Car buying refers to a situation where a person partakes compete for ownership of a vehicle. Once an individual has paid the full amount required, they are entirely responsible for the car. The car buying process involves a person identifying a car that he wishes to purchase then he/she has to look at the price and decide on the most affordable and then he goes ahead and buys it. After the acquisition of the car, the customer has full control of the vehicle, and there is no other cost are to be paid to the client, and the car bought registered under the new owner.
Car leasing refers to an agreement between a car dealership company and a customer, where the corporation offers a vehicle of customer’s choice for the client and in return, the customer sign a contract. The car leasing process starts by the customer identifying the need for a vehicle then he goes ahead to the dealership company and selects a car of his choice. Once the client has decided the car, he/she wants he then has to pay an initial deposit amount which is then followed by installments for the agreed period. The customer is responsible for the car for the agreed period though some of the cost are still catered for by the company. After the stipulated time the customer has to return the vehicle to the dealership business.
Advantages of car leasing
One can drive an expensive and a better-equipped car at a low cost.
This is a significant advantage because one has the capability of using the latest car model at a lower cost. Since all one has to pay the initial deposit followed by monthly payments makes it affordable to people even who do not have the ability to purchase a car on permanent ownership. In the case of car buying, one would require a significant amount of money to buy the highly priced cars. Therefore, car leasing helps people to enjoy the expensive vehicles at a lower cost.
An individual is allowed to change the automobile at any particular time.
Here the customer has entitled the freedom of changing from one vehicle to another at any time when he/she feels it’s appropriate. This exposes the client to a wide variety of vehicles of different models, and he can select which best suits his/her needs. All one has to do to change from one vehicle to another is to sign a new contract and pay another initial deposit followed by monthly installments. In the case of car buying, one has to stick to the original car bought and is not exposed to a wide variety of cars like a person who is leasing vehicles.
Car leasing enables an individual to enjoy the latest models of cars in the market.
Since ownership in car leasing is not permanent one is allowed the freedom to switch the vehicle to the model of his/her liking. In case there is a new design of the car in the market one can enjoy it which is impossible in the event of car buying not unless one purchases it.
In my view, I would go for car leasing because I think it allows one to use a car of his/her choice at a lower cost and an individual is authorized to change the model of the vehicle at any particular point in time when he/she wishes to.