THE 70 car registration came into being at the start of this month.

The current deluge of advertising from those clever marketing people, all brimming with the latest spec on comfort, technology and road safety, is sure to get some of us thinking about treating ourselves.

However, owning a new car isn’t as simple as it was years ago; we now have a variety of lease options running alongside the traditional and straightforward car purchase.

Leasing a vehicle suits a lot of people, but it doesn’t suit everyone. Doing the research is absolutely vital and here are a few pros and cons to get you thinking.

Leasing advantages

• Cheaper monthly payments than a bank loan

• No loan approval required

• Fewer service and repair bills

• A new car every three years

• A hassle-free handover at the end of the contract

Leasing disadvantages

• Strict mileage limitations

• A time determinant contract which is difficult to get out of

• Rules on keeping the vehicle in good condition

• No trade-in value

• The possibility of repossession

For anyone buying a new car, it’s a simple case of, it’s yours and you can do with it what you wish.

Buying disadvantages

• Monthly loan repayments are usually higher than lease payments

• Loan approval is necessary

• Servicing and repairs cost extra

• Trade-in or private sales can be tricky

So, what’s the answer?

This very much depends on your lifestyle, and in particular how many miles you cover annually.

Check the small print on: mileage allowances, servicing options, accident clauses, breakdown clauses and even where the car is kept overnight.

Leasing certainly brings the feelgood factor to driving, but it’s important to stay within the terms of the contract, if we don’t it’s pay up time!