Lease Extension?
Discussion
Currently, we have a BMW Gran Tourer 218i on a 24 months lease at £215 a month with 8k per annum milage.
We are looking at a replacement lease (ideally a hybrid) to cater for 2 adults and 3 young children and delivered before the end of this current lease - April 2022.
Cars we like the look of on a 2-4 years were the Cupra Formentor Hybrid and Toyota RAV4 Hyrbrid however we have been advised by the dealers that we would be looking at July 2022 at the earliest for delivery.
Due to the delayed delivery times, we have gone back to BMW and asked them about the possibility of extending our current lease.
They have come back to us with if we were to extend from Jan 2022 until April 2023 with a maximum of 20k mileage at the end of the lease (we are currently on 10k) we would continue to pay the same monthly rate of £215.
What do you all think of us extending the current lease or are there any other better options out there?
We are looking at a replacement lease (ideally a hybrid) to cater for 2 adults and 3 young children and delivered before the end of this current lease - April 2022.
Cars we like the look of on a 2-4 years were the Cupra Formentor Hybrid and Toyota RAV4 Hyrbrid however we have been advised by the dealers that we would be looking at July 2022 at the earliest for delivery.
Due to the delayed delivery times, we have gone back to BMW and asked them about the possibility of extending our current lease.
They have come back to us with if we were to extend from Jan 2022 until April 2023 with a maximum of 20k mileage at the end of the lease (we are currently on 10k) we would continue to pay the same monthly rate of £215.
What do you all think of us extending the current lease or are there any other better options out there?
Your obv risk is that the new car turns up in July 2022 and you still have to pay another 9 months on the BMW...
With my recent lease (also a BMW but through LEX) I was allowed to 'informally' extend the lease on a month-by-month basis for up to 6 months. That said, 6 months is unlikely to be enough for you.
New car deliveries seem to often get delayed these days so you may well be a year away from the new one which makes the extension to April 2023 seem a risk probably worth taking.
With my recent lease (also a BMW but through LEX) I was allowed to 'informally' extend the lease on a month-by-month basis for up to 6 months. That said, 6 months is unlikely to be enough for you.
New car deliveries seem to often get delayed these days so you may well be a year away from the new one which makes the extension to April 2023 seem a risk probably worth taking.
I had a similar situation recently, and seemingly made a big mistake. Had an A35 at £340 a month (looks cheap now!), but it was coming up to it's second service at £500-600 which I didn't fancy paying. The wanted a tenner a month less if I formally extended six months, and 90 quid a month more on a month to month rolling. The car was due to go back in November, I ordered a Touareg Black Edition in late June/early July which was supposed to come end of October. I stupidly (?) sent the A35 back a couple of weeks early avoiding the service without penalty - The VW has now been knocked back several times and currently looks like late March delivery but I suspect will slip again. Now driving my Defender most of the time and the wife is using a 1.2 Fiesta I bought for my son who isn't 17 until May...
Delivery times are all all-over the place, only you can decide what to do. It's difficult!
Delivery times are all all-over the place, only you can decide what to do. It's difficult!
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