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Car Leasing

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juckster
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Car Leasing

Post by juckster » 07 Jan 2019, 12:57

I've always bought my cars. But recently, I've been thinking of leasing.

I like the idea of having a new car every 3 years or so.

Does anyone have any thoughts/recommendations on the idea pls ?

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Zimmerman
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Re: Car Leasing

Post by Zimmerman » 07 Jan 2019, 13:06

Not sure if it’s a full blown lease... but my Mrs Mini is on one of those deals where you pay a monthly amount for 3 years and then we have the option of paying a lump sum to buy it (or walk away).

It’s pretty reasonable - and only needed a small down payment.

undoubtedly you pay a premium for the privilege/convenience. So it’s a case of where you are at financially.

I am tempted to get my next car on a similar scheme. I’m forever coming across colleagues who have got ‘amazing’ deals - but whenever I dip my toe in the water, I never seem to see anything remotely in that ballpark.

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Re: Car Leasing

Post by Zimmerman » 07 Jan 2019, 13:15

my last 4-5 cars have all cost me £9-15k to buy outright and have tended to cost £2k pa in depreciation.

So I use that figure as my benchmark for value.

The cars have been relatively new (VW, BMW or Audi) and repairs have tended to be minimal.

A leased car costing £300pm os obviously cost almost double that. So it’s whether or not you can stomach that sort of hit for convenience/privilege.

Also depends on the market your are shopping in too... ie a new Nissan presumably wouldn’t cost the same as a BMW or Mercedes.

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Re: Car Leasing

Post by Darbyand » 07 Jan 2019, 13:31

Zim, how did you finance the £15k purchases?

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Re: Car Leasing

Post by Zimmerman » 07 Jan 2019, 13:36

I’ve managed to buy them outright (so no additional costs on that respect).

Although I think borrowing money is very cheap at the moment (and plenty of zero percent credit cards too... but you need to be careful when going down this route).

You can in theory get a card with zero percent for purchases and others for zero percent on transfers. With a bit of clever juggling you can free up money doing this. But as mentioned, you need to be in a relative stable position to do this (and have a clear plan to manage them (and pay back during the period)).

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Re: Car Leasing

Post by SUZYKINS » 07 Jan 2019, 13:45

I have leased the first time this year and am quite happy.
Couple of points to note;
1.Shop around, the make and models range dramatically as various lease firms have deals in place with specific manufacturers.
2. Get quotes on various timescales, my lease was going to be 24 months, however I noticed it was cheaper to lease for 18 months (the deposit was £500 less).
I used “freedom” but well worth shopping about.

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Re: Car Leasing

Post by Darbyand » 07 Jan 2019, 15:08

Zimmerman wrote:
07 Jan 2019, 13:36
I’ve managed to buy them outright (so no additional costs on that respect).

Although I think borrowing money is very cheap at the moment
Low mileage dealer approved cars always look attractive but usually have a very high APR. Worth a look if you can get a decent deal of course.

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Re: Car Leasing

Post by murf » 07 Jan 2019, 15:32

Only done it via work and it takes off some stress but they can be controlling over servicing and new tyres etc (have to be virtually bald or Kwik Fit (or whoever they use) won't swap them as the lease company checks up). If companies do it then it can't be too expensive - mind you they'll get a bulk/fleet discount.

All about the pennies I guess but I think you'd be best off buying new or year old if you can afford it.

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Re: Car Leasing

Post by robot » 07 Jan 2019, 17:23

Never done it - comes across to me as the next ppi type scandal!
Save up/ get a normal loan or play about with credit cards but be strict with yourself would be my choices.
Perhaps im getting old but todays genetation just seem interested in the monthly cost and not the big picture.
Luckily I have a wife who wants to waste even less money than me on cars and her last purchase was a one carefull owner 18 year old car with 30000 miles on the clock which has cost virtually nothing since the low purchase price.

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Re: Car Leasing

Post by murf » 07 Jan 2019, 19:28

juckster wrote:
07 Jan 2019, 12:57
I like the idea of having a new car every 3 years or so.
There's the rub - buying a car you can keep for longer than 3 years and save even more money. With a lease you can't, you'll just get tempted to get something more expensive.

I bought a year old car when I jacked my job(/lease car) in. Had it just over 3 years now and it is still going strong (and now not costing me that much in depreciation). Depends on your priorities I guess - I love cars and driving but it just isn't the best use of my limited money.

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