Leasing at 18: a ridiculous idea?
Discussion
Forgive me if I’ve gone bonkers and feel free to knock my head if everyone thinks this a ridiculous idea.
Me and my dad were discussing leasing options, and he doesn’t feel the need to change his car at the moment but frankly I am already bored of 50hp and am desperate for something quicker.
I currently don’t have a job at the moment due to being in sixth form but I will be going back to employment. I help my mum and dad out a lot and never treat myself to anything, everything I earned previously went straight back to my mum, this lockdown I have paid my mum (my parents split up and she earns nearly minimum wage) £500 (and rising) so far from cleaning out the house and trading on eBay and selling some of my possessions, I don’t really care for anything like really fancy clothes and I have gone past the collecting phase, I’m always looking for ways to improve my car (OEM+) but there isn’t really anything left to do to it that is cost effective and so I’ve been looking at something newer to get.
My dad is self employed and is currently running quite a few cars varying from a hot hatch to a 4x4 and so he doesn’t really see a point in a car unless it’s a daily, but as a registered company owner he is eligible for business leasing. Now can someone run me through - if me and my dad took out a car - and I got insured on it, would I be legally able to drive it?
This represents great value for money for me as if i went halves or even 75 25 with my dad for the car, I can run a really nice car most days, for a low price (provided I got a job which after my exams are over this week I will be searching for again) and still be able to afford the fuel and other costs involved while allowing my mum to live comfortably with extra income.
This is the first quote I got while bored. I haven’t discussed it with my parents yet.
Mercedes A180 AMG Line (Premium) 5dr Auto
Options:
Premium Pack £0.00
Cosmos Black (£595.00)
Initial rental: £3,000
Price: £266.32 x 36
An A35 could be had for not much more but the insurance is a pain.
The insurance is very reasonable indeed for this however: £1,650 on a school student, full licence holder, 1 yr driving 0 claims and convictions 0 points and no named drivers. The 59hp Polo costs £1350 i think, on the same conditions
If I went halves I could make that (£133.16) in under 2 weeks working 10 hours a week for £7.50. And my mum would be very pleased too as I will be able to buy her gifts and also allow her to treat herself and live more comfortably. And I’m a happy boy with a very nice car on the drive.
Now someone come along and please tell me I am stupid and I need a slap? Because at the end of the day I’m only 17 still and I still need adults to guide me on these things. I appreciate it might look a bit silly but it is tempting.
Me and my dad were discussing leasing options, and he doesn’t feel the need to change his car at the moment but frankly I am already bored of 50hp and am desperate for something quicker.
I currently don’t have a job at the moment due to being in sixth form but I will be going back to employment. I help my mum and dad out a lot and never treat myself to anything, everything I earned previously went straight back to my mum, this lockdown I have paid my mum (my parents split up and she earns nearly minimum wage) £500 (and rising) so far from cleaning out the house and trading on eBay and selling some of my possessions, I don’t really care for anything like really fancy clothes and I have gone past the collecting phase, I’m always looking for ways to improve my car (OEM+) but there isn’t really anything left to do to it that is cost effective and so I’ve been looking at something newer to get.
My dad is self employed and is currently running quite a few cars varying from a hot hatch to a 4x4 and so he doesn’t really see a point in a car unless it’s a daily, but as a registered company owner he is eligible for business leasing. Now can someone run me through - if me and my dad took out a car - and I got insured on it, would I be legally able to drive it?
This represents great value for money for me as if i went halves or even 75 25 with my dad for the car, I can run a really nice car most days, for a low price (provided I got a job which after my exams are over this week I will be searching for again) and still be able to afford the fuel and other costs involved while allowing my mum to live comfortably with extra income.
This is the first quote I got while bored. I haven’t discussed it with my parents yet.
Mercedes A180 AMG Line (Premium) 5dr Auto
Options:
Premium Pack £0.00
Cosmos Black (£595.00)
Initial rental: £3,000
Price: £266.32 x 36
An A35 could be had for not much more but the insurance is a pain.
The insurance is very reasonable indeed for this however: £1,650 on a school student, full licence holder, 1 yr driving 0 claims and convictions 0 points and no named drivers. The 59hp Polo costs £1350 i think, on the same conditions
If I went halves I could make that (£133.16) in under 2 weeks working 10 hours a week for £7.50. And my mum would be very pleased too as I will be able to buy her gifts and also allow her to treat herself and live more comfortably. And I’m a happy boy with a very nice car on the drive.
Now someone come along and please tell me I am stupid and I need a slap? Because at the end of the day I’m only 17 still and I still need adults to guide me on these things. I appreciate it might look a bit silly but it is tempting.
Edited by VS02 on Tuesday 16th June 00:28
aka_kerrly said:
Are there really companies who would let an unemployed or zero hours part timer 18year old sign up to £10k over 3years finance agreement?
Three years ago, a colleague leased a fancy merc (i have no idea what it was but it was nice ), and i worked out it was costing him £22k over 3 years. I went out an bought a high mileage 3.2 petrol V6 that cost me £525. Over 3 years it's cost me another £600 in repairs. My man maths at the time said "if I get six months out of this omega, if be happy "
Oh how we laughed when he recently had to return his lease car, and I had to order an exhaust costing £300.
Coming from someone who crashed a leased car at 20;
Don't think about whether you can afford to buy it, think about whether you can afford to crash it.
Having been there, I wouldn't do it again, or advise someone to do it. £200+ a month is a lot if you're earning minimum wage as well.
Edit to add; just seen that you'll be earning £75 a week soon, so you're happy working 2 weeks for free just to cover your car payment? Doesn't add up to me.
Don't think about whether you can afford to buy it, think about whether you can afford to crash it.
Having been there, I wouldn't do it again, or advise someone to do it. £200+ a month is a lot if you're earning minimum wage as well.
Edit to add; just seen that you'll be earning £75 a week soon, so you're happy working 2 weeks for free just to cover your car payment? Doesn't add up to me.
Edited by Steve91 on Tuesday 16th June 06:11
It is very commendable to help your mum out.
Committing to a 3yr lease with that level of expense, little income and the high possibilty of having an accident is bordering on madness. I for one would certainly not entertain it. Appreciate there is a lower sum to pay if done via a business, but does that not impact your dad (assume you will be doing it through his company?)
also, if he has these cars, can you not ‘borrow’ one of his?
Surely that will be a cheaper option that doesn’t tie you in for 3yrs??
Committing to a 3yr lease with that level of expense, little income and the high possibilty of having an accident is bordering on madness. I for one would certainly not entertain it. Appreciate there is a lower sum to pay if done via a business, but does that not impact your dad (assume you will be doing it through his company?)
also, if he has these cars, can you not ‘borrow’ one of his?
Surely that will be a cheaper option that doesn’t tie you in for 3yrs??
I never crashed (as such, I saved that for my cars a few years down the line) my mum's car at that age. I did however find it picked up enough scrapes and chips (not just from me) in 3 years that the lease company would have had it resprayed. Back in 1999 a fiesta with 50hp was nippy around town. Getting from 40 to 70 took a while though.
I would say no, its alot of money for something you dont own, why not just buy something with a bit more power, doesnt need to be an expensive car, something you can run for 12 - 18 months and if you crash your not really that bothered.
The other thing that comes to mind is if your dad runs several cars, would he not let you use one, or even buy one off him.
The other thing that comes to mind is if your dad runs several cars, would he not let you use one, or even buy one off him.
I guess it needs a bit of clarification,
But i’m still I’m not sure with the crashing part which is very true.
My dad is taking out a business lease for a new daily driver because his cars all so under 20mpg, and I want to be a named driver and drive it some days of the week to school and back and to see my mates. And in return I will pay him half of the lease monthly to use it, but as a cash sum. And my dad could easily afford the lease to the car on his own as it is much under his budget. At the end of the day my dad is still getting the car.
Does that make any worse and should I still not consider it - I am not committing to anything but merely paying for the privilege?
But i’m still I’m not sure with the crashing part which is very true.
My dad is taking out a business lease for a new daily driver because his cars all so under 20mpg, and I want to be a named driver and drive it some days of the week to school and back and to see my mates. And in return I will pay him half of the lease monthly to use it, but as a cash sum. And my dad could easily afford the lease to the car on his own as it is much under his budget. At the end of the day my dad is still getting the car.
Does that make any worse and should I still not consider it - I am not committing to anything but merely paying for the privilege?
Smurfsarepeopletoo said:
The other thing that comes to mind is if your dad runs several cars, would he not let you use one, or even buy one off him.
I wish I could but all his cars are extremely high insurance groups. I tried to buy a 2008 Type-R for myself and the insurance quote was £8,000. 
VS02 said:
Now someone come along and please tell me I am stupid and I need a slap? Because at the end of the day I’m only 17 still and I still need adults to guide me on these things. I appreciate it might look a bit silly but it is tempting.
You don't need a slap, bud. We all have ambition 
Good on you for asking - but echoing others, I would say stick with what you have for a little while. Once you hit 20, 21 things get a lot easier. Gassing Station | Car Buying | Top of Page | What's New | My Stuff