The Pros and Cons of Luxury Car Leasing

If you’ve always wanted to drive a fancy vehicle, you have two main options – rent a high-class car or buy a new one. Yes, those Range Rovers ads at £245 a month are the real thing! This is because luxury car rental companies are offering attractive payment options, making premium automobiles more affordable for everyone. Although you don’t own the vehicle when renting it, the experience is just as satisfying as owning one.

Prestige car hire is an excellent choice if you want to enjoy the thrill of driving an exotic vehicle for your travel needs, without the hassles or costs associated with ownership. Also, it gives you the opportunity to drive a new car every 1 to 2 years. Whatever your needs, you can rent a luxury car and fulfill your desire without breaking the bank.

But before considering luxury car leasing, it’s important to weigh the pros and cons and make an informed decision. Let’s start.

Benefits of luxury car leasing

Here is a brief overview of the advantages of renting a high-class automobile.

It is more economical

One of the main reasons many luxury car enthusiasts prefer leasing is because it is more affordable. Because you don’t own the vehicle at the end of the lease, you don’t have to incur the typical costs associated with ownership. The down payment for leasing is significantly less compared to buying a new car. In addition, the monthly installments are more affordable than the installments paid on a car loan.

And that’s not all. When owning a car there are also some additional costs involved. This includes expenses for registration, taxes, repairs and maintenance. Taxes and maintenance are recurring costs that you must cover over the life of the vehicle. Luxury car leasing can help you save money in this regard as it does not require you to pay for vehicle registration, taxes, service and maintenance. Therefore, it is more economical.

Update your car frequently

Another reason that makes leasing more attractive is the option to trade in your luxury car for a newer model every year or two. Typically, leases are for 1-2 years, after which you can swap it in for a newer model and continue enjoying. If you plan on renting a sports car, executive sedan, supercar or SUV, you can constantly drive a new luxury vehicle every few years.

Therefore, leasing is the best choice for car enthusiasts who do not want to drive the same vehicle for a long time. Drive a new exotic car every year and travel in style and absolute glamour.

Car leasing meets all your needs

There are several reasons why you might consider car hire in London. Perhaps you want to drive a premium automobile for your daily commute and make a lasting impression wherever you go. Or maybe you like to travel all year round and are considering renting supercars for safe, comfortable and luxurious travel.

Another reason to rent a car is if you are a business owner and need a prestigious vehicle to attend business meetings, corporate events or business trips. Driving a luxury car such as a Mercedes, Bentley or Audi for business purposes can help create a powerful brand image with customers and stakeholders.

Leasing is also a preferred choice if you drive less than 12,000 miles a year. In this case, owning a luxury automobile may seem extravagant as most of the time it will remain parked at your residence. Consider leasing if you plan on using the car occasionally and not driving more than 12,000 miles a year.

Less hassle, more fun

Prestige car leasing frees you from various worries such as repairs and maintenance, depreciation and vehicle negotiations. There are no long-term commitments or large investments involved in leasing. Once the lease expires, you can upgrade to a new model or not at all. Plus, you can enjoy the vehicle when it’s in its best condition, not when it’s old and undervalued.
Disadvantages of luxury car leasing
There are also some limitations when renting a luxury car. Let’s take a look:

Renting can be more expensive in the long run

Leasing a luxury car is a good short-term choice. However, if you plan on owning a premium vehicle for the long term, say for more than 4 years, it may be more advantageous to purchase a new car. This is because you will end up paying more for the lease than you would for owning the vehicle.

You are not the owner of the car.

In leasing, the car does not belong to you. It also implies that you must take good care of the vehicle during the lease period. Also, you will not be able to customize the car, upgrades or modifications unless the lease provider offers that option. And at the end of the lease, you’ll need to return the car in the best possible condition.

Don’t forget about insurance costs

Most luxury car lease providers will require you to have comprehensive car insurance for the entire length of your lease. Therefore, you must also consider this cost when renting.

Therefore, the decision to rent a luxury automobile or not will depend on your unique needs and based on the pros and cons discussed above.