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Personal car leasing is a popular choice for citizens in the United States and is, in turn, increasing in popularity for those within the United Kingdom. In fact, one of four cars at any given time have been leased and not outright purchased. However, perhaps because many people within the United Kingdom do not realize the different benefits of personal car leasing, many are still taking out car loans or even outright purchasing a car to take home with them.
There are many a myth about having a personal lease on a car and they are often of the negative variety. However, the majority of these myths are false; of course, as with any decision in the world, there are a few disadvantages here and there, such as the fact that a person must make payments on a monthly basis, but these supposed disadvantages are not so bad, especially when compared to the alternative.
Personal car leasing is, as previously stated, one of the few finance options in regards to being able to afford a vehicle and take it home. This is in similar vein to care hire because the person who leases it does not initially own the property. However, the difference between the two is that car leasing lasts significantly longer than car hire purchases.
To be precise, personal car leasing contracts typically operate over the course of twelve, twenty four, or thirty six months. As one might expect, the longer the contract, the less the monthly payment. This is additionally a beneficial option for business who need to operate a company car since this allows the cost of running such a vehicle more visible. However, it is also beneficial to the individual who simply needs a car.
Two different types of personal car leasing exist, one of which is closed end and the other of which is open end. With an open end lease, a person is to purchase the vehicle at the conclusion of the contract for an amount that is predetermined prior to the signing of the lease. Closed end leases, on the other hand, give people the option at the end of the contract to trade in the vehicle and look for another one. In the event a person will owe for any sorts of mileage coverage or for any unusual wear and tear the vehicle accumulates, this is paid off at the conclusion of the contract as well.
Closed ended leases are considered to be the better option among the two. Not only is a person bound to a single vehicle, but it is overall less risky for both the duration of and the conclusion of a contract.
Leasing deals require a small deposit, as any investment might, but it is nothing to fret over when compared to the deposit required to make an outright purchase or to car hire, which is the first major benefit. Additionally, there is no large sum of money required in order to take home the vehicle that very day, as with outright purchase. Monthly payments are also considered beneficial due to the fact that payments made on a monthly basis are easier to manage for the average person.
The second major benefit personal car leasing has over making an outright purchase or car hire is the fact that, because the one leasing does not own the property for the duration of the contract, once the contract concludes, they may return the car and exchange it for a different one. This helps drivers avoid the complications that inevitably come with selling a vehicle, as well as especially with depreciation. Basically, what this means is that a person, in essence, is renting a car for up to three years and has the option of either owning it at the end of the rental or to rent a different car.
Another benefit is the fact that any sort of vehicle can be leased. When banks do not provide enough money in a loan as most banks will not loan higher than a certain amount for car purchases then personal car leasing is the only logical alternative. Keep in mind, however, closed end leases are the only kind with which a person may trade for a new vehicle at the conclusion of a contract.
Other benefits include the fact that the warranty will normally cover cover the entirety of the lease as well as any maintenance costs that may become necessary. Additionally, the lease may even cover the costs of road tax.
To conclude, when considering personal car leasing, keep in mind the words of oil baron Paul Getty: If it appreciates, buy it. If it depreciates, lease it .
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