Reasonable Lease deal comparative to Salary
Discussion
Ok to keep it quick.
I receive a pay rise to £21k as a Masters graduate of architecture around May this year.
I have been with this company close on 2 years at £17k pro rata to just a few days a week.
Would lease companies deem me a good candidate for personal lease, say for example on a 6+23 @ £400 a month including VAT?
I still live at home so pay no rent and total outgoings of around £150 a month. Credit rating is considered Excellent by both Equifax and Experian.
I just want a break from ownership until i hit 25 and big engines are more accessible from an insurance point of view.
I am 23..
Cheer.
I receive a pay rise to £21k as a Masters graduate of architecture around May this year.
I have been with this company close on 2 years at £17k pro rata to just a few days a week.
Would lease companies deem me a good candidate for personal lease, say for example on a 6+23 @ £400 a month including VAT?
I still live at home so pay no rent and total outgoings of around £150 a month. Credit rating is considered Excellent by both Equifax and Experian.
I just want a break from ownership until i hit 25 and big engines are more accessible from an insurance point of view.
I am 23..
Cheer.
Liquid Tuna said:
OH MY! 
If the monthly payments work then the money isn't a barrier.
At 23 I'd be more concerned about being tied into a contract - you don't pay rent now, but what if you want some independence and your own place in a year or so? 2 years isn't a massive commitment but it's a bind if you're stuck somewhere you suddenly don't want to be.
At 23 I'd be more concerned about being tied into a contract - you don't pay rent now, but what if you want some independence and your own place in a year or so? 2 years isn't a massive commitment but it's a bind if you're stuck somewhere you suddenly don't want to be.
Thats why i only want it over 2 years. I'd consider moving out after a couple of years which would enable me to gain my full Architects qualification which ought to allow for a car lease and rent/mortgage.
Im just thinking of these next 2 years for now.. Says someone who usually keeps a car 9 months then gets bored!
HAHA
Im just thinking of these next 2 years for now.. Says someone who usually keeps a car 9 months then gets bored!
HAHA
bimmer528 said:
Says someone who usually keeps a car 9 months then gets bored!
HAHA
That's one reason I avoid monthly payments now - I've bought a couple of bikes on loans or finance in the past and then wanted to change a year in. A loan is easier to deal with, but higher payments in most cases. I think it's highly unlikely I'll ever keep a car much beyond a year and a half (too many cars to drive, too little time, no lottery win yet).HAHA
Urban Sports said:
Liquid Tuna said:
Urban Sports said:
Liquid Tuna said:
That's £12,000 in 2 years? Why not keep whatever you have, save the £12k and buy some awesome 12 grand barge outright in 2 years??
Because that wasn't what he was asking about, Jesus wept 
I thought it was obligatory on PH to suggest the almost total opposite of what anyone asks for? 300bhp will be along in a minute with a list of mostly hideous American cars that can be bought for £12k, you wait and see
Liquid Tuna said:
Urban Sports said:
Liquid Tuna said:
Urban Sports said:
Liquid Tuna said:
That's £12,000 in 2 years? Why not keep whatever you have, save the £12k and buy some awesome 12 grand barge outright in 2 years??
Because that wasn't what he was asking about, Jesus wept I thought it was obligatory on PH to suggest the almost total opposite of what anyone asks for? 300bhp will be along in a minute with a list of mostly hideous American cars that can be bought for £12k, you wait and see
If I was you I'd keep an eye on the lease companies as every few weeks there seem to be incredible deals that are available for literally a day or two.
I just leased a brand new X6 for March delivery @ 400 pcm inc vat. I knew I wanted a new 4x4 but didn't really care which one so just waited for a stonker of a deal to pop up.
I'd suggest you do the same to get more bang for your buck.
I just leased a brand new X6 for March delivery @ 400 pcm inc vat. I knew I wanted a new 4x4 but didn't really care which one so just waited for a stonker of a deal to pop up.
I'd suggest you do the same to get more bang for your buck.
Liquid Tuna said:
Excellent!! Although my post directly after I suggested he buy a 12 grand barge kinda says it was a bit tongue in cheek
I thought it was obligatory on PH to suggest the almost total opposite of what anyone asks for? 300bhp will be along in a minute with a list of mostly hideous American cars that can be bought for £12k, you wait and see
I thought it was obligatory on PH to suggest the almost total opposite of what anyone asks for? 300bhp will be along in a minute with a list of mostly hideous American cars that can be bought for £12k, you wait and see
bimmer528 said:
I am currently not driving anything, just £4000 in the bank left from paying off credit cards after i sold my 300C
He's already been there... 
My worry is that you will tie your self into a deal for a car that you end up not enjoying.
£400 a month is quite alot. My car costs me that, fuel, servicing, insurance and tax averaged out over a year.
The only difference being, at the end of 3 years, i still own the car, where as you wont.
I know you will go and do it anyway, i did with my last car. I bought it when i was 20 (now 21) and wanted the most powerful car i could resonably insure for my age. I bought a supercharged v8 Jag, 15 months later i sold it. Whilst running it i simply wasnt saving enough to be able to build a house deposit.
Now im in a £1200 MR2, its not ideal, its slow but reliable.
Yet any money i save i seem to spunk on other stuff. May as well have kept the Jag! haha.
Have you considered a loan? A £300 per month load over 2 years will give you circa £6000 to spend on a car, assuming you do it sensibly you should still have a £5000 car to sell at the end of that period.
£400 a month is quite alot. My car costs me that, fuel, servicing, insurance and tax averaged out over a year.
The only difference being, at the end of 3 years, i still own the car, where as you wont.
I know you will go and do it anyway, i did with my last car. I bought it when i was 20 (now 21) and wanted the most powerful car i could resonably insure for my age. I bought a supercharged v8 Jag, 15 months later i sold it. Whilst running it i simply wasnt saving enough to be able to build a house deposit.
Now im in a £1200 MR2, its not ideal, its slow but reliable.
Yet any money i save i seem to spunk on other stuff. May as well have kept the Jag! haha.
Have you considered a loan? A £300 per month load over 2 years will give you circa £6000 to spend on a car, assuming you do it sensibly you should still have a £5000 car to sell at the end of that period.
bimmer528 said:
I am currently not driving anything, just £4000 in the bank left from paying off credit cards after i sold my 300C
So buy a car with your £4000 and top it up with a 2 year finance deal if needs be?Lease deals are great for people that they suit.
I don't know an awful lot about your circumstances, but paying nearly 30% of your income to rent a car for 2 years seems
And £150 a month? Seriously? Monks spend more than that.
What about fuel, tax, insurance, etc, etc?
You're 23 - if you're a petrolhead, spend your 4 grand on something fun and spend some of the £400 a month on opportunities to get laid as much as possible.
Save as much as you can whilst having fun for somewhere to live. Living with Ma and Pa at 30 is not cool.
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