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There’s nothing quite like getting behind the wheel of a modern, state-of-the-art, brand new car. But the question you might be asking yourself is this - is it better to lease a vehicle, or buy one outright? There are advantages and disadvantages to both, depending on your circumstances and lifestyle, and here, in our informative guide, we can talk you through your options.
The first thing you need to know is that car leasing - aka ‘Personal Contract Hire’, or ‘PCH’ - has skyrocketed in popularity in recent years, to the point that 6.5 million vehicles in the UK are now leased. And for many motorists, it’s a set-up that suits them perfectly. You work out your budget, you choose a vehicle you crave, and then you simply pay a set monthly fee for the duration of the leasing contract, which typically lasts two, three or four years. You then hand the lease car back at the end of that period. Leasing gives you the flexibility to change your car to suit your needs or as the situation dictates. When you buy a car, you own it outright - but you could still be paying-out each month to service a loan taken out to cover the cost. As a new car owner, you’re also hit with huge amounts of depreciation the minute you drive the car off the forecourt.
Buying a new car outright is not cheap. An entry-level Ford Fiesta, for example, will set you back a cool £17,500. A lot of families don’t have that kind of money sitting around in their savings account. And in that case, they might feel like they’re access to a modern, reliable, safe new car is limited for them. But leasing offers a new route, and it’s one that really does provide social mobility.
*Please ask for further information as this may vary depending on term, manufacturer and/or funder.
Leasing isn’t for everyone. You might be a classic car enthusiast with no need for an ultra-modern vehicle, or you might be someone who doesn’t want the hassle of changing their car every two or three years. Here’s some other leasing facts to consider:
Want to know more about car leasing? Get in touch now with our dedicated leasing consultants on 0118 920 5130 or email us at enquiries@selectcarleasing.co.uk
If you’re the sort of traditional consumer who wants to own a car for a good number of years, and you‘ve got deep enough pockets to stomach both the outright cost and the depreciation, then buying a car might be a sensible choice for you. Here are a few benefits:
The model of car ownership and enjoyment is changing - and buying a vehicle outright might not be in your best interests, particularly if you’re among the many thousands of people who like to stay at the cutting edge of motoring technology. Here are some things to consider:
This question depends on how solid your finances are. As an example, one of the more affordable electric cars, the award-winning MG5 EV, costs north of £28,000 to buy outright, but can be leased for as little as £246 per month. And there’s a lease vehicle to suit all budgets, from £125 per month superminis to £2,000 per month supercars. Take a look at our regularly-updated ‘hot deals’ pages and you might be pleasantly surprised by what vehicles you can afford. That’s thanks to Select Car Leasing’s market-leading links to industry, which we can pass on to our lease customers.
Every year, more and more people are choosing to lease rather than buy their new vehicle. In the UK today, personal car leasing now accounts for 1.9 million vehicles. Find out why in our guide explaining personal car leasing.
There are many benefits to personal car leasing, including cost effectiveness, smart use of your money, peace of mind and the hassle-free enjoyment of driving a brand-new vehicle. Find out more in this dedicated guide.
Read our simple six step process to car leasing in this short guide. Our leasing consultants will be on hand throughout the process to also offer their expert advice and guidance. Find out more here!
