Should You Rent A Car Or Buy A Car? – Helping You Decide

Should You Rent A Car Or Buy A Car?

When it comes to cars, it’s definitely better to buy than to rent, right? Especially when it comes to not having to worry about monthly payments. Actually, it all depends on your personality, and what you seek to get out of your car. Let’s look at the perks of leasing your car:

  • Firstly, believe it or not, the lower monthly expenses are actually lower when you rent a car. There are rarely any down-payments required, and the only additional charges you need to worry about are if you return the car damaged, or you exceed the mileage allowance. Also, many leasing car companies offer their customers loyalty rewards, so those may add to the benefits of renting a car.
  • You also have to worry about fewer repair expenses. Normally, when you sign a lease for a car, it comes with a warranty. That means that, if the car is damaged under certain scenarios, you are likely covered. This is not true if you own a car; you are left fairly unprotected if any damage happens to the car.
  • Say, for example, it appeals to you to rent a new car every 2-3 years. That means you’ll always have a relatively new car, and you can cruise around town in style. This also means that you won’t be driving around in an ancient relic that you bought when you first got your driving license.
  • If you rent a car, you never have to worry about selling it. Whilst you might argue that it is always better to have the option, if your life is at a very busy stage, you may appreciate having to worry about one less thing. Also, the value of a car plummets within the first year you bought it, so buying a car is almost never a good investment.

Clearly, if it was this clear cut, we wouldn’t waste your time with this article. Here are some perks of purchasing a vehicle:

  • Actually, in the long run, it is cheaper to buy a car than to rent. Say you take out a loan to buy a new car. Yes, the interest rates charged by your bank may be quite steep at first, but once you pay the debt off, over the course of a couple years or so, the cost of having/ maintaining the car is much lower. So, it all depends on whether or not you want a long-term relationship with a car, or you wish to play the field ( or road, we guess).
  • Now comes the part that people generally like about buying their own car. The freedom. When you buy your own car, you have total control over what you do with it. There is not a maximum mileage amount, so you could drive to your heart’s content.
  • Also, if any damage befalls the car, whilst you might not be covered, you can simply choose not to repair it. If you have a tiny scratch or dent, you may not think that it’s worth the extra money. However, a rental company will definitely charge you for the slightest damage. If you intend to drive your car lots, this does seem like the choice for you.
  • When you buy a car, you always have the option to sell it. Although we previously remarked that buying a car was rarely a good investment, that does not mean that it cannot be of use to you. Say you have a less than ideal year financially, and you need extra funds. You may realise that you don’t need a car as much as you did previously, so, you decide to sell your car and use these funds to ease other expenses, like your university fees, or to go towards your mortgage. In a way, a car is like a bank account on wheels– it’s a failsafe. You may not have to sell your car, but the option is nice to have.
  • And don’t forget, if you own your own car, you get to personalise it. Want to bubble wrap your car in hot pink? Nobody’s stopping you. Maybe add some eyelashes onto it as well. You can also add accessories, like a spoiler, or change up the rims. You can definitely put the “I” in vehicle when you own a car. If this matters to you, then definitely buy a car.

So, looking at the different benefits of leasing a car versus buying one, it really depends what you’re after when you need a car. But by keeping close track of all of your expenses with Curve, you can definitely make the best decision when thinking about your set of wheels.

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