Why I Am Leasing My Next Car

As much as it broke my heart, I had to say goodbye to my beloved car recently. I must admit; it never broke down on me when I was driving it, and it was a very comfortable car to drive – especially on long journeys. Unfortunately, my car was 15 years old and something of a money pit. I would often spend silly amounts of money fixing things on it, with the biggest expense being a new power steering rack and pump!

My friends used to tell me that I was driving a lemon, but having sold it recently and gone through the paperwork, it had dawned on me just how much of my hard-earned cash I had spent on it!

Still, my car was probably my only vice in life. At the moment, I am looking for my next car and am driving my friends and family nuts about the different car models on my shortlist.

Choosing a car can sometimes be a long process (if you’re someone like me), but one decision I have made is that I am going to lease a brand new car! Here’s why I have decided to do that instead of buying a car outright.

Old cars cost a lot of money to maintain

As you will have gathered a moment ago, the older your car is, the more money you will have to spend on it in order to keep it roadworthy. When you are into a car, like I was with my last one, the line between cost-effective motoring and uneconomical repairs can often become blurred.

I was ploughing thousands into my car, and yet it didn’t matter how much money I “invested” in it, it seemed like something else would break the following week!

My plan was to get another used car, after all, they are cheaper to buy than brand new ones, but I decided to throw everything I defended about the economics of buying used cars out the proverbial window!

I am at the stage in life where I would rather save money up for a rainy day fund than spend it fixing broken things on my car. I also don’t have much time to devote to car repairs these days, so it makes sense to pay for a car that I can use without worrying whether something would break on it as I drove it.

Leased cars give you the flexibility to upgrade easier

When you own your car, you have to sell it or trade it in when you want a new one. But having learnt more about the subject of leasing from the Tilsun Leasing website, I have discovered that I only need to “keep” the car for the duration of the lease.
The lease term can be anything from a year to five years. And once you have reached the end of the lease, you can then hand the car back, pay the balloon figure (i.e. the “guaranteed future minimum value”), or you could trade it in for a new car and start the process again!