Leasing A Car For The First Time: Is It Right For You?

Leasing a car for the first time is a fairly big decision. The way you get around each day makes a difference to your quality of life, so it only makes sense to really think about the way you intend on paying for a vehicle. Knowing whether leasing is right for you is crucial. Here are just some of the pros and cons:

Leasing Pros
Little to no down payment
Lower monthly payments than buying a vehicle
You’ll drive a new car every few years rather than having to keep the same one
Great if you don’t have the money to buy the car outright

Leasing Cons
You don’t own the car
You’ll never pay the car off
Extra mileage may cost you more money
Insurance on a leased car can sometimes be expensive
Terminating your lease early could leave you with a hefty penalty

Bear in mind there are other options for your too. Financing a car allows you to own the car you’re paying for, while giving payments each month towards it. You will still need to pay for insurance, MOTs, and everything else this way.

There are also things like car clubs, which many people don’t consider. A car club is great if you only need a car occasionally. You’ll pay an annual fee and a fee per hour, but it will still be cheaper than buying a car.

If you’re still interested in leasing, the infographic below can help you to compare leasing and buying to find the best option for you!

credit to auto.loan

Leave a reply