DRIVING is a part of life for many of us, having a car gives us the independence we all crave on a base level.

Whether you are dropping the kids off at school, doing your daily commute to and from work, or even just going to buy groceries, having a car affords you total freedom to decide what time you leave and where you go.

Choosing whether to buy a car or lease one boils down to your own personal priorities. Whilst actually owning your vehicle at the end may be a large perk when you choose to buy one, there is a lot to be said for leasing a vehicle instead.

Below are 5 important factors to consider about leasing your next vehicle instead of buying it.

1. No unforeseen expenses

Most new cars have at least a 3-year maintenance plan, so when you lease a car for 3 years most of your maintenance costs should be covered by the maintenance plan. Leasing your car largely eliminates the worry of having something significantly large go wrong that leaves you out of pocket and scrambling to make a last-minute backup plan.

2. Tax perks

If you use your car for business trips, leasing your car often allows you more tax write-offs than simply having a loan for one. With a leased vehicle you are allowed to deduct up to 100% of the VAT charges that are part of your monthly payment if the vehicle is used for business.

These write-offs are largely affected by the type of vehicle you are leasing, for example, if you are leasing a luxury vehicle then you can expect to write-off a lower amount. This might seem unfair but if you are driving a Ferrari then we are pretty sure you will feel better soon enough…

3. Lower monthly payments

To ease the burden of highly monthly repayments on your vehicle, lease one instead! Leasing a vehicle generally costs significantly less than buying one because you are only paying for the vehicle’s depreciation over the lease term. You might even end up being able to lease a more luxurious vehicle than you would have been able to buy. There have been many changes to the leasing market which have resulted in favourable financing rates for the consumer. Lower payments are especially favourable for self-employed individuals needing a car, find out more here about the rules and regulations around leasing one if you work for yourself.

4. That new car smell

A massive perk of leasing a vehicle is that you get a new car every few years, who does not love that idea? When your lease is up, all you do is return your vehicle and pick a new one.

If you are the kind of person who loves getting a new car (less face it, who is not?) then leasing your next vehicle is the right way forward. With car manufacturers releasing new and improved models every year, you can experiment with makes and models until you find one that is perfect for you, at no financial risk to your pocket.

There are some less than honest folks out there, so be sure to check the car and the lease properly before signing it to make sure you are not getting duped.

5. No Buyer Required

Once your lease is up, you can give your current car back and take a new one. Much like buying jeans, your old ones fit fine but there will be another pair that fits better or looks hotter.

When you lease a car you never have to worry about the hassles of selling your old one privately first before you can get a new one. No price badgering, no time wasters, and no waiting to find the right buyer.

You will not have to spend the time and effort of creating the advertisement or research the current market value. Just returning your current vehicle and choosing a new one, it is largely as simple as that.

You have a lot to think about now, but at the end of the day this choice will depend entirely on what priorities you have, and how you intend to use the vehicle.

Some leases have a mileage clause so if you do a lot of driving for work, this would not be a suitable option for you. The best advice to give you is to make a list of your personal requirements, figure out your budget, and then take it from there.

There are so many different vehicle types, models and financing options that I am certain you will find the right option that suits your needs after some research.