Buying, leasing or a car subscription? What is the best option for you?

Buying, leasing or a car subscription? What is the best option for you?

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03.03.22

How long are you planning to keep the car?

Car ownership is cheapest when you are 100% sure that your mobility needs will not change in the next 10 years. If you have the slightest of doubt, it could become a very expensive life lesson.

Leasing is really worth it if you know for sure that the car and mileage suit your needs throughout the entire leasing period.

car subscription will pay dividends when you are not completely sure what kind of vehicle you will need, how often you will need it and what your life will be like in the next months or years.

How can one know their long term needs regarding a vehicle?

It is impossible to predict the future but it is worthwhile thinking about the next topics:

A change in your personal life

There are many things in your personal life that can influence your mobility needs. So every time something changes in your life, you might end up looking at another car.

Imagine getting or already having children that grow up, you will require a bigger car with enough space for a booster seat or a pram.

If you switch jobs there is a big chance you will be switching your mode of transport with it. It could be possible you will travel more and further. Maybe you will use the train and public transport more often. It is very likely that the small city car or the large SUV does not fit your daily commute anymore.

The same goes for when you move to a new house. The needs will shift with it. The key lies that the vehicle and the conditions match your needs at all times.

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Freedom and the size of the car

It is quite common to travel regularly in your daily life. Whether this is by public transport, by bike or bike or car. In every situation the car is stationary for the majority of the day. And when you are using it, this is usually by yourself. The most common trip is to and from work with a small detour to the local supermarket. For this daily pattern you actually only need a small and efficient car. Only when you are travelling or moving something a large object is when you need a bigger car or one with a larger range.

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In the winter period you would like a car with fourwheeldrive and in the summer a car with a large range to get you to the south of France. When you are on a long (business)trip you might not want to have a car at all, to reduce costs and cover a part of your trip.

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The latest innovations in the world of electric vehicles

When you are considering the transition to an electric vehicle, it could feel like you are looking for a new phone or laptop. There is always a newer, quicker, better or more modern model that will be released in the next coming months. On the moment you have decided to make the purchase, you hear about a revolutionary new car that will be available next year! What to do? Wait it out or just buy what is available now?

There is a solution to this, it is called a car subscription. Whenever there is a new fantastic model available, you just swap cars.

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What is the best move?

Most of the time it will all boil down to the finances. The feeling of freedom or flexibility is tough to put into an spreadsheet. But you can make it as cheap as possible for you to map out your future as clear as you can.

Example: You work and live nearby a large city. In the winter you and your friends ski in the mountains and during the summers you will drive to the south of Europe.

What happens quite often is that you will buy a car based on those 2 holiday months. Resulting that you are driving in an expensive and impractical SUV during the other 10 months where a small city car would have been cheaper. In this case it would make more sense to only pay for the big car when you are actually using it. In this particular case a car subscription would be the best choice.

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Stress and hassle

When you own a car, stress and hassle are included for free. Whether you hear a weird noise every time you drive over a speed bumb, the yearly trip to the mechanic or the condition of your tires, there is always something going on. This is definitely something most of us would want to live without.

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With an imove car subscription all of the depreciation, insurance, maintenance and tire changes are included. If you have an issue, imove will solve it.

Loans and financing

The last and most important piece to consider is the financing of a car. Most of us will finance part or even the entire purchase of the car. Even if you have the money available, it is often not wise to use it to buy a car with it.

BKR registration

With all private (financial and operational) lease contracts you will be registered in the BKR registry. This will make it more difficult for you to get an additional credit because there is a maximum that you can register for. For example, if you lease a car it will be near impossible to get a mortgage to buy a house.

imove is not registered with BKR and will not register your subscription. You only agree to a specific binding period and after this you can cancel at any time. The same holds for the payment obligation. For this reason banks do not find it as important as a lease contract which you cannot easily stop.

If you drive a car with a loan, the bank counts on the fact that you will pay monthly the same amount as the depreciation of your car, plus interest. If you don't, you can expect quite the bill in the end of the term to pay for the difference. With a car subscription you pay a fixed fee per month. You do not need to worry about depreciation costs, these worries are for imove.


Conclusion

The answer lies within the level of flexibility. If you know that your needs will remain constant for a long period of time, the purchase of a car could be a good choice for you. The same holds for financing a car, as long as you are not planning to opt for new loans during the lease term. A car subscription will provide you the most flexibility. You can switch cars according to your prevailing mobility needs. Swap to a bigger car during the holiday period or a smaller car when the kids start to live on their own. Also if you do not need to have a car for a while, just return it. In the end, it is up to you to decide what suits you best.