liam.mccaffrey
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| posted on 19/12/08 at 09:48 AM |
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Car Lease Advice
I am thinking about doing the above, it seems to tick all the boxes for us at the moment. Any pitfalls to be aware of??
Many Thanks
Liam Mc
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mr henderson
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| posted on 19/12/08 at 09:55 AM |
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If you feel you have to have a new car, and you are sure the numbers work, then I guess it's OK.
I leased a van a few years ago, and although it got me a new van it was a very expensive way of solving my transport problems.
The other propblem is what happens if your needs change? With a bought car you just sell it and get what suits your new circumstances, with a lease
you are tied to the lease length.
John
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smart51
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| posted on 19/12/08 at 10:08 AM |
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My mother-in-law had a leased car through work. A year in, they decided that money was tight and that the company would no-longer subsidise the
lease. Mother-in-law was stuck for the whole amount. There was no way of backing out, the 36 monthy payments had to be made. I think she also had
to pay for some minor work at the end so the car was returned in a state that the lease company would accept.
It is a mostly worry free way of getting a car. They fix or replace it if it is a lemon. They insure it and get it fixed if you crash. You get
stung if you go over the milage though. It can work if you're sure you'll stick to the terms.
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Mr Whippy
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| posted on 19/12/08 at 11:04 AM |
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Personally I'd not touch that sort of thing. Rather just buy a good second hand car and considering the state of the car market you won't
struggle to get a real bargain
Fame is when your old car is plastered all over the internet
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nick205
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| posted on 19/12/08 at 12:34 PM |
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IMHO leasing works for companies, but not as a rule for private drivers. I haven't checked, but I wouldn't mind betting that lease rates
are high at the moment as the lease operators will be trying to claw back some of their increased dpreciation loses on their 2-3 year old cars already
hit by the recent price drops.
As above a decent 2nd habd car HAS to be the way to go right now.
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stevebubs
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| posted on 19/12/08 at 01:17 PM |
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Our corporate rates for new cars have dropped significantly recently...to the order of 40-50/month on some cars...
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Rob WM
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| posted on 19/12/08 at 02:05 PM |
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I currently lease through Select contracts. Their rates were very reasonable when I took on the lease. I took on a short lease of 24 months as I
didn't know what my situation would be in 2 years. I also got the last of the stock mondeo's before the new model came out so the deal was
superb at the time. The milage is one to check as, however I only get charged £0.013/mile over as I am on a 20,000miles/annum deal which lowers the
excess. This is my first lease car and it is coming up for renewal soon so I will be looking at the deals and new cars. As above I will have to return
the car in a decent condition however you wouldn't expect to sell a damaged car either so that depends on how you treat it.
I was sick of second hand cars being unreliable and so leasing gave me a new car with a warrenty for less. The market has obviously changed now but
the costs are still close.
In short look out for milage excess, deposits upfront, condition of car returns, maintenance can be worth it but in general it isn't, road tax
is usually included, if you do opt for the maintenance and then regularly have new tyres they will question. Also the company your lease through is
not normally the same company that actually finance the lease so comunication can break down.
Think I have mumbled for long enough now!!
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