Still driving past that shiny new Audi sitting on the garage forecourt as you drive home from work on an evening? Well, affording what seems like an outlandish sticker price could be simpler than you’d thought.
Buying your Audi outright may be out of your reach, but have you considered leasing? Under the right circumstances, leasing can be a great option for affording your dream car. Leasing is one of the main reasons that the number of new cars on the road has skyrocketed recently.
Here, we’ll take a look at the pros and cons so you can decide whether to take a trip back to the forecourt.
Pros of Leasing
No Depreciation Worries – Bored of seeing your car depreciate in value as soon as you drive it away? Well, with leasing, that isn’t a problem. You never own the car when you lease, so you’re not liable for the depreciation costs.
Keep Monthly Repayments Low – With leasing, your costs and monthly repayments are lower because you’re not financing the cost of the whole vehicle. As a result, you can afford a nicer vehicle than if you were buying outright. Additionally, your deposit is traditionally only around 3 months’ payments, so you don’t need a large lump sum.
Road Tax Included – When you lease your car or van, road tax is included for the duration of the contract. However, you’ll need to check this if you get a PCP agreement.
Driving Peace of Mind – If you’re tired of driving old cars and worried about breakdowns and expensive repairs, then leases are a great option. Your vehicle will always be covered by the manufacturer’s warranty, so if a fault occurs, you won’t be liable for the cost. If required, you can also add maintenance packages.
Cons of Leasing
However, in spite of these considerable pros to leasing a car, there are negatives that you need to be aware of.
Ownership – This is admittedly also one of the benefits, but remember you don’t own the vehicle so, when your lease expires, you’ll have to find a new car.
Length of the Lease – Once you sign the contract, whether it be for 12 months or 48 months, you’ll be tied to it and may be charged a lot of money for leaving the contract early.
Mileage Charges – When you sign the contract, it will tell you exactly how many miles you can drive in a year. If you exceed this mileage, you may face a hefty charge. This is often calculated per mile and can become very pricey.
Wear and Tear – Once your contract expires, it will be assessed for wear and tear, as well as damage. General wear and tear is expected, and you won’t be charged for this. However, if there’s excessive damage, you will be charged and this can be costly.
To conclude, leasing a vehicle is a great option, but it’s not one that’s appropriate for everyone, and you’ll have to assess your own wants and needs. If you’re still considering that Audi you’ve been looking at, take a look at a specialist such as John Clark and see whether it’s affordable for you.
