Car leasing

starplayer

Well-known member
I was hoping my 12yo peugeot diesel would last for a couple of years more until I retire and treat myself to something nice. Unfortunately it seems that every day another fault appears on the engine management system. I have been looking at various options and wondered what people’s experiences were with their lease. I was looking at leasing.com at a 2yr deal and some seem quite reasonable / month. Is that a good site to start? Thanks.
 
We recently began a lease on an MG HS - we pay £360 a month but were paying that on a loan repayment on an Audi that was 10 years old. It was a no brainer.

All costs including excluding tax (and fuel obviously). Very worthwhile to have that re-assurance.
 
We leased for the first time a couple of years ago. Got a Kia on a 3 year lease. I am happy. The car is brand new and nice to drive. The lease covers all servicing and the road tax, and of course the car is under warranty.

The only down side is the paranoia about scratching it, as compared with an old banger.
 
We recently began a lease on an MG HS - we pay £360 a month but were paying that on a loan repayment on an Audi that was 10 years old. It was a no brainer.

All costs including excluding tax (and fuel obviously). Very worthwhile to have that re-assurance.
We leased for the first time a couple of years ago. Got a Kia on a 3 year lease. I am happy. The car is brand new and nice to drive. The lease covers all servicing and the road tax, and of course the car is under warranty.

The only down side is the paranoia about scratching it, as compared with an old banger.
Can I ask which company you lads used?
 
IIRC there are a couple of posters on here who are involved with a leasing company. Can't recall usernames, but sure someone will be able to give them an FAO
 
For anyone thinking of leasing I can't recommend using this website enough - it will find the best deal out there, from the multitude of leasing companies.

PCP's are less and less popular now, with the majority of deals being a straight lease. A PCP has an optional balloon payment to buy the car at the end of the agreement, but these are generally more expensive.

Main dealers are almost always more expensive (some will only do PCP, not lease) and bear in mind the cars offered are sourced from main dealers by the leasing company, which is an odd arrangement to get your head around.

www.leasing.com
 
For anyone thinking of leasing I can't recommend using this website enough - it will find the best deal out there, from the multitude of leasing companies.

PCP's are less and less popular now, with the majority of deals being a straight lease. A PCP has an optional balloon payment to buy the car at the end of the agreement, but these are generally more expensive.

Main dealers are almost always more expensive (some will only do PCP, not lease) and bear in mind the cars offered are sourced from main dealers by the leasing company, which is an odd arrangement to get your head around.

www.leasing.com
Some cracking deals on the VW ID7
 
Maybe I am nuts, but.. If you pay 2.5k up front then 200 a month for 2 years that's 7 grand for 2 years. Or, 3.5 grand a year. Why wouldn't you just down 3 or 4 grand on a car and keep it 3 years?

What an I missing? Is it just that people want to drive a new car?
 
Just be careful at the end of the lease. You will likely be hit with a large bill for damage, even if nothing looks obvious from your own inspection.
 
Maybe I am nuts, but.. If you pay 2.5k up front then 200 a month for 2 years that's 7 grand for 2 years. Or, 3.5 grand a year. Why wouldn't you just down 3 or 4 grand on a car and keep it 3 years?

What an I missing? Is it just that people want to drive a new car?
People want new cars. People also like the predictability of no additional costs. The mentality of being hit for a £500 repair bill unexpectedly can be worse than expecting to pay £300 every month.

Also, £3.5k gets you a 12 year old car with 100k miles on the clock these days so there's no guarantee it lasts 3 years.
 
Maybe I am nuts, but.. If you pay 2.5k up front then 200 a month for 2 years that's 7 grand for 2 years. Or, 3.5 grand a year. Why wouldn't you just down 3 or 4 grand on a car and keep it 3 years?

What an I missing? Is it just that people want to drive a new car?
Thanks for asking that, thought it was just me being thick 😂

Yeah not for me either, but can see the attraction in terms of less hassle.... I think. And if you always want a brand new car. Does seem expensive for the privilege though. And I'd be constantly living in fear of me (or more likely Mrs Festa 😉) scratching it.
 
Leasing is a no go for me and' laughing 'your not nuts, £2.5 up front £2400 for two years =£7300 and at the end you have nothing.
So after another two years £14.600 and still you have nothing.
You can buy a good car for less than that which will last longer than 4 years and still give you something in part exchange.
For a Range Rover £4000 deposit £444 per month for 4 years =£21312+£4000 =£25000 after 4 years nothing.
 
Maybe I am nuts, but.. If you pay 2.5k up front then 200 a month for 2 years that's 7 grand for 2 years. Or, 3.5 grand a year. Why wouldn't you just down 3 or 4 grand on a car and keep it 3 years?

What an I missing? Is it just that people want to drive a new car?
Buying a used car in that price range is a lottery. You might get lucky and find a gem. Or you might end up going backwards and forwards to the garage for repairs and experience breakdowns in the middle of nowhere.
Not everyone want to play that lottery.
 
That seems to give me a cheaper option than leasing.com, though I will need to make sure the price includes VAT.
As long as you have selected Private instead of Business then the rates on show are inclusive of VAT.


one thing to remember with all quotes is that the car colour will always need to be added on.... unless its a free colour. it usually adds £10-30 a month extra depending on how special it is and manufacturer
 
Leaseloco seem a decent comparison to me. They collate all the results from a wide spread of lease providers and rate and rank them for you. You can adjust the parameters (duration, mileage, amount upfront etc) to suit your needs.
 
Leasing is a no go for me and' laughing 'your not nuts, £2.5 up front £2400 for two years =£7300 and at the end you have nothing.
So after another two years £14.600 and still you have nothing.
You can buy a good car for less than that which will last longer than 4 years and still give you something in part exchange.
For a Range Rover £4000 deposit £444 per month for 4 years =£21312+£4000 =£25000 after 4 years nothing.
Have you seen how much cars cost these days? There has been inflation here as well. A mid spec VW Golf would be over £30k. The same thing 3 years old with 30k miles would be about £15k. There wouldn't be any 2nd hand cars to buy if people weren't buying/leasing new cars. Buying a second hand car comes with various pitfalls and there really isn't a cheap option anymore. There's a very real chance that paying £3.5k for a car could require another purchase of a £3.5k car after 2 years. Best value is usually 3 year old with under 30k miles but you are looking at 50% of the full price and no generous finance offers which makes the lease look more appealing.

I do think leases are still expensive if you aren't getting them through work but they aren't terrible deals. They minimise the risks.
 
Maybe I am nuts, but.. If you pay 2.5k up front then 200 a month for 2 years that's 7 grand for 2 years. Or, 3.5 grand a year. Why wouldn't you just down 3 or 4 grand on a car and keep it 3 years?

What an I missing? Is it just that people want to drive a new car?
Looks like inflation (on houses) is killing the new car market (as well as others), people can't cut back on the house or rent, and that's either gone up or going up, so anything expensive after that is going to take a kicking. So, new cars (the more common, mass sold type) are having to move with the market, so are basically deflating (via 0% finance deals and massive discounts, loads of these around).

Some of the more prestige brands, seem to be not interested in putting out good offers, so seem to be slowing production (Porsche are doing this), to protect the brand until sunnier skies. They're basically taking a small hit now, rather than a big one down the line.

Baloon figures on PCP's look really low at the minute, some around 40% after 3 years, which is basically manufacturers insuring against people handing cars back which depreciate like a stone. It's not really going to work like insurance though, as they're selling at 0% with discounts, but they seem to be taking what they can get.

Second hand cars are on like 7%-12% finance still, never going to see those at 0%, so that's not going to improve anytime soon either (**** started falling out of that a long while back, and is still going). New cars have to still compete with this market too though, to a degree.

Normally I would be against leasing, as it's often just gifting away equity, but lease companies are struggling too by the looks of it and need business. There look to be some unreal lease deals around at the minute on over produced cars, so they seem to be buying up new cars, and assuming that they're going to be worth more than the actual car makers seem to think they're going to be worth in 3 year, seems risky, but that's their risk. I can see a lot of these companies going broke if the used market doesn't recover.

I'll be in the market for a new car in 6 months, as I'll likely be handing mine back worth less than the baloon figure was. There will be plenty of manufacturers taking a hit on things like this. Next car I might look at something decent and try and string that 0% finance out for as long as possible, or just get something cheaper which has depreciated like a stone.
 
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