Car Leasing is it worth it?

PM

Yep. Right now even though I feel job is secure who can tell what new year will bring. with 3 yr old TT I can borrow from family and payback safely.

AdrianHi

PM wrote: »

Yep. Right now even though I feel job is secure who can tell what new year will bring. with 3 yr old TT I can borrow from family and payback safely.

Keep in mind that the 1 year old new model TT looses about £2666 in depreciation where the 3 year old looses about £2000.
The 1 year old has no MOT (£55), comes with breakdown cover (£100), won't need maintenance like brakes doing at this age (£0-£300) and has no extended warranty to pay for (about £400) - or you take the risk yourself which if it goes wrong could cost a lot more.
In short the 1 year old is not really any more expensive in the long run, could prove to be cheaper, but you do of course have to fund the higher purchase price.

nomoneytoday

Comparing a 3 year lease on a new car with outright purchase of an older one is like comparing apples and oranges.

If you can afford and want a new one then look at the total cost over x number of years versus the cost of a lease.

i.e. Cost to buy + Interest on loan - cost to sell against monthly payments. Petrol, tyres, tax and oil will cost the same in both scenarios.

In my case I hired a Suzuki for £140 month for 3 years (£5040).
It was £10295 new and a 3 year old trade in was around £4500-5000 at the time. Assuming I got £4500 at trade in time, it would have "cost" me £735 more. Turned out ok as px values a few months ago were well under £5000. Additionally, I didn't have any tyre kickers or webuyyourcar.nonsense to contend with

However, had I changed my mind before 3 years, or wanted to keep the car it wouldn't make sense. Incidentally, the finance co asked me if I wanted to keep the car. I said no and got a Civic instead

Hintza

nomoneytoday wrote: »

Additionally, I didn't have any tyre kickers or webuyyourcar.nonsense to contend with

That is worth a fortune to me....lol

PM

AdrianHi wrote: »

Keep in mind that the 1 year old new model TT looses about £2666 in depreciation where the 3 year old looses about £2000.
The 1 year old has no MOT (£55), comes with breakdown cover (£100), won't need maintenance like brakes doing at this age (£0-£300) and has no extended warranty to pay for (about £400) - or you take the risk yourself which if it goes wrong could cost a lot more.
In short the 1 year old is not really any more expensive in the long run, could prove to be cheaper, but you do of course have to fund the higher purchase price.

Hmm interesting way of looking at it. Esspecially as i have had a costly month in September with my current car!

Is there a new model out for CLK anyone know?

AdrianHi

PM wrote: »

Hmm interesting way of looking at it. Esspecially as i have had a costly month in September with my current car!

Is there a new model out for CLK anyone know?

Soon by the looks of it:
http://en.wikipedia.org/wiki/Mercedes-Benz_CLK-Class