Author Topic: Car Leasing?  (Read 433 times)

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Bez

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Car Leasing?
« on: February 25, 2019, 09:15:44 AM »
Does anyone lease a car?

Mine is in for an estimate on a new clutch (its done 106k miles and may be on its last legs)

Wondered about leasing rather than buying a replacement.

Any good / bad experiences? Anything I should look out for other than mileage restrictions and servicing costs?

Cheers
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Nick

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Re: Car Leasing?
« Reply #1 on: February 25, 2019, 19:59:15 PM »
I lease one, Audi A4 , not had any issues so far and a free service . Just that niggling thing in my head that I don’t own any part of it!
Everybody's got to evalate from the norm.

rufus the dawg

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Re: Car Leasing?
« Reply #2 on: February 25, 2019, 20:10:26 PM »
Most cars are sold with PPI.

Put down a deposit, then there are monthly payments and can hand car back after the set time or you refinance the rest.

So a bit like leasing.

captainkurtz

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Re: Car Leasing?
« Reply #3 on: February 25, 2019, 21:36:07 PM »
Funny you should mention this...

I’ve a 2010 Range Rover Sport (sorry) that I bought in 2012 with 17k on the clock.

It’s currently worth about 24k less than I paid for it and I’ve spent around £1300 on maintenance this year - not including servicing, mot and tax.

It’s going back in tomorrow as I keep getting ‘restrictive performance’ warning light.  We do less than 5k a year on it.  Total piece of crap.

I’m leasing - looking in April. 

I’ve done some very basic maths and it’s pretty even, actually, but at least I’ll have peace of mind knowing that maintenance will presumably be covered under warranty.  I’m convincing myself that it’s madness to pay for something that depreciates that rapidly.

I HATE spending money on car maintenance.

Anger is a gift.

Bez

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Re: Car Leasing?
« Reply #4 on: February 25, 2019, 23:36:00 PM »
Funny you should mention this...

I’ve a 2010 Range Rover Sport (sorry) that I bought in 2012 with 17k on the clock.

It’s currently worth about 24k less than I paid for it and I’ve spent around £1300 on maintenance this year - not including servicing, mot and tax.

It’s going back in tomorrow as I keep getting ‘restrictive performance’ warning light.  We do less than 5k a year on it.  Total piece of crap.

I’m leasing - looking in April. 

I’ve done some very basic maths and it’s pretty even, actually, but at least I’ll have peace of mind knowing that maintenance will presumably be covered under warranty.  I’m convincing myself that it’s madness to pay for something that depreciates that rapidly.

I HATE spending money on car maintenance.

We bought a Qashqai in 2014 that was over £20k and is now worth less than £10k. The VAT on a new car doesn't apply to a used one, so anyone who buys new automatically loses 20% of the value straight away (although explaining that to a second hand car dealer is difficult)

The leasing thing works out at around £2.5k per year (depending on model etc) and after 3 years you give it back and get a new model...seems like a no-brainer to me  :-\
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captainkurtz

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Re: Car Leasing?
« Reply #5 on: February 26, 2019, 08:41:13 AM »
Yep, a no-brainer.  Just need to get over the mental hurdle of ‘renting’ and also keep my fingers crossed that Wifey doesn’t constantly kerb the alloys and cover it with scratches, etc...😉
Anger is a gift.

Pricey

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Re: Car Leasing?
« Reply #6 on: February 26, 2019, 09:39:50 AM »
im in the new car quandary at the moment , I have little interest in cars , ive always bought my own - my company gives me a car allowance which I use to buy the car outright , that way once its paid even though it is mine to sell on and has some residual value . did look at leasing but I think my work mileage is prohibitive .
I’ll try and behave . Promise

Analog RH

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Re: Car Leasing?
« Reply #7 on: February 26, 2019, 11:42:07 AM »
I've leased / financed a car since 2015. On my 3rd. I've found it easy. Things I've learned follow. Some of these are obvious, not deliberately trying to teach anyone how to suck eggs.


1. Do your homework on the list price of the car you are interested in leasing, especially if its not brand new. A lot of people get excited they can afford the monthly payment, overlooking the fact the salesmen may be making a whopping profit. Haggle. Negotiate. Haggle again.
2. Most dealers do excellent service plans as part of the lease agreement, which can be made more excellent through haggling. I bought a one year old Vauxhall Insignia last year, through being pushy got 3 years free servicing plus extended warranty. Salesman was pleased when I drove off. I was feckin thrilled haha.
3. If leasing a "not new" car, haggle on wear and tear items. The one place I fecked up on the Insignia was by not checking the tyres closely. They needed replacing within a month of buying it. If I could go back I would have got new tyres as part of the deal.
4. Don't worry too much about the mileage limit if you intend to lease long term. The mileage penalty will only really take effect if you hand the car back at the end of the term and its over the mileage limit AND you don't intend to lease again. I went way over the limit on my last leased car and the penalty was "forgiven" as part of leasing the next one.
5. Keep the car in good nick. You can potentially get stung if you hand the car back with nicks and scratches, particularly on the alloys.
6. Don't bother with maintenance contracts. If the car is new or nearly new, you won't need one. Rip off.
7. It's not worth keeping the car for the whole 4 year lease term (most, but not all, leases are that long it seems). You end up paying more in wear and tear, MOT, servicing costs etc. Trade it in for a new lease car after 3 years. Obviously by doing this you are committing to leasing long term, but if you're a good negotiator you'll end up with a nice car cost-effectively every 3 years - avoiding the cost of all the things that typically go wrong in year 4 of owning a car if you do high mileage.
8. Stating the obvious, leasing a car impacts on your credit score. Worth bearing in mind for some, not others.


Hope that helps. xx


« Last Edit: February 26, 2019, 11:45:06 AM by Analog RH »

captainkurtz

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Re: Car Leasing?
« Reply #8 on: February 26, 2019, 15:06:36 PM »
Range Rover back from Garage.  Showed 21 faults.  They drove around for 10 miles and deleted each fault from the diagnostic thing and not one of the 21 faults came back.

Load of shite.

Audi Q5 here we come...
Anger is a gift.

Matt2112

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Re: Car Leasing?
« Reply #9 on: February 26, 2019, 16:50:36 PM »
Audi Q5 here we come...


Please, please don't set the indicators to "swipe" mode.  ::)




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BasspedalMan

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Re: Car Leasing?
« Reply #10 on: February 26, 2019, 17:02:40 PM »
CARS.... Hmmm where do I start? Well my Jeep Grand Cherokee threw an electrical double-six in November. (I had paid £6k for it with 79k on the clock in 2014. I spent £750 on a 3 year extended warranty and spent about £750 per annum on maintenance). Now I need a large car to ferry kids to and from university and to take materials to and from various projects SO to replace the Jeep with a brand new Lease car would have been prohibitive. A mate came into some money and lent me the cash to go out and buy a very tidy 2007 BMW X5 for £8,000 which I then spent £750 on getting it fully inspected, serviced and assessed. I also spent £285 on an extended warranty. I like to 'recycle' and buying new is not an option financially at the moment so, in the case of the Jeep, I sold it to the garage for £2,000 as a non-runner, it owed me therefore £7750 for four years of motoring or £161 per month. The BMW is a far better car and the previous owner had maintained it regardless of cost AND had a ceramic coat put on the bodywork. The garage who checked it over said it was in great health and I would hope to have it for another four or five years. Leasing is great if you have a decent disposable income but the Benefit in Kind tax on Company Cars is crucifying, only lease privately. :)


Q5? I would rather a Touareg..... I'm with Matt on those bloody indicators :)
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The Letter R

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Re: Car Leasing?
« Reply #11 on: March 06, 2019, 08:14:00 AM »
There was a similar discussion at work the other day - seems to be an agreement that there are some very good lease deals to be had particularly if you are going to lease ongoing and you do decent miles.
The site Carwow was recommended as they scan for the best deals and the differences can be quite big - one guy here went direct to a dealer and they didn't offer service or tax and still quoted more per month, via carwow he got a lower quote with service and car tax for the lease period all in. So lots of deals to be had if you shop around.

Bez

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Re: Car Leasing?
« Reply #12 on: March 06, 2019, 22:25:44 PM »
Cheers for the input, all....


I got my old car running by replacing the clutch. Makes the clutch the most valuable bit of the car, but if it keeps running for another six months I'll be happy enough....
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