Financial run down of leasing long term Vs purchasing

There is an old school of thought that if you aren’t going to be using something every day, or even every month, then it may be worth leasing it as and when you need to rather than buying. Indeed, there was a series of adverts aimed at car drivers during the COVID-19 pandemic that recommended leasing cars over buying them, due to the reduction in work hours at the office. After all, what is the point of having a car to go to work, if you work from home?

This ideology is the same across the board; if you are looking to only use a piece of equipment once a month (or even less than that), then surely it makes more economic sense to just lease it long-term, doesn’t it? This article explores that notion in a bit more depth, so you can see what you could be saving with long-term leasing.

Down payment
Suppose you are looking for a new minibus for your school, due to the growing student number. When looking at leasing versus purchasing, you may find that it is a lot cheaper to lease than it is to buy.

If you were to purchase a minibus suitable for the number of people you need to transport, you would need to pay thousands to do so. Whereas, if you were to lease a minibus long-term, you would only need to put down a fraction of the cost as a deposit which is much easier to raise. If this sounds ideal, you may want to look into minibus leasing from theminibuscentre.com.

Repairs
No matter what the type or size of the vehicle, once you have bought it, then you are responsible for all of the repairs that it needs. You are liable if the poor state of your car causes damage to property or injury to another person. However, if you lease a car for a long-distance journey, the company you lease it from will cover the cost of any breakdown, call out, and even any damage that has been made to the car before you lease it.

Replacements
It has happened to a lot of people at the worst possible time; your car, van or motorbike breaks down and you need it to get to work or another event. Thus, you need to pay more money for a taxi or a hire car as not even the quickest of repair shops can get you a comp vehicle that quickly.
Had you leased the car, bike or van, to begin with, the majority of companies would send you a replacement when the vehicle breaks down, thus saving you the hassle and money.

Upgrades
Most people have at one time or another wanted to upgrade their car, van or other vehicle, especially if the one that they currently have is not fit to meet their needs. In some cases, if you hire a car or a van, you may find that you will be eligible for an upgrade as and when one becomes available, meaning that you won’t have to fork out a large amount of money to have the newest model for yourself or your organisation.