Is leasing better than buying

[chriz1]

New job means more miles and would like to save a few quid on fuel by switching to electric. Ive always bought my cars with a personal loan and savings and all cars deprecated but seems ev's are a lot more which is making me consider leasing this time.

I currently have an X3 which is worth £28k trade in,

So is leasing a better financial move? And save money?

[Panamax]

Depends how long you keep your cars. Buying new and keeping for a long time always works out much cheaper, but if you feel the need for a new car every three years the balance may be different.

[butchstewie]

I'd say it very much depends on the car and the deals you can get on them.

I'm picking up a Tesla in a couple of weeks and that's PCH because on that particular car I think the finance offer is too good to ignore and given some of the ruinous depreciation you see on some EVs I quite like the idea of knowing what you'll pay and letting someone else take all the risk on the residuals.

So I think I'd approach it once you know the car you're looking at.

[chriz1]

Probably change cars every 2 to 3 years really.

[Benz17]

[quote=Panamax]Depends how long you keep your cars. Buying new and keeping for a long time always works out much cheaper, but if you feel the need for a new car every three years the balance may be different.[/quote

Would really appreciate if you could elaborate on it “always works out cheaper”.

Reason I ask is, for my next car I am also for the first time thinking of getting new, and as I do 5k miles, and would keep it for 10years or so, the sole reason going for new is for once would like to get the spec which I want, as buying used nearly new, one always have to make compromises, unless you get really lucky.

[Panamax]

Panamax said:

Depends how long you keep your cars. Buying new and keeping for a long time always works out much cheaper, but if you feel the need for a new car every three years the balance may be different.

Benz17 said:

Would really appreciate if you could elaborate on it always works out cheaper.

Example: I'm about to sell a Mercedes A-class bought by a family member in 2007. Cost in 2007 was £10,000 for "nearly new" (9 months) car from main dealer.
Cost of maintenance has been £8,000
Total (in round numbers) £18,000 for 18 years and 100,000 miles of motoring.
£1,000 a year
£85 a month

In summary, what makes motoring expensive is if you keep suffering (or paying for through leasing) the first three years of depreciation over and over again.