What are the Pros & Cons of Leasing a Luxury Car?

If you always had the dream of driving an exotic car, you have two foremost options – luxury car leasing or buying a new one. Yes, those ads for £245/month Range Rovers are for real! That’s because luxury car leasing companies are offering attractive payments that make premium vehicles more attainable for all. With a lease, you do not own the car, but the experience is nothing less than owning one.

A prestige car lease is a great choice if you want to have the pleasure of driving an exotic car for your travelling needs but without the hassles or cost involved with owning one. Additionally, it gives you the option to drive a new car every 1-2 years. Whatever be your needs, you can lease a luxury car and fulfil your aspiration without burning a hole in your pocket.

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But before you consider exotic car leasing, it is important to weigh the pros & cons and make an informed decision. Let’s get started.

Pros of Luxury Car Leasing

Here is a quick run down through the advantages of leasing a luxury car.

1. It is Lot More Cheaper

One of the primary reasons why many luxury car connoisseurs prefer leasing is because it is much cheaper. Because you do not own the car at the end of the lease term, you do not have to bear the typical costs that come with ownership. The down payment for leasing is significantly lower compared to purchasing a new car. The monthly payments are also more affordable than the EMIs you pay for your auto loan.

And that isn’t all. When you own a car, there are some additional costs involved too. These include the cost of registration, taxes, and repair & maintenance. Taxes and maintenance are recurring costs that you have to bear throughout the lifetime of the car. Luxury car leasing can help you save money here because it does not require you to pay for vehicle registration, taxes, service, and maintenance. Thus, it is much cheaper.

2. Upgrade Your Car Often

Another reason that makes leasing more attractive is the option to upgrade your luxury car every one to two years. Typically, leases are available for 1-2 years, after which you can change it with a newer model and make. When you plan to have a sports car lease, an executive sedan, a supercar, or an SUV, you can consistently drive a new luxury vehicle every few years.

As such, leasing is a better choice for auto geeks who do not want to drive the same car for long. Drive a new exotic car every year and travel in absolute style & glamour.

3. Whatever Your Needs, Car Leasing Has You Covered

There may be several reasons to consider car leasing in London. You want to drive a premium car for your daily commute and make a lasting impression wherever you go. Or perhaps you love to travel year-round and considering super car leases for safe, comfortable, and luxurious journeys.

Another reason to lease a car is when you are a business owner and want a prestigious car to attend business meetings, corporate events, or business tours. Driving a luxury car like Mercedes, Bentley, or Audi for business purposes can help create a powerful brand impression on clients and stakeholders.

Leasing is also a preferred choice if you drive less than 12,000 miles a year. In such a case, owning a lavish car might seem extravagant because mostly it will remain parked at your home. Consider leasing if you plan to drive the car occasionally, not more than 12,000 miles a year.

4. Less Hassles, More Fun

Prestige car lease frees you from several worries such as repair & maintenance, depreciation, and vehicle trade-ins. There are no lifetime commitments, no major investments involved with leasing. As soon as the lease term ends, you can upgrade to a new model or none at all. Additionally, you can drive the vehicle when it is at its best, not when it is old and depreciating.

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Cons of Luxury Car Leasing

There are also some limitations to leasing a luxury car. Let’s take a look:

1. Leasing Can be Costlier in the Long Term

Leasing a prestige car is a good choice but in the short term. If you are planning to have a premium vehicle over the long run, say 4+ years, it may be better to buy a new one. This is because you will eventually end up paying more on leasing than what you would have paid to own the vehicle.

2. You Do Not Own the Car

In leasing, the ownership of the car does not lie with you. That also means you will need to take excellent care of the vehicle during the lease period. Additionally, you won’t be able to personalize the car, upgrade it or make modifications unless the lease provider offers such an option. And at the end of the lease period, you will have to return the car as close to the original condition.

3. Do Not Overlook Insurance Costs

Most luxury car leasing providers will require you to have comprehensive auto insurance throughout the lease term. So, you should consider this cost as well when leasing.

So, whether you should lease a luxury car or not will depend on your unique needs and based on the pros and cons as discussed above.