Whether you have just settled in the UAE or been living in the country for many years already, the chances are high that you have had this question, ‘whether to buy a new car or lease a car?’
Buying a car or leasing one – it’s something that puts almost everyone in a dilemma especially for the one looking for a temporary solution. Interestingly, in the Emirates, leasing a car is as popular as buying a car which makes it even more perplexing for an individual looking for a car.
According to most of the people, car leasing is a better option since it has its own advantage over buying a new car. In addition, there are a lot of economical deals offered by car rental companies, which makes leasing a smart and viable choice for many. Moreover, Technavio analysts forecast the global car leasing market to grow at a CAGR of close to 13% over the forecast period, 2017-2021.
Here are few of the advantages that you get when you lease a car and why more and more millennial prefer leasing over buying:
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Lower Maintenance Headache and Financial Obligations
Leasing a car can be assimilated to vehicle financing but without the same degree of responsibilities. You don’t have to worry about getting a car insurance, down-payments or bank guarantee. The only thing you need to worry about is the credit card deposit.
When you buy a car, you need to spend for its maintenance as the car begin to age. However, with leasing, this is definitely not an issue. By the time the issue of maintenance issues arises, you would have returned the car.
2. Access to Latest Models and Luxury Cars
It is undoubtedly one of the biggest advantages of car leasing. You get to ride the latest car models, which by any means is not possible with the other option, especially for an average middle-class individual.
Car leasing lets you drive even the most expensive and luxurious cars – which otherwise are not-so-affordable. All you have to do is make monthly payments for as long as you want to keep the car with you. No wonder, subscription lifestyle is what the millennial prefer these days.
Also, car leasing allows you to experience the advanced technologies along with improved car safety features without shelling a huge amount of money out of your pocket.
It won’t be an exaggeration to say that a car is not a luxury but a necessity these days. And the best part is you can always buy your leased car at the end of the lease term if you don’t want to part away from it.
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Buying the Car Once the Lease is Over
As mentioned above, you can buy the car once the lease term is over. It is indeed a much better and affordable option than buying used cars.
While buying a used or second-hand car, you can’t be sure about its performance. It is always a risky game. However, with your leased car, you already know its history and usability as you have already driven it for so many years.
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No After-Sale Concerns
It’s undoubtedly an arduous task to sell your old car to a potential customer. However, with leased cars, you need not worry to sell a used vehicle. You simply have to return the leased car to the dealer at the end of the lease term.
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In-built Insurance and Warranty Service
Usually, the car lease lasts for approximately 3 years. You are always covered by a range of warranties in that time period. The car already has its insurance and almost every manufacturer provides a number of service contracts along with the car. These service contracts last for at least 36-months. It means the leased car will always be covered for any repairs for the time period you have leased it.
In this case, you can always remain free of maintenance worries as with every new lease, you will get access to a new set of warranties.
However, you still require maintaining the leased car by taking care of oil changes and similar requirements. Avoiding which will result in a penalty that you will need to pay at the end of your lease to the dealer.
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Depreciation Value is Not a Concern Anymore
Cars are not much appreciated as an asset. In fact, the resale value always differs from the actual one and most of the time it is lesser.
The moment a car is taken out from the showroom, the actual price gets depreciated. Over the time, the car losses its value up to 15-20 percent, with regular wear and tear.
By leasing a car, you don’t have to worry about its depreciation value. It really belongs to the dealer and you are only paying to drive it for the agreed lease term. If you like to change your car often, there could be nothing better for you than leasing a car.
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Flexibility:
Normally for UAE expats, annual leaves mean going back to one’s home country for a long period of time. By leasing a car, you get the option to return the car while you’re on your leaves and hence, able to make substantial savings.
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Peace of mind:
You can maintain your peace of mind, as you won’t have to deal personally with car insurance, servicing, registration or maintenance of the car.
Wrapping it Up:
Most people who prefer leasing a car over buying take time to find out 1. Whether the car has certain qualities or not such as car insurance? 2. Is the dealer providing sufficient maintenance services? etc. Only after a thorough rundown of the car, they carry on with the decision of car leasing. This way they not only drive freely but also avoid any future repercussion. Needless to say, it is like they walk into a pizza café and only pay for those two pieces they want to eat rather than paying for the entire pizza.
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