Getting rid of the shed for a lease car dilemma….
Discussion
Bit of a back story my shed went in for it’s MOT which it failed. Long story short the garage took just over a week to get back to me with a price for the parts and labour to fix. The guy was making it sound like it was going to be an expensive fix. Having a week to weigh things up I looked at replacement sheds and started looking at newer cars and lease deals-when I stumbled across some lease deals on the new Skoda Octavia vRS.
On a 2 year deal I can lease one for 5.5K all in (minus fuel etc insurance is cheaper than my shed). I can easily afford the payments, secure job etc etc. I’m not what you’d call a decisive person, and over think purchases to the nth degree-couldn’t decide on whether to get an estate, what options to get, what colour.
I’ve never had a new car, always owned cars outright (I’ve never spent that much money on one either though to be fair). After having several niggly things with my shed the idea of fixed price, hassle free motoring appeals to me, and a shiny new car. In the last 18 months I’ve probably spent £1200 keeping the shed right. I’ve got my head around that I’ll just be renting the car.
Anyhow the garage finally got back to me and the fix is going to cost a mere £275. I was expecting more like £500+. So now just as I was about to pull the trigger I find myself wondering if the best thing to do is just run the shed for another 12 months. I planed to MOT the car regardless to sell on as it’s probably still worth £1000 minimum I reckon.
I’m basically just a tight b@stard that needs help making his mind up.
On a 2 year deal I can lease one for 5.5K all in (minus fuel etc insurance is cheaper than my shed). I can easily afford the payments, secure job etc etc. I’m not what you’d call a decisive person, and over think purchases to the nth degree-couldn’t decide on whether to get an estate, what options to get, what colour.
I’ve never had a new car, always owned cars outright (I’ve never spent that much money on one either though to be fair). After having several niggly things with my shed the idea of fixed price, hassle free motoring appeals to me, and a shiny new car. In the last 18 months I’ve probably spent £1200 keeping the shed right. I’ve got my head around that I’ll just be renting the car.
Anyhow the garage finally got back to me and the fix is going to cost a mere £275. I was expecting more like £500+. So now just as I was about to pull the trigger I find myself wondering if the best thing to do is just run the shed for another 12 months. I planed to MOT the car regardless to sell on as it’s probably still worth £1000 minimum I reckon.
I’m basically just a tight b@stard that needs help making his mind up.
The thing I'd consider with the shed is what has been done to date and are they typically reliable.
What are the tyres like? Brakes? Clutch? etc. - as you've spent a decent chunk on it you may be best to carry on running it and reap the rewards (they may be nothing else wrong!). Keep until you get a sense that something else is on its way out and then ebay it and move on?
What are the tyres like? Brakes? Clutch? etc. - as you've spent a decent chunk on it you may be best to carry on running it and reap the rewards (they may be nothing else wrong!). Keep until you get a sense that something else is on its way out and then ebay it and move on?
Just sell the shed now its got 12 months MOT and its looking its best and go for the VRS.
You were obviously OK with the decision before the quote came back so just go with it.
Maybe in a years time your shed will actually need that £500+ spending on it and you will have wished you got rid.
If you can afford it then why not?
Nice cars :-)
You were obviously OK with the decision before the quote came back so just go with it.
Maybe in a years time your shed will actually need that £500+ spending on it and you will have wished you got rid.
If you can afford it then why not?
Nice cars :-)
If you are looking at the Octavia then these are worth a look
http://www.nationwidevehiclecontracts.co.uk/Volksw...
http://www.nationwidevehiclecontracts.co.uk/Seat_L...
http://www.nationwidevehiclecontracts.co.uk/Volksw...
http://www.nationwidevehiclecontracts.co.uk/Seat_L...
Thanks for the replies I expect to get a good cross section of answers. That’s it with the shed, you don’t really know what’s around the corner-tyres are fine but it has some annoyances like the only fob with central locking etc has stopped working, aircon has started to become noisy at times. The fuel savings also make the shed vs lease look attractive. I guess I’m talking myself more into the lease aren’t I?!
The cost of the Golf ownership is quite a bit higher than the Octavia, I do like the new Leon but expect the space doesn’t match to the Octavia. Octavia overall seem a hell of a car for the £.
The cost of the Golf ownership is quite a bit higher than the Octavia, I do like the new Leon but expect the space doesn’t match to the Octavia. Octavia overall seem a hell of a car for the £.
If you put the car up for sale today with 12 months MOT and 6+ months tax, how much do you realistically think you could get for it? If its going to be absolute peanuts, I'd run it until it dies or becomes uneconomical to repair and then look at the lease option if thats what you fancy.
EDIT: Missed the last sentence in the OP. Selling it for £1000+ would go a fiar way towards the deposit on the new car, so if thats what you really want then it seems like an easy choice!
EDIT: Missed the last sentence in the OP. Selling it for £1000+ would go a fiar way towards the deposit on the new car, so if thats what you really want then it seems like an easy choice!
A mate of mine recently got fed up of shedding. He spent a few hundred and did a fair bit of work himself to get his old Merc through its MOT, only for it to be wiped out a week later by some dozy cow.
Of course the insurance company weren't interested in the amount he'd just spent on it when they paid out so he felt he'd wasted a lot of money. He's now in a lease car.
It made me think as there's often been times when I've paid a bill that's big relative to a car's worth just because I like the car and believe it's worth the spend to keep it going.
Of course the insurance company weren't interested in the amount he'd just spent on it when they paid out so he felt he'd wasted a lot of money. He's now in a lease car.
It made me think as there's often been times when I've paid a bill that's big relative to a car's worth just because I like the car and believe it's worth the spend to keep it going.
Edited by jones325i on Thursday 17th October 10:18
dave7692 said:
Why not take that 5.5k out on finance and use the 1k from your Shed and buy a car that might still be worth 3k+ in 2 years time then you've only dropped 3.5k rather than 5.5k?
It wont be as shiny and new but at least you'll come out of the 2 years with an asset.
I’m not really too fussed about not having anything to show at the end of the 2 years. When I look at the 5.5K on paper I think I could have something interesting for that but then there’s no guarantee that big bills won’t crop up with a car of that age either. Admittedly I’ve not looked at comprehensive warranties. I wouldn’t need finance to get my hands on 5.5K-Like I said I’m tight.It wont be as shiny and new but at least you'll come out of the 2 years with an asset.
Engineer1 said:
How pissed off are you with the shed how generally reliable is it? How much are you already mentally driving the VRS? There comes a stage with a sheddy old car to get shot, ideally before the big bills roll in and the reliablity nose dives.
Other than bills coming in at MOT time and general consumables it’s never let me down. Some things do annoy me, a seal must have perished somewhere as it fills with condensation on the inside of the window at this time of year, mystery puddle in one of the rear foot wells.SonicShadow said:
If you put the car up for sale today with 12 months MOT and 6+ months tax, how much do you realistically think you could get for it? If its going to be absolute peanuts, I'd run it until it dies or becomes uneconomical to repair and then look at the lease option if thats what you fancy.
EDIT: Missed the last sentence in the OP. Selling it for £1000+ would go a fiar way towards the deposit on the new car, so if thats what you really want then it seems like an easy choice!
Looking around 1K seems reasonable to me. It’s basically the merits of having a £500 shed vs a 1k shed. Big bill come son a £500 shed it’s easier to decide whether to sell or spares or repair or take to the scrappy. 1K shed in my case I’ve always felt more inclined to keep it right.EDIT: Missed the last sentence in the OP. Selling it for £1000+ would go a fiar way towards the deposit on the new car, so if thats what you really want then it seems like an easy choice!
I did it, I didn't regret it.
Don't kid yourself that it will be cheaper than running a shed, because it won't. You could throw your shed in a skip and buy another one for way less than a lease.
What it does give you is a reasonable amount of certainty in your budgeting, you know you will be paying x a month and apart from a service and maybe a pair of tyres that's it.
I had to pay £100 to get some damage fixed (nasty bumper scrape which I got done myself at a local bodyshop) but there were no other end of lease costs - maybe I was just lucky but I do tend to look after my cars so it was in good nick for the mileage.
You may want to consider GAP insurance on the lease motor if you do go for it - you're responsible for any shortfall between insurance payout and the lease company's calculation of the value in the event it does get written off.
Honestly only you can decide if the extra money is worth the peace of mind - some people will scoff at the idea, some people will support it, but only you know how much no-hassle turn-key driving is worth to you.
Don't kid yourself that it will be cheaper than running a shed, because it won't. You could throw your shed in a skip and buy another one for way less than a lease.
What it does give you is a reasonable amount of certainty in your budgeting, you know you will be paying x a month and apart from a service and maybe a pair of tyres that's it.
I had to pay £100 to get some damage fixed (nasty bumper scrape which I got done myself at a local bodyshop) but there were no other end of lease costs - maybe I was just lucky but I do tend to look after my cars so it was in good nick for the mileage.
You may want to consider GAP insurance on the lease motor if you do go for it - you're responsible for any shortfall between insurance payout and the lease company's calculation of the value in the event it does get written off.
Honestly only you can decide if the extra money is worth the peace of mind - some people will scoff at the idea, some people will support it, but only you know how much no-hassle turn-key driving is worth to you.
charltjr said:
I did it, I didn't regret it.
Don't kid yourself that it will be cheaper than running a shed, because it won't. You could throw your shed in a skip and buy another one for way less than a lease.
What it does give you is a reasonable amount of certainty in your budgeting, you know you will be paying x a month and apart from a service and maybe a pair of tyres that's it.
I had to pay £100 to get some damage fixed (nasty bumper scrape which I got done myself at a local bodyshop) but there were no other end of lease costs - maybe I was just lucky but I do tend to look after my cars so it was in good nick for the mileage.
You may want to consider GAP insurance on the lease motor if you do go for it - you're responsible for any shortfall between insurance payout and the lease company's calculation of the value in the event it does get written off.
Honestly only you can decide if the extra money is worth the peace of mind - some people will scoff at the idea, some people will support it, but only you know how much no-hassle turn-key driving is worth to you.
Well summed up there cheers. On the GAP it’s not costing much at all, I paid for my renewal in August upfront so would have to see how much I’d get stung by if I cancelled. I’d get a £50 refund if I covered the lease car on my existing fully comp policy but would feel better with the GAP which I can take at any time- i.e. don’t need to sign in once I sign the lease papers.Don't kid yourself that it will be cheaper than running a shed, because it won't. You could throw your shed in a skip and buy another one for way less than a lease.
What it does give you is a reasonable amount of certainty in your budgeting, you know you will be paying x a month and apart from a service and maybe a pair of tyres that's it.
I had to pay £100 to get some damage fixed (nasty bumper scrape which I got done myself at a local bodyshop) but there were no other end of lease costs - maybe I was just lucky but I do tend to look after my cars so it was in good nick for the mileage.
You may want to consider GAP insurance on the lease motor if you do go for it - you're responsible for any shortfall between insurance payout and the lease company's calculation of the value in the event it does get written off.
Honestly only you can decide if the extra money is worth the peace of mind - some people will scoff at the idea, some people will support it, but only you know how much no-hassle turn-key driving is worth to you.
ETA The order tome on the Skoda is 10-12 weeks so I'm going to get another 3 months use out of it regardless.
Edited by a311 on Thursday 17th October 10:33
My Puma passed its MOT and got a full service within the £200 budget I’d set at the end of July. I was all set for another year of shedding but then over the summer I realised that as much as shedding was financially great as my major expenses had been fuel and tax I wasn’t really doing the kind of miles that suited the car.
I did a lot of looking at various lease and PCP deals but decided that they weren’t for me as I’ve always preferred to own my cars. However I have no regrets about swapping my shed for a lightly used Volvo, sure I miss the fun but I actually have something that suits my current needs.
Shedding rocks, but in future any shed buying I do will be either to keep miles of my proper car or buying something as a bit of fun.
I did a lot of looking at various lease and PCP deals but decided that they weren’t for me as I’ve always preferred to own my cars. However I have no regrets about swapping my shed for a lightly used Volvo, sure I miss the fun but I actually have something that suits my current needs.
Shedding rocks, but in future any shed buying I do will be either to keep miles of my proper car or buying something as a bit of fun.
The main disadvantage of a lease is not being able to personalise the car and the lower mileages they allow.
However, choosing between a new car or an old car you have to keep worrying about and attending to...it's not a hard choice and if you can afford it, do it.
As a compromise, perhaps look at a cheaper PCP deal as plenty of cars are on offer for peanuts out there. What about the Rapid, that looked very good value.
However, choosing between a new car or an old car you have to keep worrying about and attending to...it's not a hard choice and if you can afford it, do it.
As a compromise, perhaps look at a cheaper PCP deal as plenty of cars are on offer for peanuts out there. What about the Rapid, that looked very good value.
Edited by LuS1fer on Thursday 17th October 11:33
Your shed's worth the most it's ever going to be worth right now with a full MoT if you spend the money, however how much is that? If it's only worth £500 now it may be worth running it for a year and selling it with virtually no MoT for £100 or so, giving a you a years motoring for a hell of a lot less than a lease car is going to cost. If it's worth a few grand now then it's not really a shed and worth selling with a full MoT.
LuS1fer said:
The main disadvantage of a lease is not being able to personalise the car and the lower mileages they allow.
However, choosing between a new car or an old car you have to keep worrying about and attending to...it's not a hard choice and if you can afford it, do it.
As a compromise, perhaps look at a cheaper PCP deal as plenty of cars are on offer for peanuts out there. What about the Rapid, that looked very good value.
It’s the deal that’s clinching it for me, effectively much less than the predicted depreciation on buying the same car through PCP plus I can spec the car that I want-just affects the price.However, choosing between a new car or an old car you have to keep worrying about and attending to...it's not a hard choice and if you can afford it, do it.
As a compromise, perhaps look at a cheaper PCP deal as plenty of cars are on offer for peanuts out there. What about the Rapid, that looked very good value.
Edited by LuS1fer on Thursday 17th October 11:33
If anyone has some cracking PCP deals, I’m all ears. Just need to be Octavia sized, hatch or estate for the dog. Reasonably interesting.
I'm in the same situation OP.
My daily is a bit of a shed. It's a diesel Mondeo and its just about to tick over 118k. Between April to June I spent just shy of £1500 on various repairs and an MOT. It's at the stage it's needing some suspension work/steering work (track rod end hopefully!) and it needs taxed. And insured.
I looked at leasing a 1.3 Diesel Corsa (I know, I know!) for £125 month. £1000 up front. Whilst I'd grudge paying the grand up front, it should mean that I have trouble free motoring for £125 a month. Thats near enough what I'm paying in repairs the shed.
Part of me thinks I've sunk money into the shed, so might aswell keep it!
My daily is a bit of a shed. It's a diesel Mondeo and its just about to tick over 118k. Between April to June I spent just shy of £1500 on various repairs and an MOT. It's at the stage it's needing some suspension work/steering work (track rod end hopefully!) and it needs taxed. And insured.
I looked at leasing a 1.3 Diesel Corsa (I know, I know!) for £125 month. £1000 up front. Whilst I'd grudge paying the grand up front, it should mean that I have trouble free motoring for £125 a month. Thats near enough what I'm paying in repairs the shed.
Part of me thinks I've sunk money into the shed, so might aswell keep it!
a311 said:
It’s the deal that’s clinching it for me, effectively much less than the predicted depreciation on buying the same car through PCP plus I can spec the car that I want-just affects the price.
If anyone has some cracking PCP deals, I’m all ears. Just need to be Octavia sized, hatch or estate for the dog. Reasonably interesting.
If you are going the lease route my advice would be to choose a car with a standard/offered spec you are happy with. The cost of any options you spec will be added in it's entirety to the lease + interest so £3000 of options on a 6 + 23 deal will cost you an extra £750 on your deposit and £125 a month.If anyone has some cracking PCP deals, I’m all ears. Just need to be Octavia sized, hatch or estate for the dog. Reasonably interesting.
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