{"id":32254,"date":"2022-12-05T05:50:29","date_gmt":"2022-12-04T21:50:29","guid":{"rendered":"https:\/\/carsome.my\/news\/item\/car-leasing-vs-buying"},"modified":"2024-07-15T14:49:34","modified_gmt":"2024-07-15T06:49:34","slug":"car-leasing-vs-buying","status":"publish","type":"post","link":"https:\/\/www.carsome.my\/news\/item\/car-leasing-vs-buying","title":{"rendered":"To Buy or Lease a Car: What Is the Best Choice for You?"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">With the rise of car leasing services in Malaysia, consumers now have another option when it comes to getting a new vehicle. If you\u2019re unfamiliar with it, leasing involves paying a monthly fee for a car for up to three years, and after the lease is over, having the option to either return it and end your lease, buy the car and own it, or choose another car to lease.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">While it sounds attractive, leasing a car may not be for everyone. So if you\u2019ve wondered whether you should buy or lease a car, here\u2019s a guide to help you make an informed decision.<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">How Does Leasing a Car Work?<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Car leasing allows you to drive a brand-new car for a specific length of time, usually between one and three years. Most Malaysian car leasing companies require you to pay an upfront fee before collecting the vehicle. Then, you pay a monthly fee over the duration of your lease.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The monthly fees cover everything including the cost of leasing the car, road tax, insurance, and maintenance. Over the lease period, you use the car just as you would any car you own but you may have a limit to how far you can drive a month, depending on the leasing option you chose. At the end of the lease period, you can either return the car and lease a new one, or purchase the car for the guaranteed future value (GFV) that should be defined in your lease contract.<\/span><\/p>\n<p><b>Read More: <\/b><a href=\"https:\/\/www.carsome.my\/news\/item\/car-loan-rejected\"><span style=\"font-weight: 400;\">Car Loan Got Rejected? Here\u2019s How to Increase Your Loan Approval Chances<\/span><\/a><\/p>\n<h2><span style=\"font-weight: 400;\">Pros &amp; Cons of Leasing &amp; Buying a Car<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">When deciding if you should lease or buy a car, it\u2019s important to look at its pros and cons. Here are the main pros and cons of both options to help you decide.<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">Pros of Leasing a Car<\/span><\/h3>\n<ul>\n<li><b>Potentially lower overall cost:<\/b><span style=\"font-weight: 400;\"> The monthly payments for leasing a car in Malaysia are higher than a typical car loan. However, as the leasing fees cover everything including road tax, insurance, and maintenance, you can potentially save money. This is especially true, for instance, if you lease an expensive continental car and it requires major repairs.<\/span><\/li>\n<\/ul>\n<ul>\n<li><b>Maintenance is taken care of:<\/b><span style=\"font-weight: 400;\"> The leasing company is responsible for the scheduled maintenance of the vehicle during the lease duration. Therefore, you don\u2019t have to take the car to the workshop for servicing or repairs. Also, the warranty usually covers most of the cost.<\/span><\/li>\n<\/ul>\n<ul>\n<li><b>Drive a new car every few years:<\/b><span style=\"font-weight: 400;\"> After the lease is up, you have the option to purchase the car or return it and pick a new one to lease. If you enjoy driving a new ride with the latest technology, you can do so by leasing.<\/span><\/li>\n<\/ul>\n<ul>\n<li><b>No resale worries:<\/b><span style=\"font-weight: 400;\"> Since you can just return the car after the lease is up, you don\u2019t have to worry about selling it. You only have to pay any end-of-lease fees, including for abnormal wear and tear and excess mileage.<\/span><\/li>\n<\/ul>\n<ul>\n<li><b>Cleaner credit score:<\/b><span style=\"font-weight: 400;\"> By leasing a car, you won\u2019t have a car loan under your name and that means you\u2019ll have a cleaner credit score. This is great if you already have several debts to your name and plan to apply for a loan in the near future.<\/span><\/li>\n<\/ul>\n<ul>\n<li><b>No long-term commitment:<\/b><span style=\"font-weight: 400;\"> Leasing means you won\u2019t be tied down by a long-term loan. That makes it a better choice if you\u2019re an expat who\u2019ll only be in Malaysia for a few years or if you have future plans that will affect your ability to service a car loan.<\/span><\/li>\n<\/ul>\n<h3><span style=\"font-weight: 400;\">Cons of Leasing a Car<\/span><\/h3>\n<ul>\n<li><b>You don\u2019t own the car:<\/b><span style=\"font-weight: 400;\"> One of the biggest drawbacks of leasing a car is that you have to return it when the lease expires unless you choose to purchase it. If you decide to return it, you won\u2019t have an asset in your possession.\u00a0<\/span><\/li>\n<\/ul>\n<ul>\n<li><b>Never-ending monthly payments: <\/b><span style=\"font-weight: 400;\">If you decide to keep switching cars, you\u2019ll end up always paying to rent a car. At a certain point, you\u2019ll spend more on leasing a car than you would if you purchased one and kept it long-term.<\/span><\/li>\n<\/ul>\n<ul>\n<li><b>Monthly mileage restrictions:<\/b><span style=\"font-weight: 400;\"> Most car leasing companies have mileage restrictions on the car for the duration of the lease. However, they may also offer additional monthly mileage packages that you can pay for to get additional or unlimited miles on the car.<\/span><\/li>\n<\/ul>\n<ul>\n<li><b>Wear and tear fees: <\/b><span style=\"font-weight: 400;\">When you return the car after the lease is up, you\u2019ll have to ensure that it\u2019s in good condition. Otherwise, you may be charged for excess wear and tear. You may also be charged additional fees for excess mileage and unapproved modifications, if any. If you decide to end the contract early, you might need to pay an early termination fee.<\/span><\/li>\n<\/ul>\n<p><b>Read More:<\/b> <a href=\"https:\/\/www.carsome.my\/news\/item\/tire-blowout\"><span style=\"font-weight: 400;\">What to Do during a Tire Blowout and How to Avoid Crashing?<\/span><\/a><\/p>\n<p><img decoding=\"async\" loading=\"lazy\" class=\"alignnone size-full wp-image-29165\" src=\"https:\/\/carsome.my\/news\/wp-content\/uploads\/wp\/G\/tt\/GettyImages-1288555646-1-scaled-1.jpg\" alt=\"Young man hugging his car\" width=\"2560\" height=\"1627\" \/><\/p>\n<h3><span style=\"font-weight: 400;\">Pros of Buying a Car<\/span><\/h3>\n<ul>\n<li><b>You own the car:<\/b><span style=\"font-weight: 400;\"> When you buy a car, you own it outright and it becomes an asset, albeit a depreciating one. You\u2019ll also form a long-term bond with your car \u2013 something you can\u2019t really do when you lease it. You can keep it for as long as you want and sell it at any time, or even give it to a family member. And if you do decide to sell it, you can still get some money back.<\/span><\/li>\n<\/ul>\n<ul>\n<li><b>Lower monthly payments:<\/b><span style=\"font-weight: 400;\"> Even if you take a five-year loan on your car, you would have lower monthly payments compared to if you leased it. This, of course, doesn\u2019t include servicing and paying for unexpected major repairs. However, most cars you buy are covered by a warranty, including CARSOME Certified cars, which have a <\/span><a href=\"https:\/\/www.carsome.my\/news\/item\/carsome-warranty-claim\"><span style=\"font-weight: 400;\">one-year warranty<\/span><\/a><span style=\"font-weight: 400;\">.<\/span><\/li>\n<\/ul>\n<ul>\n<li><b>You have total control:<\/b><span style=\"font-weight: 400;\"> Since you own the car, you can drive it as much as you want and modify it in any way you see fit, though keep in mind some modifications may void your warranty.<\/span><\/li>\n<\/ul>\n<ul>\n<li><b>Cheaper insurance: <\/b><span style=\"font-weight: 400;\">When you buy a car, the insurance goes down every year provided you don\u2019t claim from it. When you account for the reduced insured value of the car and the <\/span><a href=\"https:\/\/www.carsome.my\/news\/item\/car-ncd-transfer\"><span style=\"font-weight: 400;\">no-claim discount (NCD)<\/span><\/a><span style=\"font-weight: 400;\"> on the insurance, you can save quite a bit on insurance the longer you own your car.<\/span><\/li>\n<\/ul>\n<h3><span style=\"font-weight: 400;\">Cons of Buying a Car<\/span><\/h3>\n<ul>\n<li><b>Depreciation:<\/b><span style=\"font-weight: 400;\"> New cars generally <\/span><a href=\"https:\/\/www.carsome.my\/news\/item\/understand-car-depreciation\"><span style=\"font-weight: 400;\">depreciate<\/span><\/a><span style=\"font-weight: 400;\"> between 15 to 35 percent after the first year. If you like to change your car every few years, this is a disadvantage. However, if you plan to keep your car for years, its depreciation shouldn\u2019t matter as its service to you will most likely make up for it. On the other hand, if you decide to buy a used car, it would\u2019ve already gone through the worst of its depreciation.<\/span><\/li>\n<\/ul>\n<ul>\n<li><b>You need a bigger down payment:<\/b><span style=\"font-weight: 400;\"> Purchasing a car requires a down payment typically amounting to 10 to 20 percent of the car\u2019s value. The upfront fee of leasing a car in Malaysia is usually significantly lower than that.<\/span><\/li>\n<\/ul>\n<ul>\n<li><b>You\u2019re responsible for repairs:<\/b><span style=\"font-weight: 400;\"> When you own a car, you\u2019re responsible for taking it for its <\/span><a href=\"https:\/\/www.carsome.my\/news\/item\/car-service-guide\"><span style=\"font-weight: 400;\">scheduled maintenance<\/span><\/a><span style=\"font-weight: 400;\"> and for any unexpected repairs. Outside of the warranty period, you\u2019ll have to bear the costs on your own.<\/span><\/li>\n<\/ul>\n<ul>\n<li><b>More effort to upgrade your car:<\/b> <a href=\"https:\/\/www.carsome.my\/news\/item\/best-time-to-sell-car\"><span style=\"font-weight: 400;\">Upgrading a car<\/span><\/a><span style=\"font-weight: 400;\"> you own involves more work as you\u2019ll need to look for a suitable buyer or trade it in. That being said, pre-owned car platforms such as <\/span><a href=\"https:\/\/www.carsome.my\/\"><span style=\"font-weight: 400;\">CARSOME<\/span><\/a><span style=\"font-weight: 400;\"> can take your car at a reasonable price and even handle all the paperwork for you.<\/span><\/li>\n<\/ul>\n<ul>\n<li><b>Restricted technology:<\/b><span style=\"font-weight: 400;\"> Unless you upgrade your car after a few years, you can\u2019t enjoy the latest technology and features. Until you upgrade, you\u2019ll have to deal with dated styling and safety features.\u00a0<\/span><\/li>\n<\/ul>\n<table style=\"font-size: 16px; font-style: normal;\">\n<tbody>\n<tr>\n<td><b>Criteria<\/b><\/td>\n<td><b>Leasing<\/b><\/td>\n<td><b>Buying<\/b><\/td>\n<\/tr>\n<tr>\n<td><b>Ownership<\/b><\/td>\n<td><span style=\"font-weight: 400;\">No ownership \u2013 you pay to drive the car for a set timeframe.<\/span><\/td>\n<td><span style=\"font-weight: 400;\">You own the car and can keep it for as long as you want.<\/span><\/td>\n<\/tr>\n<tr>\n<td><b>Monthly Payments<\/b><\/td>\n<td><span style=\"font-weight: 400;\">The monthly payments are usually higher than loan payments as the fees go towards maintenance, insurance, etc.<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Lower monthly loan payments but these don\u2019t include maintenance and other additional costs.<\/span><\/td>\n<\/tr>\n<tr>\n<td><b>Customization<\/b><\/td>\n<td><span style=\"font-weight: 400;\">You\u2019re not allowed to customize a leased car as you have to return it the way you received it when the lease ends.<\/span><\/td>\n<td><span style=\"font-weight: 400;\">You can customize the car to your heart\u2019s content since you own it.<\/span><\/td>\n<\/tr>\n<tr>\n<td><b>Maintenance<\/b><\/td>\n<td><span style=\"font-weight: 400;\">The leasing company usually handles all the maintenance and repairs.<\/span><\/td>\n<td><span style=\"font-weight: 400;\">You\u2019re responsible for maintaining and repairing your own car.<\/span><\/td>\n<\/tr>\n<tr>\n<td><b>Depreciation<\/b><\/td>\n<td><span style=\"font-weight: 400;\">The leased car doesn\u2019t depreciate but as you\u2019ll have to return it, you won\u2019t have any asset to your name.<\/span><\/td>\n<td><span style=\"font-weight: 400;\">The car depreciates in value but you\u2019ll still own it at the end of your loan tenure and you can decide to sell it.<\/span><\/td>\n<\/tr>\n<tr>\n<td><b>Additional Fees<\/b><\/td>\n<td><span style=\"font-weight: 400;\">There might be additional fees to pay when you return the car such as for excessive wear and tear.<\/span><\/td>\n<td><span style=\"font-weight: 400;\">There are no additional fees when you buy a car other than unexpected repair costs.<\/span><\/td>\n<\/tr>\n<tr>\n<td><b>Early Termination<\/b><\/td>\n<td><span style=\"font-weight: 400;\">Ending your lease early will incur a fee which should be detailed in the leasing contract.<\/span><\/td>\n<td><span style=\"font-weight: 400;\">You can sell your vehicle at any time, though you might need to top-up a bit of money to settle any loan balance.<\/span><\/td>\n<\/tr>\n<tr>\n<td><b>Long-Term Cost<\/b><\/td>\n<td><span style=\"font-weight: 400;\">The long-term cost will eventually surpass that of buying a car if you keep renewing your lease.<\/span><\/td>\n<td><span style=\"font-weight: 400;\">There\u2019ll be no more monthly payments once you settle your car loan.<\/span><\/td>\n<\/tr>\n<tr>\n<td><b>Mileage<\/b><\/td>\n<td><span style=\"font-weight: 400;\">There\u2019s usually a mileage limit on a leased car but you can pay extra for a higher limit.<\/span><\/td>\n<td><span style=\"font-weight: 400;\">You can drive as much as you want, though a lower-mileage usually contributes to better resale value.<\/span><\/td>\n<\/tr>\n<tr>\n<td><b>Technology and Features<\/b><\/td>\n<td><span style=\"font-weight: 400;\">Since you have the option of upgrading your car every few years, you can always drive a new car with the latest features.<\/span><\/td>\n<td><span style=\"font-weight: 400;\">You\u2019re restricted to your current car\u2019s technology until you purchase a new car.<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h2><\/h2>\n<p><img decoding=\"async\" loading=\"lazy\" class=\"alignnone size-large wp-image-35172\" src=\"https:\/\/www.carsome.my\/news\/wp-content\/uploads\/2023\/08\/2-1-1024x576.jpg\" alt=\"Used Continental Car sold by CARSOME\" width=\"696\" height=\"392\" srcset=\"https:\/\/www.carsome.my\/news\/wp-content\/uploads\/2023\/08\/2-1-1024x576.jpg 1024w, https:\/\/www.carsome.my\/news\/wp-content\/uploads\/2023\/08\/2-1-300x169.jpg 300w, https:\/\/www.carsome.my\/news\/wp-content\/uploads\/2023\/08\/2-1-768x432.jpg 768w, https:\/\/www.carsome.my\/news\/wp-content\/uploads\/2023\/08\/2-1-1536x864.jpg 1536w, https:\/\/www.carsome.my\/news\/wp-content\/uploads\/2023\/08\/2-1-150x84.jpg 150w, https:\/\/www.carsome.my\/news\/wp-content\/uploads\/2023\/08\/2-1-696x392.jpg 696w, https:\/\/www.carsome.my\/news\/wp-content\/uploads\/2023\/08\/2-1-1068x601.jpg 1068w, https:\/\/www.carsome.my\/news\/wp-content\/uploads\/2023\/08\/2-1.jpg 1920w\" sizes=\"(max-width: 696px) 100vw, 696px\" \/><\/p>\n<h2><span style=\"font-weight: 400;\">So, Should You Lease or Buy a Car?<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">If you\u2019re unsure whether you should lease a car in Malaysia or just buy one, you first have to assess your goals, finances, and driving habits. Think about how much you can afford, how much you drive every month, and also if you want to own a car long-term.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Here are some scenarios where you may want to consider leasing over buying a car.<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">You want to upgrade your ride after every two or three years and don\u2019t want the hassle of settling your car loan and buying a new car.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">You want a short- to medium-term car that you can drive without worrying about the upkeep and return when you no longer need it.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">You\u2019re an expat who has difficulty securing a car loan, or you\u2019ll only be in the country for a few years.<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">And here are reasons to buy a car instead of leasing one.<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">You want a long-term vehicle and prefer to own it yourself.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">You plan to buy a reliable car with affordable maintenance, repair, and spare part costs, such as cars from Perodua, Proton, or Toyota. In this case, you\u2019ll probably save a lot more thanks to the car\u2019s reliability.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">You plan to do a lot of driving be it for work, vacation, or e-hailing.<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Whether you decide to buy or lease a car, make sure you\u2019ve considered your needs and lifestyle. That way, you\u2019ll have an arrangement that truly works for you.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">If you\u2019re looking to own a quality, affordable car, visit <\/span><a href=\"https:\/\/www.carsome.my\/buy-car\"><span style=\"font-weight: 400;\">CARSOME<\/span><\/a><span style=\"font-weight: 400;\"> to browse our large selection of cars from over 20 brands. We offer assurance of quality with every car courtesy of a 175-point inspection, professional refurbishment, a five-day money-back guarantee, and a one-year warranty.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Find your dream car at <\/span><a href=\"https:\/\/www.carsome.my\/buy-car\"><span style=\"font-weight: 400;\">CARSOME<\/span><\/a><span style=\"font-weight: 400;\"> today or <a href=\"https:\/\/news.carsome.com\/mobile-app-download\">download our app<\/a> on your mobile phone<\/span><span style=\"font-weight: 400;\">.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>With the increase in car leasing services in Malaysia, you now have more options to \u2018own\u2019 a car. So which should you go for?<\/p>\n","protected":false},"author":39,"featured_media":29891,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[46],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Car Leasing vs Buying a Car<\/title>\n<meta name=\"description\" content=\"Car leasing allows you to drive and change cars every few years. If you&#039;re considering leasing a car in Malaysia, here&#039;s how it works and its pros and cons.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.carsome.my\/news\/item\/car-leasing-vs-buying\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Car Leasing vs Buying: Which to Choose?\" \/>\n<meta property=\"og:description\" content=\"What if you could upgrade your ride every few years without worrying about the nitty-gritty of buying and selling a car? That&#039;s what car leasing offers, but is it the right choice for you? 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