When the time comes to add a new vehicle to your life, you can choose to buy one or lease one. This decision is difficult to make because both plans absolutely have their merits. What are some of the pros and cons of each, and why does leasing, overall, make more sense?

Limited Miles

Generally, when you lease a vehicle, the dealership is going to put a limit on the number of miles you are able to drive annually. With buying a car, no such limits exist because the vehicle is yours. However, these limits on the miles are usually quite generous. Additionally, having limited miles can help to save you some money on fuel as well.

The Time Limit

Leases often expire after 36 months. A finance agreement for a car can go on for much longer, so you do have an extended period of time in which to pay it off. Still though, a lease allows you to have a new car on a fairly regular basis. You will still always have an almost brand-new model, so the latest safety features and so forth will be yours.

The Amount of Money Spent

Monthly payments for a lease are almost always going to be less than for a finance plan. This is true because you do not own the car yourself, which is a quality that some people do find unattractive. At the end of the agreement though, you will have saved a lot more money than if you were financing the vehicle. You can use this extra money as a down payment on another car.

The Down Payment Amount

Speaking of the down payment, you should also consider how this varies between a lease and a finance plan. With a finance deal, you get to own the car. It is yours to do with what you please. The negative side of that is a larger down payment is generally required. With a lease, you might find that you do not have to make a down payment at all. Even if you do, it will be for a fairly small portion of the total vehicle price.

Maintenance

One of the main issues to any car is its maintenance. Owning your own car can often be very expensive with repair, service and a yearly MOT. Often car leasing plans provide maintenance in the deal, so it allows you to take advantage of more prestigious leasing options such as Audi leasing. This can be a big money saver in the long run.

Yes, making the decision between buying and leasing a car is tough. Knowing that you have a mile limit might sway you away from the lease. Ultimately though, remember that you are saving money and that you will have plenty of miles that you can use. If you decide to go down the car leasing route it is extremely important to go to established and trusted companies such as Lease Cars Direct.

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When it comes to leasing a car spotting a good deal can be easier said than done. This is mostly due to variables such as mileage, contract length, maintenance plans etc. Having said that leasing does provide a good option for those looking to drive a nice new vehicle without the large initial deposit often required when taking out a car loan from one of the banks. Here are some of the main things you should look out for when evaluating a car leasing deal; for further information feel free to take a look at the Lease Your Next Car guide.

Mileage

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This is a big one! If you can accurately estimate your yearly mileage over the next couple of years then this is where you can save a fair chunk of money.

One of the worst things you can do when leasing a car is to underestimate the mileage you require because by doing so you’ll then be liable to pay a penalty fee, which is commonly charged per mile over your stated limit. It may only be a small fee per additional mile but it’s not unheard of for someone to add an extra £1,000 or more to the cost of their lease because they were careless with their mileage allowance.

Therefore it may seem reasonable to overestimate your mileage in order to avoid any penalty charges although bear in mind this will add to your monthly payments. All in all if you have a good idea of your normal yearly mileage you shouldn’t have any problems finding the most appropriate leasing contract for you. Nearly all leasing agreements work in increments of 10,000 miles however you may be able to negotiate a more personalised limit and thus better rate by speaking directly to your car leasing provider.

Maintenance

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Purchasing a contract that includes or excludes maintenance is often a gamble in the same way that any kind of insurance is. With maintenance included you’ll have the peace of mind of knowing that any technical faults or servicing required will be taken care of in exchanged for increased monthly costs.

If on the other hand you feel that a new car has little to no chance of developing a fault then this could be an area to cut costs. However you are running the risk of it costing you more should something go wrong.

Also it’s worth being aware of exactly what is covered by the maintenance part of your agreement. In the majority of cases physical damage such as scratches and dents won’t be covered and may incur additional costs when the car is inspected at the end of your lease period.

Choosing a Vehicle

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Finally choosing the right vehicle can make all the difference when it comes to leasing a car. The reason being all leasing contracts factor in the anticipated depreciation into your monthly payments. Therefore cars with the slowest rate of depreciation will offer the best value for money due to their relatively high resale value in two to three years’ time when compared to other vehicles.

Historically German manufactured cars have had comparatively low levels of depreciation and thus been a favourite for those interested in leasing rather than buying their vehicle. Thus you’ll find the most value with manufacturers such as:

• Mercedes-Benz
• BMW
• Audi
• Volkswagen

Your biggest savings are therefore made upfront with your vehicle choice and will result in lower monthly payments when compared to a similar car from another manufacturer.

Garages – A Dying Breed?

There was a time when most people liked to try to fix simple problems with their cars themselves. However with the advent of computer controlled technology, vehicle owners are now leaving the repairs to the experts. According to a survey conducted by banking giant Santander, around  9.7 million homes have garages and around 1 million of these have been converted into other living space in the last five years. However there are still people out there who like to work on their own car, even if it’s just making sure that it’s clean and buffed, ready for the road. For these few the garage is an invaluable place of storage for their tools and other equipment, and there are some great ideas for making the most out of this space.

A Book of Tools

Pushed for space inside your home garage? Many people find that their garage also doubles up as a storage area for everything that won’t fit into the attic, putting space at a premium. If you’ve got a lot of tools that you need to store in a limited amount of space then there’s a very elegant solution that you can employ. Try mounting multiple boards on hinges like the pages of a book, each leaf can then be fitted with hooks and pins to keep tools in place, allowing you to flip through them and find the right tool for the job.

Have You Got The Bottle?

Any proud car owner likes to keep their car clean and polished at all times. There are now a large variety of spray bottle products available on the market to assist in this process. You can make a very handy bottle storage rack out of some old piping and joins, mounted to form a 2-3 inch gap from the supporting wall. You’ll find the spray levers of bottles can be hooked over this rack, allowing them to hang freely ready for their next use. For spray cans, you try making a set of shelves that are all set at a 45% angle to the wall, forming a kind of pocket that will hold them securely.

Peg It Back

You’ll find pegboards to be one of the most useful materials when it comes to creating your own garage tool storage. This is usually supplied as a large piece of wood with an array of holes in a grid, into which you can put pegs in order to hang tools. Whilst you may be content to simply hang such a board on a wall, why not consider putting two pegboards back to back in an A-shape on a wheeled trolley. This way you can easily wheel all your tools around the garage when you’re working on your car, keeping everything you might need within easy reach.

How Much Can You Bench?

Whilst a workbench might be the most important part of a creative workshop, it’s not such a primary concern when it comes to car repairs and maintenance. It’s very easy to make your own bespoke bench out of old timber, but some people like to use old kitchen cabinets, complete with a hardened worktop as a more than adequate alternative. One of the advantages of this choice is the ready made cupboards and drawers that come with the unit, making them perfect for storing boxes and power tools.

All of the Above

Running out of space to put your car tools? Why not convert the ceiling into a hanging storage area. All you have to do is find the right kind of quality thick plastic boxes. You’re looking for something durable that has a thick lip right the way round its open topped edge. Then create a two rail system that’s firmly fixed to your garage ceiling that allows you to slide your boxes into it, supporting them by the lip. If you don’t want to hang something as heavy as power tools in your boxes, they still make the perfect storage for wheel brushes, spray-paint cans and cleaning cloths.

Recycle Anything

There’re plenty of things that can be used to help you out when setting up your own home garage. You can use any small set of draws as a tool box, which will help you keep all your spanners, sockets, wrenches and extensions in an easy to find place. Other household items such as tie and belt racks can be used to support spanners.

All You Need Is…

The key to setting up your own home garage is effort. If you’re prepared to put a lot of energy into creating the ideal work-space then in the long run this is going to save you a lot of time and hassle when working on your car. By using our ideas to help you keep your space free from clutter and your tools and equipment safely stored away you can cut down on the time you spend looking for items, avoiding those problematic moments where you have to search through a host of boxes looking for the right spanner. With a bit of imagination even the smallest area of your garage can be reclaimed for its original purpose.

This article was brought to your by suppliers and manufacturers of workshop equipment, ESE Direct.