Renting a Car in Brisbane
Whether you have recently moved to Brisbane, have just sold your car and need time to find another, have recently acquired a licence and haven’t got the savings to buy a car, or are just holidaying in Brisbane and need to get around, renting a vehicle might just be the best option for you.
Renting a vehicle in Brisbane is not only quick and easy, but also cost effective and convenient. It is an option not only for the tourists and those visiting, but Brisbane residents are increasingly opting to lease a car instead of purchasing one.
Why buy when you can rent?
When it comes to purchasing a new car, the usual options are to pay for it outright (which many cannot afford to do) or to purchase it on finance (which is the most common). However, those who find it difficult to secure financing, let alone find the funds to purchase a car outright, often find themselves in a bit of a pickle.
Renting a vehicle does have its benefits and is not only for those holidaying in Brisbane or new to the area. You can rent a vehicle instead of buying one. It offers flexibility and control and often saves you money. Renting instead of buying a vehicle gives you the flexibility and control to change your car every six months, yearly, every two years, etc. without the hassle of having to sell, bargain, advertise, deal with buyers, or even deal with an auto scrap yard or cash for cars businesses (in the unfortunate event of an accident). Most lease agreements give you the option to buy the vehicle after the lease has expired. This is an exceptional opportunity for those who want to purchase a vehicle but are finding it difficult to secure financing.
It is becoming increasingly popular to rent and then purchase a vehicle after the lease has expired. There are many reasons why people might opt for this alternative, while others may not have much of a choice at all. Many people wishing to avoid high interest rates as well as the fees and charges that come with purchasing a vehicle on finance are opting for the rent the vehicle today, own it tomorrow method. This method is particularly advantageous when interest rates can skyrocket by up to 40% p.a. if a person is on the mend from a bad credit history.
The convenience of it
When leasing a vehicle, you are basically renting it from the dealer or leasing company for a particular period of time. Once the lease period ends, in many cases, you are given the option of either returning the vehicle or purchasing it for a particular amount. For many people, leasing is a matter of convenience, as it is much simpler and less complicated than buying the right vehicle. Others enjoy the opportunity of getting to know the feel and comfort of the car and forming a bond with it. If a bond is not established, the vehicle is simply returned upon lease expiration.
The Pros and Cons of Leasing a Vehicle
- The monthly repayment on a car loan is usually higher than those on a lease.
- You get to drive a new car every few years.
- Maximises tax deductions for business.
- You are not trapped by owning an unwanted car.
- You don’t have to worry about costs and expenses such as registration.
- You don’t have to worry about selling it.
- You are not permitted to treat the vehicle as if it were your own.
- You cannot make any modifications to the vehicle.
- Repayments on a car loan lead to ownership, while repayments on a lease don’t lead to anything.
There are many things to consider when looking to buy or lease a vehicle. The choice of which path to take largely comes down to the prioritisation and options available to each individual and family. Many have families to consider, and leasing is only an option when holidaying and driving long distances, while others cannot secure a car loan or afford to buy something outright. One important thing to do before signing off on any agreement is to know and comprehend the terms and conditions of the contract, so you have a clear understanding of what you are entering into.
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