At times of great uncertainty – such as the current situation brought about by the COVID-19 crisis – committing to long-term financial agreements can be risky.
Transunion’s Consumer Financial Hardship reports have shown around 80% of South African households have had their incomes negatively impacted by the pandemic.
With public transport in the country limited, owning a car provides an essential means of travel for many citizens.
However, most people have to finance their cars, which involves committing to an agreement that could stretch over multiple years.
Falling behind on payments as a result of reduced income could have severe repercussions – including the bank repossessing the vehicle.
This not only leaves the buyer without a way to get around, but often requires they pay any outstanding amounts after the car is auctioned.
Why choose leasing
Leasing a vehicle allows a greater deal of flexibility and control than buying does.
The monthly payment of a car loan includes a profit margin for the finance companies, in addition to a possible huge balloon payment and insurance costs.
You are responsible for every aspect of the car, which is an added burden in your busy life. When you’re ready to sell, you’ll need to find a buyer or take a heavy hit on trade-in.
With a lease model, you make a much smaller commitment and you can always drive the latest vehicles, depending on your needs at the time.
With WhyBuyCars, the real benefit is the inclusive nature of the offering.
The lease includes the cost of maintenance, insurance, and taxes, meaning that you know exactly how much you’d need to budget for.
What’s more, you don’t need to outlay money for a deposit or have your capital tied up in finance.
Making leasing easy
Through its web-based platform WhyBuyCars makes the process of leasing a car quick and easy.
The entire WhyBuyCars process can be managed online – from application until the point at which you pick up your vehicle.
The company employs the latest in technology in almost all aspects of the lease itself, with live monitoring and tracking of vehicles as well as world-class, globally-renowned systems to manage the booking.
Simply visit the WhyBuyCars website and you can complete the entire process from there. Basic documents are required, such as ID, proof of residence, and bank statements.
Applicants just need to be 25 years or older, have a valid driver’s license, be currently employed and earning more than R10,000 per month.
Lease a car today
WhyBuyCars is constantly updating its vehicles according to need and availability.
Currently, the Renault Kwid, Renault Kwid Auto, Renault Sandero, and the Toyota Corolla are available to lease, with monthly prices beginning at R4,500 on a three-month lease.
WhyBuyCars is a subsidiary of the Woodford Group, a locally-based, proudly South African company that has been in the rental and leasing business for 30 years.
Woodford has more than 2,000 vehicles in its fleet and employs 400 people across the country.
Its division, Woodford Car Hire, is South Africa’s largest independent car rental company, and is the highest-rated and most trusted car rental agency according to TrustPilot and HelloPeter.
This article was published in partnership with WhyBuyCars.