Nearly 80% of people choose to buy a new car and do not realise that there is the option to lease. Depending on your personal needs, leasing may in fact be a better option.

If you want to improve your credit status or you know you will be covering a lot of miles, buying is probably a better option. However, if you only use the car for small journeys, leasing may be a better option.

So what are the benefits of leasing anyway?
- No worries about heavy depreciation.
- No maintenance bills to worry about.
- If you don’t like the car, or if you are bored of it, you can change it.
- Usually, less cash is required up front compared to buying a car on finance
- If you are self-employed, you can write the leasing payment off as a business expense.

What are the benefits of buying?
- There will be an end to the monthly repayments – you will always be paying something if you lease.
- Your car is your car, so you can do whatever you like with it. There are no restrictions.
- You don’t need to worry about mileage limits
- You can often haggle with dealers to get great discounts and extras thrown in for free.

So, the next time you are in the market for a car, it is worth exploring both options to see if one will benefit you more than the other.

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