Idiot Leasing Questions

[Sterillium]

For the TLDR version skip to italics at the bottom...

I've been reading lots of old threads and various internet articles about leasing - it's not something I have ever done. And I know this has been asked before but I still have no "real life" experience of it and haven't found up to date answers via searching, so here I am, again, asking what is very likely the same old stupid questions...

So I was wondering about leasing a car, especially as I could go for a low mileage allowance and a maintenance package, which would be very fitting for a weekend toy kind of car. The best I have found is a Nissan 370Z for around £350/month with maintenance. Now I love a Z car, but with a list price of around £30,000 I can't help thinking that at this price point I'd much prefer a low mileage, used XKR for the same weekend toy kind of purpose... or does it not work like this?


I just can't seem to find anywhere that leases used "fun" cars on similar terms to the many new "boring" cars available to lease.

[Truckosaurus]

As you've found, leasing for used vehicles doesn't seem to exist.

[anonymous-user]

Doesn’t make sense to lease something used, when you consider the overheads a company could never be competitive on cost with a personal loan.

Used PCP has got that sector stitched up and it’s generally expensive too.

It’s not like they can go to a central point and haggle for a big discount on thirty used (insert car of choice) to get some margin.

[ElectricPics]

Truckosaurus said:

As you've found, leasing for used vehicles doesn't seem to exist.

Largely down to substantial discounts offered to leasing companies and new cars are VAT-qualifying so the leasing company can reclaim all of it, and a VAT registered hirer can reclaim all or half of the VAT on the rentals depending on any private use.

[nikaiyo2]

You can get PCP on used cars, via finance companies direct, I think Santander and Aviva do it for much more sensible rates than car dealers.

[Sterillium]

Thanks for the info - I guess I had assumed it probably did exist but I was too stupid to find it...

nikaiyo2 said:

You can get PCP on used cars, via finance companies direct, I think Santander and Aviva do it for much more sensible rates than car dealers.

What differentiates PCP from leasing?

[Dr Jekyll]

Sterillium said:

What differentiates PCP from leasing?

PCP gives you an option for buying the vehicle at the end for a previously agreed price, so if you've done lower mileage than expected you don't necessarily lose out. Leasing may occasionally give you the option but it's the exception and you don't know the price in advance.

[Sterillium]

Dr Jekyll said:

Sterillium said:

What differentiates PCP from leasing?

PCP gives you an option for buying the vehicle at the end for a previously agreed price, so if you've done lower mileage than expected you don't necessarily lose out. Leasing may occasionally give you the option but it's the exception and you don't know the price in advance.

That's interesting, thank you - I had somehow assumed they were the same thing.