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What are the pros and cons of leasing a car?
I'm considering leasing a Ford Mustang and wish to understand the pros and cons of this idea.
Asked on 8 April 2020 by Paul Iwasyszyn
Answered by
Dan Powell
Leasing works for lots of people. It is one of the simpler methods of car finance, with servicing and maintenance usually included in the monthly payments. This means you get fixed-cost monthly motoring and do not need to worry about depreciation. You may also be able to change the car every 12 or 24 months.
However, leasing monthly costs can be a lot higher than other forms of finance. A deposit is still required and you will be charged if you exceed the agreed mileage limit or break the wear and tear policy. You will also be tied into the lease agreement for a set period of time and will not be able to exit the contract without paying penalty fees. This means you need to be very sure about your choice of car, because you will not be able to cancel the contract if you discover the car is not suitable or too expensive to fuel for your everyday needs.
For more information on car finance, see: www.honestjohn.co.uk/cheap-car-finance-advice
However, leasing monthly costs can be a lot higher than other forms of finance. A deposit is still required and you will be charged if you exceed the agreed mileage limit or break the wear and tear policy. You will also be tied into the lease agreement for a set period of time and will not be able to exit the contract without paying penalty fees. This means you need to be very sure about your choice of car, because you will not be able to cancel the contract if you discover the car is not suitable or too expensive to fuel for your everyday needs.
For more information on car finance, see: www.honestjohn.co.uk/cheap-car-finance-advice
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