In my current position is personal lease a logical option
Discussion
Apologies if this is a bit of a rambling post but am trying to get my head around the idea of personal lease or pcp for our next car or just buying as normal. I'm a private buyer and don't have any business use or allowance in my job.
Over 30 years plus of car ownership I've never done anything other than buy outright, mainly nearly new up to a couple of years old either using standard hp or used cash if able to and in the past tended to change cars after a couple of years when the car would be between 3 and 4 years old often part exchanging as well.
Annual mileage is around 12k and I've posted recently about the doubts as a private buyer created by the now anti-diesel media coverage.
This time we've kept our current family car for much longer because we've loved it with the kids growing up. The plan currently is to downsize our 10 year old diesel 7 seater mpv (115,000 miles) for something smaller but still capable of carrying 4 adults but for peace of mind want something in warranty. Initial visits to dealers suggest we could expect £1800 to £2600 as a part ex and looking at the likes of auto trader maybe get round the £3k mark as a private sale.
At the moment we don't have any additional cash to add but based on lowest personal loan rates and indicated monthly payments we can afford we can probably get to a total spend of £15k using a 4 year loan added to what we can get for current car.
In terms of preferred choices (golf or Leon) if buying outright we could get to something between 1 and 4 years old depending on model/spec - the newer the more basic spec. Having previously owned various performance models (golf & lupo gti's, 306 rallye) I'm tempted by something more driver focused.
So given that we aren't sacrificing a particularly large chunk of value in our current car or even adding a chunk of our own cash I've done a bit of compare and contrast and worked out using select car leasing for lease rates.
Hp buying a 2 year old golf (various models)or year old Leon fr (both sub 20k miles) say at £15k after 2 years will have spent including current px vehicle value just over 9k but will have 2 years of the loan left to pay to end up with a 5 or 6 year old car with upwards of 60/70k miles;
New Golf Gti or Gtd 2 year lease 12k miles - just over £9k spent including initial payment (equivalent to px vehicle) but will have the risk of extra charges & not own a saleable asset should the need arise
New Leon 1.4 fr again 2 year 12k lease - just over £6k spent & no asset;
4 year pcp deals on new even taking into account manufacturer's contributions don't seem to gain much if anything over hp and we could end up without any future deposit if say gfv isnt exceeded at the end of the term & certainly the rates for pcp on approved used mean they are a non-starter.
Is personal lease the way to go now given we've not got lots of value to bring to the table and could go diesel without fear or am I missing something.
Over 30 years plus of car ownership I've never done anything other than buy outright, mainly nearly new up to a couple of years old either using standard hp or used cash if able to and in the past tended to change cars after a couple of years when the car would be between 3 and 4 years old often part exchanging as well.
Annual mileage is around 12k and I've posted recently about the doubts as a private buyer created by the now anti-diesel media coverage.
This time we've kept our current family car for much longer because we've loved it with the kids growing up. The plan currently is to downsize our 10 year old diesel 7 seater mpv (115,000 miles) for something smaller but still capable of carrying 4 adults but for peace of mind want something in warranty. Initial visits to dealers suggest we could expect £1800 to £2600 as a part ex and looking at the likes of auto trader maybe get round the £3k mark as a private sale.
At the moment we don't have any additional cash to add but based on lowest personal loan rates and indicated monthly payments we can afford we can probably get to a total spend of £15k using a 4 year loan added to what we can get for current car.
In terms of preferred choices (golf or Leon) if buying outright we could get to something between 1 and 4 years old depending on model/spec - the newer the more basic spec. Having previously owned various performance models (golf & lupo gti's, 306 rallye) I'm tempted by something more driver focused.
So given that we aren't sacrificing a particularly large chunk of value in our current car or even adding a chunk of our own cash I've done a bit of compare and contrast and worked out using select car leasing for lease rates.
Hp buying a 2 year old golf (various models)or year old Leon fr (both sub 20k miles) say at £15k after 2 years will have spent including current px vehicle value just over 9k but will have 2 years of the loan left to pay to end up with a 5 or 6 year old car with upwards of 60/70k miles;
New Golf Gti or Gtd 2 year lease 12k miles - just over £9k spent including initial payment (equivalent to px vehicle) but will have the risk of extra charges & not own a saleable asset should the need arise
New Leon 1.4 fr again 2 year 12k lease - just over £6k spent & no asset;
4 year pcp deals on new even taking into account manufacturer's contributions don't seem to gain much if anything over hp and we could end up without any future deposit if say gfv isnt exceeded at the end of the term & certainly the rates for pcp on approved used mean they are a non-starter.
Is personal lease the way to go now given we've not got lots of value to bring to the table and could go diesel without fear or am I missing something.
I am fan of personal lease and am on my second Leon using such methods.
I think the important thing to do is what you already seem to be doing, look at the overall cost compared to buying a used car, getting a new one on PCP etc. The things I would point out with regards to leasing are the possible costliness of getting out the agreement should you need to and the more stringent (ime) charging for damage etc when the car is returned compared to PCP.
Many of the VAG products seem to take turns in being offered for stonking lease deals for short periods of time so given you own your current car you can afford to sit and wait for the right deal to come to you!
I think the important thing to do is what you already seem to be doing, look at the overall cost compared to buying a used car, getting a new one on PCP etc. The things I would point out with regards to leasing are the possible costliness of getting out the agreement should you need to and the more stringent (ime) charging for damage etc when the car is returned compared to PCP.
Many of the VAG products seem to take turns in being offered for stonking lease deals for short periods of time so given you own your current car you can afford to sit and wait for the right deal to come to you!
I'd say go for a private buy as you may keep the car longer than intended as you did with your last car, I'd also say to take a look at the Focus they're every bit as good as any VAG product & are reasonably prices.
2016 ST Line 11k
http://www.autotrader.co.uk/classified/advert/2017...
http://www.autotrader.co.uk/classified/advert/2017...
2013 Titanium X 21k
http://www.autotrader.co.uk/classified/advert/2017...
2014 Titanium X 20k
http://www.autotrader.co.uk/classified/advert/2017...
2016 ST Line 11k
http://www.autotrader.co.uk/classified/advert/2017...
http://www.autotrader.co.uk/classified/advert/2017...
2013 Titanium X 21k
http://www.autotrader.co.uk/classified/advert/2017...
2014 Titanium X 20k
http://www.autotrader.co.uk/classified/advert/2017...
9K for a GTI/GTD over 2 years sounds like quite a lot, even with the higher mileage. If you wait for a good deal or are more flexible about the car (e.g. SEAT Leon as above), then I'm sure you can do much better. For example, I know there was a broker offering Golf R's for about 6.8K for 2 years the other day - although I don't know if that was a misprice.
I would say go for a lease if you think not much will change in your circumstances in the next 2 years.
I would do more research and wait for the right deal to come up.
I got the highest spec Vauxhall Astra Elite Nav 1.4T (150) for £1000 deposit + £120 per month on 8k miles for 2 years so total 3.8k for 2 years.
When I went to Vauxhall dealer for a test drive and asked for best quote they could do, it was more than double that, almost triple.
9k for a vw golf gti or gtd is not a good deal
I would do more research and wait for the right deal to come up.
I got the highest spec Vauxhall Astra Elite Nav 1.4T (150) for £1000 deposit + £120 per month on 8k miles for 2 years so total 3.8k for 2 years.
When I went to Vauxhall dealer for a test drive and asked for best quote they could do, it was more than double that, almost triple.
9k for a vw golf gti or gtd is not a good deal
We've looked at a focus and just found room in the back is that bit tighter compared to a golf or leon.
I'm very wary of how tight lease companies are at the end of the term when it comes to condition and I've heard they are much more stringent than pcp deals.
Whilst we look after our cars we do have a dings and scratches risk. Due to our current needs we swap for different days . I have a 36 mile round trip for my commute whereas my wife has just 8 miles so we swap to keep mileage reasonable for both cars. She works in a school and they have a small car park. Parents aren't supposed to use it to drop kids off but of course they do and of course some are very blasé and allow their little darlings to get in and out of their cars. 5-11 year olds aren't the most careful when it comes to whether they bump the car next to them.
Given this risk I'm wondering if pcp might be slightly safer than personal lease.
Still be interested though if anyone knows of any great personal lease deals on golf gti's or r or a Leon cupra
I'm very wary of how tight lease companies are at the end of the term when it comes to condition and I've heard they are much more stringent than pcp deals.
Whilst we look after our cars we do have a dings and scratches risk. Due to our current needs we swap for different days . I have a 36 mile round trip for my commute whereas my wife has just 8 miles so we swap to keep mileage reasonable for both cars. She works in a school and they have a small car park. Parents aren't supposed to use it to drop kids off but of course they do and of course some are very blasé and allow their little darlings to get in and out of their cars. 5-11 year olds aren't the most careful when it comes to whether they bump the car next to them.
Given this risk I'm wondering if pcp might be slightly safer than personal lease.
Still be interested though if anyone knows of any great personal lease deals on golf gti's or r or a Leon cupra
If you can find the deal lease.
The advantage with leasing is you just hand it back. No hassle. As long as you're not over mileage or abused it.
I received a quote to lease a Skoda Octavia Scout over 24months for £ 230 per month inc VAT. To PCP it would be nearer £400 per month.
A BMW 335d estate was £400 on lease, over £600 PCP
No contest.
Personal lease is all about the deal. You can lease expensive cars for little money especially Skoda's VW's BMW's etc.
The advantage with leasing is you just hand it back. No hassle. As long as you're not over mileage or abused it.
I received a quote to lease a Skoda Octavia Scout over 24months for £ 230 per month inc VAT. To PCP it would be nearer £400 per month.
A BMW 335d estate was £400 on lease, over £600 PCP
No contest.
Personal lease is all about the deal. You can lease expensive cars for little money especially Skoda's VW's BMW's etc.
Big GT said:
If you can find the deal lease.
The advantage with leasing is you just hand it back. No hassle. As long as you're not over mileage or abused it.
I received a quote to lease a Skoda Octavia Scout over 24months for £ 230 per month inc VAT. To PCP it would be nearer £400 per month.
A BMW 335d estate was £400 on lease, over £600 PCP
No contest.
Personal lease is all about the deal. You can lease expensive cars for little money especially Skoda's VW's BMW's etc.
Do have the details of the Skoda Scout deal ?
The advantage with leasing is you just hand it back. No hassle. As long as you're not over mileage or abused it.
I received a quote to lease a Skoda Octavia Scout over 24months for £ 230 per month inc VAT. To PCP it would be nearer £400 per month.
A BMW 335d estate was £400 on lease, over £600 PCP
No contest.
Personal lease is all about the deal. You can lease expensive cars for little money especially Skoda's VW's BMW's etc.
Do have the details of the Skoda Scout deal ?
Now starting to think seriously about leasing so advice welcome about how to go about getting/finding a great deal on pch
I note the thread about deals available but if nothing on there, where is best to look for golf or Leon deals. Are there certain main dealers to try ( I'm Yorkshire based) and for specialist companies or brokers who else apart from select car leasing.
Also we're not sure whether to try to sell our current car privately but would like to have the option of using it to fund any deposit as you would if part exchange.
I note the thread about deals available but if nothing on there, where is best to look for golf or Leon deals. Are there certain main dealers to try ( I'm Yorkshire based) and for specialist companies or brokers who else apart from select car leasing.
Also we're not sure whether to try to sell our current car privately but would like to have the option of using it to fund any deposit as you would if part exchange.
If you decide to lease, you won't have to pay initial payment until you collect new car. So you don't have to sell current car at the point of ordering new one.
I would suggest waiting until beginning of new quarter in July, to see if there are any new deals.
Place to look for deals is https://www.contracthireandleasing.com/ or https://www.whatcar.com/car-leasing/
Read leasing thread for a bit and you will find a lot of useful information.
I would suggest waiting until beginning of new quarter in July, to see if there are any new deals.
Place to look for deals is https://www.contracthireandleasing.com/ or https://www.whatcar.com/car-leasing/
Read leasing thread for a bit and you will find a lot of useful information.
Millsy Hero said:
Now starting to think seriously about leasing so advice welcome about how to go about getting/finding a great deal on pch
I note the thread about deals available but if nothing on there, where is best to look for golf or Leon deals. Are there certain main dealers to try ( I'm Yorkshire based) and for specialist companies or brokers who else apart from select car leasing.
Also we're not sure whether to try to sell our current car privately but would like to have the option of using it to fund any deposit as you would if part exchange.
Seat Huddersfield 0113 382 7627 Andrew Ball might be worth a try. Got an okay deal from them on an AtecaI note the thread about deals available but if nothing on there, where is best to look for golf or Leon deals. Are there certain main dealers to try ( I'm Yorkshire based) and for specialist companies or brokers who else apart from select car leasing.
Also we're not sure whether to try to sell our current car privately but would like to have the option of using it to fund any deposit as you would if part exchange.
Looks like a Leon might be biting the dust as there appears to be a 3 to 4 month wait due to a lack of available cars at the moment.
Don't really want to wait that long as I would like to maximise what value I have in my current car so would prefer not to allow another 3 to 4 months depreciation.
Decision now is to either hang on until July to see what comes up lease wise or borrow and buy used up to £11k. Decision then is to decide what's best as new as possible say focus or go a bit older and get something more driver focused or up market.
Don't really want to wait that long as I would like to maximise what value I have in my current car so would prefer not to allow another 3 to 4 months depreciation.
Decision now is to either hang on until July to see what comes up lease wise or borrow and buy used up to £11k. Decision then is to decide what's best as new as possible say focus or go a bit older and get something more driver focused or up market.
Millsy Hero said:
Looks like a Leon might be biting the dust as there appears to be a 3 to 4 month wait due to a lack of available cars at the moment.
Don't really want to wait that long as I would like to maximise what value I have in my current car so would prefer not to allow another 3 to 4 months depreciation.
Decision now is to either hang on until July to see what comes up lease wise or borrow and buy used up to £11k. Decision then is to decide what's best as new as possible say focus or go a bit older and get something more driver focused or up market.
Sounds like you and I should form a support group.Don't really want to wait that long as I would like to maximise what value I have in my current car so would prefer not to allow another 3 to 4 months depreciation.
Decision now is to either hang on until July to see what comes up lease wise or borrow and buy used up to £11k. Decision then is to decide what's best as new as possible say focus or go a bit older and get something more driver focused or up market.
Apart from the fact we would never be able to decide what to call it!
Maybe deliberators anonymous...
...or maybe not
I'm sure buying a car should be more fun!
Bon chance.
Looks like a Leon might be biting the dust as there appears to be a 3 to 4 month wait due to a lack of available cars at the moment.
Don't really want to wait that long as I would like to maximise what value I have in my current car so would prefer not to allow another 3 to 4 months depreciation.
Decision now is to either hang on until July to see what comes up lease wise or borrow and buy used up to £11k. Decision then is to decide what's best as new as possible say focus or go a bit older and get something more driver focused or up market.
Don't really want to wait that long as I would like to maximise what value I have in my current car so would prefer not to allow another 3 to 4 months depreciation.
Decision now is to either hang on until July to see what comes up lease wise or borrow and buy used up to £11k. Decision then is to decide what's best as new as possible say focus or go a bit older and get something more driver focused or up market.
Having difficulty convincing my OH to see leasing as a viable option as we have always or nearly always paid off any hp and thereby owned the car.
As mentioned because of the value of our current car hp or pcp only really viable over a longer term based on monthly budget to get us into something even relatively new (ideally within manufacturers warranty).
This might be a daft question but when working out the comparable cost between say hp and leasing for the hp cost would you include depreciation as part of the figure or not eg deposit 2k, borrow 10k interest £500 and after 3 years car is worth 5k so cost including depreciation would be 17.5k or do you strip out the depreciation making the cost just 12.5k but for a car worth 5k or should you take out the value of the car at the end so net cost is 7.5k compared to say a 3 year lease costing say 9k but nothing at the end.
Is there any easy way of comparing approx. cost per mile between hp and leasing
If someone said would you like to spend £12.5k for something worth £5k you'd probably tell them where to go but we do exactly that with cars albeit do use them
As mentioned because of the value of our current car hp or pcp only really viable over a longer term based on monthly budget to get us into something even relatively new (ideally within manufacturers warranty).
This might be a daft question but when working out the comparable cost between say hp and leasing for the hp cost would you include depreciation as part of the figure or not eg deposit 2k, borrow 10k interest £500 and after 3 years car is worth 5k so cost including depreciation would be 17.5k or do you strip out the depreciation making the cost just 12.5k but for a car worth 5k or should you take out the value of the car at the end so net cost is 7.5k compared to say a 3 year lease costing say 9k but nothing at the end.
Is there any easy way of comparing approx. cost per mile between hp and leasing
If someone said would you like to spend £12.5k for something worth £5k you'd probably tell them where to go but we do exactly that with cars albeit do use them
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