Should I Buy or Have a Bentley for Lease?

Posted by danial martin on January 14th, 2022

Some luxury car aficionados have a “till death do us part” approach of buying a new vehicle. Others want to have more flexible options, investing in the latest makes and models every 1-2 years. Whatever suits you the most, deciding between whether to buy a new one or have a Bentley for lease can be challenging. This simple guide here will help you make an informed decision based on your needs and budget.

Who Owns the Vehicle?

Whether you get a new Bentley financed or buy it with cash, both ways, the ownership lies with you. Of course, with financing, you’ll first need to fulfil all obligations stated by the lender to get ownership of the car or otherwise, they can repossess it.

In luxury car leasing, you do not get ownership of the Bentley. The money you are paying is to use the car but the leasing company actually owns it. This is why you generally pay lesser each month when you lease than what you’d pay to buy the vehicle.        

Choice of Bentley Car Models

When you plan to buy luxury cars like Bentley, there is a multitude of options available. But you purchase only one and are likely to use the car for a minimum of 4-5 years or even for a lifetime. Since the costs associated with buying a prestige car are significantly higher, most people consider it a long-term investment.

For Bentley prestige car lease, you have a variety of models to choose from – including the latest ones. High-end clients like business owners prefer leasing two or more cars at a time because the costs are typically lower than buying these vehicles. Additionally, you have the flexibility to return the car at the end of the lease period and get a new one every 1-2 years. The opportunity to drive a new Bentley frequently is one of the primary reasons why people consider car lease in London.

Up Front Costs

Typically, you’d prefer getting a high-end car like Bentley financed than purchasing it with cash. In that case, the bank or financial institution will require you to pay a down payment in cash. You also have the option to trade in an old car or use any equity towards the down payment. The amount of down payment will depend on the cost of the car, your credit score and the lender’s requirements.

Leases also require you to pay an upfront cost in the form of a down payment. In most cases, the initial cost would include the first month’s lease payment, an acquisition fee, security deposit and other taxes or fees. However, just like buying a new car, you can always pay more initially to reduce your monthly payments.

Warranties, Repair & Maintenance and Insurance

When you buy a Bentley, you typically get a warranty for 3 years or unlimited miles. However, the cost of regular maintenance or any repair after the warranty period must be borne by you. Additionally, you have to pay for insurance too.

Warranty, repair & maintenance, and insurance – everything is fully covered under the lease term. If your personal auto insurance or credit card covers luxury car leasing, you can exclude the leasing company’s insurance. This can help lower your cost of leasing.

How Many Miles Can I Drive?

When you buy a new car, you are the owner of it. There is no limit to how many miles you can travel each year.

When you take a Bentley for lease, you’ll typically have a limit on the number of miles you can travel each year. Depending on the model you hire and the leasing company, the total number of miles travelled will be under 2500 miles/year. So, you’ll need to chalk out the purpose of leasing a car and how many miles you are likely to travel in a year.

If you lease the car for business purposes, you will need to travel more. In that case, negotiate with the leasing company for a higher mileage limit or get unlimited miles.

Based on the above factors, determine which option fits your lifestyle, budget and needs – buying a new vehicle or prestige car lease.