Can a second hand car be leased?
Discussion
...and would it possibly work out cheaper?
http://usedcars.volkswagen.co.uk/Golf-GTI/GTD/R/2....
Will they want a hefty deposit, like the ones they ask on new cars?
http://usedcars.volkswagen.co.uk/Golf-GTI/GTD/R/2....
Will they want a hefty deposit, like the ones they ask on new cars?
You can definitely do a PCP on a used car, but may not be much cheaper in the long run over a hire purchase. (There wont be a manufacturer contribution like with a new car).
Some places will do a lease on a nearly new car, but I think they are few and far between.
PCP probably your best bet if you want small deposit, and smaller monthly payments compared to HP.
Better yet would be an unsecured bank loan
Depends on what you can afford on the monthly payments really, and the state of your credit. PCP generally easier to get due to lower payments. I couldn't stomach the 7.9% APR on it though.
Some places will do a lease on a nearly new car, but I think they are few and far between.
PCP probably your best bet if you want small deposit, and smaller monthly payments compared to HP.
Better yet would be an unsecured bank loan
Depends on what you can afford on the monthly payments really, and the state of your credit. PCP generally easier to get due to lower payments. I couldn't stomach the 7.9% APR on it though.
ILoveMondeo said:
I couldn't stomach the 7.9% APR on it though.
Ironically, 7.9% isn't that bad. Last time I looked Porsche and Aston wanted over 11%, needless to say I didn't bother. When you set that against percentages as low as 4.9% on some new cars, it makes no sense really. I'd imagine that with those sorts of percentages dealers could end up selling a car twice if you were lucky (man maths not withstanding).Osinjak said:
Ironically, 7.9% isn't that bad. Last time I looked Porsche and Aston wanted over 11%, needless to say I didn't bother. When you set that against percentages as low as 4.9% on some new cars, it makes no sense really. I'd imagine that with those sorts of percentages dealers could end up selling a car twice if you were lucky (man maths not withstanding).
Indeed, it's not that bad compared to some, it was actually what I was quoted by Jaguar and Aston actually... bought a house instead eventually!
used car/nearly new PCP just doesn't stack up in my mind, unless you're desperate to get in the car!
From what I remember, a second hand car can be leased if it's VAT qualifying. I think that means that the car has had the VAT reclaimed by the first purchaser, in essence, it's been a demonstrator or owned by a company. I'm not entirely sure though, no doubt one of the dealers on here could clarify.
ILoveMondeo said:
used car/nearly new PCP just doesn't stack up in my mind, unless you're desperate to get in the car!
Absolutely agree, the car would have to be stonkingly special. It's annoying really as I'd love to have a 911 but can't afford a new one and I just can't justify the stupid APRs they charge on used examples. Grrr!Leicesterdave said:
Basically I've bought a car outright 2 years ago and it's worth about £10,000 now. I'd rather not let it depreciate further and have money in the bank but does leasing make sense?
Only you can answer that question, running your existing car assuming it's all working etc. will almost certainly be cheaper in the long term than any lease/pcp etc.lease work well if you know you can afford £XXX per month, and that + service is all it'll cost you as you've got a nice warranty.
Older cars can throw unexpected bills, little bit of luck involved here.
Of course if you want / need to free up the cash than maybe it makes sense.
ILoveMondeo said:
Older cars can throw unexpected bills, little bit of luck involved here.
Precisely. And we just never know- touch wood my current car has been 100% reliable and I couldn't wish for better, in fact for now, for the price, I can't think of another car I'd rather own.Freeing cash would be a bonus but it has to be said- doing the PCP calculations makes your eyes water. On the face of it it's just not worth it.
Leicesterdave said:
Basically I've bought a car outright 2 years ago and it's worth about £10,000 now. I'd rather not let it depreciate further and have money in the bank but does leasing make sense?
Any car you buy will lose value unless your super lucky - so assume your going to buy a car that loses money when you already have a car that is also losing money. The key is that its highly likely the current car will lose vastly less per month than the replacement car. So if your car works fine and the sole reason you have to change is to try to save money on depreciation its not the right move. If you want to chagr because you want another car newer /better /different only you can answer that.
Welshbeef said:
So if your car works fine and the sole reason you have to change is to try to save money on depreciation its not the right move. If you want to chagr because you want another car newer /better /different only you can answer that.
Very happy with my current car. It's coming up to 4 years old and is truly immaculate in every way. I take care of it and it shows. Can't say I don't worry about the DSG and other electronics from now on though!Leicesterdave said:
Very happy with my current car. It's coming up to 4 years old and is truly immaculate in every way. I take care of it and it shows. Can't say I don't worry about the DSG and other electronics from now on though!
In which case if it seems like you should keep it. Put it this way in another 4 years it could be worth what £5k maybe more a new car say £20k would lose £10k plus in that same time frame.
Welshbeef said:
In which case if it seems like you should keep it.
Put it this way in another 4 years it could be worth what £5k maybe more a new car say £20k would lose £10k plus in that same time frame.
Very true.Put it this way in another 4 years it could be worth what £5k maybe more a new car say £20k would lose £10k plus in that same time frame.
It's just that the expense will mount up next year.
Major service+ 2 front tyres+ extended warranty. That is if everything is still working 100%. Wouldn't entertain a DSG equipped car without a warranty.
Saying that the figures are quite neck and neck. But one offers a new car for the price. But not a great one.
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