Help Please: Leasing a Used Car?
Discussion
Hi
I'm considering selling my BMW 323i and funding a car monthly via my company (I'm a Director and co-owner). I am just learning about the various options as I have always bought in the past and am hence entirely ignorant of leasing, contract hire, hire purchase, etc. I have never purchased a new car and probably shan't for some time yet, and I wondered if I could take the same approach to leasing - i.e. lease a used car which has dropped in value and done most of its depreciation, thereby getting a better car for my budget or paying less for the same car. I would imagine a 2-3yr old car would be ideal.
I'm working to a modest budget at the moment (less than £400/month on a 3yr 10,000mpa deal) and my best options for a new car seem to be:
- Alfa Romeo 159Jtdm 16v Lusso
- Audi A4 2.0tdi
- BMW 320d
- Lexus IS220d SE
To be absolutely clear, this isn't another 'what's the best car thread', I'm specifically asking if I can lease used cars, and if so, where I am best to look for the kind of mid-range executive cars listed above.
Thanks in advance,
roadie.
I'm considering selling my BMW 323i and funding a car monthly via my company (I'm a Director and co-owner). I am just learning about the various options as I have always bought in the past and am hence entirely ignorant of leasing, contract hire, hire purchase, etc. I have never purchased a new car and probably shan't for some time yet, and I wondered if I could take the same approach to leasing - i.e. lease a used car which has dropped in value and done most of its depreciation, thereby getting a better car for my budget or paying less for the same car. I would imagine a 2-3yr old car would be ideal.
I'm working to a modest budget at the moment (less than £400/month on a 3yr 10,000mpa deal) and my best options for a new car seem to be:
- Alfa Romeo 159Jtdm 16v Lusso
- Audi A4 2.0tdi
- BMW 320d
- Lexus IS220d SE
To be absolutely clear, this isn't another 'what's the best car thread', I'm specifically asking if I can lease used cars, and if so, where I am best to look for the kind of mid-range executive cars listed above.
Thanks in advance,
roadie.
Maybe think about buying a secondhand lease as an option as well. Sometimes people seriously under-egg their mileage estimate, or get a more expensive car with a 10,000 mile p/a limit so they can have a flashier car for the same money, and then realise they've ballsed up, and the additional mileage charges are gonna cripple them!
There's a bit of a market for swapping and selling lease agreements and you might get a bargain if the terms suit ok.
Other than that, I'm sure you can do contract purchase or even contract hire on used vehicles, but I would say stick to a new one so you're not forking out for maintenance all the time, just servicing
I think it's the sensible way to drive a new car these days.
There's a bit of a market for swapping and selling lease agreements and you might get a bargain if the terms suit ok.
Other than that, I'm sure you can do contract purchase or even contract hire on used vehicles, but I would say stick to a new one so you're not forking out for maintenance all the time, just servicing
I think it's the sensible way to drive a new car these days.
Eric Mc said:
Don't forget the tax consequences of using your company to lease the car. The Benefit in Kind rules will apply and they tax arising is based on the list price of the car WHEN NEW and not on its current second hand value.
That's a good point that's been overlooked by the OP. Why would you want a used car anyway?The other alternative is to get a 1961 E Type (List price new is a couple of grand
)KingRichard said:
The other alternative is to get a 1961 E Type (List price new is a couple of grand )
In the case of the E Type, the benefit would be calculated based on the market value and not the list price as it is charged under rules for classic cars.)Edited by 944gav on Tuesday 26th February 22:47
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