Now this is a question that a lot of business owners ask themselves and some personal car owners too, in this day and age there are so many different options when it comes to getting yourself a new car!  From car contract hire, to business car leasing or personal car leasing and even personal car purchasing, it’s not surprised so many people are confused whether to buy or lease their new car.
Well if you are running your own business, or working for a company that is willing to give you a budget for a car then it’s worth looking into some sort of cheap car leasing.  Leasing through a business has a lot of advantages from a financial / tax point of view, but not only that it has a great advantage from a personal point of view in that you can more or less choose the brand new car of your dreams!
A great advantage to leasing over buying a new car is how easy it is to find your perfect car.  When buying you have to take the time to go and visit the car, look round it, and check everything is in order including MOT, Tax or that the car hasn’t been accident repaired.  Just by taking the choice to lease your car you are cutting out all the time wasting having to go and view the cars, this alone is saying you money in time and fuel from travelling up and down the country.
Most good car leasing and car contract hire companies will let you choose all the finer details for your new leased car, from the exact colour to everything from internal specifications to technical specifications.  On some vehicles you can even choose to have custom accessories fitted, as this vehicle is coming directly from the manufacturer you also have full knowledge that everything will be fitted correctly and you’ll have a warranty from the manufacturer.
Of course the main reason for choosing leasing over buying is you can easily afford to have a brand new vehicle, and not have to settle for a second hand car that you have no idea about the history (Only what the seller is telling you).  Certain perks come with having a new vehicle, you don’t have to worry about MOT for the first 3 years and some leasing companies will throw in the first 3 years tax as well!  Without a doubt the biggest advantages with leasing a new vehicle is ability to be able to afford it in the first place and the manufacturer’s warranty, you can have total peace of mind that throughout your contract knowing that if there is any kind of mechanical failure you won’t be left to pick up the bill! 
If you do decide to take out a car on contract hire or a business lease, then you need to be aware of a few bits of jargon and abbreviations that you will find throughout the car leasing and contract hire websites.
MRP – This is the manufacturer’s recommended price residual value.
P11D Value – This is used by the Inland Revenue for tax purposes and relates to the value of the vehicle after the cost of extras.
PCP - Personal contract purchase (also known as personal contract plans). A PCP agreement you have an option to pay a final sum to the leasing / contract hire company and own the vehicle instead of giving it back.
Residual value - The residual value is the manufacturers predicted value of the vehicle at the end of the lease / contract term, the higher the residual value the lower the monthly payments will be.