This article is written by Intelligent Vehicle Finance, one of the leading providers of Range Rover Lease Deals in the UK
When you’re faced with purchasing a new range rover, you may come across a rather tricky decision. Of course, you need to make sure that your finances are properly balanced both on a short and long term basis, and you’ll need to consider your preferred method of payment.
All-in-all, the final decision you make will likely boil down to your lifestyle, however, it is still important to be able to view all of the facts and make an educated decision.
That’s why we have, with the help of Intelligent Vehicle Finance, leaders in Range Rover Lease Deals, written a comprehensive guide on both buying and leasing a Range Rover. Make sure to read on below.
Why You Should Choose to Lease
When you choose to lease a car, all you’ll need to do is ensure that your monthly payments are paid on time, then you’ll find yourself open to a huge range of benefits including the option to upgrade to a new car every few years and full manufacturer warranty and tax.
What’s more, you won’t have to worry about whether your new car is depreciating and you won’t have to sell the car when you feel like a change, simply just give it back to the leasing company and choose another model.
Why You Shouldn’t Choose to Lease
As with anything, leasing may have its downfalls, depending on your personal preferences.
You’ll need to ensure that your monthly payments are made on time, without fail. Unfortunately, should you miss even one payment you may be in breach of your agreement, potentially affecting your credit score. In extreme circumstances, you may find that the vehicle is removed from your possession.
When your lease contract ends, your vehicle will be inspected by the dealer. Whilst many leasing companies are very lenient and realistic in the fact that they won’t expect the vehicle to be in absolutely pristine condition, should the car be seriously damaged, you will find yourself responsible for repair costs.
It’s also important to note that leasing is essentially another word for renting. You’ll only be renting the car for the period on your lease contract and at the end of that contract, you will not own the vehicle.
However, this does have its perks. Throughout the period of your lease, you won’t have to worry about the maintenance of your car. A brand new car will be very reliable.
Why You Should Choose to Buy
However, like leasing, you’ll find that there are many benefits when it comes to buying a new car.
When you buy a car, you won’t be restricted by a mileage allowance. Many lease agreements are limited by a 50,000-mile mileage allowance, where should you exceed the allowance, you may face excess charges.
If you’re into modifications, you’ll need to buy your car. Essentially, a leased car will need to be returned exactly as it left the showroom, minus expected wear and tear.
Finally, when purchasing a car, you won’t face the credit checks as you would if you were choosing to lease. Simply hand over the cash, without your financial history being looked into.
Why You Shouldn’t Choose to Buy
Whilst choosing to purchase a car may seem attractive, especially when you will be the sole owner.
However, private sellers will require you to pay the whole price of the car on the spot, and whilst personal car loans are available, the monthly payments you pay will be generally higher than the cost of a lease contract.
When you buy from a private seller you’ll also never be completely sure of the history of the vehicle and should you, unfortunately, be ripped off, it’ll be much harder to get your money back.
Buying privately, however, will mean that your vehicle has been through thorough checks.
Once your car’s warranty is up, you’ll also find yourself liable for repair costs, and as it gets older the vehicle will require additional maintenance, which can add up.
How Does Leasing Work?
When you choose to lease a car, you’ll typically do so through a leasing company. The deal you are offered and how much you pay will all depend on the car you choose, how many miles you’ll do and how long you are planning to keep the car.
Whilst you drive the Range Rover, it’s important to remember that it will technically remain the property of the finance company.
Should the price you pay over the duration of the lease be lower than the amount you’d lose by purchasing the car new and reselling it over the same period, you’ll definitely find that leasing is cheaper than buying.
What’s more, you’ll also find that you won’t have cash tied up in the car; all you’ll need to do is ensure that the monthly payments are made on time.