Best lease car deals available?
Discussion
Streetrod said:
Newbie here to the world of leasing. I am going to have £300 per month to spend. I won’t be doing more than 10,000 miles per year. What do I need to consider and can you please explain the acronyms that I see on this thread, thanks in advance
The main thing to consider is the initial payment. Firstly it's not a deposit, you don't get it back at the end, it's simply the amount paid upfront at the start of the lease.More and more leases have higher initial payments in order to make the monthly payments more attractive, so although you say you've got £300 per month to spend, is that including the initial payment or once that's taken into account.
As a worked example, a lease may be quoted as 6+23 at £300 per month, so that's a 2 year term with an initial payment of £1800 (6x £300) then 23 payments thereafter at £300 per month.
Be careful of how many miles you want to do as there could be excess miles. Most leases are quoted as 10,000 miles per annum but some cheaper headline ones may be 5000 miles (even my mum does more than that).
Check that the price includes Vat.
soxboy said:
Streetrod said:
Newbie here to the world of leasing. I am going to have £300 per month to spend. I wonâ??t be doing more than 10,000 miles per year. What do I need to consider and can you please explain the acronyms that I see on this thread, thanks in advance
The main thing to consider is the initial payment. Firstly it's not a deposit, you don't get it back at the end, it's simply the amount paid upfront at the start of the lease.More and more leases have higher initial payments in order to make the monthly payments more attractive, so although you say you've got £300 per month to spend, is that including the initial payment or once that's taken into account.
As a worked example, a lease may be quoted as 6+23 at £300 per month, so that's a 2 year term with an initial payment of £1800 (6x £300) then 23 payments thereafter at £300 per month.
Be careful of how many miles you want to do as there could be excess miles. Most leases are quoted as 10,000 miles per annum but some cheaper headline ones may be 5000 miles (even my mum does more than that).
Check that the price includes Vat.
easier to think of it like that. Also, there are always excess mileage charges, it just depends how much the fee is per mile. Also extra charges are the words of the day. Document and admin fees to start the contract, charges to send you a letter e.g. if you get caught speeding, and getting absolutely whacked for charges if you hand the car back with anything other than "fair wear and tear" at the end. Also you won't be able to use just any insurance company, as not all are happy that you are not the registered owned, and probably not the keeper either. All the scary stuff out the way, it's usually all fine. tjs79 said:
Freedom contracts said just this to me when I called. It works out cheaper to take the 5k deal and pay at the end if you do 10k pa. I think it's just a way of getting people to take the deal, no real penalty for going over
Yep exactly this, and gives you more flexibility if you do less miles than expected since you wouldn't have spent any money increasing the allowance Blown2CV said:
soxboy said:
Streetrod said:
Newbie here to the world of leasing. I am going to have £300 per month to spend. I wonâ??t be doing more than 10,000 miles per year. What do I need to consider and can you please explain the acronyms that I see on this thread, thanks in advance
The main thing to consider is the initial payment. Firstly it's not a deposit, you don't get it back at the end, it's simply the amount paid upfront at the start of the lease.More and more leases have higher initial payments in order to make the monthly payments more attractive, so although you say you've got £300 per month to spend, is that including the initial payment or once that's taken into account.
As a worked example, a lease may be quoted as 6+23 at £300 per month, so that's a 2 year term with an initial payment of £1800 (6x £300) then 23 payments thereafter at £300 per month.
Be careful of how many miles you want to do as there could be excess miles. Most leases are quoted as 10,000 miles per annum but some cheaper headline ones may be 5000 miles (even my mum does more than that).
Check that the price includes Vat.
easier to think of it like that. Also, there are always excess mileage charges, it just depends how much the fee is per mile. Also extra charges are the words of the day. Document and admin fees to start the contract, charges to send you a letter e.g. if you get caught speeding, and getting absolutely whacked for charges if you hand the car back with anything other than "fair wear and tear" at the end. Also you won't be able to use just any insurance company, as not all are happy that you are not the registered owned, and probably not the keeper either. All the scary stuff out the way, it's usually all fine. Hi guys just thought id pick your brains when i enquired with a few companies about leasing a few of them wanted to know if my employer was a LTD company and if they weren't they wanted to see the business accounts!!! Now i don't know many companies that would want to release the account info, is leasing mainly aimed at businesses not individuals?
Many thanks
lewkini
Many thanks
lewkini
Emeye said:
... eventually VW had to admit they're not allowed to discriminate against against purchasers but by then I'd got fed up, a Sales Director from VW had called me up to "explain the situation" and f
ked me off royally by being stunningly patronising so I went out and bought a car, as leasing was supposed to be hassle free! 
I hope you didn't buy a VW.ked me off royally by being stunningly patronising so I went out and bought a car, as leasing was supposed to be hassle free! lewkini said:
Hi guys just thought id pick your brains when i enquired with a few companies about leasing a few of them wanted to know if my employer was a LTD company and if they weren't they wanted to see the business accounts!!! Now i don't know many companies that would want to release the account info, is leasing mainly aimed at businesses not individuals?
Many thanks
lewkini
Well business user leases are. Many thanks
lewkini
C Lee Farquar said:
silverous said:
You mean the same accounts that are available online to anyone for £1 from companies house?
Not if the Company isn't Ltd. Not a huge issue if you are the boss, but if you work for a sole trader or partnership it might be. A LTD is a business operating as a person (effectively), who doesn't mind the HMRC knowing how much tax they should have paid.
The only issue with not wishing to divulge account details is if there's something to hide, if that's an issue the choice is simple - don't get the car.
crosseyedlion said:
I still don't see the issue in divulging your business accounts, A sole trader isn't a business (its a person operating as a business) - likewise a partnership.
A LTD is a business operating as a person (effectively), who doesn't mind the HMRC knowing how much tax they should have paid.
The only issue with not wishing to divulge account details is if there's something to hide, if that's an issue the choice is simple - don't get the car.
This. As employees our "accounts" are known to HMRC, limited companies and PLCs are, I see no reason why sole traders should have different treatment.A LTD is a business operating as a person (effectively), who doesn't mind the HMRC knowing how much tax they should have paid.
The only issue with not wishing to divulge account details is if there's something to hide, if that's an issue the choice is simple - don't get the car.
Agreed.
If I were self employed I'd gladly disclose accounts to get a lease; however I wouldn't want my employees knowing how much I earn, so if they wanted a lease car then it would have to be in a spouse's name or a company car.
I guess it is to stop people saying they work for their 'self employed' mate but it could catch people who work for charities and professional services partnerships too.
If I were self employed I'd gladly disclose accounts to get a lease; however I wouldn't want my employees knowing how much I earn, so if they wanted a lease car then it would have to be in a spouse's name or a company car.
I guess it is to stop people saying they work for their 'self employed' mate but it could catch people who work for charities and professional services partnerships too.
silverous said:
Hang on a second though...if you work for a sole trader (which seems counter-intuitive to me, isn't a sole trader a single person) aren't you an employee ? As an employee do you qualify for "business" lease deals anyway?
Probably not, but you would qualify if you were the sole trader or a partner in an unincorporated business and might still qualify if you received a car allowance or did business mileage.silverous said:
You mean the same accounts that are available online to anyone for £1 from companies house?
Companies House publish only very limited information about small companies, Abbreviated Accounts only, which really means just a cut down Balance Sheet and no P&L or cash flow. You can't work out much about a company's ability to fund a car lease from just a simplified Balance Sheet.littlebasher said:
Thanks. Looking for something like this for my GF. Gassing Station | Car Buying | Top of Page | What's New | My Stuff