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These days, there are plenty of ways to get your hands on a 4x4 if you’re an enthusiast. Whether you want to try your hand at going off-road and need a vehicle to do it in or you just admire some of the top 4x4 models such as the Ford Ranger, you can get one via several avenues.
This month at Milner Off Road, we’re going to explain the different concepts behind buying, leasing and financing in the world of cars and 4x4 ownership. This will hopefully help you to make the right decision to suit your budget and your plans, with the advantages and disadvantages of each laid out for you
Should I buy a 4x4 outright?
The first option on our list is to buy your 4x4 outright. This involves having the full amount for a brand-new vehicle upfront, which is why we will also look into leasing and financing for those who don’t have that kind of cash readily available.
Of course, driving a 4x4 straight off the dealership lot means you’re paying the absolute maximum for your off-road vehicle of choice. But it does also mean you can choose any optional extras and enjoy the vehicle in the pristine condition the manufacturer intended.
However, you could always take a look at the second-hand market if you don’t have enough money for the latest model. This may need a little expertise and experience to help you find something that suits you, but it is another good option if you want to fully own your 4x4 outright without additional payments.
Advantages of owning a 4x4 outright
- You fully own the vehicle and can do as you wish with it
- It’s straightforward to make one payment
- You pay only the value price - no additional extras
- You can always sell it on to recoup some value later
Disadvantages of owning a 4x4 outright
- Brand new 4x4s can be prohibitively expensive
- Brand new 4x4s drop in value as soon as you buy them
- You’re spending a chunk of money that might be more fruitful in savings or investments
What is 4x4 leasing?
Leasing a 4x4 means that you’re agreeing to take on a vehicle for a set period; usually, this is over several years and the payments are set to be taken monthly. You won’t have to pay any lump sum at the end, you simply give the 4x4 back and you can choose whether to take on a new agreement, take an upgraded vehicle or simply walk away.
Advantages of leasing a 4x4
- You can agree to a lease period that suits you
- Cheaper than buying outright
- It gives you the flexibility to upgrade if you like getting the latest vehicle
- You may get a warranty and maintenance package as part of the deal
Disadvantages of leasing a 4x4
- You never fully own the 4x4 yourself
- You won’t be able to modify or make changes to the vehicle
- You will likely be restricted to a certain mileage over the period of the lease
- Missing payments can land you in a lot of trouble
What is 4x4 financing?
In a similar way to leasing, if you choose to buy a 4x4 on finance you will make monthly payments rather than paying for the whole vehicle upfront. The difference is that, at the start, you may be required to put down a deposit, and at the end of the contract you can choose to keep the vehicle by making a balloon payment. You still have the choice to give the vehicle back, but you will likely have made a serious investment in the vehicle already.
Advantages of finance for a 4x4
- Monthly payments make the cost more manageable
- You will still likely have a manufacturer's warranty
- You can choose to give the 4x4 back at the end of the contract if you want to upgrade
Disadvantages of finance for a 4x4
- You don’t fully own the 4x4 until you pay it off
- You might end up paying more overall than it was originally worth
- Some finance providers may not offer you this option depending on your personal circumstances
At Milner Off Road, we’re leading providers of parts and accessories, specialising in Japanese manufacturers since 1981. If you want to improve any 4x4 that you own, whether for better performance when off-roading or for safety reasons, look no further than our online store. Order today and get your items dispatched swiftly — we even provide worldwide delivery.