5 Reasons To Choose Car Leasing Over Car Buying
Many of us are thinking of ways that we can save money during these trying economic times. Since the purchase of a car is one of the biggest expenses a person can make, it makes sense to look at this as an area where money can be saved. Many people have decided that car leasing is a good alternative to buying a car in the last couple of years. Here are 5 reasons why:
1) You can drive a better car at lower cost
For those of us that like to drive in more luxurious cars, car leasing is probably the better option if you are on a budget. This is because monthly repayments are much lower with a car leasing agreement than with a car loan. There is also the additional benefit of not having to worry about depreciation as when the lease period expires you have the choice between simply handing the car back or swapping it for a newer model – a definite advantage for those who like to drive different cars every 3 years.
2) Repairs are not your responsibility
Another advantage is that you are not responsible for repairs to the vehicle which as most of you will know can be very costly. The car leasing contract will include repairs which are not covered by normal manufacturer’s warrantee and the onus is on the leasing company for ongoing repairs and maintenance.
3) There are tax breaks with business car leasing
Many businesses choose to lease cars rather than buy them because of the depreciation issue. Also, because car leasing is a legitimate business expense, you can claim back tax on it.
4) You can get extra protection from Gap Insurance
You are expected when you take up a car leasing agreement to take out gap insurance cover to help you in the unfortunate event of the car being stolen or written off. When you own a car and this happens, the insurance company will only give you the current market value of the car which in most circumstance will be a lot less than you paid for it. Gap insurance covers you for the difference between the current market value and the cost of the car when it is new.
5) You will save money overall
Car leasing allows you to save money on several different fronts. Leasing a car and changing your vehicle every few years, works out a lot cheaper than buying a car every few years for example. In addition the quality of car you can be driving will be higher because the lower monthly repayments will allow you to afford more for your money.
If you want to find out more about car leasing then please visit the Car Leasing UK website at www.carleasinguk.com
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