Best Lease Car Deals Available? (Vol 6)

Best Lease Car Deals Available? (Vol 6)

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Gdcuk

46 posts

92 months

Tuesday 24th July 2018
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theoriginalpaul said:
Newc said:
Total deal cost as a percentage of cost to you to buy it in cash at the dealer:
under 20% = either an Awesome Deal, or a 'mistake' which ends in you being spammed by the dealer till the end of time
20% to 25% = Pretty Good Deal, and where you're most likely to end up if you follow Lease Deals Rule 3
25% to 30% = OKish Deal
over 30% = Poor Deal. Check for a sign outside the dealer saying "We saw you coming".


16. Can I buy the car at the end of a lease deal ?
In general no. Due to one of the oddities of UK law, the person who leases a car may not buy it at the end of the term. A relative is allowed to buy it though and most lease companies will offer this option at the end of the lease.
Very good... witty and informative.
Couple of questions though:

- regarding the benchmark of what makes the deal awesome or not... don't you need a term & mileage benchmark to use as the standard? Otherwise there are just too many variables to make a meaningful judgement
- what's this about not being able to buy the car? I've only had 1 PCH deal - a Volvo XC90 which we just bought at the end of the 3 years. There was no mention of any legal issue.
I believe the benchmark is normally 2 years, 10k

PHuzzy

2,747 posts

174 months

Tuesday 24th July 2018
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No. 6 is incorrect, the full lease cost will show up on your credit report as outstanding.

JaredVannett

1,562 posts

145 months

Tuesday 24th July 2018
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Newc said:
I had a first go at a pinned FAQ:
Well done that man! beer


theoriginalpaul said:
Very good... witty and informative.
Couple of questions though:

- regarding the benchmark of what makes the deal awesome or not... don't you need a term & mileage benchmark to use as the standard? Otherwise there are just too many variables to make a meaningful judgement
As above, most on here prefer 24 month term with 10k mi /pa.

Take the thresholds as a rough guideline, suppose the deal on the car you want turns out to be 2% out of the 'Awesome Deal' bracket, hardly worth turning down if you like the car/package enough.

A good point was made earlier about how the thresholds can vary depending if you quote the RRP or the discounted market price.

It isn't perfect, but better than nothing smile

TomScrut

2,547 posts

90 months

Tuesday 24th July 2018
quotequote all
JaredVannett said:
Newc said:
I had a first go at a pinned FAQ:
Well done that man! beer


theoriginalpaul said:
Very good... witty and informative.
Couple of questions though:

- regarding the benchmark of what makes the deal awesome or not... don't you need a term & mileage benchmark to use as the standard? Otherwise there are just too many variables to make a meaningful judgement
As above, most on here prefer 24 month term with 10k mi /pa.

Take the thresholds as a rough guideline, suppose the deal on the car you want turns out to be 2% out of the 'Awesome Deal' bracket, hardly worth turning down if you like the car/package enough.

A good point was made earlier about how the thresholds can vary depending if you quote the RRP or the discounted market price.

It isn't perfect, but better than nothing smile
Also maybe worth mentioning the percentage is a rough yard stick but the real test once you are interested enough is whether or not you think it's less than depreciation and other costs associated with owning such as VED.

Also might be worth putting the caveat in the FAQ that in general VED is paid but in some cases they are sneaking year 2 etc as not included anymore.

Also probably worth a mention as to the cost of options on a lease.

But the FAQ is good and well done to Newc for doing it.

theoriginalpaul

197 posts

72 months

Tuesday 24th July 2018
quotequote all
JaredVannett said:
Newc said:
I had a first go at a pinned FAQ:
Well done that man! beer


theoriginalpaul said:
Very good... witty and informative.
Couple of questions though:

- regarding the benchmark of what makes the deal awesome or not... don't you need a term & mileage benchmark to use as the standard? Otherwise there are just too many variables to make a meaningful judgement
As above, most on here prefer 24 month term with 10k mi /pa.

Take the thresholds as a rough guideline, suppose the deal on the car you want turns out to be 2% out of the 'Awesome Deal' bracket, hardly worth turning down if you like the car/package enough.

A good point was made earlier about how the thresholds can vary depending if you quote the RRP or the discounted market price.

It isn't perfect, but better than nothing smile
Cheers for the advice and I agree, I think it's really useful, especially for a relative PCH novice like me (most of my cars in last 15 years have been company cars)

tredman

30 posts

71 months

Tuesday 24th July 2018
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Newc said:
I had a first go at a pinned FAQ:


FAQs for this thread. If you are new to the thread, the topic, or the site, please read through this first before posting questions. The FAQs talk about dealers; this is a general term to include actual dealers, brokers, and manufacturers. Leasing here means Personal Contract Hire for individuals or Business Contract Hire for companies.

1. The first rule of lease deal club is that we definitely talk about lease deals. This includes helping others to achieve the same deal. If you are going to post information about a deal, please include a link to it. This will also save you a flurry of requests to post a link when you FTQ on an Aventador for £300 a month.

2. Which is better, PCP or Leasing ?
2a. Leasing is better than PCP because the overall cost is less. This is the total cost, calculated from when you sign on the dotted line to when you hand back the keys, and includes all contractual items such as servicing, repairs, and VED.
2b. PCP is better than leasing because the overall cost is less. This is the total cost, calculated from when you sign on the dotted line to when you hand back the keys, and includes all contractual items such as servicing, repairs, and VED.
2c. There is no right answer. Every deal is different and everybody's circumstances are different. Manufacturers and dealers add incentives to reflect what they want to sell more or less of at any time. The only answer to this question is to calculate the all-in costs (see Amortising below) of a deal and decide if it is cost-effective for you.

3. Doesn't help. Should I get a PCP or a Lease ?
See 2c again. But, possibly the Golden Rule for the Lease Win is this: you get the best deals by not caring. If you will only consider a Lexus in dark blue with cream extended leather, then you will be getting a PCP and should brace yourself for the finance charges. Meanwhile the Lease Winner sees a deal for a police fleet spec Volvo hybrid in flat bronze with orange interior and says 'yes, I can do that, because ultimately what I need is a 4 door daily hack, not an expression of my inner being and self worth". Just occasionally, a manufacturer wants shot of a set of cars quickly and so rather than discounting them on the forecourt will offer them out to lease at very low rates. This is how our Lease Winner turns into a Lease Superhero and is tooling around in a Golf R for £199 a month. They were not looking for a Golf, they were looking for a mid size hatch, happened to see a link to a Golf deal in this thread, and FTQ because they Didn't Care.

4. Where can I get a Golf R for £199 month ?
At any VW dealer that is offering deals for a Golf R for 199 a month.

5. My mate says that leases are only for people who can't really afford the car, and that leasing a brand new car to my spec with a warranty in no way replaces the pride of ownership of having a leggy 10 year old 4x4 on the drive, even though it's a bit iffy to start on a cold morning and I absolutely need a reliable car to get to work. He says I'll be paying all this money out and have nothing to show for it at the end because the car is never mine.
You need some new mates.

6. What about my credit score ?
You will have a credit check for both a lease or a PCP. Because a lease is an extended rental, not a loan, your credit history will not show an outstanding credit balance. A PCP includes a loan amount and so shows up as a credit balance.

7. Can I pay a BMW business lease from my personal account thus avoiding the BIK associated tax ?
What do you think ?

8. What's this Amortised cost I keep seeing ?
Dealers will advertise a deal as £99!!! a month. Ignore this. You need to consider the total cost of the lease, which will include the initial payment (could be equivalent to up to 9 months), all the actual monthlies including any surcharge for options, any required servicing, any VED. Add all this up. Divide by your total lease term (ie 24 months). This gives you the amortised monthly cost of your lease and is the only figure you should use to compare deals. For example, if you take the 99/month deal and it's 9+23, plus a service and two VED (say 500 all in), plus an ICE upgrade for £1k, your amortised cost is 99 * (9 +23) + 500 + 1000, all divided by 24. That's £195 a month, which is your actual cost. If you are doing a comparison to a PCP deal you must include all the finance charges and interest in your PCP amortisation to have an accurate result.

9. Do I get the initial deposit back ?
No. It's not really a deposit, it's just an initial payment. Most firms will quote for lower or higher (between 1 and 9 months usually) initial payments if you ask. See the Amortising question. Also be aware that if you pay a 9 month initial payment, collect the car and roll it into a tree on the way home, you will have to make another initial payment for a replacement car. There are no refunds. You can consider GAP insurance to cover this problem, or only sign a deal with a low initial payment.

10. Do I need GAP insurance ?
You might want to think about a short term GAP policy if you are signing a deal with a large initial payment.

11. Can I spec options on a lease car ?
Yes you can if you are getting it built to order. The very cheapest deals are usually - but not always - for stock cars. But many deals come from factories wanting to keep production running in periods of low demand, so you end up getting a good deal on a car to your spec. The catch is that options are usually fully charged over the lease period, which can really sting. For example, if you have a standard spec car on a 24 month lease, but add say bluetooth and bigger wheels and extra leather and better hifi for a total cost of £2k, your monthly cost will go up by £2k/24 = £83. This is mostly extra profit for the dealer as the options are rarely completely worthless in the second hand market. For this reason it can be cheaper to lease a higher spec car with no options than the base model with bits added on.

12. I saw an offer on a C63 for £399 a month but when I phoned them up they quoted £999 month because the one car had been sold. Are they just phishing for my details ?
Yes. If it seems too good to be true it is. The Pistonheads rule of thumb for pricing is

Total deal cost as a percentage of cost to you to buy it in cash at the dealer:
under 20% = either an Awesome Deal, or a 'mistake' which ends in you being spammed by the dealer till the end of time
20% to 25% = Pretty Good Deal, and where you're most likely to end up if you follow Lease Deals Rule 3
25% to 30% = OKish Deal
over 30% = Poor Deal. Check for a sign outside the dealer saying "We saw you coming".

14. Do I have to get it serviced ?
This will be specified in the contract, and you need to follow what it says or you can be surcharged at the end of the lease. The contract may require you to take the car to a main dealer for servicing. The exemption rules do not apply here because it is not your car.

15. What will I be charged if I have smashed every panel of the car and kerbed all the wheels ?
You will be billed for any significant damage. You may well get away with a couple of parking scratches and a scraped wheel. All reputable dealers follow a code of conduct on pricing for damage which is publicly available. Anecdotally, damage charges seem to be lower than you might expect and lower than it would cost you to have them fixed yourself at a proper facility.

16. Can I buy the car at the end of a lease deal ?
In general no. Due to one of the oddities of UK law, the person who leases a car may not buy it at the end of the term. A relative is allowed to buy it though and most lease companies will offer this option at the end of the lease.

17. Can I get a lease on a second hand car ?
Technically yes, but this is not a well developed market in the UK and PCP or bank loan is by far the more common route to finance used cars.

18. Who is on the paperwork ?
The lease company is on the V5. All the bureaucracy you are likely to bump into - insurance companies, police checks, residents' parking - are familiar with the concept of leasing and the owner and driver being different. If you do get a traffic or parking ticket it will go to the lease company not you, and they will usually charge you an admin fee to pass it on. Equally, the lease firm will usually sort out and pay for the VED.

19. Can I put my private plate on a lease car ?
Yes, though you will usually be charged an admin fee by the lease firm, and it is up to you to transfer the plate back before the end of the lease.

20. What is FTQ ?
FTQ stands for 'pulling the trigger', via Fisting The Quiche. Shorthand for 'I have decided to go ahead and sign the deal'. It's a long and winding in-joke, originally from the Watches forum.
Brilliant work!

loofer

464 posts

71 months

Tuesday 24th July 2018
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TomScrut said:
Also might be worth putting the caveat in the FAQ that in general VED is paid but in some cases they are sneaking year 2 etc as not included anymore.

.
So I mentioed this to the VW sales guy last week. He found it odd as for a lease the V5 would be on the funder's name so they would be liable. Could end up with their asset being crushed if not taxed

foreverfalling

527 posts

167 months

Tuesday 24th July 2018
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Gutted - my car was keyed 2 days before the inspection to go back...

Keying cars is such an annoying thing!! GRRR

fxheemr

2 posts

71 months

Tuesday 24th July 2018
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If anyone is looking for a 430d: https://www.carsave.co.uk/personal-lease-cars/bmw/...

£242 p/m, with £2172 deposit. I haven’t seen a better deal out there yet. Plus in stock for immediate delivery.

Would go for it but the insurance frown maybe for some of you older lads eh

foreverfalling

527 posts

167 months

Tuesday 24th July 2018
quotequote all
fxheemr said:
If anyone is looking for a 430d: https://www.carsave.co.uk/personal-lease-cars/bmw/...

£242 p/m, with £2172 deposit. I haven’t seen a better deal out there yet. Plus in stock for immediate delivery.

Would go for it but the insurance frown maybe for some of you older lads eh
If I wasn't getting my S4 next week I'd be all over this. Great deal

numtumfutunch

4,754 posts

140 months

Tuesday 24th July 2018
quotequote all
foreverfalling said:
fxheemr said:
If anyone is looking for a 430d: https://www.carsave.co.uk/personal-lease-cars/bmw/...

£242 p/m, with £2172 deposit. I haven’t seen a better deal out there yet. Plus in stock for immediate delivery.

Would go for it but the insurance frown maybe for some of you older lads eh
If I wasn't getting my S4 next week I'd be all over this. Great deal
If its real.......

My 'bargain' 335d from the good old days of 2016 cost more than this - good luck!

Aeschylus

62 posts

71 months

Tuesday 24th July 2018
quotequote all
Jaykay69 said:
Hi guys,

Great forum. I have very limited car knowledge but the Mrs wants to upgrade to a SUV since the arrival of our baby boy (and I’m being told she wants more!)

Not after anything too flashy. Going to spend the weekend checking out a few car showrooms. Torn between a medium sized SUV and some of the smaller ones on the market (but then concerned over space if the family grows).

Tempted by the Santander XC60 deal. Is there anything better out there for this car or any of the following: Seat Ateca, VW Tiguan, Discovery Sport? I’ve already done some research but thought I’d check to see if anyone has seen a cracking deal recently.

Any thoughts on the Arona and T Roc? Look great but maybe a little small for a family?

Any help is greatly appreciated.

Cheers,

John
I would go Skoda karoq

Jaykay69

4 posts

71 months

Tuesday 24th July 2018
quotequote all
Aeschylus said:
I would go Skoda karoq
Thanks mate. Great looking car to be fair.

Any good deals for this model or the others I listed?

We currently have a 3dr fiesta...lease ends in October but looking to upgrade ASAP...3dr is a nightmare with a baby!

va1o

16,034 posts

209 months

Tuesday 24th July 2018
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430d looks worth a try, anyone know the spec of the stock cars?

john_p

7,073 posts

252 months

Tuesday 24th July 2018
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I got fed up of the CH&L search 'feature' that shows you the total number of searches, so I added a button to semi-automatically select the lowest possible price bracket that has 'deals' for the search you've input.



Haven't done much testing but if it's useful I can finish it off and actually run each time you change search values. Should work in all browsers.

Install Tampermonkey, copy + paste the code into the "New userscript" window, and you should see a new button appear whenever you're on the search page.

The code is here:
https://gist.github.com/jdp80/32a3297b0e4f68e1eef3...

Funk

26,350 posts

211 months

Tuesday 24th July 2018
quotequote all
Soprendo said:
Electronicpants said:
Doesn't look too appealing to me, the examples given are 6+12 deals at around £250 a month = £4500 for a year, on a used vehicle. You could probably lease new for less.
I'm glad it wasn't just me thinking that looks like pretty poor value.

tredman said:
Newc said:
I had a first go at a pinned FAQ:

20. What is FTQ ?
FTQ stands for 'pulling the trigger', via Fisting The Quiche. Shorthand for 'I have decided to go ahead and sign the deal'. It's a long and winding in-joke, originally from the Watches forum.
Brilliant work!
It is brilliant, although I thought we 'fisted the kumquat' here on the leasing thread...?

loofer said:
Robk999 said:
I got this from Arval when my car went back:



In the end they didn't charge me anything despite some fairly large scuffs and scratches.
Thanks, that's really competitive. With the bodyshop comparative, it's like they want you to hand it back with scuffs etc and apply their charges - but in your case they didn't
Did they send you that before collection?
I would imagine they tot up their charges at £60 here, £100 there and £80 a wheel then invoice you. I would imagine they then do NOTHING to the car other than punt it through the auction as-is and scoop a tidy £250-300 profit, so it's in their interests that you don't repair it...

If the damage is severe then they'd probably sort it but still come out up overall across all the vehicles.

Edited by Funk on Tuesday 24th July 23:46

Davey Blueeyes

143 posts

104 months

Wednesday 25th July 2018
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Am I missing something or does this look a cracker for a Volvo S90?

Volvo S90 2.0 D5 PowerPulse Inscription 4dr AWD Geartronic
Standard colour
3+23
10K miles
£962.03 initial
£320.68 per month (inc VAT)
£144.99 fee

Total of £8482.66 for your two years or 18.7% of list price?

https://www.jetvehiclefinance.co.uk/Search/12764/V...

TomScrut

2,547 posts

90 months

Wednesday 25th July 2018
quotequote all
loofer said:
TomScrut said:
Also might be worth putting the caveat in the FAQ that in general VED is paid but in some cases they are sneaking year 2 etc as not included anymore.

.
So I mentioed this to the VW sales guy last week. He found it odd as for a lease the V5 would be on the funder's name so they would be liable. Could end up with their asset being crushed if not taxed
I assumed they pay it and then take the money via DD rather than leaving it for the leasee to organise

Noz85

96 posts

111 months

Wednesday 25th July 2018
quotequote all
Jaykay69 said:
Aeschylus said:
I would go Skoda karoq
Thanks mate. Great looking car to be fair.

Any good deals for this model or the others I listed?

We currently have a 3dr fiesta...lease ends in October but looking to upgrade ASAP...3dr is a nightmare with a baby!
I'd probably second that. Without wanting to sound like a stuck record since the vol ume 6 thread started. The two SUV deals I'm considering at the moment are

Skoda Karoq 1.6 TDI DSG SE Tech
3+23
10k pa
£225.35 inc VAT
no fee
That's via Graham Marfleet at Hub Leasing

And the other I am considering is..
Peugeot 3008 1.5 HDI Allure Manual
3+23
10k pa
£238 inc VAT
£299 fee
Found on contract hire and leasing.

Currently trying to find someone who will beat this price and arrange a test drive.

I haven't entertained any of the 1.0/1.2 litre petrol engined SUVs as I just can't see them being up to the job. We once had a 1.0 Fiat 500 and that wasn't even capable of shifting itself so I don't see how an engine of that size works in a larger family car. The fuel economy surely would be horrific as you'd be forever planting your right foot?

Alucidnation

16,810 posts

172 months

Wednesday 25th July 2018
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Someone we know has a dsg yeti with the 1.2 petrol and it is very surprising at how quiet and reasonably swift it is.

Not sure about an 1.0 stuff though as I guess most of them are 3 cylinder?

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