Is car leasing cheaper than buying?

While the Brexit vote may recently have taken the froth off new car sales, the latest figures show that purchases of new vehicles grew strongly in the run up to the referendum on Britain’s membership of the European Union on June 23. Figures from the Society of Motor Manufacturers and Traders (SMMT) showed that the growth in car sales during the first six months of 2016 was driven by private buyers rather than companies. Traditionally, Britons have chosen to finance their car purchase through either personal lending or through one of the finance packages offered by the manufacturers. But in recent years leasing, a form of car finance already very popular in the United States, has become commonplace car leasing. Under this form of finance, motorists lease a car for two, three or even four years before handing the keys back at the end of the deal. What is the benefit of car leasing? The price to lease a vehicle is based on two things: the depreciation of the value of the car over the
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