Will follow this thread with interest.
Currently weighing up the pros/cons of leasing v buying used.
Can someone check my logic on the finances here and let me know if I’m missing anything?
Using an STW favourite as an example:
Lets say a 2009 A4 2.0 TDI costs £15k and is sold 3 years later for about £7k. Total cost (before MOT, tax and servicing) is £8k.
A new A4 2.0 TDI seems to be about £376 per month including maintenance (that’s not hunting around for a deal, just googled it). So that’s £13,536 over the 3 years. plus a £2k deposit, so £15,536
At a rough guess, tax at £200 per year (normally included with the lease deal), MOT at £50 and annual servicing at £250. That’s an extra £1,500 for the used car, taking its 3 year total to £9,500.
So, it’s about £167 a month more expensive (£6k difference over 3 years) to lease a new car….provided you don’t have any repair bills for the used car over 3 years. One or more hefty repair bills would eat into that figure. Add into that a likely better fuel efficiency in the newer car. I spend about £200 on fuel in a quiet month, so a 20% more fuel efficient car would save me (hypothetically) £40 per month straight away…that would take the gap down to £127 a month for me, before repair bills.
Anything I’m missing up there?
Other cons are limitations on mileage and condition at handback (although of course a used car in less great condition will result in a loss come sale time).