You might be in a tight spot financially and you’re considering a lease over finance. Or perhaps you want the latest luxury vehicle, but at a lower price (you can check out deals for these on Vantage Leasing). Whatever your reason for considering a car lease, here are a few more signs that this could be the right route for you…
1. You have no deposit
One of the best reasons for leasing a vehicle is if you’re missing that initial down-payment. You might have a healthy monthly income and credit score, but if you haven’t managed to scrape that deposit together, leasing is a fast-track to the car of your dreams.
2. You have low monthly income
Similarly, another reason to lease is if your monthly income isn’t high enough to consider a finance deal. The instalments for renting a vehicle are often far cheaper that on finance loans, even for the latest models.
3. You’re a tech-lover
If you have to have the latest consoles, cameras, smartphones and other gadgets on the market, this is the option for you. Not only can you have the latest model sat on your driveway in a few hours, but you can also change it easily every time there’s an upgrade.
4. You’re a car enthusiast
Similarly, the fact that you can change your car as frequently as you like means that for people who love cars and want to try a few out to see which is the best fit, leasing provides you with the flexibility to do just that.
5. Your situation could change tomorrow
If you know for a fact that your life isn’t stable right now, the flexibility of leasing could be a life-saver. Whether you’re starting a family or back-packing across the globe, the ability to simply give back your car without the stress of re-sale or trying to get out of your finance agreement is a huge weight off your shoulders.
6. Value for money matters to you
This point might mean a few sums, but it will be worth it to conserve cash. Although it’s true that the longer you have the car, cheaper it is to buy rather than rent, you might only plan having your next vehicle for a few years. Weigh up the two options carefully, and research the model’s value depreciation. If the car has lost more in value than the rental payments over that period, it isn’t worth buying.
7. You’re an entrepreneur
Finally, if the vehicle you’re planning on getting next is used for your business, a percentage of the depreciation value, as well as the regular payments and any other associated costs, can be deducted on your taxes. However, the same cannot be said for interest on car loans. It’s worth chatting this through with your accountant to figure out the best option.
We hope you enjoyed this article! Let us know about your own experience of leasing a car in the comments section…