Vehicle leasing has been around for a while, but it is only recently that more individuals and businesses have realised its merits. The merits of vehicle leasing may be apparent to some, but for others, the idea of leasing a vehicle may not be attractive. If you would like to own a vehicle outright and have the complete freedom to do with it what you wish – as well as sell it after a few years or when the proper time comes – then vehicle leasing may not be for you.
But if you are attracted to the idea of low payments per month and don’t want to deal with the responsibilities (and high costs) of maintaining a vehicle, then vehicle leasing may be your best option. For those who don’t want the hassle of vehicle depreciation and having to sell their vehicle once it gets too old, vehicle leasing may also be a good alternative to a vehicle purchase. But what else should you know about a vehicle lease agreement? Here are the top reasons why more people are going for vehicle leasing today.
- Low payments every month
With vehicle leasing or contract hire, one obvious benefit is the low payments per month. You will only be settling the difference of the vehicle’s buying price and its residual value, after all. Compared to other deals such as PCP or personal contract purchase deals, vehicle leasing doesn’t come with interest and compared to buying your own vehicle, you don’t have to pay for the entire thing. What does this mean, then? It simply means you could be driving around in a vehicle you wouldn’t likely be able to pay for if you were to go for another deal. You can choose to have a more expensive vehicle, even with a low monthly payment. In fact, when you compare a leasing agreement to repayments for a vehicle loan on the same model, the payments per month could often be halved.
- A brand new model of your preference
Many of us dream of having a luxury vehicle, but we know all too well that if we have to pay for one, it could be a tremendous drain on our resources. But not so with vehicle leasing – with a contract hire agreement, you can opt for a brand new luxury vehicle of your preference without having to worry about paying top price as well. But aside from this, you can take advantage of new vehicle technology in the form of newer safety features, better fuel efficiency, and various improvements in terms of entertainment systems.
When you purchase a vehicle, you may be driving it around for several years, even a decade. But with leasing, you have the perfect chance to take advantage of the latest vehicle models even every two years along with a choice of various extras such as driver aids, technology, and your preferred paintwork.
- Do away with extra expenses
Not only do you have a lower deposit with vehicle leasing – you can do away with extra expenses as well. When you are driving a new car around, you will have fewer problems with maintenance and repair (if at all), and whatever issues may crop up are often covered by the warranty.
Image attributed to Pixabay.com