Buying a car is one of the most expensive purchases of your life, hence it is extremely essential that you refer to all the options carefully and draw out the disadvantages and advantages of each so that you can come up with the best option. Most people tend to get confused between buying a new car and leasing it. However, there are pros and cons of both the options. Many factors are to be studied to draw put conclusions and to know which option is the best one.
If you are planning to lease your next car then you must check out the option of contract hire cars. However, you must figure out some of the factors. In this article, we will be discussing all about the factors which you must keep in mind when buying or leasing your next car.
What is meant by leasing a car?
Most of the buyers are not even aware of the fact that one can even go for contract hire cars just like they lease out their property. This means that the financer of your car will purchase the car on your behalf and you will have to pay the financer back through monthly rents.
Know all the factors which you must consider when buying or leasing a new car
There are various factors that must be kept in mind when buying or leasing your brand new car. Some of the most important ones have been mentioned below
- Your monthly income – when you are leasing a new car, you will have to pay the rent monthly. Hence, make sure that you have enough monthly income to pay the rent.
- Your savings – you must have some savings so that you are able to pay for the down payment.
- How much you drive? – Much of the rent will also depend on how much are your driving the car. If it is more, then you will have to pay extra.
- How you handle it? – If you are more prone to cause damage to your car, then you will have to pay more.
Leasing will involve a lot more work than buying.