There is a dominant desire for property within the British psyche. In a country where we depend on such a substantial amount of technology, it seems that our patterns of consumption and ownership are driven by the standard and generally accepted way of life.

One of the broader examples of this in the UK is that we often feel the need to own something, to be able to say that it is ours. Houses, for example, are more commonly thought of as objects that you must buy (albeit through a mortgage), rather than rent. However, this is very different from countries in Europe where renting a property is more common than property.

And exactly the same can be said about car ownership.

When you go to buy your car, it is very likely that in terms of financing the purchase you will not consider anything more than paying for it in cash or through some type of loan, either from a bank or through a rental purchase through a dealer. automobiles. However, for many people in the UK, car leasing could be the way to go for them. The most basic and simplest explanation of a car rental is that you pay monthly to drive a car (owned by a leasing company) for a predetermined period of time. You pay a flat fee each month and operate it within the terms and conditions of the car lease. The most notable conditions are the number of miles you drive (a figure that is agreed at the beginning and can be around 10,000 miles per year) and the company’s attrition policy.

When looking at car leasing for the first time and considering the top reasons for owning a car (i.e. driving from A to B), it may seem like it’s not much different than owning a more traditional car, and to a certain extent period, it is not.

So why might a car lease be better than an actual car purchase? When people buy a new car, they tend to own it for about 5 years, and trade it in for a newer model after this period of time. Although your car may have been worth, say, 15,000 pounds when you bought it, by the time the 5 years are up, its value will have dropped dramatically and you would be seeing an average parts exchange price of around 5,000 pounds. if you’re lucky. This means that you would have to pay more of your own money for the newer car or sign a new car finance contract.

However, with a car rental, you will never have to worry about the loss of value of a car, because after the 2, 3 or 4 year rental contract ends, you can simply return it and receive a new car. Other advantages of leasing a car compared to owning a vehicle is that the monthly cost of financing can be up to 50% cheaper, you will avoid the costs of car repair and maintenance as you age because most cars leases are 3 to 4 years. old for consumers or 2 to 3 years for companies.
Car leasing is not for everyone and it may not be for you. However, it is strongly recommended that the next time you are looking for a car, you consider renting it, as it could save you a substantial amount of money and be a much more suitable option for your circumstances.