Are you also planning on buying a new car but are perhaps looking for a vehicle that is affordable and doesn’t require a long-term commitment? Or you are probably looking at eliminating monthly payments and buying a car outright. The choice between leasing or purchasing a vehicle can often be a difficult decision to make amongst most consumers. While leasing was limited to high-end luxury cars for years, the landscape has recently made a shift, as individuals have started opting for conventional sedans and SUVs to lease. Given the number of choices and the low-interest rate, whether you are buying or leasing a car, one might find it challenging to decide between the two options. To ease this decision for you, we bring a few factors that will help you make the right choice.
By now it is understood that the key benefit of a long term car lease Dubai are the low monthly payments? If you are on a budget and are looking into an option like this, it is probably the most suitable choice. The contract for leasing usually lasts for two to three years maximum. In fact, you even have the option of upgrading post the completion of your plan. Apart from this, you also benefit from significant savings on maintenance, servicing, repairs, insurance, and toll charges. All of these are often taken care of by the car lease provider. You just have to pay for the fuel.
When you purchase a car, however, you have to consider the monthly loan payments, insurance, parking, maintenance, service, and fuel charges. Given that you own the car, you are solely responsible for these expenses that come along. If you have the budget for it, it may be the ideal choice for you; however, if you don’t, you may want to consider leasing a car instead. That being said, you also need to take into consideration the depreciation of the vehicle over time. After a few years, the car tends to lose its value, and you may not get a price as expected. When you lease a car, you eliminate this worry.
Another essential factor to consider when deciding between the two options is to understand how often you would require the car. If you want to enjoy driving in a new car to work, especially in newer models, then a car lease would be your best bet. Once your contract is complete, you have the flexibility to choose another vehicle. Additionally, if you don’t require a car daily, this is a cheaper option for you. As a business owner, you may have the flexibility of spending a few extra dirhams in the vehicle, so buying a new car would be more suitable for you. That way, you have the freedom to sell your vehicle whenever you think it is right. This freedom doesn’t come with leasing a car.
As cited earlier, when you own the car, you are the sole bearer of all the expenses that come along. It includes maintenance costs as well. Besides, in case of any emergency, you might not find assistance immediately, or perhaps will have to pay high amounts.
With a car lease, though, you save up on all this, as most providers offer a 24/7 dedicated emergency assistance team. That means you can rely on them for their service at any given time, and don’t have to worry about costs or even finding a technician. Moreover, while your car is being repaired, they will provide you with a temporary replacement with no additional charge.