When shopping for a luxury car, you’ll find yourself with two options – either buy your car of choice outright, or lease it. For many years, the standard option for purchasing a luxury car has been to buy one, but the option of leasing a luxury vehicle is becoming more popular with drivers across the country. Here are four reasons why leasing is being considered a great alternative to buying when it comes to purchasing a luxury vehicle.
- You only have to worry about one monthly payment
Perhaps unsurprisingly, leasing a car is somewhat cheaper than buying a car outright. As the keeper of a leased car, you will be expected to pay a monthly fee to the lease company in return for use of the car. The monthly amount is calculated before you lease the car by subtracting the car’s estimated value at the end of the lease period from the car’s value at the time of leasing. The cost of your monthly payment is also likely to be influenced by the number of miles you are estimated to drive in the vehicle; a lower estimated mileage will ultimately translate into a lower monthly fee.
- You don’t have to think about affording car repairs
Leases are great for people who aren’t interested in keeping their vehicles for long periods of time. The average lease runs between 2 and 4 years and after that time you simply hand the car back to the lease company and pick out a new one. Because the lease times typically span just a few years, it’s likely that the manufacturer’s warranty on the vehicle will remain in force throughout your time as the keeper of the vehicle. This means that you won’t have to worry about paying to fix any problems that arise during your lease. As well as being covered by the manufacturer’s warranty, you’ll also have the opportunity to take out some form of maintenance contract with your lease provider; as part of your maintenance contract, you will be absolved from paying for tyre repairs, maintenance costs, or service charges throughout your lease period.
- You aren’t affected by vehicle depreciation
All cars depreciate in value – typically at an alarmingly fast and ultimately unavoidable rate. The good news for keepers of lease cars is that you don’t have to worry about your vehicle’s rate of depreciation. The car’s depreciation was estimated at the beginning of your lease and used to calculate your monthly fee. At end of your lease term, all you have to do is hand your car back to the lease company; the depreciation will then be absorbed by the lease company who own the car.
- You’ll have plenty of choice
If you’re interested in leasing a vehicle, there are plenty of car brands and vehicle models for you to choose from, whether you’re looking to lease an Audi, an Aston Martin, or a Ferrari. As the keeper of a lease vehicle, you’ll also be at liberty to swap your car at the end of your lease agreement for a newer, up-to-date model with all the latest gadgets. Unlike a car owner, you won’t have to worry about how much your car has depreciated during the time it has spent in your possession, how you are going to sell your car for a sufficient profit, or how you are going to negotiate the best deal on a brand new car.