Best lease car deals available?

[chrispmartha]

KarlMac said:

Morning all,

Debating dipping my toe into personal lease for the wife, looking a suitable golf sized automatic petrol hatchback (she really likes the current Ibiza). I've never done PCP before but I have done company car buying for companies I've worked at.

Question is, I've no idea where to start looking for personal hire, and we don't really know what would be best for us. She would like something new so she can do the whole 'choosing your car' thing, but I think nearly new would suit our budget more.

Over to the PH PCP gurus, where do we start!?

A pcp isn't the same as a personal lease so just bear that in mind. A pcp will give you more options like being able to keep the car or sell it at anytime, a lease you don't have those options

[loudlashadjuster]

KarlMac said:

Morning all,

Debating dipping my toe into personal lease for the wife, looking a suitable golf sized automatic petrol hatchback (she really likes the current Ibiza). I've never done PCP before but I have done company car buying for companies I've worked at.

Question is, I've no idea where to start looking for personal hire, and we don't really know what would be best for us. She would like something new so she can do the whole 'choosing your car' thing, but I think nearly new would suit our budget more.

Over to the PH PCP gurus, where do we start!?

As others have said, PCP is buying and financing the car, PCH or lease is just renting it. Although in some cases the figures work out similar there are caveats to both methods. I would say that after doing PCP for a number of years, on balance the majority of deals on leasing just seem to be better at the moment.

I'd advise lurking in this thread, perhaps reading the last 30 or so pages, to get a feel for what is good and what isn't. With lease you often have to be prepared to move fast to snag the best deals so it pays to know a good deal on sight.

With lease you'll often find the head-turning deals mean you will have to compromise with spec to a degree, delivery and perhaps even colour. Go after uncommon trim levels, lots of options etc. and expect to pay £££ as you're effectively going to have to cover all/most of the cost of them over the hire term. Want xenons and the winter pack on the Ibiza? Well, they're £1130 list so figure on paying £40 extra a month on a 3+23. When a good Ibiza deal might headline at £150/mo you can see how things can mount up. The same is true of PCP.

It usually pays to undershoot with the milage then just pay whatever extra at the end of the term, saves you paying for miles you don't use. Only exception is if the ppm is excessive (say, more than 8p/mile for normal cars to 14p/mile for large executive cars). You can work all this out in advance though so if you take a 8k deal but expect to do 10-12k then you can just stick the extra cash in a savings account or something.

[MattHall91]

Low initial payment on a 6 Series GC.

3+23 10k Miles p/a
Initial Payment: £1,462.62
Additional Fees: None
£487.54 Per Month, INC VAT

https://www.contracthireandleasing.com/car-leasing...

[MattHall91]

I know this thread highlights good deals, but this is so bad it's funny:

Mercedes-Benz SL Class SL 65 2dr Tip Auto
3+47 10k Miles p/a
Initial Payment: £8,971.08
Additional Fees: None
£2,990.36/month

That adds up to £149,518.

The list price on Merc's site is £173,360 (£165,000 with some haggling).

How would that be worth 15 grand after 4 years and 40k miles? Madness.

https://www.contracthireandleasing.com/car-leasing...

[Furious Dictator]

This looks like a good deal. I think I might order one, any opinions?

Focus ST-1 TDCI 5dr (Personal Lease deal)

£190.55 incl VAT
per month (24 months)
£571.64 incl VAT
initial payment

Payment profile : 3 + 23
Annual mileage : 8000

http://www.yes-lease.co.uk/personal-lease-cars/for...

[MattHall91]

Furious Dictator said:

This looks like a good deal. I think I might order one, any opinions?

Focus ST-1 TDCI 5dr (Personal Lease deal)

£190.55 incl VAT
per month (24 months)
£571.64 incl VAT
initial payment

Payment profile : 3 + 23
Annual mileage : 8000

http://www.yes-lease.co.uk/personal-lease-cars/for...

Looks good VFM. Just under 5 grand all in.
Just make sure you can live with the relative lack of extras on ST-1s.

[rudester]

ShyTallKnight said:

cdrx said:

kith said:

Stunningly good deal being offered by AVC on the new XF S (380bhp petrol one).

6+23
10,000 pa
£353.50 per month (inc. VAT)

That's a £50k car that's only just been launched! Sounds too good to be true....

Do you have a link? Seems like very good VFM

Does sound like a good deal doesnt it... could be tempted out of my 2010 XF if its as good as it sounds.

A bit of googling later....

http://www.allvehiclecontracts.co.uk/Quotation/Car...

I've just received an email from AVC saying that the allocation of vehicles has gone and that the website has been updated with the new price.

[wemorgan]

http://www.yes-lease.co.uk/business-lease-cars/for...
FORD FOCUS DIESEL HATCHBACK 2.0 TDCi 185 ST-1 5dr (Business Lease deal)
10k 6+23 £151+VAT (£5255)

[ex1]

anonymous said:

[redacted]

Doesn't tend to happen unless they have a similar deal available now. Little point in getting the info of people in the market now when you have nothing comparable to offer them. Most people in the market for this type of thing are deal hunters.

[ghibbett]

ghibbett said:

BMW 640i Gran Coupe on a 6+23 for £330/month (+VAT) fully maintained. Only 5k miles though
http://www.gateway2lease.com/z_bmw_6-seriesgrancou...

Also BMW 335d X-drive on 6+23 for £260/month (+VAT) but this time on 8k miles:
http://www.gateway2lease.com/z_bmw_3-seriessaloon_...

Or see the 640i GC deal that I posted back on page 400...

[Rick1.8t]

Gazzas86 said:

Chaps, could really use some advice from you fine folks, im looking to get a new BMW 135i, ive currently got a shed to get me to work, but after buying a new Focus RS back in 2009 which i sold prior to the shed, i want to get back into a fast car again.

Ive been in touch with a dealer, who has replied with the following details:

Brand New 135 Factory Order
Contribution (From BMW): £7,500
Customer Deposit: £11,000
Term: 48 months
Monthly payments: £222
Guaranteed future Value: £15,795

Ive emailed him back to clarify what the guaranteed future value means and he replied.... I have 2 options, continue to pay £222 a month until that is paid off, or... Hand the car back to BMW and they will give me at 'least' a guaranteed value of £15795..

Now doing some man maths.... Over 4 years i would have paid (inc. Deposit) = £21656. And if i get at least (worst case) £15795 back over 4 years i would have lost £5861 which is £1465 a year.

Considering how much a car will depreciate if i bought it outright, does this seem like a good deal??

Ive never done a PCP/Lease of any type before s not sure of any catches, things to look out for etc, let me know what you think, cheers.

Not meaning to be horrible, but this lack of understanding of the information could get you in a whole pile of upset, read what you have written back to yourself - you are suggesting you can drive a 135i for 4 years for £5861? Not sound a little cheap?

Apply a bit of common sense, you cant own a performance BMW for the price of a Citroen C1. Its going to cost you £21656 or £5414 per year.

Edited by Rick1.8t on Friday 10th July 14:47

[Guvernator]

Gazzas86 said:

Chaps, could really use some advice from you fine folks, im looking to get a new BMW 135i, ive currently got a shed to get me to work, but after buying a new Focus RS back in 2009 which i sold prior to the shed, i want to get back into a fast car again.

Ive been in touch with a dealer, who has replied with the following details:

Brand New 135 Factory Order
Contribution (From BMW): £7,500
Customer Deposit: £11,000
Term: 48 months
Monthly payments: £222
Guaranteed future Value: £15,795

Ive emailed him back to clarify what the guaranteed future value means and he replied.... I have 2 options, continue to pay £222 a month until that is paid off, or... Hand the car back to BMW and they will give me at 'least' a guaranteed value of £15795..

Now doing some man maths.... Over 4 years i would have paid (inc. Deposit) = £21656. And if i get at least (worst case) £15795 back over 4 years i would have lost £5861 which is £1465 a year.

Considering how much a car will depreciate if i bought it outright, does this seem like a good deal??

Ive never done a PCP/Lease of any type before s not sure of any catches, things to look out for etc, let me know what you think, cheers.

You've misunderstood PCP I'm afraid or the salesman has been a bit disingenuous. After you've paid the £21656 at the end of the 4 years you still OWE them an additional £15795, that is the final balloon payment, it's not money they "give" you back.

Your choices at this point are hand the car back (it's cost you £21656 to rent it for 4 years)

Sell the car and then pay off the rest of the £15795 you owe BMW, if you sell the car for more than the GFV you may end up with a couple of grand to put towards the deposit for the next car, if not you'll just break even.

Get another loan or re-finance with BMW to pay off the remaining £15795 and keep the car.

If it worked the way you think it does, no one would buy any other way.

[msport123]

I think we should have a generic formula to post deals, as way too many people are posting deals based on the monthly lease price ignoring the initial payment. I know a lower initial outlay is generally a good thing, but surely the overall cost should be the main consideration. I would be more than happy to pay 9 months upfront if the overall cost of the lease works out cheaper. Yes there maybe an argument for insurance payout and if the car gets written off the initial payment is lost, but the chances of this happening are way less than what's been made out.

My concern is it seems people are getting sucked in by low monthly 'headline' rates without considering the total cost of the lease. While in theory its quite simple to calculate, I'm not sure judging from some of the responses that it is happening!

Anyway, how about the following:

Profile + remaining months of term + admin fee + VAT / total months of lease = Overall cost of lease per month inc VAT

Thoughts?

[loudlashadjuster]

msport123 said:

Profile + remaining months of term + admin fee + VAT / total months of lease = Overall cost of lease per month inc VAT

Thoughts?

I'd thought of something like that, but milage allowance and additional ppm means two apparently equivalent deals can actually be quite a bit apart.

Some PH web dev bod should knock up a quick calculator we can stick all this in

[wemorgan]

msport123 said:

Thoughts?

Almost every post I've read has made it clear whether it's a 1+23, 3+23, 6+23 etc etc.
That's sufficient to then do the maths.

For me the worst misrepresentation is with the annual mileage. Too many bargain deals are 5 or 8k/yr, which then can't be compared to the more nominal 10k/yr deal. But anyway, we're all big boys here, so I guess Caveat Emptor as ever.

[Emeye]

loudlashadjuster said:

I'd thought of something like that, but milage allowance and additional ppm means two apparently equivalent deals can actually be quite a bit apart.

Some PH web dev bod should knock up a quick calculator we can stick all this in

I thought a PHer had already done this by putting together a website?

I've put my own excel spreadsheet together to allow me to compare deals. I'll upload if I can find somewhere secure to put it.

[Up_North]

ShyTallKnight said:

cdrx said:

kith said:

Stunningly good deal being offered by AVC on the new XF S (380bhp petrol one).

6+23
10,000 pa
£353.50 per month (inc. VAT)

That's a £50k car that's only just been launched! Sounds too good to be true....

Do you have a link? Seems like very good VFM

Does sound like a good deal doesnt it... could be tempted out of my 2010 XF if its as good as it sounds.

A bit of googling later....

http://www.allvehiclecontracts.co.uk/Quotation/Car...

Now £677!!!!

[btcc123]

Guvernator said:

Gazzas86 said:

Chaps, could really use some advice from you fine folks, im looking to get a new BMW 135i, ive currently got a shed to get me to work, but after buying a new Focus RS back in 2009 which i sold prior to the shed, i want to get back into a fast car again.

Ive been in touch with a dealer, who has replied with the following details:

Brand New 135 Factory Order
Contribution (From BMW): £7,500
Customer Deposit: £11,000
Term: 48 months
Monthly payments: £222
Guaranteed future Value: £15,795

Ive emailed him back to clarify what the guaranteed future value means and he replied.... I have 2 options, continue to pay £222 a month until that is paid off, or... Hand the car back to BMW and they will give me at 'least' a guaranteed value of £15795..

Now doing some man maths.... Over 4 years i would have paid (inc. Deposit) = £21656. And if i get at least (worst case) £15795 back over 4 years i would have lost £5861 which is £1465 a year.

Considering how much a car will depreciate if i bought it outright, does this seem like a good deal??

Ive never done a PCP/Lease of any type before s not sure of any catches, things to look out for etc, let me know what you think, cheers.

You've misunderstood PCP I'm afraid or the salesman has been a bit disingenuous. After you've paid the £21656 at the end of the 4 years you still OWE them an additional £15795, that is the final balloon payment, it's not money they "give" you back.

Your choices at this point are hand the car back (it's cost you £21656 to rent it for 4 years)

Sell the car and then pay off the rest of the £15795 you owe BMW, if you sell the car for more than the GFV you may end up with a couple of grand to put towards the deposit for the next car, if not you'll just break even.

Get another loan or re-finance with BMW to pay off the remaining £15795 and keep the car.

If it worked the way you think it does, no one would buy any other way.

The way I look at this deal if you are going to buy the car at the end of the 4 year PCP.The list price is approx £33,000 but as the dealer is giving you a manufactures contribution of £7,500 to take finance the list price in my eyes comes down to £25,500.

You pay a deposit of £11,000
47 Monthly payments of £222 = £10,656
Guaranteed future value £15,795

So after 4 years you have paid a total of £37451 for the car but bear in mind as the dealer gave you the contribution of £7,500 so the list was £25,500.

Therefor you have paid £11,951 more than the list price and will cost you a lot more if you finance the Guaranteed future value.I wounder what the BMW interest rate is.

Edited by btcc123 on Saturday 11th July 08:19

[LucasA]

After 9 years or so of stalking these forums and selling cars on the for sale section it's about time I posted something.

I used to sell cars for VW main dealer and having gone in to see an old work mate a couple of weeks ago, he chose to enlighten me to the fact that private individuals are now able to order cars on a personal contract hire directly from VW main dealer. It doesn't work so well on smaller Up!/Polo models but we messed around with some figures on a standard VW Tiguan Match 2wd 2.0TDI. £1000 deposit and 23 x 230 per month with 10k per annum. The dealers don't want to sell these to public and would rather sell you a PCP, but this is a lot cheaper, as the cars are discounted heavily with set margins that the dealer can't change.

Might be worth going to speak to your local VW dealers about this. The above deal is very attractive in comparison with a similar PCP and still gives you the nice dealer service. I don't know if other marques are offering this, but as VW/Audi/Seat/Skoda are all financed through VW financial services I would hazard a guess at it being available through said marques too.

[wemorgan]

Jaguar XF Luxury £299 1+48
Road Tax supplied for the duration of the contract
No mentioned of mileage allowance

http://www.stratstone.com/brands/jaguar/new-cars/j...