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Buy Or Lease ?

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derekpara | 16:28 Sat 11th Jul 2020 | Motoring
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Following my last message my son is now looking for a replacement used vehicle and is pondering buy or lease. Can anyone advise which one method might be preferrable ?

Cheers.

D

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All comes down to monthly payments / how much you can afford. Leasing is generally cheaper but you won’t have any collateral when you come to buy the next car.
There are some good deals out there at the moment.
This link provides an excellent summary of the pros and cons of each method:
https://www.arnoldclark.com/newsroom/676-car-leasing-vs-buying-which-is-better

Also well worth a read:
https://www.moneysavingexpert.com/car-finance/car-leasing/
Question Author
Many thanks to you both - and great links, Chris.

D
it will all depend what he wants i suppose. I have done both - i leased cars for about 9 years. But i was young, wanted something flashy and also had no life experience so wanted brand new in case anything went wrong with it. Leasing was the only way i could afford that. Now i'm a bit older with more responsibility, the most important thing to me is that my monthly payments are over quickly and the car is mine
I would recommend to buy what he can afford. Then no monthly payments apart from insurance.
Question Author
Thanks Bedknobs and Tony.
He works for a large building society and can get a good deal on a loan so that's what he is going for.

Cheers.

D
I decided to lease a year ago. It seems cost effective as you only rent the depreciation. If you get a loan you buy something that is depreciating so do you really win?

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