Buy or rent a car – which is better?
These days, we can rent pretty much everything. A home, a mobile phone, furniture, work tools, a movie or TV series…. they’re all available for short- and long-term hire. And so are cars. But the question is, is hiring a vehicle a good idea? Or is it better to save up and buy a car outright?
At PSD, we may be slightly biased on this subject. We are, after all, the leading vehicle rental company in the North West. And we wholeheartedly believe that, in 2021, renting a car (rather than buying) can often be the better option – for both personal and commercial use. But to help you make an objective decision, here we take a look at some of the main pros and cons of both.
Pros and cons of buying a car
The main advantage of buying your own car is freedom. If you wish, you can modify its appearance. You can drive it wherever you like. And there’s no need to worry about an annual mileage limit or damage fees. It’s your car. You can clock up the miles and use it as much or as little as you please.
But it’s worth keeping in mind, lots of long-term rental services – including those available at PSD – offer a comprehensive range of mileage allowances, with a limit to suit most requirements. And daily and weekly rentals typically come with unlimited mileage or a generous 750-mile allowance.
There are also several disadvantages to take into consideration.
For example, buying a car can be expensive, with a big initial outlay. And as soon as you drive the vehicle out of the showroom, it immediately depreciates. Of course, if you need to boost your finances, you can sell the vehicle whenever you like. But people often recoup less than expected.
Pros and cons of renting a car
As with most things, hiring a car does have a couple of downsides. At the end of the day, it isn’t your vehicle – and that means you won’t have the same level of freedom. You can’t adapt or change its appearance (although custom vehicle livery is available as part of our Flex2Go and Fix2Go schemes) and, in some cases, you may be restricted by a monthly or annual mileage limit.
But these disadvantages are counteracted by a wide range of pros – including flexibility. A car can be hired daily, weekly, monthly or annually to suit your exact needs. Whether it’s for private or business use, you can swap the style and size of the car to meet your ever-changing requirements. And the service can be cancelled at any time, without penalty.
Renting a car can also make great financial sense. You don’t have to worry about the initial outlay or depreciation. Complimentary car insurance is typically included in the rental, as well as the cost of road tax and breakdown assistance. You won’t have to pay for the maintenance or upkeep of the car. And for a fixed cost, you can access the latest models and drive a new vehicle.
In fact, many people find that renting a car is a much more cost-effective and affordable option – particularly if they prefer to update their vehicle regularly or don’t use the vehicle that often.
Want to find out more about car hire?
For many, the benefits of hiring a car far outweigh those gained by purchasing their own vehicle. And over the last 12 months, this has become increasingly true – as ‘working from home’ has become the new normal and people have limited their car-usage to essential travel only.
If you’d like to find out more about our rental services and the car hire options available at PSD, please feel free to get in touch. Having listened to your requirements, we can advise on whether a short- or long-term hire is most suitable, identify the ideal car, and provide a no-obligation quote.