Before we take a look at the main benefits that vehicle leasing has to offer it is worth bearing in mind the famous quote of billionaire oil tycoon J.Paul Getty –
"If it appreciates, buy it. If it depreciates, lease it".
This quote, in a nutshell, encapsulates the main benefit of vehicle leasing. A vehicle is not like a house which usually appreciates in value after purchase, whereas, when you drive away in your brand new vehicle it is already losing value. If you take out a vehicle loan or vehicle finance agreement you are simply paying a set amount a month for something that is losing, not gaining value. In simple terms, you are buying a product which is depreciating in value not only every time you drive it but also when it is sat on your drive. Leasing is a different proposition for drivers, instead of owning the vehicle, the driver is pays a monthly amount to use that vehicle over a set period of time (typically 24 or 36 months). At the end of the agreement the vehicle is taken back by the leasing company.
Here are the main benefits of vehicle leasing.
Monthly repayments will be on average between 35% and 55% less costly than the repayments on a loan. Also, in the majority of lease agreements, only a small deposit is necessary, usually amounting to 3 monthly payments.
One of the biggest attractions of vehicle leasing is that you are able to drive away in a car or van that might be out of your price range in terms of purchase price.
The manufacturer warranty will normally cover the period of the lease and maintenance costs can be covered. Road tax is also usually included in the lease.
No huge up-front costs, capital outlay or loans.
Fixed price motoring where most costs remain the same for the period of the lease.
You can drive a brand new vehicle every two to four years and benefit from the safety, fuel economy and performance advancements found on newer models.
* All vehicle images and car descriptions on this site are for illustration and reference purposes only and are not necessarily an accurate representation of the vehicle on offer.
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