If you’re unsure about whether to buy or lease a car, just take a look at the pros and cons of each.

Buying

Pros

  • You’re the owner, you can sell the car anytime.
  • No restrictions on mileage.
  • You can treat your vehicle the way you want to.

Cons

  • Your savings can be gone in just a minute as a huge sum is required to buy a car.
  • The car will lose about half or more of its value in the first four years. This is a loss you’ll have to suffer.
  • Organizing and paying road tax and MOT, all has to be done by you.
  • Selling the car can be very time-consuming and a big hassle too.

Leasing

Pros:

  • An affordable way to drive a new car.
  • Road tax, MOT, and breakdown recovery is covered. You don’t have to do anything.
  • No depreciation loss or selling inconvenience.
  • Your savings will not be spent all at once.
  • There will be no uncertainty as you will know what you’re going to pay each month.

Cons:

  • You don’t own the car at the end.
  • There is a mileage limit.
  • If you have a poor credit score, it becomes difficult to lease a car.
  • Early termination can be quite expensive.