Anyone have any thoughts on leasing cars on a non-business level ?

I was weighing up my Mondeo after the DPF thread and the possible issue of having to spend money on it. Spoke to a couple of dealers and got some ideas on-line, I rekon dealer trade in it wouldn’t be much more than £4500 (2010 2.0tdi with 88,000)
So in 2 years it’s depreciated by about £3500. Along with having to pay for the loan I had for the car.

So I’m thinking maybe it makes more sense to lease a car ?

IMO it makes sense if you want a new car and are aware of the details (damage, excess mileage, early exit, terminal payments etc)

I’m interested to know if there are circumstances which make leasing a better option than purchasing. Whenever I’ve done the sums it appears to makes more sense to buy, but perhaps it varies with the car and mileage etc.

I’ll be leasing our next family car.
Current Galaxy has been a money pit.
Great car but loves being in the garage.
Given it’s now worth about £2k, that it’s cost as much in repayments, servicing costs, MOT’s, plus repairs; I’ve spent as much as if I’d leased a new SMax.

And now, barely a month since a £750 bill for service & MOT, it’s flashing it’s engine light again.
Not happy.

So, a nice new motor, covered by a mfr warranty for a regular payment…yes please.

Or, constant worry of what will go next… 😕

There are some really good deals out there on personal leases at the moment.
I just got a quote for a new Skoda Yeti diesel which was something like £900 deposit then £130 per month on a 4 year deal. Seemed pretty good to me.

Or buy a Honda.

Just coming up to 9 years with mine. It’s had a new battery, tyres, brake pads and wiper blades and…. erm….

notmy, where was that from?

takisawa2

But you still own a £2000 Galaxy. If you had gone the lease route then you would have nothing but an empty space on your drive.

I think if you compare the cost of new car ownership versus a lease, a lease works out cheaper hence why they’re so popular. My issue is that whatever you stump up as a deposit is gone and after 18 months or whatever, you need to find another deposit fir the next one. The majority of the best leases seem to be fairly short term.

In most cases the cost of the lease is less than the depreciation that you would experience if you bought the car.

I know when I’ve looked, it’s not stacked up against a second hand car.

If you like to change your car often and want to have something new every couple of years then yes leasing could be the way to go.

The biggest depreciation hit you’ll take on a car is when its new in its first few years. After that it’ll be minimal if its something middling.

For cheap motoring, buy second hand 3-4 years, something solid and reliable (Japanese) and spend the money every year on a good service.

notmy, where was that from?

Can’t remember the name of the company but I’ll gave a look for the email when I get home and let you know.

Yes, but trouble is a £2k modern car could land you with a £1k bill to put it right if it goes wrong if your unlucky enough.

I’ve included the £2k in what it’s cost me. 😐

For the money I would pay for the Golf sitting on my drive as a company car via a personal lease I’d be happy to pay it. If anything goes wrong they just sort it, tyres are covered, servicing is covered, no hidden bills at all.

There are also the perks of owning a more modern car, the safety, fuel efficiency and comfort.

We’re about to go the personal hire route after going into the dealership certain we wouldn’t be interested. The difference between buying outright and the leasing arrangement is pretty small. It’s a three year deal and we get all the servicing included.