With so many makes and models to choose from, if you’re in the market for a car you already have a load of options to consider. Yet, you might find yourself undecided on the ultimate question: Leasing vs. Buying a Car — Which is Best?
The answer will not be the same for everyone and it all depends on what you want out of your new ride.
Leasing vs. Buying a car – what option will be most cost-effective?
When it comes to leasing vs. buying a car, you need to think about why you want a car and your long-term plans. Do you itch to buy a brand-new car every few years, craving the latest models, gadgets, and that oh-so-good new-car smell? Then LEASE could be the glaring answer you’ve been waiting for when asking if it’s better to lease or buy a car.
As cars rapidly depreciate and are subject to car tax, buying a new car every couple of years will mean you’re losing out financially. If you lease a car, you can enjoy steady, regular payments (that include car maintenance) and an upgraded model every three years!
Countering this, if you love making a car your own, would rather enter the sellers’ market when you’re ready to upgrade (be it in 3 or 15 years), and enjoy the autonomy of unlimited kms and modifications, buying outright – or, if that isn’t feasible, financing – will be the choice for you in the leasing vs buying a car debacle.
But, I want new rims AND this subwoofer (a paint job would be nice, too)
If you’re a car enthusiast wondering if it is better to lease or buy a car, I’ll stop you in your tracks if you want to lease (even for the missus – you’ll be powerless to do anything about that KIA stereo system)!
One of the best things about being a car hobbyist is that there are so many upgrades and personal touches you can make. Although new, shiny and modern, the initial buzz of your leased car will rub off quickly, and you’ll regret your decision to lease when you questioned leasing vs. buying.
Business or personal use?
It could be worth your time looking into leasing over buying a car if you plan to use the car for business – for clients, business partners, and the like. Impress your clients and outdo your competitors with a high-end vehicle that your budget wouldn’t allow if you were to buy outright. Plus, you will always have a new, modern car representing your business! Come tax time, you may be able to claim back some of your lease costs.
If your car is for personal use – not just your commute to work, but weekend getaways, camping adventures, and summer road trips – then when debating leasing vs buying a car you should consider that buying suits your lifestyle. When asking if it’s better to lease or buy a car, remember there is an annual limit on your mileage with a leased car; buying a car will be more geared towards your annual car trips.
Will your passengers be children or pets (or do you have a classic case of I-just-spilt-coffee-all-over-the-drivers-seat-again)?
If you’re like me and enjoy a trip through the Maccas Drive-Thru, having your pooch ride in the passenger seat, or STILL need to invest in some seat covers, maybe leasing a car isn’t the answer you’re looking for when you ask if it’s better to lease or buy a car. The same can be said if you will have kids in the car a lot.
Car dealerships will not be lenient towards your individual circumstances when you return the car and you’ll have to fork out for any damage. While you’ll still have to pay for upkeep in a car of your own, regarding the leasing vs buying question you can recognise that paying for maintenance will benefit you in the long run when you decide to sell. Plus, you can slash costs by buying car cleaning products and doing a DIY clean!
Many Sparesbox customers – the car-lovers that you are – will be geared towards buying in the leasing vs buying a car debate; you enjoy maintaining, modifying, and personalising your car just as much as we do! If you are OBSESSED with new cars and always want to upgrade, or need a car for your business, then definitely consider leasing if you’re wondering if it’s better to lease or buy a car.
For all car enthusiasts reading this – as you were! Go forth and tweak, upgrade, and customise your car… and then the next car… and then the car after that!