£5k car vs £300 a month lease
Discussion
Hi all,
In around 18 months time I plan to sell both my cars to buy an attainable dream car of mine, a VX220.
I plan to use whatever's left over from the VX220 purchase to buy a daily, maybe £4/5k. BUT I could save this money (use for home improvements etc) and lease/PCP a car for around £300 a month.
The £4/5K car would maybe an e46/e90 330d, or something similar that has some poke and can do some miles.
The £300 lease car would be something maybe like an Octavia vRS or a Golf GTE. This would be easy motoring at it's finest but cost more in the long term.
What would you do?
In around 18 months time I plan to sell both my cars to buy an attainable dream car of mine, a VX220.
I plan to use whatever's left over from the VX220 purchase to buy a daily, maybe £4/5k. BUT I could save this money (use for home improvements etc) and lease/PCP a car for around £300 a month.
The £4/5K car would maybe an e46/e90 330d, or something similar that has some poke and can do some miles.
The £300 lease car would be something maybe like an Octavia vRS or a Golf GTE. This would be easy motoring at it's finest but cost more in the long term.
What would you do?
Just buy a 5k octavia.
No way would I drop 11k over 3 years to drive about in a worthy, but totally boring golf/octavia. You get 3-3.5k back on your 5k one 3 years later. Put your 300/month into house improvements, instead of a new car.
Someone will be along soon to say that a 5k car will explode and cost you 10k to run in repairs out of warranty so it will be more expensive than a new car!!!!
But it won’t.
No way would I drop 11k over 3 years to drive about in a worthy, but totally boring golf/octavia. You get 3-3.5k back on your 5k one 3 years later. Put your 300/month into house improvements, instead of a new car.
Someone will be along soon to say that a 5k car will explode and cost you 10k to run in repairs out of warranty so it will be more expensive than a new car!!!!
But it won’t.
Firstly congrats on the vx220
As has been said above why lease a £25k - £30k car when you want to spend £5k I've got a diesel alfa cost around £5k and has cost me nothing apart from service and wheel refurb in 2 years and 15000 miles looks smart, drives nice I am over the moon with it.
As has been said above why lease a £25k - £30k car when you want to spend £5k I've got a diesel alfa cost around £5k and has cost me nothing apart from service and wheel refurb in 2 years and 15000 miles looks smart, drives nice I am over the moon with it.
OP if you can afford £300 a month then get the lease car. Can't take it with you after all.
I've leased cars and it's been stress-free, relaxing motoring. It's cost me a few £ too, needless to say
You'll have plenty on your plate with the Vauxhall - don't add an old diesel into your life too
I've leased cars and it's been stress-free, relaxing motoring. It's cost me a few £ too, needless to say
You'll have plenty on your plate with the Vauxhall - don't add an old diesel into your life too
Personally the way I do it, if you’ve got a special car as a second car, then your day to day car should be something you can just use for the s
t jobs and not worry about it getting dinged, etc.
Get the £5k car.
Edit: I wouldn’t do the ageing 330D thing, you can’t have it all. £5k on something a bit more sensible just to use as a tool, and have more cash for VX220 mods, road trips & track days.
t jobs and not worry about it getting dinged, etc. Get the £5k car.
Edit: I wouldn’t do the ageing 330D thing, you can’t have it all. £5k on something a bit more sensible just to use as a tool, and have more cash for VX220 mods, road trips & track days.
Edited by Ryan_T on Friday 17th December 20:54
willmagrath said:
Hi all,
In around 18 months time I plan to sell both my cars to buy an attainable dream car of mine, a VX220.
I plan to use whatever's left over from the VX220 purchase to buy a daily, maybe £4/5k. BUT I could save this money (use for home improvements etc) and lease/PCP a car for around £300 a month.
The £4/5K car would maybe an e46/e90 330d, or something similar that has some poke and can do some miles.
The £300 lease car would be something maybe like an Octavia vRS or a Golf GTE. This would be easy motoring at it's finest but cost more in the long term.
What would you do?
Simple spend 4-5k on a good used car & enjoy the VX220.In around 18 months time I plan to sell both my cars to buy an attainable dream car of mine, a VX220.
I plan to use whatever's left over from the VX220 purchase to buy a daily, maybe £4/5k. BUT I could save this money (use for home improvements etc) and lease/PCP a car for around £300 a month.
The £4/5K car would maybe an e46/e90 330d, or something similar that has some poke and can do some miles.
The £300 lease car would be something maybe like an Octavia vRS or a Golf GTE. This would be easy motoring at it's finest but cost more in the long term.
What would you do?
CLK320cdi Sport:
https://www.autotrader.co.uk/car-details/202110128...
https://www.autotrader.co.uk/car-details/202111300...
Why spend money on a lease when you can spend it on trackdays
yes good point!I've always felt that leasing is best for those who have a healthy disposable income but not a lot of savings.
Sounds like it could work well for you as a hassle free daily when you have the vx220 for weekend fun.
I would probably go somewhere in-between like a 5k deposit on a 15k car with the rest on a 3 year Bank loan. That way you should get something reliable and you'll own it at the end of the 3 year period.
Sounds like it could work well for you as a hassle free daily when you have the vx220 for weekend fun.
I would probably go somewhere in-between like a 5k deposit on a 15k car with the rest on a 3 year Bank loan. That way you should get something reliable and you'll own it at the end of the 3 year period.
OP in your position I would go for the purchase. Unless you're a business user and the business is profitable enough to finance it. At the end of the lease you've got nothing, no car, you've just spent several thousands of pounds renting a nice car for a bit. You've serviced it at top whack on behalf of the owner, and probably replaced at least the front tyres like for like. If you've been unfortunate enough to damage it beyond the limits of the agreement you face financial penalties or the cost of putting it right. All so that it can go on the block as a one owner FSH immaculate vehicle through BCA. Ang god help you if you lose your job, you'll still have to pay the lease till term.
Someone above mentioned relaxing, well I enjoyed driving my leased Merc, but relaxing? Driving around in the car I own with enough in the bank to repair it or replace it tomorrow, not having to park at the far end of Sainsbury's, taking stuff to the tip, getting it serviced by the local guy, choosing my own tyres, that's relaxing!
If I really wanted another new car I'd PCP or get a bank loan, but honestly, being debt-free and -relatively - cash rich beats a new car anyday.
Someone above mentioned relaxing, well I enjoyed driving my leased Merc, but relaxing? Driving around in the car I own with enough in the bank to repair it or replace it tomorrow, not having to park at the far end of Sainsbury's, taking stuff to the tip, getting it serviced by the local guy, choosing my own tyres, that's relaxing!
If I really wanted another new car I'd PCP or get a bank loan, but honestly, being debt-free and -relatively - cash rich beats a new car anyday.
Ryan_T said:
Personally the way I do it, if you’ve got a special car as a second car, then your day to day car should be something you can just use for the st jobs and not worry about it getting dinged, etc.
Get the £5k car.
Edit: I wouldn’t do the ageing 330D thing, you can’t have it all. £5k on something a bit more sensible just to use as a tool, and have more cash for VX220 mods, road trips & track days.
Yeah this is true to be honest! I'll have my fun with other car.t jobs and not worry about it getting dinged, etc. Get the £5k car.
Edit: I wouldn’t do the ageing 330D thing, you can’t have it all. £5k on something a bit more sensible just to use as a tool, and have more cash for VX220 mods, road trips & track days.
Edited by Ryan_T on Friday 17th December 20:54
Jiebo said:
Leased cars are mostly for low income folks that can’t afford new cars, but want to appear like they can. Stick with a good used car, and invest the money you would have otherwise wasted on the lease.
Rent things that depreciate (cars), buy things that appreciate (houses). Fusss said:
Rent things that depreciate (cars), buy things that appreciate (houses).
That only holds water if you are only looking to buy a new car, the op is happy with a 5k car, the financially smart decision would be to buy a 5k car. Obviously he runs the risk of it detonating 5 mins into ownership Gassing Station | Car Buying | Top of Page | What's New | My Stuff