Car leasing

natman

Hi Guys
I hope you can help. I was not too sure where to post this thread, so please let me know if there is a better place for it.

Would love to hear your thoughts..............
Ok. I have a car, its a 2005 plated vehicle worth around 6-7k. I am a bit dissapointed that i have this money tied up in a car now( i suppose you learn as you get older) i would like my mitts on this money so i could place it in my savings.
However i also would like to replace the car...i started looking at buying an older car, but then this got me onto looking at leasing.
I was wondering if anyone had leased a car personally and the experiences they had, and whether its a good option for me.
Basically I need a car and i am trying to find a way of perhaps getting some money out of my existing 2005 car and look at the options with buying/ leasing a different one .

would love to hear your thoughts

Zazen999

I lease a car for work. I am the Director of a small company and the monthly allowance and mileage rate options available mean that if my work mileage is good then it covers the lease and all my fuel with a little money left over.

I lease with Lingscars.com and my deal is a 2 year one. If I'm still in this role I'll re-hire a new car once this lease runs out. We found for this car [Prius] it was the cheapest option calculated on 500-1000 miles a week [we did lots of calcs and looked at lots of leasing companies before making a decision]. Obviously the good mpg helps to balance the books on this vehicle. My leasing is personal not business.

However, I need it for lots of miles; what are your needs - do you need it for work or just pleasure? What about selling it and buying a lower cost car?

BigBenDee

I also lease a car through Lingcars.com, and will probably get a new car when the current contract runs out in February.

Things to watch are:-

• I found it harder to get insurance on a leased car where I'm not the registered keeper - others may have advice here.
• Watch out for damage. All but the minutest dent & scratches will have to be repaired before the car goes back.
• Works best for low mileage users - under 10k p.a.
• Modifications need to get permission from the lease company first. Any extras will need to be removed without leaving damage or left in the vehicle at the end of the contract.
• A bit like the property market. Once you get off the car ownership merrygoround, it's hard to get back on as you lose any equity you had in the current car.

For me it meant I drive a much better car than I could afford normally, car tax is paid, breakdown cover is included and once you get over the fact that you will never own it, it's fine.

Ben.

TBeckett100

blimey, how busy it that website, almost detracts from what you are looking for. worst website of the year award please

natman

TBeckett100 wrote: »

blimey, how busy it that website, almost detracts from what you are looking for. worst website of the year award please

Yeah I had a quick look at the website, made me feel a bit urrrm - dizzy!!!
But yea i will have a nosey when i have a sec.

In addition to answer a previous question -
yeah the car is for work/ pleasure.
I am moving jobs closer to home so to be honest the mileage is really quite low now for work.
any other thoughts on leasing?? wonder where the cheapest deals are??

Crabman

Hi natman, I've moved your thread to the Motoring Board

Hi, Martin’s asked me to post this in these circumstances: I’ve asked Board Guides to move threads if they’ll receive a better response elsewhere(please see this rule) so this post/thread has been moved to another board, where it should get more replies. If you have any questions about this policy please email [EMAIL="abuse@moneysavingexpert.com"]abuse@moneysavingexpert.com[/EMAIL].