Viewing 40 posts - 1 through 40 (of 138 total)
  • Gone against everything I said before and leased a car.
  • wrightyson
    Free Member

    Never bought in to the idea of paying for something every month and not actually owning it.
    However according to we buy any car I’ve lost 7k in 4 years on the mazda. So I thought I’d actually have a look and give it a chance. Found an excellent deal on a kia of all things and as I don’t really care what make it is have gone for it. I’ll report back in 2 years and see if I’d never do it again.

    weeksy
    Full Member

    I had a Kia Soul…. it had no soul…. The seat was made of Ply i think…. or concrete… either way, 2 hours was hell.

    jekkyl
    Full Member

    what mileage have you had?
    I had an octavia with 16k over 2 years. Vastly underestimated my annual mileage. I’ve had it since August 16 and just breached the 8k this month. Anything going forward will be 12k I reckon.

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    Torminalis
    Free Member

    I have just done the same thing.

    I bought an 05 golf for about £3k back in August. Since then it has cost me a fortune in bills and finally died the other day. Given that the TCO is about a grand per month, a lease started to look more and more like a sensible option. Whichever way you look at it, cars just cost.

    My new Seat turns up tomorrow and I can’t wait!

    Flaperon
    Full Member

    You pay a huge premium to increase the mileage limit. Quite often it’s more cost effective to pick a lower annual mileage and then pay the per mile excess (5p/mile or something).

    molgrips
    Free Member

    I’ve lost 7k in 4 years on the mazda

    Nice thing about buying is that you eventually stop having to pay for it.

    v8ninety
    Full Member

    Nice thing about buying is that you eventually stop having to pay for it.

    You never stop paying for cars, if you want to actually use them as cars, they are quite literally a liability. Granted you pay less as they get older, but that’s a payoff for reduced trustworthiness, and to a point, showoffability. Leasing and ownership both have merits, depending on circumstances and needs.

    the-muffin-man
    Free Member

    Nice thing about buying is that you eventually stop having to pay for it.

    Only if you keep the car forever and nothing goes wrong!

    nickfrog
    Free Member

    Gone the same way a couple of years ago – I estimated that a leased Touran TDI 2.0 Match would be cheaper to lease than buying a 2 year old one that had been farted in, when all parameters are taken account of (MOT, servicing, tax, opportunity cost, warranty etc etc). At £5,100 total over 2 years inc servicing it has proven to be the case by a long way. Lease prices have gone up over the past 6 months though so maybe the pendulum is now swinging the other way…

    scotroutes
    Full Member

    Is that an accurate assessment of resale value?

    wrightyson
    Free Member

    Appreciate that molgrips. Always stumped the cash up front for my cars never had any finance before. Just thought I’d leave it in the bank for a change and give this a whirl. £146 quid a month for a 23k car.
    Went to the dealer on Saturday and had a sit in it, very nice cavernous boot and a fair few gadgets. He wasn’t very chuffed mind as their deals were no where near.

    rickmeister
    Full Member

    Leasing is great but bikes and mud in the back take their toll and come the time its going back, could be a problem..

    Otherwise, it makes perfect sense

    molgrips
    Free Member

    Only if you keep the car forever and nothing goes wrong!

    Even if it goes wrong, you’re still ahead.

    I spent £400 on the Prius about a year ago. But it’s been 6 years since I stopped paying for it!

    wrightyson
    Free Member

    Is that an accurate assessment of resale value?

    Probably not as I’m hoping to get more than 3k for it as it’s still a great car.

    Leasing is great but bikes and mud in the back take their toll and come the time its going back, could be a problem..

    Transit van on the drive too 😉

    brassneck
    Full Member

    I spent £400 on the Prius about a year ago. But it’s been 6 years since I stopped paying for it!

    Then can you give us a tip for the 3:30? 🙂 – my last main car cost me the most I’d paid outside of my youth (Elise how I miss thee) and has cost me a bloody fortune to keep on the road.

    Now work is an 80 mile round trip when I have to go in I’m thinking similarly – 5K on a hatch of some sort, or a lease and accept it as a cost of living… the lease and changing up every couple of years might make more sense.

    Where did you look for deals, around local dealers or Ling Cars and the like?

    rone
    Full Member

    Good to hear OP. This is exactly the situation I was in 5-6 years ago.

    wrightyson
    Free Member

    Randomly I met a bloke whilst we were camping about 6/7 years ago. Leasing was becoming more mainstream and that’s what he did. Brother in law went on to use him a few months after and has now had three cars off him with zero problems. I just rang him last week. I think he will pretty much try and beat any deal out there if he can, really nice bloke and straight down the line.
    Claris vehicle solutions based in Sheffield area.

    As I say 146 month, 1300 deposit 10k miles.

    molgrips
    Free Member

    Then can you give us a tip

    Buy a Toyota 🙂

    johndoh
    Free Member

    Nice thing about buying is that you eventually stop having to pay for it.

    After owning a Mazda 3 from new (ten years ago) and about to change it, I did this calculation on another thread quite recently….

    We have a Mazda 3, bought exactly 10 years ago, new, for £16,000. Over the years it has cost us around another £2,600 in servicing, MOTs and a couple of slightly more expensive repair bills so I reckon a lifetime cost to us of around £18,600. We have just been offered £1,000 for it on trade-in so that makes £17,600 net cost. It currently has 50,000 on the clock.

    So over ten years, that is £147 a month. I have just had a quick look and I could get a Ford Focus for £432 initial payment + £144 a month (based on 5k per year) so that’s £162 total per month and I would never be in a car more than two years old and have pretty much hassle free driving (apart from potential for damage charges on return).

    molgrips
    Free Member

    Your mistake was buying it new… Had you bought it 2 years old the calculation would be quite different.

    CharlieMungus
    Free Member

    is 5K considered typical mileage?

    stumpy01
    Full Member

    I think the more miles you do, the less sense leasing makes….

    I do around 26k miles/yr and last time I looked into leasing agreements a mid-spec Focus diesel was gonna cost me around £400/month.

    My in-laws are on their second Kia through the motability scheme; last one was a C’eed hatchback which they had no issues with. Current one is a Sportage, that they have only just picked up & they like it even more at the moment. They seem like solid cars with a decent spec.

    legend
    Free Member

    molgrips – Member

    Your mistake was buying it new… Had you bought it 2 years old the calculation would be quite different.

    Indeed. He’d have bought a car with an unknown history, and now be running a car thats an extra 2 years old. So unless you have a crystal ball you cant say if there would have been an increase or decrease

    brassneck
    Full Member

    Buy a Toyota

    I had one, Corolla Verso it was ace. Then had another child, and best option was the Ford. Or at least it was the only thing that ticked all the boxes and I’d only heard good things about 🙁

    is 5K considered typical mileage?

    I meant 5K cash purchase of a car vs. lease – typical mileage is normally around 10K miles but its one to work out and slightly overcook on a lease, as getting it right upfront should be cheaper even with wiggle room.

    Sundayjumper
    Full Member

    I sometimes look at leases, but I need 20k miles pa and for anything I’d actually want that mileage kills it.

    Although looking recently, there was an S-Class Merc for just under £1k pm. Spending your own money buying one of those and doing that mileage would be financial madness so the lease was really quite “cheap” I guess.

    johndoh
    Free Member

    is 5K considered typical mileage?

    I did the calculation based on the fact our current car is 10 years old and has 50,000 on the clock (5,000pa)

    Your mistake was buying it new… Had you bought it 2 years old the calculation would be quite different.

    Yes it would have skewed it differently, but I cannot base my calculation based on a variable I do not have the figures on.

    Dorset_Knob
    Free Member

    Depreciation costs, but decreases. If you buy a new-ish car and keep it ten years or so, you gradually ‘pay’ less and less depreciation. Whereas if you lease a new car every 3 years or so, you lock yourself into paying the top-whack of depreciation for ever and ever. That’s how I see it.

    If I’d leased/PCPd my Alltrack, after 4 years I could sign up for another deal, or pay £8000 to keep the car.

    As it is, I borrowed the money, bought it outright, and made (smaller) payments over 4 years. Next year, I can keep the car for free (our plan), or sell it for £8000.

    That’s how I see things anyway. Surely I am right?

    nickfrog
    Free Member

    Depreciation curve shapes have evolved over the past few years, at least when looking at transaction prices (price lists have become meaningless). Because the brunt of new cars are financed/leased, the franchised networks have much tighter control over values up to 3 years. So if you can buy at a large discount (including finance contributions that can easily be triggered by short term “fake” borrowing), then churning through new cars every year can be very cheap. I sold my 12 month old M135i at £175 depreciation / month.

    Conversely some of the heavily yield managed lease deals can return incredible results if you pounce on them and are flexible about what euro box you get.

    iainc
    Full Member

    Leasing buying, owning, leasing or PCP is great but bikes and mud in the back take their toll and come the time its going back,or you are selling it could be a problem..

    stevemtb
    Free Member

    Had a really bad run of a couple of cars peaking with an Octavia estate which cost me £2k in 5 months (and had a huge list of repairs needed including cam chain/sensor) for a car that had full service history, low owners etc.

    Watched the lease deals and picked up a 1.6 diesel Civic for £188 per month including the deposit for a 8000 miles per year, two year deal. It has been running 58mpg (70+ on some trips) for a fairly short commute. Loads of toys, plenty of room and actually really good at fitting a bike. It does exactly what I need at a fairly low price. Also got a Transit for bike/weekend duties.

    It is my first lease and the car has been great. Suspect I’ll go back to buying cheap next time though and hope the bad run is over!

    curiousyellow
    Free Member

    Will you get £8000 for it? Curious as to whether they price in what they call “equity”. In the real world there is no equity in most cars. Just less depreciation right?

    wrightyson
    Free Member

    The mazda I bought was ex lease and had just been handed back. I bought it February 2013 and have had it 4years. It lost 14 k in its first 3 years and that’s the reason I’d never looked at new cars previously. It had high mileage for its age 60k but I knew we’d even that out as we do about 7k a year.
    I’ve a feeling the kia will haemorrhage money in the two years I own (borrow) it, way more than I pay in and that is the secret to leasing, as told to me by the guy I’m having it off some 6/7 years ago when I first met him.

    geetee1972
    Free Member

    If you buy a new-ish car and keep it ten years or so, you gradually ‘pay’ less and less depreciation. Whereas if you lease a new car every 3 years or so, you lock yourself into paying the top-whack of depreciation for ever and ever. That’s how I see it.

    I think this nails it personally. The only time that PCP makes sense is if you want to change your car every three years (or whenever the agreement is up). You’re financing a lot of very expensive depreciation though by doing that, but then if being in the latest model is important to you, it’s probably a bit cheaper than buying it.

    I was curious to know how much my Volvo has cost me over the five years I’ve owned it. Taking only the cost to buy and non service/consumable charges into account (because I think you pay for these still on PCP?), the total outlay so far has been £18,300, which is £14,800 for the car and £3,500 to fix the power steering and rear trailing arm bushes.

    The car had 22k miles when I bought it, was three years old and cost about £35k when new.

    The car is worth around £4500 now; so far then it’s cost me £233 a month if you take the residual value into count.

    molgrips
    Free Member

    I still think you paid a staggering amount for that fix, but I realise we did this on another thread!

    iainc
    Full Member

    so far then it’s cost me £233 a month if you take the residual value into count.

    probably about the same it would be costing you on a PCP then 🙂

    geetee1972
    Free Member

    probably about the same it would be costing you on a PCP then

    You know you might be right about that.

    [Edit] actually no not even remotely. A £35k car financed over eight years and with the same residual value would cost £320 a month even without interest. With interest it would be more like £390.

    I still think you paid a staggering amount for that fix

    Yes, it was 25% more expensive than if I’d gone to non main dealer Volvo specialist. But the work is guaranteed for a year, it was done within three days and I had a loan car while it mine was off the road.

    iainc
    Full Member

    You know you might be right about that

    😀

    I researched it to death end of last year before entering my first PCP… I was moving from a Company Car to a monthly allowance, so a 4yr, highish annual mileage, low deposit PCP, was the most cost effective way of sticking with a newish big comfy family car, in my situation. Everyone’s situation is different though. Wife has a 6 yr old Kia Soul which was bough on HP and fully paid off 2 yrs ago…. It will be getting traded in before the 7 yr warranty runs out, and will probably be on another HP deal, as on 8k miles per annum, keeping it for longer makes sense, particularly with 7 yr warranty.

    cheers_drive
    Full Member

    I’m just about to push the button on a Skoda Superb 2.0D SE Technology estate. £226pm + £778 deposit, 8k pa. That’s way less than the depreciation would be on new and having done the sums it not widely different from buying 2 years old and selling after 2, with none of the hassle of trying to source the car.
    Current car is an Octavia Scout which was on a similar deal although I notice that lease prices have gone up a lot since I ordered that 2 years ago. Then I could have got a 5 Series for £280pm, now it’s more like £450.

    molgrips
    Free Member

    Prius has still cost me an average of £133/month even after 11 years. It was nearly new though. Passat has cost me £111/mo not including all the repairs.

    Looks like a current deal would be £280 ish pcm for a comparable Passat with 15k mpa. Saving £170 pcm over 90 months is £15,300. Even I haven’t spent that much on repairs 🙂 Downside is all the hassle, and the fact I now have a 10 year old car.

    sbob
    Free Member

    I can’t get my head around people spending so much money on cars, mine have cost me peanuts!

Viewing 40 posts - 1 through 40 (of 138 total)

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