Is this a good lease deal on an MX5?
Discussion
Hello all, old school car purhaser here who's never hired nor signed up for PCP. My current motor is a 57 plate seat leon that i paid 5ish grand for and while there's nothing wrong with it at the moment i REALLY fancy a new shape mazda mx5. A dealer local to me is offering a new SE for £199 a month for 23 months with an initial £597. This £5174 (as i make it) is definitely affordable, but is it a good deal? It does say non-maintained, i assume that means that while the car would be under warranty i would be responsible for all servicing costs, if this is true would i be obligated to have it serviced every year?
My daily commute is less than 6 miles so i have no concerns about going over the 6000 annual, however a colleague said that because of my low mileage, keeping my own car (77k miles) or buying a newer one makes more sense as it would be an asset with slow depreciation compared to the rest of the market.
Please share your thoughts and feel free to tell me if im being a fool, i know very little about hiring a car.
Here's the link to the deal https://www.wrights-mazda.co.uk/contract-hire-offe...
My daily commute is less than 6 miles so i have no concerns about going over the 6000 annual, however a colleague said that because of my low mileage, keeping my own car (77k miles) or buying a newer one makes more sense as it would be an asset with slow depreciation compared to the rest of the market.
Please share your thoughts and feel free to tell me if im being a fool, i know very little about hiring a car.
Here's the link to the deal https://www.wrights-mazda.co.uk/contract-hire-offe...
non-maintained does mean you'll have to have it serviced in line with the recommended service intervals - so probably not every year, and replaces tyres/consumables yourself as needed.
No road tax to pay as this is usually included and generally a pretty easy and carefree way to have a new car for a couple of years with no unknown costs.
sounds like a reasonable deal to me for the car - other experts will have more to say on that - i believe the target for a "good" lease deal is around 25% of the vehicle cost
No road tax to pay as this is usually included and generally a pretty easy and carefree way to have a new car for a couple of years with no unknown costs.
sounds like a reasonable deal to me for the car - other experts will have more to say on that - i believe the target for a "good" lease deal is around 25% of the vehicle cost
I was in a Abarth shop earlier - and they have a similar deal on the 124 Spider Abarth except it's +3k for the deposit. Works out at just under 8k over two years for the Gucci bells and whistles car.
that's 12k miles for 8000 of your English pounds. I personally think that's slightly high, but the numbers you're quoting for the MX5 version isn't too bad is it.
I did two things - I looked at second hand values of the Abarth 124 - and a sub5k car can be had for 20k (that's 12k cheaper than a new one). Which is a much cheaper way to do it (well it's the same, but you won't spend 8k in 2 years and your mileage will be unlimited).
This only works if you don't care about the car being shiny and new, but worth a comparison.
I also checked out LING (who is my go to for price comparison) and she wanted a much smaller deposit but it was 600 plus per month. All comparable really.
In short though - I think the MX5 is a decent deal if you want to lease something.
that's 12k miles for 8000 of your English pounds. I personally think that's slightly high, but the numbers you're quoting for the MX5 version isn't too bad is it.
I did two things - I looked at second hand values of the Abarth 124 - and a sub5k car can be had for 20k (that's 12k cheaper than a new one). Which is a much cheaper way to do it (well it's the same, but you won't spend 8k in 2 years and your mileage will be unlimited).
This only works if you don't care about the car being shiny and new, but worth a comparison.
I also checked out LING (who is my go to for price comparison) and she wanted a much smaller deposit but it was 600 plus per month. All comparable really.
In short though - I think the MX5 is a decent deal if you want to lease something.
Thanks for the replies all, some encouraging words. That deal on the 124 is very nice, if im being honest though i prefer the looks of the mazda.
Thanks RSTurboPaul, i probably should have just put my question into the lease thread in hindsight.
Does anybody have any thoughts on the leasing/vs purchasing mileage aspect i raised? Does it actually make more sense to OWN a car and barely be putting any miles on it.
Thanks RSTurboPaul, i probably should have just put my question into the lease thread in hindsight.
Does anybody have any thoughts on the leasing/vs purchasing mileage aspect i raised? Does it actually make more sense to OWN a car and barely be putting any miles on it.
Hatethisbit said:
Does anybody have any thoughts on the leasing/vs purchasing mileage aspect i raised? Does it actually make more sense to OWN a car and barely be putting any miles on it.
That is an age-old question that can only really be answered by the person asking it!My personal view is that if you have the money to afford a new car, leasing makes sense if the cost of the lease would be less than the cost of the depreciation, and you could buy a similar car or the actual car at the end and come out having saved some money. But if you haven't got the money to buy a new car, buying a cheaper, secondhand car with a financial product that means you own the car at the end is probably going to be a better idea, as it's then not 'wasted money'.
Entirely my own opinion, of course.
agree with above - I've been looking at it myself for the first time.
It's only really for cars I don't want to own long term. Would be useful to me etc.
5500 cost over two years to get into a new car that you want to drive isn't the end of the world.
the 124 Spider is losing 12k from new to 5k miles...........so if you want the 124 Spider, and want zero hassle getting rid of it after 2 years. It makes sense.
I could of course - go and buy a Boxster that's ten year old, for peanuts. THen it could have big bills.
It all comes down to if you want the MX5, and you want a new one, with min hassle and 5500 cost over two years works for you. It's a good idea.
It's only really for cars I don't want to own long term. Would be useful to me etc.
5500 cost over two years to get into a new car that you want to drive isn't the end of the world.
the 124 Spider is losing 12k from new to 5k miles...........so if you want the 124 Spider, and want zero hassle getting rid of it after 2 years. It makes sense.
I could of course - go and buy a Boxster that's ten year old, for peanuts. THen it could have big bills.
It all comes down to if you want the MX5, and you want a new one, with min hassle and 5500 cost over two years works for you. It's a good idea.
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