Leasing vs Buying a Car in 2024

If you look out on the roads today, you’ll never be able to tell that fewer people are owning their cars. Car leasing has hit a record high in the UK, expanding to almost 1.75m vehicles on lease in 2023. It reflects a growing preference among drivers who are navigating the current economic landscape. Instead of squirrelling away funds for a hefty down payment, many are discovering the conveniences of leasing. When you lease, you’re not investing in ownership, but you’re also sidestepping the extra unforeseen costs that pop up after tens of thousands of miles on the odometer.

If you’re considering whether leasing or buying is the best option to go with in 2024, then that’s exactly what this guide is intended to help you with. Leasing is an appealing alternative lane for many, but let’s dive deeper into the differences between leasing and buying to see what might suit you best.

Cost

Leasing a car is like having a flat-rate subscription to the latest models – low or no down payment, spread over manageable monthly fees. Contrast that with buying, where you’re looking at a significant upfront investment. Sure, there might be a fee at the end of your lease or extra costs if your insurance doesn’t cover all accident-related expenses, but here’s the kicker: leasing appeals to those who relish the idea of driving new cars equipped with the latest tech without the hassle of MOTs, repairs, and upkeep as the car ages.

Consider that new cars can depreciate by 15%-25% within the first five years. Why cling to a depreciating asset when you can enjoy the prime years of various cars without the burden of increasing maintenance costs?

Quality In Your Budget

Leasing not only makes it easier to drive a newer car but also puts more luxurious models within your reach. Without the full financial commitment of buying, you can enjoy the prestige and advanced features of a higher-end car for a fraction of the cost.

Mileage

The mileage restrictions of a lease could impede those who drive more frequently than the average road user. However, at cars2buy, our handy mileage filter means you can customise how many miles you wish to drive in a year to have the lease plan that suits you perfectly. This flexibility ensures that even high-mileage drivers can find a lease that matches their lifestyle.

Reliability

Leasing a brand-new car spells peak reliability and minimal maintenance worries. With many new cars coming with a warranty that covers at least three years, you’re likely to enjoy a worry-free lease period without the dread of unexpected repair bills. In contrast, owning means shouldering the full cost of maintenance once the warranty fades away in the rearview mirror.

Later-Life Driving

Leasing means you can frequently update your ride, ensuring you’re always behind the wheel of a modern, reliable vehicle equipped with the latest safety features and luxuries. Buying, on the other hand, is a long-term commitment, one that might see your vehicle become outdated far before you ponder your next big purchase.

Is it Better to Lease or Buy a Car?

Ultimately, the decision between leasing or buying a car boils down to personal preference and lifestyle needs. If the idea of always driving a new, hassle-free car appeals to you, then leasing is a fantastic option. It offers the freedom to enjoy the latest models without the long-term commitment and depreciating value associated with buying.

For those drawn to the thrill and convenience of driving new models every few years without the hassle of selling an old one, cars2buy is the UK’s number-one destination for quality lease offers from trusted dealerships. Our transparent service searches high and low for the best new car lease offers, saving you time searching through an endless list of websites – it’s all here for you to search, filter and compare. Browse our collection of lease deals today and you could be driving away in the brand-new car of your dreams sooner than you think.