Best way to purchase a new car

misslee1888

Why don't you consider leasing a car? I am on my 2nd lease and I think that it is a great way to get a new car every year. My first leased car was a lease on an MG convertible sports car for 12 months. This cost me a deposit of 2 x £199.00 and 11 monthly payments of £199.00. I was able to do 10,000 miles on the car, before handing it back. After the 12 months it was simply picked up. Now I have an 18 lease on a Renault Megane coupe convertible. This cost me a deposit of 3 x £217.00 and 17 monthly payments of £217.00. And I can do 15,000 miles on this car.

Also because the car is leased you don’t have to worry about road tax, the road tax it paid by the leasing company. All you have to do is pay for your insurance. I told the insurance company that the cars were leased and it doesn’t seem to have effected my insurance premiums.

There are cheaper deals out there on cheaper cars. The cars have delivery mileage on them when you get them which don’t come out of your allowance. For me to buy the MG it would have cost me £14,000 and to buy the Megane it would have cost £18,000. I could not have afforded them if I were to buy them, and why would I want to own an asset which depreciated so quickly.

The reason the leasing companies can do this is because the cars are imported and they get a whacking big discount from the manufacturers. You don’t have to worry about the fact that the cars are imported because all you are doing is handing them back.

misslee1888

If you are interested in leasing, check out

https://www.contracthireandleasing.com

This is where I got both of my leasing deals.

Thanks

roswell

Hi,

Misslee1888 can you explain this leasing ? as far as i see it you are making 20 payments of £217 which works out to £4340 + petrol + insurance the hire price alone is a quarter of the value of the car surely your paying the hire companys depreciation ? thats a lot of cash for 18 months motoring and only being able to do 15000 miles.

highguyuk

Also, you are buying all that money and not getting anything at the end of the day.

Least by the end of the loan you will own the car ...

I have a Nationwide Loan for my car. Im 19, therefore hardly any credit history and they gave it me :-). Must admit im not up on all this credit rating malarky.

rjureidini

I was wondering how feasible it would be to buy a car by borrowing at 0% interest and then "Tarting" the loan. I guess the problem would be 1) the hassle factor and 2) whether you could get a big enough loan without going to multiple lenders. Any thoughts?

The_Boss

highguyuk wrote:

Also, you are buying all that money and not getting anything at the end of the day.

Least by the end of the loan you will own the car ...

I have a Nationwide Loan for my car. Im 19, therefore hardly any credit history and they gave it me :-). Must admit im not up on all this credit rating malarky.

I was looking at them yesterday after a recommendation from someone else here. Did you have to prove your income? I'm not self employed, but a lot of companies class me as that and it causes me a lot of hassle.

highguyuk

Yes I did have to prove my income, sent my contract in.