Leasing is becoming an appealing prospect for people who would ordinarily choose to purchase or rent their vehicles. These people have opted to lease vehicles in growing numbers; however, there are many others who remain unsure what type of purchase makes the most sense for them regarding financial constraints, practical considerations and general availability. Whether you are looking for car leasing in Leicester or rental in Romford, it is worth knowing the following when looking for any kind of vehicle.
Leasing vs renting
Car rental and car leasing are completely separate things, yet there remain a number of misconceptions – even amongst those using these services! One of of the obvious differences is vehicle availability and duration, which is often the foremost consideration of any would-be customer. As a general rule most people tend to use rental for short-term use and leasing for longer periods. The time spent arranging and approving financing arrangements differs greatly between the two.
Leasing provides a number of vehicles to choose from, whereas renting usually means a more limited range, albeit one that is easier to acquire at short notice. Recent changes in UK law mean that renting is not without its problems. The government’s decision to scrap the paper driving licence counterpart means prospective renters may now require a code from the DVLA website before they can rent a vehicle, with many unable to access the relevant parts of the site and the information they need, according to the BBC.
Leasing vs purchase
More people who previously purchased their cars are acquiring vehicles on lease. The BBC discussed the reasons behind the changing demographics of car ownership and one of the biggest factors is resale value and depreciation. As a rule of thumb it is advisable to go for leasing in cases where the vehicle is due to depreciate greatly in value over time.
Luxury and brand-name options are often more difficult to calculate, as high maintenance costs can make purchasing unfeasible, even when factoring in the resale value and possible appreciation. Luxury options are available from some firms across the country; for example, car leasing in Leicester through Total Motion offers a prestige range, including Bentleys and Ferraris.
Whatever your vehicle requirements, it is always wise to consider these factors before committing to any purchase, rental or financing agreement.