| Cars on personal Lease 14:58 - May 25 with 14321 views | AustinIsOurHero |
Hi Guys, after some advise if anyone can help?
Have had a bit of a nightmare with mine & the Mrs' cars recently. Cost us significant amount of money to get them both fixed & as such, we're looking into getting cars on personal lease, as opposed to PCP/finance so any service/repair costs are paid for.
Does anyone else have a car on personal lease?
What's the best way of going about it - dealership, 3rd party etc?
Are there any companies in Swansea/surrounding areas that facilitate this?
Do you find it works better for you rather than buying used/nearly new on finance?
Cheers in advance.
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| Cars on personal Lease on 09:36 - May 27 with 5380 views | LeonisGod |
| Cars on personal Lease on 09:30 - May 27 by Cooperman |
Your point about your motoring outlook is most relevant - what do you want and when.
Ref the depreciation comment, it's not always massive. Most lease providers are promoting 'hot deals'.
Take the Audi A6 I mentioned above, it's basically a 35 + 3 lease at £350 per month on a 12k mile p/a plan, which is £13,300 out of your pocket. List price for the car is up around £36k but it will be worth considerably less than £23k after 3 years and with near 40k on the clock. During my negotiation with the lease company I quizzed them on the maths and the response basically implied that they had struck a deal with Audi that involved the supply of over 2000 vehicles, hence the very competitive price.
Away from the hot deals however then yes, you are funding more of the depreciation. |
Yeah, I've been looking at those Audi's and it seems a relatively cheap way of having a new car. The hit through monthly leasing isn't as big as the depreciation if you buy private. And I've spend nearly as much on keeping an older car on the road in the last year. It's quite tempting. The only thing that puts me off is that with 2 small kids and the grief we put our cars through camping, muddy bikes, etc., I'd inevitably get stung on making it 'new' again after I'd finished with it. |  | | |
| Cars on personal Lease on 09:38 - May 27 with 5380 views | monmouth |
| Cars on personal Lease on 09:30 - May 27 by Cooperman |
Your point about your motoring outlook is most relevant - what do you want and when.
Ref the depreciation comment, it's not always massive. Most lease providers are promoting 'hot deals'.
Take the Audi A6 I mentioned above, it's basically a 35 + 3 lease at £350 per month on a 12k mile p/a plan, which is £13,300 out of your pocket. List price for the car is up around £36k but it will be worth considerably less than £23k after 3 years and with near 40k on the clock. During my negotiation with the lease company I quizzed them on the maths and the response basically implied that they had struck a deal with Audi that involved the supply of over 2000 vehicles, hence the very competitive price.
Away from the hot deals however then yes, you are funding more of the depreciation. |
Ha. I simultaneously edited 'massive' as I'm not as biased as that sounded. Soz.
I'm seriously thinking about it for when wifey's car needs replacing as I doubt we'll need two cars for more than another few years. [Post edited 27 May 2016 9:41]
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| Cars on personal Lease on 09:41 - May 27 with 5370 views | AustinIsOurHero |
| Cars on personal Lease on 09:20 - May 27 by nantywatcher |
Leasing is more expensive - but the "peace of mind" factor is worth a lot of money, in my opinion. |
That's one of the main reasons I'm looking at this - we've just been stung for £1300 to fix my Mrs' car - something that would have been covered if we'd had it on lease. [Post edited 27 May 2016 9:41]
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| Cars on personal Lease on 09:45 - May 27 with 5353 views | Cooperman |
| Cars on personal Lease on 09:36 - May 27 by LeonisGod |
Yeah, I've been looking at those Audi's and it seems a relatively cheap way of having a new car. The hit through monthly leasing isn't as big as the depreciation if you buy private. And I've spend nearly as much on keeping an older car on the road in the last year. It's quite tempting. The only thing that puts me off is that with 2 small kids and the grief we put our cars through camping, muddy bikes, etc., I'd inevitably get stung on making it 'new' again after I'd finished with it. |
The wear and tear guides are not that stringent and unless you really don't care about your personal belongings a good £30 valet should get your interior sorted. On the other hand if you are ripping seats and getting cigarette burns then you should expect a penalty payment. On the exterior stone chips, small wheel scuffs, and light scratches are acceptable whereas panel damage is not |  |
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| Cars on personal Lease on 10:06 - May 27 with 5338 views | monmouth |
That looks great. With optional all maintenance inc service & tyres for an extra 25 notes a month too. I'm thawing significantly. | |
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| Cars on personal Lease on 16:06 - May 27 with 5256 views | jack_lord |
There is a company that we have used in the past to buy cars but they also do discount on leasing called www.motorsourcegroup.com . They offer discount to service (and ex service) personnel, NHS and a number of public sector workers including teachers. There are some decent deals on there. |  |
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| Cars on personal Lease on 17:01 - May 27 with 5229 views | nantywatcher |
| Cars on personal Lease on 16:06 - May 27 by jack_lord |
There is a company that we have used in the past to buy cars but they also do discount on leasing called www.motorsourcegroup.com . They offer discount to service (and ex service) personnel, NHS and a number of public sector workers including teachers. There are some decent deals on there. |
Just checked my deal against theirs - wow I cannot believe how much dearer they are - thousands dearer! |  | | |
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| Cars on personal Lease on 17:37 - May 27 with 5213 views | jack_lord |
| Cars on personal Lease on 17:01 - May 27 by nantywatcher |
Just checked my deal against theirs - wow I cannot believe how much dearer they are - thousands dearer! |
I'd like to see the deals. The sales deals are brilliant but haven't dealt with the leasing.
I checked a lease on a vw up and it was 94 quid per month for two years so if there is cheaper than that. | |
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| Cars on personal Lease on 17:47 - May 27 with 5206 views | jack_lord |
My quick comparison
motorsourse
Personal Contract
£109.74 per month incl VAT
Ref #53756-11-11 Initial rental of £329.22 inc VAT followed by 23 monthly rentals of £109.74 inc VAT. 10,000 mileage per annum. Excess mileage charge TBC Arrangement fee may appl
lings
Ling's Deal ID = 2180796
4 year rental
3+47
This means 3 payments upfront
then 47 monthly payments.
10,000 miles a year costs... £155.44
per month, inc VAT
So basically 2 years with motorsource for 105 quid with 3oo deposit or
4 years with lings for 450 deposit and 155 a month.
That was the first deal I looked at so much cheaper with motorsource on that one and only 24 month commitment but obviously there are deals with lings on other cars. | |
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| Cars on personal Lease on 18:01 - May 27 with 5192 views | jedijack |
| Cars on personal Lease on 10:06 - May 27 by monmouth |
That looks great. With optional all maintenance inc service & tyres for an extra 25 notes a month too. I'm thawing significantly. |
I only paid £6k for a fiesta for the misses a few months back.
Admittedly not as swanky as this one but was 12 months old, 3k miles on the clock and bought direct from days.
I'll use the manufacturers warranty and then hope to get a fair chunk of that £6k back when the car is 3 years old.
I did the same thing late 2014 when buying a 63 plate focus with stupid low miles. Got it cheap (from Cardiff Days), had almost 2 years warranty and will swap it out when the warranty ends in October.
Parkers guide still rates my Focus being worth not far off what I paid for it. | | | |
| Cars on personal Lease on 18:17 - May 27 with 5177 views | monmouth |
| Cars on personal Lease on 18:01 - May 27 by jedijack |
I only paid £6k for a fiesta for the misses a few months back.
Admittedly not as swanky as this one but was 12 months old, 3k miles on the clock and bought direct from days.
I'll use the manufacturers warranty and then hope to get a fair chunk of that £6k back when the car is 3 years old.
I did the same thing late 2014 when buying a 63 plate focus with stupid low miles. Got it cheap (from Cardiff Days), had almost 2 years warranty and will swap it out when the warranty ends in October.
Parkers guide still rates my Focus being worth not far off what I paid for it. |
That's my normal approach, stop confusing me!
Anyway, she's declared she wants an evoque, so she can f*** right off and start saving. | |
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| Cars on personal Lease on 18:43 - May 27 with 5163 views | GTCJack |
Just to add on to a comment above regards Yes Lease. I have always bought cars far too often - probably 8 or 9 in under 6 years. And however good I was at dealing cars at the right time and selling just before they hit a wall, it's a game that isn't great in the long term. It also means you have a huge amount of value tied up.
I took out my first lease in March on an Audi A4 - 1.4 Sport model. It's the new shape and I'm only paying £228 a month with £800 up front. That works out under £6k over 2 years for a car that is worth around £27k and would probably depreciate to about the 17k mark if I was to part exchange at the same time. The car was delivered and comes with a decent mileage allowance. I can't speak highly enough of leasing - you order your own spec generally unless there are stock vehicles as in some cases. One thing I would add, is to try not to add any extras as you pay in full for those over the two years for the extras. Bit of a waste, as you are just paying it for the eventual owner.
Hope this helps. | | | |
| Cars on personal Lease on 21:33 - May 27 with 5111 views | jack_lord |
| Cars on personal Lease on 18:43 - May 27 by GTCJack |
Just to add on to a comment above regards Yes Lease. I have always bought cars far too often - probably 8 or 9 in under 6 years. And however good I was at dealing cars at the right time and selling just before they hit a wall, it's a game that isn't great in the long term. It also means you have a huge amount of value tied up.
I took out my first lease in March on an Audi A4 - 1.4 Sport model. It's the new shape and I'm only paying £228 a month with £800 up front. That works out under £6k over 2 years for a car that is worth around £27k and would probably depreciate to about the 17k mark if I was to part exchange at the same time. The car was delivered and comes with a decent mileage allowance. I can't speak highly enough of leasing - you order your own spec generally unless there are stock vehicles as in some cases. One thing I would add, is to try not to add any extras as you pay in full for those over the two years for the extras. Bit of a waste, as you are just paying it for the eventual owner.
Hope this helps. |
I would agree with this. If we had paid list price on our car last July then we would have lost 13000 pounds on it if we were trading it in today.
As it goes we are selling it still with a big loss but looking at A) a lease on two year as my example above or
B) getting a second hand good runner that will not lose much over twelve months and exchanging it.
As I know relatively little about the mechanics of a car then I am tempted to go for the lease option.
I believe that more and more people are looking at this option as opposed to PCP. | |
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| Cars on personal Lease on 13:47 - Jul 2 with 4781 views | Cooperman |
Bump. | |
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| Cars on personal Lease on 22:19 - Jul 2 with 4693 views | Cooperman |
Ridiculously low monthly rental for a 2 year contract.
My friend had the previous model Sportage on a 4 year contract and was paying £325 ish.
Edit: I don't know Yes Lease though. [Post edited 2 Jul 2016 22:20]
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| Cars on personal Lease on 22:23 - Jul 2 with 4686 views | builthjack |
Check if it includes servicing, tyres etc.
Also, how much per mile!e if you do over 10000pa |  |
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| Cars on personal Lease on 22:30 - Jul 2 with 4679 views | Jackfath |
Maintenance isn't included on that deal. However on a new Kia with a 7 year warranty, over two years what maintenance could one expect? I only do around 8k miles a year so that's not a concern. |  |
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| Cars on personal Lease on 00:19 - Jul 3 with 4638 views | swansRus |
looking at the figures, inc initial rental, admin costs plus around £150 for basic service at 1 year, it's going to cost around the equiv of £250 per month for 2 years -
a pcp over 36 mths with similar up front payment works out at around £290 - but you'd have the possibility of some equity at the end
for comparison a dacia stepway will work out at around £160 pm on 4 yr pcp (my missus has one and loves it) inc similar deposit [Post edited 3 Jul 2016 0:23]
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| Cars on personal Lease on 01:42 - Jul 3 with 4621 views | jack_lord |
| Cars on personal Lease on 00:19 - Jul 3 by swansRus |
looking at the figures, inc initial rental, admin costs plus around £150 for basic service at 1 year, it's going to cost around the equiv of £250 per month for 2 years -
a pcp over 36 mths with similar up front payment works out at around £290 - but you'd have the possibility of some equity at the end
for comparison a dacia stepway will work out at around £160 pm on 4 yr pcp (my missus has one and loves it) inc similar deposit [Post edited 3 Jul 2016 0:23]
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The idea is that at the end of the three years pcp, you have the chance to buy the car at it's anticipated value so the equity is basically what you would be putting in to a three year old car. If that was the plan then you may as well buy a three year old car and cut out the middle man.
JF you could go for a lower mileage, eg 6000 and get a better deal. I think you and up paying about 3 pence a mile over your allowance which is obviously 30 quid per thousand so no biggy there.
We arranged one with selectleasing but the processing fee was 250 quid. They use the main leasing companies as I have a company car it is the same bunch. | |
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| Cars on personal Lease on 01:48 - Jul 3 with 4620 views | jack_lord |
selectcarleasing.co.uk
there is a 2 week cooling off period so you will get a stock car in about 3 to 4 weeks after your order. If it is a specific order where the car is a particular colour then it may be 10 weeks. | |
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| Cars on personal Lease on 07:05 - Jul 3 with 4606 views | Jackfath |
| Cars on personal Lease on 00:19 - Jul 3 by swansRus |
looking at the figures, inc initial rental, admin costs plus around £150 for basic service at 1 year, it's going to cost around the equiv of £250 per month for 2 years -
a pcp over 36 mths with similar up front payment works out at around £290 - but you'd have the possibility of some equity at the end
for comparison a dacia stepway will work out at around £160 pm on 4 yr pcp (my missus has one and loves it) inc similar deposit [Post edited 3 Jul 2016 0:23]
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My thoughts are why would I want to spend thousands at the end of the pcp to buy the car when I could return and have a brand new one, perhaps a different car or a new model with new technology in it? I don't get that logic. | |
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| Cars on personal Lease on 09:03 - Jul 4 with 4530 views | swansRus |
| Cars on personal Lease on 01:42 - Jul 3 by jack_lord |
The idea is that at the end of the three years pcp, you have the chance to buy the car at it's anticipated value so the equity is basically what you would be putting in to a three year old car. If that was the plan then you may as well buy a three year old car and cut out the middle man.
JF you could go for a lower mileage, eg 6000 and get a better deal. I think you and up paying about 3 pence a mile over your allowance which is obviously 30 quid per thousand so no biggy there.
We arranged one with selectleasing but the processing fee was 250 quid. They use the main leasing companies as I have a company car it is the same bunch. |
No, the equity you (may) have is the difference between balloon payment and market valauation - if the residual is set conservatively, and depreciation turns out lower than expected, and APR is low, then you can be ok - but as JF says - a lease agreement takes the variable out of the equation - and if the price comparison is favourable (as in this case) it can be a good deal
I remember a time during a PCP when customers could get a better car, put no cash down and have lower payments - but that was back when a Ford voucher was worth something! [Post edited 4 Jul 2016 9:07]
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| Cars on personal Lease on 11:03 - Jul 4 with 4502 views | jack_lord |
| Cars on personal Lease on 09:03 - Jul 4 by swansRus |
No, the equity you (may) have is the difference between balloon payment and market valauation - if the residual is set conservatively, and depreciation turns out lower than expected, and APR is low, then you can be ok - but as JF says - a lease agreement takes the variable out of the equation - and if the price comparison is favourable (as in this case) it can be a good deal
I remember a time during a PCP when customers could get a better car, put no cash down and have lower payments - but that was back when a Ford voucher was worth something! [Post edited 4 Jul 2016 9:07]
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That is pretty much what I was saying.
I remember the happy days of the ford voucher nut now it seems better to go to specialist companies or go for the lease route. | |
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