If you were thinking of buying a new luxury car, you should at least take the time to look at whether leasing could be a good option. Luxury cars are not like other vehicles, and while leasing a regular vehicle can be an iffy proposition, it definitely isn’t with a luxury car. There’s a reason why leases are so popular with these types of vehicles. They remove a lot of the stress that comes with owning a luxury car and can be much more economical too. If you never considered a lease, let’s take a look at some of the pros and cons of leasing vs buying, and see which one would be the best option for you.
Leasing Takes Away a Lot of Headaches
One of the biggest benefits of leasing a luxury vehicle is that you’ll never have to worry about making repairs on major components. You may have to do things like switch tires, fix the suspension, or change the brakes, but you won’t have to think about major motor issues or things like the transmission giving out. This will allow you to keep your costs predictable.
Buying Allows you to Keep Equity
You do have to consider your plans for the vehicle you were thinking of buying, however. If you think that the vehicle could appreciate in the future or you want to buy it when it’s at the bottom of the depreciative curve and expect it to maintain value for a good while, then buying could be a good option.
The thing you don’t want to do is buy a vehicle that’s one or two years old and sell it when the warranty is about to run out. These vehicles will be a tough sell and you can expect to have to slash your price significantly for someone to take them off your hands, so be prepared for that.
Leasing will be Easier on Your Finances
If you were thinking of financing your vehicle, you could get to drive the same vehicle for a fraction of the monthly cost if you went for a lease. You may not have something to show at the end of it, but you won’t have to worry about depreciation either or have to wait months for someone to take the vehicle off of your hands.
If you wanted to sell your current vehicle and buy a new one, you could get a least and keep that money right in your pockets. If you like the idea and would like to switch to a lease fast, consider going with a buying service if you have a vehicle that is a bit tougher to sell like a Range Rover. If you want to check out a great buying service and get a quote, you can get more details here.
Buying will Give You More Control
One thing about buying, however, is that the car is yours and you can do pretty much what you want with it. You can add some decals, make some tuning arrangements, and go as far as you want with a vehicle you own. When there’s a lease, you have to obey the terms or risk getting penalized. So that’s something you’ll need to think about before you make your final decision.
At the end of the day, the decision to buy or lease will depend on your needs, goals, and budget. So consider both options and look into each in detail before you dismiss any of them.