Should You Lease or Buy a Used Car for Your Business?
When you’re shopping for a new business car, the word “used” doesn’t come across as overly appealing. However, it could make great financial sense to consider a used vehicle; especially when you consider you can get them in almost new condition at just a fraction of the cost.
The question is, even with the money you save on a used car, would it be better to lease rather than buy?
Weighing up the pros and cons
There are pros and cons of both options, so it’s important to consider all of them before making a final decision.
Leasing is often considered to be the cheapest option rather than buying. However, this only really applies when you compare the cost to buying new cars. It can be cheaper to lease over buying a used model in the fact that maintenance costs are typically covered. However, depending upon the vehicle you opt for, buying a used model from a dealer such as RobinsandDay could work out more affordable in the long-term.
There’s also the fact you won’t own the leased vehicle. This means there will be some restrictions and rules you need to adhere to. Did you know for example, that some leasing companies have a set mileage you are not allowed to go over? So, if you tend to drive quite frequently for business, this is something you’ll need to consider.
As you give the leased car back after three years, you’ll also be left without a car at the end of the agreement. If you want a new car approximately every three years, then leasing is ideal. However, if you’re planning on having the car for a long period of time then buying would be the better option.
In terms of technology and features, there’s no real difference between the two options. You can find the latest models in “used” condition, which feature the very latest technology. So, you don’t necessarily need to lease a car in order to benefit from the very latest features.
Buying a used car
If you do decide to buy a used car for your business, you do need to be extremely careful. Obviously, you’re going to want a reliable, safe car and a lot of private sellers unfortunately aren’t overly honest in their description of the car they’re selling.
There are a lot of tips you can follow to ensure you end up with the best used car, with the most obvious being to go with a respected dealership.
Overall, if you haven’t given much thought to buying a used car for your business, now would be a good time to look into it. You might just be surprised by the high-quality used cars available at excellent, low prices.