Leasing has become a popular way to finance a vehicle. The UK has seen year on year increases over the previous years. Europe is responsible for 31,5% of all car leasing in the world. The UK and Germany are the second and third largest countries, respectively. Together they account for 42% of total European and 13% of total world markets. So, it is evident that more people are choosing to lease their cars whether this is for personal or business use.

Image credit

These are some of its benefits:

• Most likely, you will be able drive a vehicle on lease of a higher standard than you could afford to buy the car outright. This is an attractive prospect for many as they can choose a newer vehicle with a higher specification than they could if they were buying a vehicle. To find out more about Car Leasing Bristol, visit a site like https://www.autolyne.co.uk/car-leasing-near-me/bristol
• The monthly payments for leasing are usually lower than for financing a car. This is partly because you do not own the vehicle. You have many options for financing a vehicle, whether you are buying or leasing.
• Leased cars also have lower maintenance costs and are less likely to require MOTs, as they are typically under three years old when you begin your lease. Lease cars are often brand new cars or former demonstrator cars, so they will have few problems. Any that do occur are covered by the manufacturer’s warranty. A good car leasing company is always willing to go over the details of servicing with you.

Image credit

• You can lease a vehicle to avoid depreciation charges that are incurred when you buy a new car. The price of the car will drop almost immediately after you drive it off the dealership’s lot. In the first year, the value of the car is expected to drop by up to 40%. It depends on several factors, including the number of miles you drive each year and how well you take care of your car. If you drive around 10,000 miles per year, a car’s value will drop by 60% after three years. This is not an issue with car leasing.
• You can choose to exchange your vehicle at the end of your lease period for a new model of your choosing.