Wheels244
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| posted on 11/1/13 at 09:36 PM |
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Private lease car - Pro's and Con's ?
It's nearly time to be thinking about getting a new car for my wife.
I got to thinking about private leasing ( as opposed to business ) instead of buying.
We can't afford a new car - but would like one.
I know one of the Con's is you never own the car so there is no residual value to tap into at the end of the lease.
Has anybody got experience in this area ? Does anybody do it and if so have you got any advice please.
Any recommended companies to look at, or steer clear of ?
Thanks
Rob
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mookaloid
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| posted on 11/1/13 at 09:51 PM |
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Hi Rob,
I currently have a car from Lings linky no issues and good company to deal with.
I also have a car on a PCP which is a form of HP but the effect is about the same - low deposit and monthly payments based on an expected mileage.
Low deposit deals are the way forward so it isn't a problem when you want to change it having no equity because there never was any.
I tend to not want to tie up any of my money in a daily driver so paying for it as I use it is the way forward for me.
Hope that helps
Cheers
Mark
"That thing you're thinking - it wont be that."
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AndyW
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| posted on 11/1/13 at 09:55 PM |
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Just make sure you get good enough GAP insurance.
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Slimy38
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| posted on 11/1/13 at 10:01 PM |
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My main restriction is the rental agreement depends on a maximum number of miles, either as part of the agreement or as the 'final value'.
Considering I've exceeded 12,000 miles a year for the last ten years, I'd have to pay through the nose for a high mileage rental, or have
an end-of-agreement payment waiting for me.
The opposite is true for my wife's car, she does so few miles that we'd pay over the odds for the same car, and yet it would be the hire
company that benefited from the low mileage car that we'd be returning to them.
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JoelP
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| posted on 11/1/13 at 10:30 PM |
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quote:
Originally posted by Slimy38
My main restriction is the rental agreement depends on a maximum number of miles, either as part of the agreement or as the 'final value'.
Considering I've exceeded 12,000 miles a year for the last ten years, I'd have to pay through the nose for a high mileage rental, or have
an end-of-agreement payment waiting for me.
The opposite is true for my wife's car, she does so few miles that we'd pay over the odds for the same car, and yet it would be the hire
company that benefited from the low mileage car that we'd be returning to them.
How about sharing two motors to spread the miles out?
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Barkalarr
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| posted on 11/1/13 at 10:30 PM |
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This is the first time ive done it like this, but I've just bought a new 120d M Sport for the wife on a PCP plan (baloon payment) and
here's why.
I previously had a 530d M Sport which I bought outright with a parental loan that I never actually paid back (thanks dad!!). I had this for 2 years
to the day, and when we chopped it in it actually cost me over £370 per month in depreciation !!
The new car costs me £300 per month in rent, so I'm quids in. I know it's not like for like but the wife did find it really had to park
and this one does galactic miles to the gallon.
I'm just fed up with loosing so much money on cars, I'm just going to rent them from now on. When it comes up for me to pay the final
payment I'm just going to chop it in for a new one and start over again. New at every 3 years.
Of course, if this experience is bad ill have to buy one outright again in 3 years time, but for the moment it is keeping me happy.
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jabs
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| posted on 11/1/13 at 10:54 PM |
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Work for North Yorkshire council like my wife, they can get a lease car on salary sacrifice so deducted before tax. the lease also includes
everything, tax insurance, services parts etc - everything but the petrol. Brand new 107 for £147 per month
[Edited on 11/1/13 by jabs]
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coozer
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| posted on 11/1/13 at 11:03 PM |
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I bought a car once in an auction for £110, drove round in it for 7 years and sold it for £250.
£400 for a new head, snapped belt.
Discs and pads a couple times
One rear silencer.
IMO new cars are for mugs, the cost of them is not worth what they are and rentings just the same!
These days I see how much cash I have and then look for the newest for the money.
I spend the rest of my cash on kit cars (and beer)
1972 V8 Jago
1980 Z750
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Mr Whippy
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| posted on 12/1/13 at 12:17 AM |
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quote:
Originally posted by coozer
I bought a car once in an auction for £110, drove round in it for 7 years and sold it for £250.
£400 for a new head, snapped belt.
Discs and pads a couple times
One rear silencer.
IMO new cars are for mugs, the cost of them is not worth what they are and rentings just the same!
These days I see how much cash I have and then look for the newest for the money.
I spend the rest of my cash on kit cars (and beer)
Totally agree, I laugh (to myself) when I listen to folk at work and how much they waste on cars, it's just staggering, might as well just burn
their money
I buy great second hand cars with 20-40k on the clock for what it costs them for a set of tyres!  it's no wonder they work 50-60 hours a
week...
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coyoteboy
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| posted on 12/1/13 at 12:47 AM |
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Scares me to think how much people waste on new cars. Someone has to be the mug though, so we can have 2nd hand ones cheap.
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snakebelly
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| posted on 12/1/13 at 09:52 AM |
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my current drive is a 53 plate Cat C mondeo estate purchased about 3 years ago for 1500, only needed a bonnet which i picked up in eaxctly the right
colour for £50 and a windscreen that cost me £120. apart from service stuff its had a dual mass to single mass clutch flywheel conversion and 4 new
injectors, but the good news its done approx 76k in 3 years so im well in the money!
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SteveWallace
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| posted on 12/1/13 at 10:19 AM |
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The other way to go is to buy a relatively high mileage, ex-company car. Last year I got a 2006 BMW 320D Touring that way with about 100k miles on
the clock. Sounds like high mileage, but for a BMW diesel its not that much. Pulls like a train and I am getting the stated mpg, so still a good
strong engine. Its history is that it was bought from new by a company, full main dealer service history (so anything that needed doing was done, and
probably more!), part exchanged back to main dealer for a new company car (I guess they had a 100k miles exchange policy).
Because BMW do not want to sell cars with that mileage, they do deals with local sole traders to take them off their hands and then you buy from them.
You get a main dealer serviced and tidied up car for not much more that private sale price.
I came across this method whilst looking for a private sale on Auto Trader - they are easy to find, although you do have to treat it like a private
sale in terms of inspecting the car as I also saw one that looked great, but had some electrical problems that made me walk away from it (they said
that they would fix, probably very minor, but I didn't want to take the chance).
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StevieB
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| posted on 12/1/13 at 10:36 AM |
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Are you talking about a PCP sype lease or a straight forward lease car based on something like a 3+36 months arrangement?
I'm looking at the latter at the moment, although it'll be going through my company so I can recover the VAT plus other efficiencies over
doing it on a personal basis.
There can be some really good deals around if you do some research - it seems to depend on what cars the manufacturers are pushing out at the time.
For instance, at the moment some Merc models are looking like good value against BMW, presumably on the basis that Mercedes UK is trying to undercut
BMW in an effort to grab a share of their customers. So I could get a SLK 250 CDI for the same cost as a 1.6 Focus TDCi...
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