Car lease versus buy calculator
Should I buy or lease a car?
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Are you torn between buying and leasing a car? Use our Car Lease Versus Buy Calculator to compare the benefits of both options and work out which is the most cost-effective choice for you. There are a number of factors to consider when buying a car. The first is financing â€“ are you able to afford to buy the car outright, or do you need to take out a loan to cover the costs? The second is insurance. Depending on your driving history and the type of car that you want to buy, the insurance may end up making it less cost-effective to buy than to rent.
The third factor is depreciation, which is most relevant when you are planning to buy a brand-new car. When you lease a car, the hire company will have included the cover in your costs, and will also have paid to keep the car regularly serviced and well-maintained. However, the advantages of owning a car as opposed to leasing one are convenience and the fact that you can choose an insurance package to suit your circumstances. If after using the Car Lease Versus Buy Calculator, you decide that you do wish to proceed with the purchase but need to apply for a loan, you can get a free quote from a loan adviser by filling out our short loan form.