When buying a new car it is normal to have doubts about the many options offered by the market. Beyond choosing between different engines and calibrating the advantages and disadvantages of each of them, there are other aspects that also have a determining weight. One of these factors is the price.
New cars today cost around 40% more than in 2018, according to a study by the OCU on the evolution of car prices. The Tax Agency sets the average price that taxpayers paid in 2022 to get a copy regardless of its technology at 23,443 euros, although no one escapes that electric motors are more expensive than traditional ones.
For this reason it is essential to consider the type of purchase that best suits our economy. Do not forget that the purchase of a car is one of the largest outlays that we are going to make throughout our lives, so we must carefully study all the proposals.
In addition to considering buying a car as their own, more and more people are exploring more flexible options such as leasing or subscription. These modalities allow you to enjoy a new car without having to make an initial investment, which is why they are very advantageous alternatives for those who do not have a large amount of money to buy a car in cash or make the first payment.
Buying a car as property continues to be the most common practice for Spaniards, but it is an option that is clearly on the decline. Most of the operations are carried out through financial institutions and benefit both the buyer, who pays for the car in comfortable installments, and the dealer, who obtains additional benefits through the interest generated by the loans.
When you finish paying off the loan, there are no more monthly payments to make and you can keep the car for as long as you want. However, the owner has to take care of maintenance, insurance and taxes, and take into account the depreciation of the vehicle over the years.
Renting is a long-term rental where you pay a monthly fee that covers the use of the car, as well as associated services, that is, maintenance, insurance and taxes. This option avoids having to face the initial costs of the purchase and having to deal with the maintenance and depreciation of the car.
Also, at the end of the contract, which is usually for a period of 3 to 5 years, you can change to a newer model without having to worry about selling the car. This modality, however, presents some limitations in terms of mileage, and as a general rule it moves in a fork that goes from 10,000 to 20,000 kilometers per year. Exceeding them implies paying an additional amount of money as a penalty.
A car subscription is a relatively new option that offers more flexibility than leasing. As with audiovisual platforms, a monthly fee is paid that covers the use of the car, insurance and maintenance. The main difference with leasing is that you can change vehicles more frequently, even in short periods of time. This is very advantageous if your mobility needs change over time.
However, as with leasing, you will not be the owner of the car and will be subject to the terms and conditions of the subscription service.
After explaining what each of these options consists of to enjoy a new car, it is time to analyze which of them offers the most advantages to the user from an economic point of view. To carry out the simulation, we have chosen a gasoline utility car model that is available on most leasing and subscription platforms.
This is the Seat Ibiza 1.0 MPi, a very versatile five-door vehicle that can comfortably accommodate four passengers and offers enough space in the trunk for luggage or daily purchases. A car with an official price of 17,850 euros.
In the ownership modality, in addition to having to pay the total price of the vehicle -which we can pay in comfortable installments- we have to assume the rest of the expenses as we have already indicated previously. Thus, in addition to paying 17,850 euros in cash or in monthly installments, you must add the cost of maintenance, insurance and circulation tax.
To carry out the study, we must first calculate the residual value of the car, which is the estimated value that the vehicle will have after a while. As a car is devalued by up to 25% in its first year of life, the residual value of the Seat Ibiza after 12 months would be 75%, that is, 13,387 euros. Therefore, the car costs us 4,463 euros in the first year, which is the amount we obtain by subtracting the estimated depreciation from the sale price.
To this figure we must add the amount of the insurance policy (around 600 euros) and maintenance (about 200 euros), as well as the circulation tax. This tax varies depending on the city where the vehicle is domiciled. In Madrid, for example, the cost of the ‘little number’ is 20 euros, which is the amount that corresponds to cars with less than 8 fiscal horsepower, like the model used to make the comparison.
The QRenting company has a wide range of vehicles under the long-term lease model. It offers the option of getting a Seat Ibiza 1.0 MPi of 80 CV, a car that “has the perfect size to find a place easily and be able to move without problems”, for 263 euros per month, plus VAT. That is, 318 euros. The contract is for 60 months (5 years) with a cap of 10,000 kilometers per year.
Mimowi offer the possibility of getting the car that we are using for this field work under the modalities of renting and subscription. We opted for the latter. It is cheaper (365.39 euros per month, VAT not included, compared to 492.57 euros per month without VAT for open leasing), although it does not offer as many advantages as open leasing, which allows you to return the car or exchange it after 12 months and choose mileage without worrying about time.
The minimum period of stay in the subscription modality is three months and, as has already been reflected above, the user is exempt from paying maintenance, insurance and circulation tax.
Once the monthly cost of the car has been calculated under the three modalities analyzed, we conclude that the most beneficial option for the user is leasing. Although many variants come into play, if we stick only to the car model and the companies chosen, leasing is the cheapest option.
The monthly renting fee for a Seat Ibiza with small benefits like the one we have taken for the sample is 318 euros. An amount to which no other concepts must be added, the same as with the subscription (442 euros), although in both cases the mileage is limited.
The monthly cost of the owned car (440 euros) is almost the same as that of the subscription modality -including the proportional amount of the costs- and offers the advantage that it has no travel limit.
