If you are looking to get a new car in Byron Bay, car leasing might be an attractive option. After all, buying a car is a long-term commitment, whereas leasing is relatively short term by comparison.
Let’s take a look at some of the other benefits and/or drawbacks of leasing a car so that you can make a decision that is right for you.
Short Term Versus Medium Term
Generally speaking, leasing a car is less expensive than buying a car in the short term but is more costly in the long term. In other words, if you want a car to drive around for up to about three years, leasing will likely cost you less than buying. However, if you want a car that you will keep for five to ten years or more, then buying will probably cost you less in the end.
However, in the long term, your car will start to cost more to maintain as it ages while also depreciating in value, dramatically affecting its resale value should you wish to trade up later on. With a lease, none of that is really your concern, as you will not be the car owner. You will simply use a car until your lease is up, then return it and walk away.
Like with purchasing a car, servicing and maintenance in terms of normal wear and tear are generally your responsibility as the lessee, so if you don’t look after the car, the cost of fixing it later will be on you. This can add up and become quite costly if you are negligent, so it pays to maintain the car while you have it.
Thankfully, most lease agreements come with an optional service and maintenance plan that you can add to the deal, ensuring that the car is kept in good working order for the duration of your lease.
Always A New Car
If you choose to lease rather than purchase, you will always have the pleasure of driving around in a relatively new car. You can choose something fresh, fashionable and current to drive around in and never worry about breakdowns and other car troubles associated with ageing vehicles, thereby making it a safer, more dependable and more secure option.
What’s more, the lower cost of leasing short term means you might even be able to drive something slightly above what you would normally be able to afford if you purchased the car.
For expert financial advice and assistance on car leasing in Byron Bay, tailored to your specific needs, contact ZEP Finance today and speak to a consultant!