Aside from having access to a vehicle that the individual might not otherwise be able to own that are also normally significant financial benefits to be had by leasing a car. Many manufacturers offer very specific finance deals on car leases, often with 0% interest, assuming your credit rating is good enough to qualify for it.
With any lease agreement, all the costs should be spelt out and clarified at the beginning of the lease period. This includes what is normally referred to as the lease end agreement. This is costs associated with wear and tear of the vehicle.
These charges can be significant, but the lease agreement should spell out in exact detail how they are calculated and on what basis any charges will be made.
Whether buying or leasing a vehicle, the same credit checks will be made against an individual, and an assessment made based on their credit score. This will determine whether or not the credit company or dealership finance will lend money to the individual and on what basis.
This will affect the decision itself, the length or period of the loan agreement, the interest rate charged for the duration of the loan and the size of the down payment.
The choice as to whether to buy or lease is not really a financial one, although leasing is normally a much cheaper option. The real decision comes down to more of an emotional one, where the individual ways up the pros and cons of ownership and related costs, as opposed to a form of borrowing, which after a few years means you have to give it back.
Peter Main is a freelance writer, with extensive experience writing about at the auto industry and car finance in particular. There is a special emphasis on bad credit car loans, and how many major car dealerships such as Hyundai Motor Finance and Kia Finance go to great lengths to try and encourage people to apply for credit at the same time as purchasing or leasing their vehicle.