IT’S L FOR LEASE YOUR FIRST CAR
IT’S long been a British rite of passage that young drivers’ first car after passing the test will have seen better days. Well, all that is set to change. Research says as the price of second-hand vehicles rockets, new drivers are better off leasing than buying, once running and maintenance costs and initial outlay are allowed for.
It also has the added bonus of a newer, more economical model parked on the drive, says the analysis by car comparison site Leasing.com.
With initial outlays often less than £1,000 and monthly costs linked to driving habits, such as an agreed mileage, leasing enables young drivers to pick a new car without the worry of depreciation or the out-of-warranty repair bills associated with old run-arounds.
It found a new Vauxhall Corsa could work out £10,000 cheaper than buying it outright, noting: ‘Since manufacturer warranties, VED (Vehicle Excise Duty) costs, fair wear and tear and breakdown assistance are all included in monthly rentals, young drivers could be set to save in excess of £900 a year.’