Best lease car deals available?

[mikeN54]

There was a batch of Scirroco R's out for 129.99/m + VAT last week, 24 months / 10kpa. (£2k deposit). From Marcus at http://www.centralukvehicleleasing.co.uk/ in Telford. Contract was with VW finance.

He says there might be another batch in the next month or two.

We went for one for the missus, signed the order and got the finance approved and everything, but then all the Rising blue ones went that day (in 5 days) so we cancelled. Only black or viper green left, not for us.

For October delivery, so obviously pre-ordered cars in build.

Edited by mikeN54 on Thursday 3rd September 14:03

[mikeN54]

Vee said:

The reason the total cost of the deal is more than the cost of the option is because they split the cost over the number of months, but, the deposit is 3,6,9x the monthly payment so you pay more.

eg £360 option on a 9+35 deal means they you pay an extra £80 (£10 x 8 months).

No, that's not quite correct.

For example, A 9+35 deal is calculated out as 44 equal "payments". 9 to be paid in month 1 followed by 35 more starting in month 2 = 44 equal parts.

So option prices are divided by 44 in this case. (I've optioned up lease cars in quotes dozens of times). The reason it costs more is because you are financing the option over the period so there is additional interest to pay, all fed into the calculation.

As there is no residual benefit given to lease options (although the used price to the lease firm will benefit from some options) you generally pay 100% + interest for all options.

If they try to charge you £80 over for a £360 option they are taking the piss! query it. (note most price-list options prices are + VAT too)


REMEMBER - The higher your month 1 multiple then the LOWER the total cost will be because the interest is less. This is because by month 2 you owe less if you pay more in month 1 (if that makes sense). That's why its always cheaper overall to pay as much up front as possible.

We go for 12+X or more

Edited by mikeN54 on Thursday 3rd September 13:51

[xandir]

mikeN54 said:

No, that's not quite correct.

For example, A 9+35 deal is calculated out as 44 equal "payments". 9 to be paid in month 1 followed by 35 more starting in month 2 = 44 equal parts.

So option prices are divided by 44 in this case. (I've optioned up lease cars in quotes dozens of times). The reason it costs more is because you are financing the option over the period so there is additional interest to pay, all fed into the calculation.

As there is no residual benefit given to lease options (although the used price to the lease firm will benefit from some options) you generally pay 100% + interest for all options.

If they try to charge you £80 over for a £360 option they are taking the piss! query it.


REMEMBER - The higher your month 1 multiple then the LOWER the total cost will be because the interest is less. This is because by month 2 you owe less if you pay more in month 1 (if that makes sense). That's why its always cheaper overall to pay as much up front as possible.

We go for 12+X or more

Edited by mikeN54 on Thursday 3rd September 13:46

Nice explanation. That makes a lot of sense. Thanks

[mikeN54]

Also... FWIW...

Golf R 5dr manuals still available for £203/m + VAT at http://www.centralukvehicleleasing.co.uk/ (only this model left on the cheap deals).

Also

EWFS quoted me £600 INC VAT on 9+35 for an M5 (yes M5) with the 20" wheels (2.5k option) They are consistently the cheapest for BMWs and will always beat anyone else.

Speak to Colin Gourley there (0131 467 8805) for a deal, he will beat their listed web offers over the phone.

An M5 is top of my "lease bargain list" for when the leased E63 AMG goes back at Xmas...just have to see if goes up or down come Q3 on 1st October...

Edited by mikeN54 on Thursday 3rd September 14:11

[tyranical]

Has anyone leased a car from www.smartlease.co.uk ?

Their Focus ST Diesel offers seem pretty good but can't find much mention of them on the net although I'm sure i've seen them mentioned in this thread a few times.

[Beefmeister]

sjg said:

Have noticed Simpsons are offering a deal on the TSI (petrol) Octavia VRS hatch too - http://www.simpsonsskoda.co.uk/new-car-offers/220v... - £1990 then 23x £225pm.

http://www.simpsonsskoda.co.uk/new-car-offers/220v...

I'm guessing it's a Skoda-backed thing so hopefully it'll make it to the other brokers soon, I'd happily pay a small premium to not be in a diesel!

The good thing about the Simpsons deals is that they're a dealer, so you could always trade in a car to offset the upfront cost.

I only say that as a lot of people go for a lease when they've got an old car.

[Emeye]

mikeN54 said:

No, that's not quite correct.

For example, A 9+35 deal is calculated out as 44 equal "payments". 9 to be paid in month 1 followed by 35 more starting in month 2 = 44 equal parts.

So option prices are divided by 44 in this case. (I've optioned up lease cars in quotes dozens of times). The reason it costs more is because you are financing the option over the period so there is additional interest to pay, all fed into the calculation.

As there is no residual benefit given to lease options (although the used price to the lease firm will benefit from some options) you generally pay 100% + interest for all options.

If they try to charge you £80 over for a £360 option they are taking the piss! query it. (note most price-list options prices are + VAT too)


REMEMBER - The higher your month 1 multiple then the LOWER the total cost will be because the interest is less. This is because by month 2 you owe less if you pay more in month 1 (if that makes sense). That's why its always cheaper overall to pay as much up front as possible.

We go for 12+X or more

Edited by mikeN54 on Thursday 3rd September 13:51

Following this thread, it seems that you are putting yourself at greater risk of losing a big chunk of money, if the car gets stolen or written off, by putting down such a large initial payment..

[irfan1712]

mikeN54 said:

Also... FWIW...


EWFS quoted me £600 INC VAT on 9+35 for an M5 (yes M5) with the 20" wheels (2.5k option) They are consistently the cheapest for BMWs and will always beat anyone else.

Speak to Colin Gourley there (0131 467 8805) for a deal, he will beat their listed web offers over the phone.

Edited by mikeN54 on Thursday 3rd September 14:11

That's is fantastic if so - looking on their website though cheapest I can see is £541+vat which is £650. Did you haggle about with them?

[Scubdup]

irfan1712 said:

Did you haggle about with them?

If I had to guess, I reckon he, you know, spoke to Colin Gourley there, possibly by calling 0131 467 8805. Probably asked him for a deal. And then he, you know, beat their listed web offers over the phone.

[Defcon5]

Scubdup said:

If I had to guess, I reckon he, you know, spoke to Colin Gourley there, possibly by calling 0131 467 8805. Probably asked him for a deal. And then he, you know, beat their listed web offers over the phone.

Not sure how you came to that conclusion tbh. Really jumping to conclusions there

[m3sye]

The 5dr Golf R's , is there no 3dr anywhere at all?

[btcc123]

xandir said:

mikeN54 said:

No, that's not quite correct.

For example, A 9+35 deal is calculated out as 44 equal "payments". 9 to be paid in month 1 followed by 35 more starting in month 2 = 44 equal parts.

So option prices are divided by 44 in this case. (I've optioned up lease cars in quotes dozens of times). The reason it costs more is because you are financing the option over the period so there is additional interest to pay, all fed into the calculation.

As there is no residual benefit given to lease options (although the used price to the lease firm will benefit from some options) you generally pay 100% + interest for all options.

If they try to charge you £80 over for a £360 option they are taking the piss! query it.


REMEMBER - The higher your month 1 multiple then the LOWER the total cost will be because the interest is less. This is because by month 2 you owe less if you pay more in month 1 (if that makes sense). That's why its always cheaper overall to pay as much up front as possible.

We go for 12+X or more

Edited by mikeN54 on Thursday 3rd September 13:46

Nice explanation. That makes a lot of sense. Thanks

Unless your car gets stolen or written off in a crash at the start of the contract then the contract is cancelled and you have lost the big chunk on cash in the first payment.I would not pay more than 6 months for the first payment,may be £100 more over the lease period but a lot less risky.

Edited to say that on a previous post someone said the same as me.

Edited by btcc123 on Thursday 3rd September 18:49

[skip_1]

Shambler said:

Scubdup said:

Skoda Octavia VRS Estate - 8000 miles per year, for 24 months with a deposit of £1,310.34 and 23 monthly payments of £218.3.

http://www.freedomcontracts.com/Skoda-Octavia-Esta...

Seems like a decent deal. Would anyone warn against/recommend something else?

Looking for a not-too-slow, not-too-ugly estate.

Currently got Vrs estate dsg. Its a really nice car to drive and decent performance, Mine has been faultless.

This may be cheaper?

http://www.gateway2lease.com/z_skoda_octaviaestate...

[ywouldi]

Citroen c1 for £32 a month! Surely some mistake!?

http://www.centralukvehicleleasing.co.uk/vehicle/c...

[CampDavid]

ywouldi said:

Citroen c1 for £32 a month! Surely some mistake!?

http://www.centralukvehicleleasing.co.uk/vehicle/c...

Nope, relatively chunky up front costs but a cheap car

[andy-ski]

With the initial payment and admin fee it's about £100 per month, so not really a mistake.

[Scubdup]

skip_1 said:

This may be cheaper?

http://www.gateway2lease.com/z_skoda_octaviaestate...

Thanks a lot, Skip - that does look like a better deal.

[RTaylor2208]

tyranical said:

Has anyone leased a car from www.smartlease.co.uk ?

Their Focus ST Diesel offers seem pretty good but can't find much mention of them on the net although I'm sure i've seen them mentioned in this thread a few times.

Yep I used them. They are just a broker, which deals with other brokers. Service was good although they basically pass you over to the main broker which in case was the Leden Group who supplied the car via Hitatchi Vehicle Solutions.

I have a Focus ST-2 TDCI as well on 3 + 23 @ 10K pa. The deal was £750 inc vat down and £250 inc vat per month. The mileage rates aren't great though at 13ppm for the first 10% over then 25ppm for everything over that again.

[irfan1712]

Defcon5 said:

Scubdup said:

If I had to guess, I reckon he, you know, spoke to Colin Gourley there, possibly by calling 0131 467 8805. Probably asked him for a deal. And then he, you know, beat their listed web offers over the phone.

Not sure how you came to that conclusion tbh. Really jumping to conclusions there

I clearly didn't read the original post properly what so ever haha... my bad.

[tyranical]

RTaylor2208 said:

tyranical said:

Has anyone leased a car from www.smartlease.co.uk ?

Their Focus ST Diesel offers seem pretty good but can't find much mention of them on the net although I'm sure i've seen them mentioned in this thread a few times.

Yep I used them. They are just a broker, which deals with other brokers. Service was good although they basically pass you over to the main broker which in case was the Leden Group who supplied the car via Hitatchi Vehicle Solutions.

I have a Focus ST-2 TDCI as well on 3 + 23 @ 10K pa. The deal was £750 inc vat down and £250 inc vat per month. The mileage rates aren't great though at 13ppm for the first 10% over then 25ppm for everything over that again.

That's interesting, I got quoted 6.9ppm for excess miles regardless of the amount by smart lease when I spoke to them yesterday