- This topic has 39 replies, 25 voices, and was last updated 3 years ago by captmorgan.
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What motoring for £5k pa
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DickyboyFull Member
Wife & I are looking to ditch our Co cars and go down to one family car, with reduction in bik tax and car allowance we’ll be £5k pa better off but her work are saying she’d have to have a car under 4yrs old 😕 which points to leasing one. What mid size estate can you run for that sort of cost including insurance, tax & servicing. Prob sub 10k miles & insured for 2 x 50yo with no ncb. Had a Co car for the past 20yrs so have no idea about such things. Ta
b33k34Full MemberNo NCB at all? That’s likely to be the killer but probably depends on where you live.
But that sort of money easily covers something like a Merc C Class
https://www.autoleasecompare.com/personal?maker%5B%5D=MERCEDES-BENZ&range%5B%5D=C%20CLASS
DickyboyFull MemberYeah no ncb as we’ve had co cars, but no accidents or convictions 🤔 mercs look good but only 5k miles pa, seems like it should be quite doable though.
chakapingFree Memberher work are saying she’d have to have a car under 4yrs old 😕 which points to leasing one.
You could buy a used Dacia from 2017 or 2018 for under £5k, then you just have your running costs in future years.
But I’ve never got why people bother leasing vehicles.
Edit – cross-posted with wzzz there – great minds
saynotoslomoFree MemberIt’s worth phoning up for insurance. I was in the same position with no “official” ncb and was getting some crazy quotes on price comparison sites which more than halved after I phoned up and explained the situation – they just asked to see a claims history letter from the company car insurance
But £416 per month sounds a decent budget for something nice, might even get lucky with one of those promotional “on the road for £XXX” where everything’s covered by the dealer in one monthly paymentFB-ATBFull Memberhey just asked to see a claims history letter from the company car insurance
That worked for me when I left a job with a co car last year.
SuperficialFree MemberYou could buy a used Dacia from 2017 or 2018
But then he’d presumably have to replace it later this year at 4 years old?
chakapingFree MemberBut then he’d presumably have to replace it later this year at 4 years old?
OK, you got me there.
So is this where leasing does make sense, if the driver has to constantly change vehicle and the vehicle is expensive enough for depreciation to rival the leasing cost?
I’d still suspect something reasonably priced and unfashionable would work out cheaper purchased outright over a few years.
foomanFull MemberSounds like you need to Ling it. I wonder how she’s getting on?
pistonheads forum has a thread for lease deals. I prefer to buy outright but if you have to have under 4 years lease does seem to make sense.
superlightstuFree Memberleaseloco is another lease comparison site that I used last year.
The Mercedes C Class is a good recommendation as a new model has just been announced, so prices should drop as they clear remaining stock. It might be worth checking auto express or similar to see what other new models are coming out that this would apply to? This is assuming you are happy to drive the previous model!
b33k34Full Membermercs look good but only 5k miles pa, seems like it should be quite doable though.
At least one of the ones on there was 8k a year.
But I’ve never got why people bother leasing vehicles.
Nor me. Cars seem to lose most of their value in the first few years so owning them from 2-3 years old up to 10ish seems far better value. Though there is the advice that you buy appreciating assets and rent depreciating.
In this case – “car must be under 4 years old” a lease makes perfect sense. Though seems obscene to me to spend that much on a car each year.
chakapingFree MemberWhat kind of firm does your wife work for BTW?
Four years old seems unusually restrictive IMO.
keithbFull MemberMG5 EV? 4k deposit, £250PCM and 8k miles I think. If you have off-street parking and don’t regularly do trips from one end of the country to the other, may be worth considering?
wzzzzFree MemberI was all set on the MG5 but then I found the roof rails are “cosmetic only” and you can’t put anything on them WTAF???
“MG5 EV is not permitted for use with roof bars. The rails fitted to MG5 EV Exclusive models are for decorative purposes only. Roof bars should not be fitted to this vehicle.”
https://www.blightsmotors.co.uk/new-mg/mg-5-ev/
And there is no tow bar for them…..so not a good family or bike car.
thebibblesFull MemberAs said above, I’d keep an eye on leaseloco as some of the cars that pop up on there are an absolute steal if you’re ready to move quickly
mrmonkfingerFree Memberher work are saying she’d have to have a car under 4yrs old
How do they plan on enforcing that?
I would either do the cheap & cheerful 2 year old Dacia thing for a couple of years while racking up NCB.
Or to hell with their “must be sub 4 years” and just buy a 3 year old something and keep it up to 10 years old or so.
vinnyehFull Member“MG5 EV is not permitted for use with roof bars. The rails fitted to MG5 EV Exclusive models are for decorative purposes only. Roof bars should not be fitted to this vehicle.”
aah, you’re being a bit disingenuous there- that article you’ve linked to says that if an owner needs to carry a load on the roof, then mg will lend them an MG ZS EV, free of charge. Just ask your dealer.
Down there every Friday night to pick up the weekends bike car…a11yFull MemberSTW-approved Octavia estate, £220/month 3+35 with 10k miles allowance.
I’m not one for leasing personally, but that appears to be a decent deal.
DickyboyFull MemberInteresting that the less than 4yrs old is considered restrictive, will have to get her to seek clarification, all for getting a cheaper older model when newer model is released. Will have a look on some of those lease sites, is it possible to lease nearly new cars at all 🤔
Smudger666Full MemberWhats happened to Ling?
its not the worst intermittent cycle blog ever – shes quite funny at times.
matt_outandaboutFull MemberCars seem to lose most of their value in the first few years so owning them from 2-3 years old up to 10ish seems far better value.
Not always. 🙁
IME, modern car replacement parts are getting so chuffing expensive that I am reconsidering my position.
trail_ratFree MemberIME, modern car replacement parts are getting so chuffing expensive that I am reconsidering my position.
Yeah replacement parts for sub 3 yo cars are much cheaper.
inthebordersFree MemberAre you/wife expected to do business journeys – if so have you factored in PPM payments?
b33k34Full MemberYeah replacement parts for sub 3 yo cars are much cheaper.
Maybe not, but in most cases covered by warranty.
@matt_outandabout
What did you get stung on?DickyboyFull MemberAre you/wife expected to do business journeys – if so have you factored in PPM payments?
No, because wife’s co have said they’d only pay 10ppm 🙄 and I’ll be doing limited mileage as most of my journeys will be by train or bike.
keithbFull Member<div id=”post-11793349″ class=”bbp-reply-header d-flex justify-content-between p-0 mb-2″>
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<div class=”bbp-reply-content p-0″>I was all set on the MG5 but then I found the roof rails are “cosmetic only” and you can’t put anything on them WTAF???
“MG5 EV is not permitted for use with roof bars. The rails fitted to MG5 EV Exclusive models are for decorative purposes only. Roof bars should not be fitted to this vehicle.”
https://www.blightsmotors.co.uk/new-mg/mg-5-ev/
And there is no tow bar for them…..so not a good family or bike car.
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</div>While I appreciate the points above, the original post made no inference to teh requirement to either carry bikes or items on the roof, nor tow anything. As a “family car” the MG5 seems to fit the bill. Given the finance deal I quotes is for the more basic model which doesn’t have roof bars anyway I still think the MG5 is worth considering. The roof load and lack of towbar may rule it out however.
Not everyone “drives to ride”, nor carry items on the roof/towbar. You can still fit a clip-on style bike rack if needed, or buy a couple of soft bike bags and carry them in the boot… it really depends on the OP’s priorities.
I do totally agree that “cosmetic roof rails” are a total bag od Sh**e!
Dammit that was meant to quote the whole post….
mrhoppyFull MemberHow do they plan on enforcing that?
By not paying car allowance I would imagine.
4 years does seem a bit stingy my last few places have been 7 years but I’m guessing it is to align with CC ages.
matt_outandaboutFull MemberWhat did you get stung on?
Now none of this is ‘extra’, just wear and tear. I have ignored usual service and tyres, as that is relatively static no matter the age.
2013 1.4 16v Ibiza doing 12k per year:
Car bought for £7.5k, now worth about £2.5k, so £5k depreciation in 3.5 years.
Timing belt (there are two on ours) £550 every 40k miles, now due again so £1100. Exhaust rusted – can only get front section with new catalytic on, £500. Suspension lower arms, £300 fitted. Two rear shocks, £120, broken front springs (replaced both, even though only one broke), £250, brakes replaced £250 (all).
Wear and tear £2520 + depreciation £5k = £7500 or £187 per month.
Or
https://www.leaseloco.com/car-leasing/seat/leon/10-tsi-se-dynamic-5dr/16765/2-36-10000-1-0keithbFull MemberDear lord… Sorry about that abysmal attempt to quote a whole post I did above. It’s a right mess!
wzzzzFree MemberNow none of this is ‘extra’, just wear and tear. I have ignored usual service and tyres, as that is relatively static no matter the age.
2013 1.4 16v Ibiza doing 12k per year:
Car bought for £7.5k, now worth about £2.5k, so £5k depreciation in 3.5 years.
Timing belt (there are two on ours) £550 every 40k miles, now due again so £1100. Exhaust rusted – can only get front section with new catalytic on, £500. Suspension lower arms, £300 fitted. Two rear shocks, £120, broken front springs (replaced both, even though only one broke), £250, brakes replaced £250 (all).
Wear and tear £2520 + depreciation £5k = £7500 or £187 per month.
Or
https://www.leaseloco.com/car-leasing/seat/leon/10-tsi-se-dynamic-5dr/16765/2-36-10000-1-0Ouch
I bought my mrs a 30k 2013 golf 1.2tsi in 2016 £8500 with 2 services thrown in for taking finance which was promptly paid off.
10-11k a year so far.
Now its 8 years old total costs:
Diagnosis at VW dealer £80
Replacement used turbo £350 (I fitted, dead easy)
Shell helix oil and filter x 3 £140 (I changed the oil after the free changes, dead easy)
Just about to do rear discs and pads £54, again pretty easy although needed plugging into my computer to retract the electric handbrake.
Timing belt…. well VW UK say 40k miles…. VW Germany say 100k with inspection each year. I inspect it each year. But the parts are sub £150 and an afternoon of a job.Worth £5k max. So £3.5k depreciation.
Total £4124 so far or £824 a year, £69 a month. Will keep it until its 10th birthday and repeat buying at 3 years old as a sweet spot.
Just think of the compound interest in a S&S ISA on the £130/mo difference to a lease.
luketFull MemberYou used to be able to reclaim an element of tax if your mileage allowance was under (IIRC) 45p/mile, which might help.
On the insurance letter thing, I’ve had this go both ways. When it went wrong the underwriters refused the letter because technically others could’ve driven my co car, although they never did, so it wasn’t technically in my sole use. It wasn’t an issue about my absence of claims etc. I couldn’t see the logic. It happened after the fact so I had to cancel and find someone else in a rush.
Has to be under 4 years old? Doesn’t seem a very reasonable demand. Maybe she could fly under the radar keeping a perfectly respectable car a bit longer?
CountZeroFull MemberSo is this where leasing does make sense,
There’s going to be an announcement sometime soon about a subscription service for new vehicles, which might be worth holding back for, at least until full details are released. I can’t give any specifics, it was shown in a Zoom meeting this afternoon that I attended, as this particular company are now the owners of the company I work for.
It might work in a similar way to Volvos, and it might be the best way forward for those looking to own an electric car.rsl1Free Memberfrom my friends who worked at SAIC: Don’t buy an MG5. Just don’t.
doomanicFull Member10ppm seems a bit miserly. My employer pays 45ppm for the first 10K and 25ppm after that.
chakapingFree Member10ppm seems a bit miserly. My employer pays 45ppm for the first 10K and 25ppm after that.
Yeah, that’s standard IME.
10ppm AND having to have a car under four years old seems quite unreasonable.
onewheelgoodFull MemberYeah, that’s standard IME.
Those are the rates that HMRC allows before it becomes taxable. They’re supposed to cover fuel and maintenance. If your employer pays less, you can claim tax relief (called Mileage Allowance Relief) on the difference. It’s unusual for an employer to pay less if they don’t provide a company car or a company car allowance – but some do.
EdukatorFree MemberKia e-Niro should be on for £5k on lease, running costs are tiny if you charge at home.
captmorganFree MemberConsider a new pre-reg Dacia duster around £11-12k new, 2017 ones are going for £6k upwards, you could have something new with full warranty for less than the lease costs elsewhere. With all the full warranty bonuses.
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