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Thread: New to car leasing...Help

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    Default New to car leasing...Help

    Hi, I was wondering as a new comer to car leasing does anyone know how much hassle it is. I also didn't know that car leasing was available for the "man in the street".....looks a good idea to me. Saves me loosing so much money like I did with my last new car...has anyone been running a private/ personal lease car for a while and could tell me if it's working out for them?

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    Regular Member mushy2007's Avatar
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    For the past three years I have owned my own car which is paid for by my company, however due to the milage i do i, the arse falls out of the car.

    I am planning on getting a PCP plan and the best one I have found so far is www.broadspeed.co.uk. They cover 1 - 5 years and upto 30,000 miles per annum and the cars are supplied from a local dealer.

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    On a Sabbatical VauxVeteran's Avatar
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    Don't look that good to me, just ran some details on a Vec est my mate got from a dealer last yr for £17k, BS want £21k for it.

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    Regular Member Ian's Avatar
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    leasing is a good idea for a brand new car. You will pay less for it over two years than you will lose in depreciation if you bought it, but you are limited to the mileage you state. If you go over they will charge a small fortune per mile.

    Having said all that buy a 6month old one, get it on 5 years HP and trade it in after 2 1/2 years and I'm positive it will cost less a month, you will break even on the trade in / finance left to pay and you dont need to worry about the mileage. Also you arent totally signed in for 2 years.

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    Quote Originally Posted by VauxVeteran View Post
    Don't look that good to me, just ran some details on a Vec est my mate got from a dealer last yr for £17k, BS want £21k for it.

    Ok let me put it this way, if I bought that car for 17k with standard finance over four years to make it affordable, then done as i do 30,000 miles a year the car would be in negative equity.

    So you get a car off these boys for 1,2,3,4,5 years and they take the hit on the depreciation.

    As an example I can get a BMW 320D M Sport with leather, nav,bt and xenons on 30,000 a year for £457 a month.

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    Regular Member mushy2007's Avatar
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    Quote Originally Posted by Ian View Post
    leasing is a good idea for a brand new car. You will pay less for it over two years than you will lose in depreciation if you bought it, but you are limited to the mileage you state. If you go over they will charge a small fortune per mile.

    Having said all that buy a 6month old one, get it on 5 years HP and trade it in after 2 1/2 years and I'm positive it will cost less a month, you will break even on the trade in / finance left to pay and you dont need to worry about the mileage. Also you arent totally signed in for 2 years.

    Yeah I agree, it doesnt work for me having my own car due to the milage i do.

    I am on my second loan and wont do it again.

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    I was working on the straight cash buy, didn't really go into the lease side of things.

    To help you out though the best way to buy a car is with no PX, and hammer the screen down, and pay for it with a bank loan.

    Anything 20k list should be got for as low as 16k at this time of yr.

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    Quote Originally Posted by mushy2007 View Post
    Ok let me put it this way, if I bought that car for 17k with standard finance over four years to make it affordable, then done as i do 30,000 miles a year the car would be in negative equity.

    So you get a car off these boys for 1,2,3,4,5 years and they take the hit on the depreciation.

    As an example I can get a BMW 320D M Sport with leather, nav,bt and xenons on 30,000 a year for £457 a month.
    Car Leasing works out for some people and not for others, it all depends on someones individual circumstances. Saying that, there are some cracking deals out there - it would depend on whether a particular motor which was on offer is one you would be happy driving for 2, 3 or 4 years (depending on how long the contract is for). Some 6 or 12 month leasing deals are great too as some manufacturers look to get more motors registered in a short space of time.

    Whilst a published figure (i.e. £457 per month) can look attractive when compared to a HP / PCP price, you may also need to consider that a one off payment (typically 3 months 'rental') & VAT is applicable. If these have not been taken into account, then you could be looking at an additional cost of £3530 over a 2 year lease period.

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    Regular Member ianjofriel's Avatar
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    worth noting that you also cannot take out PCP on a car if you are trading in a car with negative equity... not a financial whizz, but pretty sure it has an impact on the value of the car at the end of the period vs what you've paid...

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    Hi,
    Contract hire is the best way to manage cash flow and you get a brand new car each time the contract expires or buy the car if you want to. There are lots of different ways to do it so best to speak to a broker - try http://www.frontierleasing.co.uk/ for good advice and plain speaking.
    Hope this will help you. Good luck!

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