I see so much scaremongering on the interweb about why people shouldn’t lease a car, how it is a waste of money, you are restricted to the contracted mileage, yadda, yadda, yadda…
It seems to me that the people that are making this nonsensical argument are the ones who have no idea how it works, how depreciation works, how taxation works, etc… These are probably the same people who are always after a lift because their banger has broken down again, who pay £100 a month to Sky TV without quibbling, who rent their homes and who have no care for the environment.
Well its all nonsense, well sort of… Leasing is designed for people that enjoy driving and being seen in a nice new car every few years and who appreciate reliable, worry free motoring. It is unfair to compare leasing a new car with purchasing a used car. This is an unbalanced argument.
Those who think that buying a new car with cash, or taking out a loan to purchase a new car or a Hire purchase agreement is a better option simply do not understand the math.
So I have listed some very valid reasons WHY NOT TO LEASE CAR.
- You do not like to drive the latest models of car.
- You do not like to look smart on the road or turning up to a clients address.
- You like to pay more than your savvy neighbour for road tax.
- You like not knowing when the next repair is needed and how much it will cost this time…
- You like the tension surrounding whether your car will pass the dreaded MOT and if not HOW MUCH will it set you back.
- You don’t care that your CO2 spewing dragon is choking the environment.
- You think that by owning a car outright it won’t depreciate in value? [ok so if you drive a Ferrari F40 this point does not apply]
- You hate the idea of upgrading to a new car every few years because you get too attached.
- You think that your motor insurance is cheaper on an older car.
- You think that you can haggle a better deal out of your local car dealer than a finance company that owns tens of thousands of cars.
I am sure that there are many other genuine reasons why you might not want to lease a car, for example you cannot afford to, but like I said before leasing is not for everyone… but don’t let the ignorant put you off.
According to the FLA 88% of all UK new car registrations in 2017 are leased – This is a significant indicator that leasing might be okay?