Aspirational lease or an outright buy?

[TimLambert7]

Hello chaps, I'm new here so go easy on me.

I'll introduce myself in the Pistonheads fashion,; I drive a mk3 MX-5 and share a 1991 ex-military Defender with my dad. I spent my younger years in a baby seat in the back of a 1982 911 SC and owned a Clio 182 (which I adored) prior to the MX-5.

I'm currently doing a year long placement with an offshore drilling contractor meaning I've got more cash than I've ever had in my life and, obviously, this has prompted me towards the pistonheads classifieds and the dangerous world of temptingly cheap lease deals.

Very simply, am I better off leasing something that I could never otherwise afford or stick to the traditional 'save up and buy' technique?

For the purposes of discussion, I want to move back in the world of hot hatchery. I've been looking at lease deals on Fiesta ST's and browsing the classifieds for Clio 200's.

Lease option means I get a great car for 2 years fuss free motoring but at the end of it I've not got anything to show for all those monthly payments, it will definitely require some man-maths to pull it off and I'll need to be seriously smitten with the car of choice.

Feel free to suggest any other cars or lease deals, i'm aiming as close to £200 a month as possible.

Cheers

Edited by TimLambert7 on Sunday 1st December 12:48

[JulianHJ]

Welcome along. I don't know if you've been lurking or not, but there are a few stock PH answers. You're currently driving one, so you're on the right track already. There's currently a lot of talk about amazing lease deals on the BMW 135. I think figures of £249 at 6+24 are being mentioned. Might tick all your boxes.

[TimLambert7]

JulianHJ said:

Welcome along. I don't know if you've been lurking or not, but there are a few stock PH answers. You're currently driving one, so you're on the right track already. There's currently a lot of talk about amazing lease deals on the BMW 135. I think figures of £249 at 6+24 are being mentioned. Might tick all your boxes.

Thanks Julian.

I have done a small amount of lurking and saw a post mentioning the incredible £250 a month on an M135i but a quick search of google turned up no results. If someone could point me towards who is doing the deal I'd be grateful. If the mileage allowance is reasonable and I can convince an insurer I'll be all over that.

Another question I wanted to ask is if the Fiesta ST is as good as the journo's are making it out to be?

[Rickyy]

You need to do some number crunching.

If the cost of leasing for two years is less than the depreciation of buying outright, then lease it.

[k-ink]

All you are doing is paying for the depreciation on a new numberplate of a fairly mundane car. Personally I'd buy something far more interesting and older to keep in budget. Ideally save up and pay cash. That way you are not trapped into a life of debt and buying whatever deal they give you in budget. The only time I may change this stance is when it comes to expensive unreliable German cars, which I would not wish to regularly fix at thousands of pounds a pop.

[TimLambert7]

Rickyy said:

You need to do some number crunching.

If the cost of leasing for two years is less than the depreciation of buying outright, then lease it.

I'd be leasing a £16/17k brand new car or buying a £8/9k 3 year old car, surely the depreciation isn't comparable?

If it was 6+24 @ £250 a month I'd be looking at £1500 + £6000 over 2 years; which is a lot of money but if it meant I could own something brilliant it'd be worth it in my eyes.

[k-ink]

But you would not own anything. 100% of that money is wasted in depreciation of someone else's car. At the end of the term you hand the keys back. Just like people wasting money on house rent. Personally I always feel it is better to own something older, than rent something newer. I am a bit old school I guess.

[TimLambert7]

k-ink said:

But you would not own anything. 100% of that money is wasted in depreciation of someone else's car. At the end of the term you hand the keys back. Just like people wasting money on house rent. Personally I always feel it is better to own something older, than rent something newer. I am a bit old school I guess.

Thank you, that's perfectly summarised all my doubts about the idea of leasing.

Besides all the money sensible business, a Clio 200 isn't massively worse/different to a Fiesta ST...

[anonymous-user]

TimLambert7 said:

k-ink said:

But you would not own anything. 100% of that money is wasted in depreciation of someone else's car. At the end of the term you hand the keys back. Just like people wasting money on house rent. Personally I always feel it is better to own something older, than rent something newer. I am a bit old school I guess.

Thank you, that's perfectly summarised all my doubts about the idea of leasing.

Besides all the money sensible business, a Clio 200 isn't massively worse/different to a Fiesta ST...

I would say that the BMW lease plus the fact that it includes road tax (normally leases do) and servicing, would actually be fairly similar in cost over 2 years to owning outright a 8-9k car on which you are responsible for tax, maintenance and servicing.

[TimLambert7]

bulldong said:

I would say that the BMW lease plus the fact that it includes road tax (normally leases do) and servicing, would actually be fairly similar in cost over 2 years to owning outright a 8-9k car on which you are responsible for tax, maintenance and servicing.

Hmmm you could be on to something.

Can you give me a link to wherever this lease is advertised so I can take a look?

[OldSpeed]

I'd sooner buy a practical modern classic for £5k than spend around that amount on a 2 year lease. Like a 944 Turbo for example. It will probably be worth what you paid for it after 2 years and if you get bored you can chop and change whenever you like.

[anonymous-user]

TimLambert7 said:

bulldong said:

I would say that the BMW lease plus the fact that it includes road tax (normally leases do) and servicing, would actually be fairly similar in cost over 2 years to owning outright a 8-9k car on which you are responsible for tax, maintenance and servicing.

Hmmm you could be on to something.

Can you give me a link to wherever this lease is advertised so I can take a look?

I was going by someone saying £250/month for a 135m - £250 gets you quite a lot of hot hatch though if you look around.

[TimLambert7]

Bulldong, I obviously need to do some more searching. I'm after 10k miles/yr and I can't find very many things! Audi A1 2.0 TDI for £190 looks nice but not anywhere near hot hatch.

OldSpeed said:

I'd sooner buy a practical modern classic for £5k than spend around that amount on a 2 year lease. Like a 944 Turbo for example. It will probably be worth what you paid for it after 2 years and if you get bored you can chop and change whenever you like.

That would be the true petrolhead decision but I've got to face the realities of running costs and reliability. A 944 turbo or similar would never have comparable running costs to a brand new Ford or BMW & I couldn't face the daily fear of breaking down on my 60 mile round commute.

[southpaw]

TimLambert7 said:

Thanks Julian.

I have done a small amount of lurking and saw a post mentioning the incredible £250 a month on an M135i but a quick search of google turned up no results. If someone could point me towards who is doing the deal I'd be grateful. If the mileage allowance is reasonable and I can convince an insurer I'll be all over that.

Another question I wanted to ask is if the Fiesta ST is as good as the journo's are making it out to be?

This looks like the £250 deal on the M135?

http://www.nationwidevehiclecontracts.co.uk/BMW_1_...

[anonymous-user]

southpaw said:

TimLambert7 said:

Thanks Julian.

I have done a small amount of lurking and saw a post mentioning the incredible £250 a month on an M135i but a quick search of google turned up no results. If someone could point me towards who is doing the deal I'd be grateful. If the mileage allowance is reasonable and I can convince an insurer I'll be all over that.

Another question I wanted to ask is if the Fiesta ST is as good as the journo's are making it out to be?

This looks like the £250 deal on the M135?

http://www.nationwidevehiclecontracts.co.uk/BMW_1_...

That is a ridiculously low monthly price. ORDER IT NOW.

[TimLambert7]

bulldong said:

southpaw said:

TimLambert7 said:

Thanks Julian.

I have done a small amount of lurking and saw a post mentioning the incredible £250 a month on an M135i but a quick search of google turned up no results. If someone could point me towards who is doing the deal I'd be grateful. If the mileage allowance is reasonable and I can convince an insurer I'll be all over that.

Another question I wanted to ask is if the Fiesta ST is as good as the journo's are making it out to be?

This looks like the £250 deal on the M135?

http://www.nationwidevehiclecontracts.co.uk/BMW_1_...

That is a ridiculously low monthly price. ORDER IT NOW.

I'll have to make some enquiries....

If I can get 10k/yr and 24 months for the listed £251 then I will be astonished, astonished WHILST placing my order that is.

[anonymous-user]

TimLambert7 said:

bulldong said:

southpaw said:

TimLambert7 said:

Thanks Julian.

I have done a small amount of lurking and saw a post mentioning the incredible £250 a month on an M135i but a quick search of google turned up no results. If someone could point me towards who is doing the deal I'd be grateful. If the mileage allowance is reasonable and I can convince an insurer I'll be all over that.

Another question I wanted to ask is if the Fiesta ST is as good as the journo's are making it out to be?

This looks like the £250 deal on the M135?

http://www.nationwidevehiclecontracts.co.uk/BMW_1_...

That is a ridiculously low monthly price. ORDER IT NOW.

I'll have to make some enquiries....

If I can get 10k/yr and 24 months for the listed £251 then I will be astonished, astonished WHILST placing my order that is.

- I hope they give you 10k miles.

[TimLambert7]

I must say it just all seems a bit too good to be true and we all know the saying about things that appear too good to be true.

[FastNReliable]

M135i 10k Thinking about one myself.

[anonymous-user]

This is such a mega deal. I will also look into this for next year!