When it comes to buying a car, deciding whether to lease or get used car finance can be one of the biggest choices in the process. Both options offer unique benefits and have different impacts on your budget, lifestyle, and long-term financial goals.
At Prestige Cars Kent, we will help you navigate these options so you can make an informed decision that best suits your needs. Let’s discover the details of leasing and financing to give you a clear picture of which option might be best for you.
Used Car Finance
Financing means purchasing your new car through a loan. With each monthly payment, you gain a bit more equity in the car until, eventually, you own it outright. For those who prefer ownership, used car finance is a straightforward path that builds value over time. Unlike a lease, financing allows you complete control over your vehicle without limitations on mileage or modifications.
One of the key advantages of financing a new car is that it provides a sense of investment. As you make monthly payments, you’re not just paying for the ability to drive the car—you’re building equity, giving you an asset that could eventually have resale value or serve as a trade-in for your next vehicle. Once the loan is paid off, you own the car outright and can continue driving it without monthly payments, freeing up more of your budget for other expenses or savings.
Financing also offers flexibility in terms of customisation. If you want to add features, modify the exterior, or make the car uniquely yours, financing lets you do so without restrictions. With ownership, however, comes the responsibility of managing potential depreciation. While some vehicles hold their value well, others may lose value quickly. Financing may make the most sense if you plan to keep your car for the long term, allowing you to avoid the concern of short-term value declines.
Use our free calculator on our website to discover your options.
Leasing a Car
Leasing, on the other hand, provides long-term rental where you’re paying for the right to drive the car without taking full ownership. At the end of the lease term, you return the vehicle to the dealership and often have the option to upgrade to a newer model. For those who enjoy changing vehicles regularly or want to drive the latest models with the most up-to-date technology, leasing can be a good option.
One of the primary benefits of leasing is the generally lower monthly payments compared to financing. This makes it possible to drive a high-quality vehicle with reduced upfront costs and lower monthly outflows, freeing up money for other expenses or savings.
However, leasing does come with limitations. Since you don’t own the vehicle, there are typically restrictions on mileage, which can lead to additional costs if you exceed the limit. Additionally, you’re expected to return the car in near-original condition, which means no permanent modifications or excessive wear. If your lifestyle or commute requires more mileage or involves a lot of wear on the vehicle, these factors should be considered before leasing. Feel free to use our calculator on our website to discover your options.
Leasing and Financing: What Matters Most to You?
Budget Considerations
If monthly payments are a significant factor, leasing is generally more affordable upfront and month-to-month. For those on a tighter budget or who want to minimise monthly costs, leasing offers a lower-cost option for driving a newer model. However, if you’re focused on building long-term value and can budget for higher monthly payments, used car finance might be the better option, allowing you to eventually own the vehicle.
Driving Habits and Lifestyle
Think about how you use your car. If your job requires frequent travel, or if you enjoy road trips and long-distance driving, the mileage restrictions of a lease may not be ideal. Financing provides the freedom to drive as much as you need without worrying about penalties. However, if your mileage is predictable and moderate, leasing can give you the benefit of driving a used car, making it more affordable.
Consideration of Depreciation
For those who prefer not to worry about a car’s decreasing value over time, leasing offers a way to drive a vehicle during its highest-value years, leaving depreciation to the dealership. Used car finance, meanwhile, offers the opportunity to invest in a vehicle for the long term, where depreciation becomes less relevant after the loan is fully paid.
Financing Options at Prestige Cars Kent
At Prestige Cars Kent, we understand that every driver has different needs and financial situations. That’s why we offer a range of flexible financing and leasing options tailored to suit a variety of budgets and preferences.
Whether you’re looking for used car finance with the goal of ownership, or prefer the convenience and flexibility of leasing, our team can guide you through each step, ensuring you find the perfect match for your lifestyle and goals. Contact our team at Prestige Cars Kent today to discuss your options, and let us help you make the best choice for your next vehicle purchase.