cheap lease versus cheap used car dilemma
Discussion
so this weeks dilemma is:
should I buy a cheap used car - say less than £1k to mainly use over the winter or take up the cheap lease I have been offered, costing £1900 per year, but including insurance and maintenance.
the lease in question is a VW up!,
browsing the local classifieds my used car options include 10 -12 year old seicentos and pumas. (my criteria being FWD or AWD, reasonably economical, 4 seats(back ones for occasion use from kids) and a bit of fun)
I haven't driven an up, but have been out in a seat mii, which I assume is identical to drive and it was not bad at all, smooth, quiet and comfortable, but I am not sure I would want to pay for one for 3 years (£5700) and have nothing left to show for it
In terms of the used motors, the overall cost including insurance would be up to £1200, for the year, plus any bits and bobs that need doing, however gives me the flexibility of selling on a recouping some of my capital, and getting something else or just reverting 100% to my morgan next spring.
Any perspective to help me out with this
should I buy a cheap used car - say less than £1k to mainly use over the winter or take up the cheap lease I have been offered, costing £1900 per year, but including insurance and maintenance.
the lease in question is a VW up!,
browsing the local classifieds my used car options include 10 -12 year old seicentos and pumas. (my criteria being FWD or AWD, reasonably economical, 4 seats(back ones for occasion use from kids) and a bit of fun)
I haven't driven an up, but have been out in a seat mii, which I assume is identical to drive and it was not bad at all, smooth, quiet and comfortable, but I am not sure I would want to pay for one for 3 years (£5700) and have nothing left to show for it
In terms of the used motors, the overall cost including insurance would be up to £1200, for the year, plus any bits and bobs that need doing, however gives me the flexibility of selling on a recouping some of my capital, and getting something else or just reverting 100% to my morgan next spring.
Any perspective to help me out with this
How handy are you with the spanners? If you're looking at used cars of that age then you have to assume that something will need repaired - can you afford for the car to be off the road for any length of time or are you fairly useful with the spanners that you can get stuck in or have a very helpful local indy to call on? If you're not happy with taking risks then probably better looking for a cheap lease and there's nothing wrong with the Up! for your circumstances by the sounds of it. On the other hand, have you been reading up on the various bangernomics threads on PH? Seems to be some hidden gems out there for the brave or mechanically astute!
bobby_vimto said:
How handy are you with the spanners? If you're looking at used cars of that age then you have to assume that something will need repaired - can you afford for the car to be off the road for any length of time or are you fairly useful with the spanners that you can get stuck in or have a very helpful local indy to call on? If you're not happy with taking risks then probably better looking for a cheap lease and there's nothing wrong with the Up! for your circumstances by the sounds of it. On the other hand, have you been reading up on the various bangernomics threads on PH? Seems to be some hidden gems out there for the brave or mechanically astute!
I am not averse to getting my fingers dirty - my main car is a 24 year old morgan! I am fairly comfortable with basic tinkering and have a couple of local mechanics that I use when the job requires a tool I haven't got.
I would still have my morgan available if needed, plus we have a jeep, so if something took a few days to mend it would not be a problem,
oldcynic said:
£1900 PA including insurance & maintenance? What mileage allowance, and does that include VAT? Doesn't sound like a bad deal on the face of it. I can easily spend £1000 just on insurance and maintenance
Yes it does seem like a fair deal, thats for 12k miles, and is the bottom line on a salary sacrifice deal from my employer, also if I sign up quick they will chuck in an ipad3Personally I'd go for the lease, I was in a similar position when my last car died and ended up leasing a new MX-5 and actually wish I'd done it earlier, when you come from running an older car as a daily driver that seemed to have something go wrong with it most months to a car that you just need to put fuel in is great!
bobby_vimto said:
How handy are you with the spanners? If you're looking at used cars of that age then you have to assume that something will need repaired - can you afford for the car to be off the road for any length of time or are you fairly useful with the spanners that you can get stuck in or have a very helpful local indy to call on? If you're not happy with taking risks then probably better looking for a cheap lease and there's nothing wrong with the Up! for your circumstances by the sounds of it. On the other hand, have you been reading up on the various bangernomics threads on PH? Seems to be some hidden gems out there for the brave or mechanically astute!
Why?I've bought old x reg saab 9-5's for £700 , now got a y reg diesel c5 for £500 all of them went thru the mot's with no advisories and all i spend on them was changing fluids/filters.
If your going 2nd hand, don't be as picky with your choice, buy something with a good service history , not a stamped service book but actual bills from garages.
I faced thhis dilemma too and now have this.....
£148 per month including vat on a 3 year contract with a 12k mileage allowance. Does close to 60mpg and free road tax. Very much a white good, but serves it purpose very well. Doesn't work out cheaper than buying outright, but I don't have time or patience to be arsing about under cars in the cold and wet, so don't mind paying slightly more for the peace of mind of a new car.
That is the "top spec" model, you can get lower spec ones for around £125-£130 per month and less again if you have a lower mileage limit.
£148 per month including vat on a 3 year contract with a 12k mileage allowance. Does close to 60mpg and free road tax. Very much a white good, but serves it purpose very well. Doesn't work out cheaper than buying outright, but I don't have time or patience to be arsing about under cars in the cold and wet, so don't mind paying slightly more for the peace of mind of a new car.
That is the "top spec" model, you can get lower spec ones for around £125-£130 per month and less again if you have a lower mileage limit.
The issue with a cheap used car is one big repair bill or failure and your savings over the lease vanish. Can you get to work without your car? Can your work cope with you ringing in to say you won't be in as you are fixing your car? The lease means your car will be new and should only cost your lease amount a month except tyres.
Rickyy said:
I faced thhis dilemma too and now have this.....
£148 per month including vat on a 3 year contract with a 12k mileage allowance. Does close to 60mpg and free road tax. Very much a white good, but serves it purpose very well. Doesn't work out cheaper than buying outright, but I don't have time or patience to be arsing about under cars in the cold and wet, so don't mind paying slightly more for the peace of mind of a new car.
That is the "top spec" model, you can get lower spec ones for around £125-£130 per month and less again if you have a lower mileage limit.
This feels wrong, but that C1 looks quite tidy£148 per month including vat on a 3 year contract with a 12k mileage allowance. Does close to 60mpg and free road tax. Very much a white good, but serves it purpose very well. Doesn't work out cheaper than buying outright, but I don't have time or patience to be arsing about under cars in the cold and wet, so don't mind paying slightly more for the peace of mind of a new car.
That is the "top spec" model, you can get lower spec ones for around £125-£130 per month and less again if you have a lower mileage limit.
I think common sense suggests I should go with the lease, and even if it is dull I still have my sports car for kicks and nice weather
Thanks for the thoughts chaps
Engineer1 said:
The issue with a cheap used car is one big repair bill or failure and your savings over the lease vanish. Can you get to work without your car? Can your work cope with you ringing in to say you won't be in as you are fixing your car? The lease means your car will be new and should only cost your lease amount a month except tyres.
If it breaks down your going to be late for regardless of new or old car.If a big repair bill comes in then you just scrap the car and buy another, for maybe what you'd be paying for 3 months lease.
Gassing Station | General Gassing | Top of Page | What's New | My Stuff