Lease or PCP Deal Required?
Discussion
I am trying to find the best lease or cpp deal for 2 or 3 years on an automatic, economical for city driving and large family car. (We aim to change it after the length).
Initially I was thinking of going for a Qashqai but the boot space wasn't that big and economy wasn't really that good for city stop/start driving.
After some research we have found the Skoda Octavia estate.
From the advise we have been given, we need a petrol as we plan on driving no more than 10,000 a year (40 miles a week and remainder on holidays and general driving).
Do you all think the follow is a good deal -
Skoda Octavia Elegance 1.4 dsg (Auto) with the following options -
Front parking sensors,
Sunset privacy glass,
Simply clever pack for variable boot floor - Octavia,
Metallic paint,
Crew protection assist and rear side airbags,
Keyless entry and keyless start,
Sports suspension
Cash price for this car is £22k
However on a 0% PCP it is £23200
Terms are on £1500 deposit, 35months at £339 and 8000 per year.
The GMFV is £9800
Do you think this is a good deal or is there any other automatic cars on a lease or PCP that fit the criteria?
Initially I was thinking of going for a Qashqai but the boot space wasn't that big and economy wasn't really that good for city stop/start driving.
After some research we have found the Skoda Octavia estate.
From the advise we have been given, we need a petrol as we plan on driving no more than 10,000 a year (40 miles a week and remainder on holidays and general driving).
Do you all think the follow is a good deal -
Skoda Octavia Elegance 1.4 dsg (Auto) with the following options -
Front parking sensors,
Sunset privacy glass,
Simply clever pack for variable boot floor - Octavia,
Metallic paint,
Crew protection assist and rear side airbags,
Keyless entry and keyless start,
Sports suspension
Cash price for this car is £22k
However on a 0% PCP it is £23200
Terms are on £1500 deposit, 35months at £339 and 8000 per year.
The GMFV is £9800
Do you think this is a good deal or is there any other automatic cars on a lease or PCP that fit the criteria?
Edited by Chris101 on Wednesday 18th March 22:12
What would you do with the car in three years' time?
Will it definitely have only 24k on the clock?
If you do trade it in, it might be worth a little more than £10k, so there should be some equity in the car.
0% is not, for me, a no brainer. I'm not fond of paying money out for interest, but I am no more averse to spending on interest than I am on anything else - it's the total expenditure that counts, not what it's called.
The total cost over three years is £13,365. I would probably bin most of the options - they will add approximately £0.00 to the car's value when you're done with it.
Without looking too hard, you could get the following as leases (6+35):
https://www.contracthireandleasing.com/car-leasing... - Octavia Elegance - £9,594
https://www.contracthireandleasing.com/car-leasing... - BMW 218i Tourer - £11,015
https://www.contracthireandleasing.com/car-leasing... - Passat 1.6 GT tdi Estate - £11,578
https://www.contracthireandleasing.com/car-leasing... - Mercedes C200 Estate - £11,823
https://www.contracthireandleasing.com/car-leasing... - Mondeo 1.5 Zetec Nav Estate - £12,224
Of course there might be £1k or so of equity in the PCP car, and you might want to keep it.
If you did want to keep it for a long time, I'd suggest that this http://www.autotrader.co.uk/classified/advert/2015... would be a better buy.
It might trade at £8,500 or so in three years' time.
With a bit of haggling, £1,500 down is likely to get you the car for £15k in cash and that would be a five-year bank loan at £273 per month. In three years, that would be £6,300 outstanding, saving you £50 on your monthly payments and giving you £2k of equity, so effectively around £3k cheaper to own a year-old car than the new one. You could also get a diesel for about £1k less and that might also depreciate less. In fairness, the cost of the new car is being pushed up because of the options, and, as they add basically nothing to the car's value, the fact that they have to be depreciated to zero more quickly than the rest of the car.
Will it definitely have only 24k on the clock?
If you do trade it in, it might be worth a little more than £10k, so there should be some equity in the car.
0% is not, for me, a no brainer. I'm not fond of paying money out for interest, but I am no more averse to spending on interest than I am on anything else - it's the total expenditure that counts, not what it's called.
The total cost over three years is £13,365. I would probably bin most of the options - they will add approximately £0.00 to the car's value when you're done with it.
Without looking too hard, you could get the following as leases (6+35):
https://www.contracthireandleasing.com/car-leasing... - Octavia Elegance - £9,594
https://www.contracthireandleasing.com/car-leasing... - BMW 218i Tourer - £11,015
https://www.contracthireandleasing.com/car-leasing... - Passat 1.6 GT tdi Estate - £11,578
https://www.contracthireandleasing.com/car-leasing... - Mercedes C200 Estate - £11,823
https://www.contracthireandleasing.com/car-leasing... - Mondeo 1.5 Zetec Nav Estate - £12,224
Of course there might be £1k or so of equity in the PCP car, and you might want to keep it.
If you did want to keep it for a long time, I'd suggest that this http://www.autotrader.co.uk/classified/advert/2015... would be a better buy.
It might trade at £8,500 or so in three years' time.
With a bit of haggling, £1,500 down is likely to get you the car for £15k in cash and that would be a five-year bank loan at £273 per month. In three years, that would be £6,300 outstanding, saving you £50 on your monthly payments and giving you £2k of equity, so effectively around £3k cheaper to own a year-old car than the new one. You could also get a diesel for about £1k less and that might also depreciate less. In fairness, the cost of the new car is being pushed up because of the options, and, as they add basically nothing to the car's value, the fact that they have to be depreciated to zero more quickly than the rest of the car.
CYMR0 said:
What would you do with the car in three years' time?
Will it definitely have only 24k on the clock?
If you do trade it in, it might be worth a little more than £10k, so there should be some equity in the car.
0% is not, for me, a no brainer. I'm not fond of paying money out for interest, but I am no more averse to spending on interest than I am on anything else - it's the total expenditure that counts, not what it's called.
The total cost over three years is £13,365. I would probably bin most of the options - they will add approximately £0.00 to the car's value when you're done with it.
Without looking too hard, you could get the following as leases (6+35):
https://www.contracthireandleasing.com/car-leasing... - Octavia Elegance - £9,594
https://www.contracthireandleasing.com/car-leasing... - BMW 218i Tourer - £11,015
https://www.contracthireandleasing.com/car-leasing... - Passat 1.6 GT tdi Estate - £11,578
https://www.contracthireandleasing.com/car-leasing... - Mercedes C200 Estate - £11,823
https://www.contracthireandleasing.com/car-leasing... - Mondeo 1.5 Zetec Nav Estate - £12,224
Of course there might be £1k or so of equity in the PCP car, and you might want to keep it.
If you did want to keep it for a long time, I'd suggest that this http://www.autotrader.co.uk/classified/advert/2015... would be a better buy.
It might trade at £8,500 or so in three years' time.
With a bit of haggling, £1,500 down is likely to get you the car for £15k in cash and that would be a five-year bank loan at £273 per month. In three years, that would be £6,300 outstanding, saving you £50 on your monthly payments and giving you £2k of equity, so effectively around £3k cheaper to own a year-old car than the new one. You could also get a diesel for about £1k less and that might also depreciate less. In fairness, the cost of the new car is being pushed up because of the options, and, as they add basically nothing to the car's value, the fact that they have to be depreciated to zero more quickly than the rest of the car.
Thank you for your response.Will it definitely have only 24k on the clock?
If you do trade it in, it might be worth a little more than £10k, so there should be some equity in the car.
0% is not, for me, a no brainer. I'm not fond of paying money out for interest, but I am no more averse to spending on interest than I am on anything else - it's the total expenditure that counts, not what it's called.
The total cost over three years is £13,365. I would probably bin most of the options - they will add approximately £0.00 to the car's value when you're done with it.
Without looking too hard, you could get the following as leases (6+35):
https://www.contracthireandleasing.com/car-leasing... - Octavia Elegance - £9,594
https://www.contracthireandleasing.com/car-leasing... - BMW 218i Tourer - £11,015
https://www.contracthireandleasing.com/car-leasing... - Passat 1.6 GT tdi Estate - £11,578
https://www.contracthireandleasing.com/car-leasing... - Mercedes C200 Estate - £11,823
https://www.contracthireandleasing.com/car-leasing... - Mondeo 1.5 Zetec Nav Estate - £12,224
Of course there might be £1k or so of equity in the PCP car, and you might want to keep it.
If you did want to keep it for a long time, I'd suggest that this http://www.autotrader.co.uk/classified/advert/2015... would be a better buy.
It might trade at £8,500 or so in three years' time.
With a bit of haggling, £1,500 down is likely to get you the car for £15k in cash and that would be a five-year bank loan at £273 per month. In three years, that would be £6,300 outstanding, saving you £50 on your monthly payments and giving you £2k of equity, so effectively around £3k cheaper to own a year-old car than the new one. You could also get a diesel for about £1k less and that might also depreciate less. In fairness, the cost of the new car is being pushed up because of the options, and, as they add basically nothing to the car's value, the fact that they have to be depreciated to zero more quickly than the rest of the car.
After the 3 year mark, we plan on changing it for another new car.
Either we are looking at 8k per year or 10k per year. We have the choice of borrowing a car for longer trips if we felt we was getting close to the limit...
The options for the, less paint and sport suspension, is for the wife and kids peace of mind. So I guess I could save around £900 with the options by removing the sport suspension, paint and keyless entry...
What options would be great for kids (space in the rear for big car seats and boot space) and good city driving/fuel economy?
We have been told to keep away from diesel as we risk having problems with the car if we do less than 10,000 a year or/and mainly short journeys...
I am tempted to go for the following - https://www.contracthireandleasing.com/car-leasing...
However what are the risks with a pure lease instead of a PCP? (worried they may stung me over when returning the car due to wear/tear and as I live in the city, small stone chips/dents).
If the risks are the same with a PCP, then should I really both with regards to buying a diesel and the issue of DPF?
I assume even though most of our journeys will be very short stop/start driving, the economy will still be better than a petrol and any issues can be sorted via the dealer, as I would have a 3 year warranty?
However what are the risks with a pure lease instead of a PCP? (worried they may stung me over when returning the car due to wear/tear and as I live in the city, small stone chips/dents).
If the risks are the same with a PCP, then should I really both with regards to buying a diesel and the issue of DPF?
I assume even though most of our journeys will be very short stop/start driving, the economy will still be better than a petrol and any issues can be sorted via the dealer, as I would have a 3 year warranty?
Chris101 said:
I am tempted to go for the following - https://www.contracthireandleasing.com/car-leasing...
However what are the risks with a pure lease instead of a PCP? (worried they may stung me over when returning the car due to wear/tear and as I live in the city, small stone chips/dents).
If the risks are the same with a PCP, then should I really both with regards to buying a diesel and the issue of DPF?
I assume even though most of our journeys will be very short stop/start driving, the economy will still be better than a petrol and any issues can be sorted via the dealer, as I would have a 3 year warranty?
I'd tend to agree that risk for any DPF issues needs to be with the dealer - although I'd be giving the car a good run out every so often anyway! However what are the risks with a pure lease instead of a PCP? (worried they may stung me over when returning the car due to wear/tear and as I live in the city, small stone chips/dents).
If the risks are the same with a PCP, then should I really both with regards to buying a diesel and the issue of DPF?
I assume even though most of our journeys will be very short stop/start driving, the economy will still be better than a petrol and any issues can be sorted via the dealer, as I would have a 3 year warranty?
As for wear and tear - the car will definitely need to go back in ready-to-retail condition; the same would apply if there was no equity in the car under a PCP, however, and you can't sell the car elsewhere or buy it for the final payment to put off having to fix it. You can insure against SMART repairs being needed, although the policies are quite expensive and have quite low cover limits - because they expect them to get used. If you can get the car prepped for resale before handback, you'll have less to worry about.
I'm looking at similar deals on the vRS estate diesel
new about £26000, dealer contribution of £500 against stock car and 0% over 3 years with my current car worth £6K and and maybe £250 a month and have some equity at the end? So costs £11K over 3 years?
or lease from these guys for £1289 down and £214 x 24 months + £240 admin (£6689 total over 2 years!)
http://www.freedomcontracts.com/Skoda-Octavia-Esta... for
or buying a 12 month old used car for £18796 - £10000 deposit (my car + cash) and put the rest on Sainsburys loan at 3.6% APR and hope its still worth £9K at the end so costs me £10K over 36 months and I may keep it another year or so??
I don't know what I'm missing on the Freedon Contract...
new about £26000, dealer contribution of £500 against stock car and 0% over 3 years with my current car worth £6K and and maybe £250 a month and have some equity at the end? So costs £11K over 3 years?
or lease from these guys for £1289 down and £214 x 24 months + £240 admin (£6689 total over 2 years!)
http://www.freedomcontracts.com/Skoda-Octavia-Esta... for
or buying a 12 month old used car for £18796 - £10000 deposit (my car + cash) and put the rest on Sainsburys loan at 3.6% APR and hope its still worth £9K at the end so costs me £10K over 36 months and I may keep it another year or so??
I don't know what I'm missing on the Freedon Contract...
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