Drive your dream car – for a fraction of the retail price
If you’ve spent your while life dreaming of driving a Mercedes-Benz E Class but you know that the whopping £43,000 to buy one is beyond your means, fear not – there are other options! For a much more reasonable rate, you can simply look online for the opportunity to hire a Merc – or whatever your own dream car is – on a contract basis instead.
These days, young people in particular are avoiding buying cars because of the mountains of costs involves – from buying the car itself, to insurance, tax, petrol, maintenance, NCT and parking. In a difficult economy for millennials, the costs can be prohibitive.
The main cost is of course buying the car itself, and many young people simply don’t have the thousands of pounds needed to hand. Yet they need a car to get around, and feel the pressure to have a nice set of wheels. Leasing a car on a medium to long-term basis allows them to be able to get around in a nice car without putting themselves into debt.
There are a number of reasons why leasing can make more financial sense for young people: for a start, the down payment is likely to be a lot lower which makes it a more accessible choice, and so are your monthly repayments after that. That means you have to spend less time saving to get started, and you have more of your own cash available to you each month since it’s not tied up in a car loan.
If you drive your car for business, there are more advantages to leasing – you can even offset the cost of a business-level contract against your corporate tax, and even claim back a portion of the VAT you spend. You can also claim back a percentage of the mileage and maintenance charges.
Choosing between leasing and buying involves weighing up a number of factors – if you drive thousands of miles each month or if you regularly get little scrapes on the road, buying may be the better option for you.
For most people though, the option to lease a car gives people the freedom and flexibility to get about without the onerous obligations that come with being a car owner. It’s an ideal compromise that allows people who may not otherwise be able to afford to run a car the option to drive.
So get ready for that road trip – the dream of picking your friends up outside the house in your Mercedes-Benz might just become a reality.