Whether you choose to lease or buy your next van it is a big decision. There is no best or worse option and it really depends entirely on your own circumstances and what works best for you at the time.
We find people do one of three things; leasing, buying second hand or buying a brand new van. Here’s a look at the main differences between these options:
Leasing
Low upfront costs
A brand-new van
Low, fixed monthly payments
100% tax deductible
Full warranty
Mileage needs to be identified
You won’t own the van
Upfront payment required
Buy Used
It’s yours to sell
No long term contracts
No mileage restrictions
Costs less over time
High maintenance costs
Loses value quickly
Reliability issues increase with vehicle age
Need to pay for wear and tear items
Buy New
It’s yours to sell
A brand-new van
No Mileage restrictions
Costs less over time
Full warranty
Large upfront costs
Loses value quickly
Responsible for all maintenance works
Need to pay for wear and tear items