What would you do, cheap lease vs second hand car
Discussion
There are a number of posts recently about cheap leasing deals, and to be honest they've got me thinking.
On one hand i'm thinking about a sub £100 lease for 2 years. Down payment is between £4-500. Typically i'd be looking at a C1/Aygo that sort of thing.
On the other i'd be looking to spend upto £6000 on a used car, my short list is the exact opposite, so not short at all and includes all manner of different cars (but generally small cars upto 5 years old).
My man maths tell me that for what my current car has cost me (including depreciation i might add), adds up to around £250 per month including fuel, and that a cheap lease with all running costs estimated would cost me about £270 per month. I'll estimate that if i went for option 2, i'd incur roughly the same costs as my current car.
So, again all based upon my man maths, for £20 a month i could be driving an economical, brand new, fully warrantied, £0 road tax little motor.
To add a little more info, i generally do about 10k miles per annum, mainly to and from work (dual carriage way 18 miles round trip 5 times per week), and a jaunt up the M6 to visit friends and family about 6-8 times a year (340 miles round trip).
So, your thoughts and opinions please.
On one hand i'm thinking about a sub £100 lease for 2 years. Down payment is between £4-500. Typically i'd be looking at a C1/Aygo that sort of thing.
On the other i'd be looking to spend upto £6000 on a used car, my short list is the exact opposite, so not short at all and includes all manner of different cars (but generally small cars upto 5 years old).
My man maths tell me that for what my current car has cost me (including depreciation i might add), adds up to around £250 per month including fuel, and that a cheap lease with all running costs estimated would cost me about £270 per month. I'll estimate that if i went for option 2, i'd incur roughly the same costs as my current car.
So, again all based upon my man maths, for £20 a month i could be driving an economical, brand new, fully warrantied, £0 road tax little motor.
To add a little more info, i generally do about 10k miles per annum, mainly to and from work (dual carriage way 18 miles round trip 5 times per week), and a jaunt up the M6 to visit friends and family about 6-8 times a year (340 miles round trip).
So, your thoughts and opinions please.
Wouldn't really want to be doing dual carriageway and motorway journeys in a c1 or aygo type thing. Being rand new won't help. A decent used car for me. Focus as mentioned. Vectra or any other of the options out there. Buy something a bit older and you won't lose much on depreciation too.
I ordered a new Nissan Juke for my wife yesterday to replace her knackered 2000 Focus.
Its a petrol 1.6 Tekna (leather, satnav, key less go etc)... we got £300 for the Focus (Cat D) a dealer contribution of £700 and put £1k down.
Working out at £243 p/month Inc gap insurance and the servicing package.
The other option was to buy another snotter to run around in but decided it wasn't worth the risk again.
Its a petrol 1.6 Tekna (leather, satnav, key less go etc)... we got £300 for the Focus (Cat D) a dealer contribution of £700 and put £1k down.
Working out at £243 p/month Inc gap insurance and the servicing package.
The other option was to buy another snotter to run around in but decided it wasn't worth the risk again.
This is baffling.
You either want a new car (which is completely understandable, but not my thing) or you don't
Look at it this way...
Its renting a studio flat for 2 years - which you will see nothing of what you put in (financially) afterwards.
Or
Buying a 3 bed semi, and after the 2 years selling it and getting a decent portion of it back (If you buy carefully). You could have no end of interesting (but not extortionate to run) vehicles for 6k.
You either want a new car (which is completely understandable, but not my thing) or you don't
Look at it this way...
Its renting a studio flat for 2 years - which you will see nothing of what you put in (financially) afterwards.
Or
Buying a 3 bed semi, and after the 2 years selling it and getting a decent portion of it back (If you buy carefully). You could have no end of interesting (but not extortionate to run) vehicles for 6k.
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