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Buying vs Leasing a car
Each option to finance your new vehicle has its own advantages and disadvantages, and thus attempting to choose between them is a challenge for many consumers when on the market for a new automobile.
A key consideration is if you want to be driving the car for the next 7-9 years. If this your plan then buying the car is the better option for you. However, if you are looking to get a new vehicle 2 to 3 years down the line then leasing could be the more desirable option.
In order to consider the options of leasing vs buying, it is best to understand the advantages and disadvantages.
What does leasing a new car mean?
Leasing is essentially a rental agreement with a long-term period, mostly through a bank or a dealership offering this facility. When you lease a new car, you are essentially paying to use the new car for a few years, but you never actually own the car. At the end of the leasing period you can choose to sign a new lease agreement and you get a new car again.
Disadvantages of leasing a new car
Advantages of leasing a new car
Advantages of buying a new car
Disadvantages of buying a new car
Sources:
SA Motor Lease
SME Toolkit: South Africa
Business Tech
Cars
Wheels24
Fin24
Wealth Wise Mag
Cars ZA Info
Liquid Capital
Auto Trader