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To buy or not to buy – Is leasing a car the new way get your dream car for YOU?

We feel that it’s completely a personal choice when it comes down to leasing or buying that new car. It’s totally dependent on your personal circumstances or preference, or whether it’s financially viable for you as an individual. Here’s a few questions we think you should ask yourself when thinking about buying or leasing.

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Which payment option will work better for you? – Do you have a lump sum of cash ready and waiting to spend on a new car? Would you prefer to get a new car without having to pay everything up front, and pay it off over time? Would you rather not fully invest and simply ‘rent’ a car, so in a few years you can get another one, no strings attached? There are options and pros and cons for each of these scenarios.

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  • TO BUY – If you’d rather purchase something outright that is your own, and are one of those people that don’t like to pay things off or have ongoing payments; you’d rather save up, and buy something within your means that will last for years to come – then buying may be the right choice for you.
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  • PCH – If you don’t have savings but want to drive a new car, but you also don’t want the hassle of having to own or maintain it, or worry about the depreciation connected with car ownership, then PHP may be the right route to go. You get all the benefits of a new car, you pay a monthly ‘rental’ or lease fee, and at the end of the term (usually 3 years) you simply return the vehicle at the end of your contract. No ties or strings attached or anything to worry about, you’re free to then make another choice. You can then either get another brand new car on lease, you may be now be in a better position to buy, or you could hire purchase – the freedom and choice is yours depending on your personal circumstances.
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  • PCP – If you want the benefits of not paying a large lump sum upfront, but you’d eventually like to own the car that you’re paying for – then this is the option for you. You get the best of both worlds, you aren’t just renting and giving it back at the end of the term, you’re paying it off like a loan or mortgage and in the end, it’s yours. People like this option if they want to feel their monthly payments have equated to something.
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How important is having a brand new car to you? – This is an important question and will really help with whether buying or leasing is the way forward for you. Do you want to buy something and own and maintain it for the next 5