Car leasing Cyprus — what to know
When getting a new car, there is always the question of buying or leasing. In this guide we will cover the ins and outs of leasing of cars in Cyprus.
Leasing cars in Cyprus tends to be comparatively expensive compared to other European countries. Typically, leasing agreements cover all costs, including insurance and taxes, leaving the lessee responsible only for fuel.
Advantages of Leasing
- Convenience: Easy process; just pay and drive.
- Predictable Costs: Fixed monthly payments simplify budgeting.
- Maintenance Included: Often includes maintenance and servicing, reducing additional expenses.
- No Depreciation Risk: You don’t have to worry about the car’s resale value.
- Access to Newer Models: Enjoy driving the latest models without long-term commitment.
Disadvantages of Leasing:
- Higher Costs: Monthly payments tend to be more expensive than traditional financing.
- Mileage Restrictions: Most leases have mileage limits; exceeding them can incur hefty fees.
- No Ownership: At the end of the lease, you don’t own the vehicle.
- Long-Term Commitment: Car leasing in Cyprus typically requires a multi-year commitment.
- Customization Limitations: Many leases restrict changes or modifications to the vehicle.