WHO CHOOSES CAR LEASING?
If you ask many people about car leasing, they still presume it's an avenue pursued only by rich folk and businesses.
This is no longer the case in 2008, as more and more consumers catch on to the benefits of leasing a car. In fact, car leasing now accounts for one third of all new car sales.
WHAT ARE THE BENEFITS OF CAR LEASING?
The main attraction is fairly simple: using the more traditional method of financing the purchase of a new car, you are footing the bill for the entire vehicle cost. When leasing a car, however, you are only paying for the part of the car's lifetime which you use.
Car leasing often involves no down payment, as well as amounting to lower monthly payments when compared with buying a car. You can also afford a better, higher-spec model when choosing the lease car route. And, of course, you don't have any of the trade-in hassle when it comes to getting rid of the vehicle.
IS CAR LEASING RIGHT FOR EVERYONE?
No. If you intend to keep your car for a lengthy period of time (more than five years is a good rule of thumb) then it may not be financially viable. Also, if you're the type to become emotionally attached to a vehicle, or you like to 'tinker' and customise your car then it may not be the right route for you.
But if, like most people, your primary concern is practicality, comfort and affordable luxuries, you should definitely consider car leasing when replacing your current vehicle - you'll be surprised what you can get for your money.
