarding the price you will spend. However, it is important to be prepared to know exactly what to do for you next vehicle. Below you will find the main factors that might affect the price difference according to your lifestyle.

Mileage
Consider your mileage when you make the decision to buy or lease a car. Most leasing companies will limit you to a restricted number of miles per year, which means if you exceed the amount you will have to pay extra. Consider how much you drive and what your needs are for a vehicle before you make your decision.

Have a look at the agreed annual mileage on the car you want to lease and compare it to your past average annual mileage, If they are somewhat similar you might be better off leasing than buying. Leasing is the perfect option for company cars, new drivers and limited travels so consider this when making your choice.

Depreciation
The value of your car will decrease over the years. This is a fact for most modern cars, independently from the way you drive it and its conditions. Some, however, lose more value than others after the same amount of years. According to Which? “depreciation is likely to account for half of your running costs over the first three years”. Their advice therefore is to buy a car that depreciate slowly and lease a car that depreciates fast.

Use this as a general rule and next time you consider switching vehicles, have a look at the price of your potential new car and its predicted price in three years. If the price of the car drops in the next three years, you are much better off leasing the vehicle than buying it.

Change
Some people love change, others keep the same vehicle for years until it breaks down. This is down to personal preference and should be one of the most important factors to consider. If you like to change your car frequently it might be best to lease it as opposed to buy it as you would suffer less from depreciation and you will satisfy your desire for change and trends. On the other hand, if your car becomes another member of your family and you will keep the vehicle for the next 5-10 years you will be better off buying it.

Regardless of your personal preferences remember to consider all factors before making the decision of buying or leasing a car to make the best choice according to your needs. If you decide to lease your next car have a look at our cheap car leasing deals!

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Posted on 24th July 2017 at 6:14 PM

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