Family Car Talk: Lease or Buy? Which Is Better for You?
Are you planning to relocate temporarily to the United Arab Emirates (UAE) with your entire family? If so, that will take a lot of adjustment, not just for you, but for everyone in your brood.
From checking out properties for rent in Dubai and other emirates to getting around your neighborhood once settled in, you need to consider many things. To make your move and adjustment to your new place smoother, consider getting your own vehicle.
Having a family car is one of the great sources of convenience for new residents of the UAE. Besides ensuring you arrive on time for your appointments, it also allows for more flexible transportation for the entire family.
In making this decision, one of your concerns could be: Should you buy a car? If your budget can manage the cost of a new or second-hand vehicle, why not? But if you wish to be financially savvy about it, consider getting a long-term car lease in the UAE.
If you’re wondering whether leasing is more practical than buying your own car, here is a comparison between the associated costs, responsibilities, and perks of car leasing and vehicle ownership.
1. Upfront Cost
When it comes to the upfront price, leasing a vehicle beats buying a brand-new car. The typical difference in the price is usually from 30 to 55 percent. If you’re starting a new life in a new city, the amount of money you can save if you choose to lease can be allocated for spending on other necessities.
Likewise, it’s important to take into account the fact that a car’s value depreciates by as much as 40 percent of its original price in its first year of use. This isn’t going to be a concern with a leased vehicle.
2. Selection
If you’re buying a car, you’ll be restricted to what your budget can easily afford. However, if you’re leasing, the selection is much wider at specific price points.
You have access to a good range of luxury vehicles that you wouldn’t even consider if you were purchasing one for yourself. This is an excellent option if you want to save money and still enjoy the benefits of a newer automobile.
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So, if you don’t want to sacrifice style for function, it’s easier to do just that by opting for car leasing than buying a car (even if you include used options).
3. Functional Mileage
The car you own takes the cake on this one because there are no limitations on what you can do with it. You can take your vehicle anywhere and subject it to all kinds of challenging conditions when you take it exploring.
With a leased car, however, there are stringent conditions in the contract, which the lease company will specify in its terms regarding usage. You have to honor those conditions or pay the penalty.
Of course, the conditions aren’t a problem if your family will just be using the vehicle for daily driving to and from work or school and to take care of light errands. Many drivers find leasing vehicles quite advantageous if they don’t exceed all the miles they pay for.
You may also be given the choice to buy extra miles upfront, so it’s not as restrictive as you probably think.
4. Responsibilities
You will have more responsibilities when you buy and own a car than when you lease one. You have road tax, maintenance (such as exhaust and tire replacements), and other concerns to stay on top of if you’re a car owner.
Meanwhile, if you’re just leasing a car, the contract includes care and maintenance that the lease company covers. You don’t have to worry about finding reliable mechanics to handle repairs and the cost of car maintenance.
5. Flexibility of Arrangement
If you buy a car, it’s yours. You can return a car to the dealership if you determine something’s wrong with it. But that’s such a huge hassle, not to mention the manufacturer would probably just fix it under warranty to get it working just fine.
Leasing, on the other hand, offers better flexibility because the car is yours with fewer responsibilities just for a set period.
On top of that, if you end up falling in love with the vehicle after years of use (something that happens to a lot of people), there’s a good chance that you can make your ownership permanent with lease-to-own programs that car leasing companies typically offer. What’s most important is to study your options when you decide to lease.
Lease or Buy? Time to Decide
Buying and leasing a car both have their pros and cons. The key here is to establish which arrangement addresses your needs better.
Still, leasing could be the better option if you’re only temporarily staying in a new city. It’s easier on the budget and is more convenient overall. Plus, you don’t have to worry about selling the car later should your family need to move homes again, which can be quite stressful.
Whatever you’re leaning towards now, it’s your decision to make. Consider all the factors to make a smart choice.
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