Should You Lease Or Buy Cars In Groups?

Leasing cars may offer you the option of paying in installments but your cars could come with a mileage cap. There are many downsides to leasing cars in groups as compared to buying them in groups. Moreover, you would need to sign some lease contracts that would have many conditions in them. If you are planning to lease in groups, these are the downsides to doing so.

Financing problems
If you lease in groups, you would face financial problems since you would not only need to pay money later on for wear and tear too but also other charges. So, you would need to keep the cars in good shape. Moreover, sometimes they make you sign just one lease for several persons. Even if one or a few of the cars get damaged or stolen, you would need to still continue to pay the rest of the amount, which will be extremely painful for those concerned. Moreover, you may need to pay some other extra charges to the car leasing company.

Ownership problems
Till the entire group finishes paying the entire lease amount, the cars will still belong to the car leasing company. On the other hand, when you buy cars in groups, the entire group will get discounts and the members of the group will not have to keep paying hefty fees and charges for everything. Instead, you would be driving your car in style. You would not need to worry about thefts, etc. since your car would be covered under some insurance policy or another. Moreover, once you get a discount, you would not need to worry about anything else since there are no additional charges beyond the amount you would be paying one time. If you are thinking long term, you should consider buying yourself a car in groups.