Lease New Iq Or Keep Old Megane?

AdrianHi

Natalie,
Your doing the same kind of sums with a spreadsheet I do and finding the same answer. If you do an average to high mileage the lower running and fuelling costs of a younger more economical car that doesn't need fixing all the time can offset or more than offset the cost of buying or leasing it. Much more convenient to live with too.
Is the £227 a month for the 25,000 miles a year you plan to do and including VAT?
That may explain why the lease price is higher than the £150 others are finding for other cars which is probably for the standard 10,000 miles a year. £227 even inc. VAT is a bit high for this sort of car on a standard 10,000 miles a year deal.
The Toyota iQ like all Toyota's now come with a 5 year warranty.
I think you are thinking along the right lines but definitely confirm with a good length test drive that the iQ is suitable for motorway use and your comfortable with it and consider other cars and deals too.
You might not make 58mpg, probably get at least 50mpg, but you will get a big improvement over the old Megane.

barneygumble

10JH wrote: »

Aygo diesel might be worth a look too. Bit boring, but great mpg.

Do they build a diesel?
Can only see petrol models on the toyota site.

Stigy

Not sure if it's the case anymore, but lease cars used to oftem be subject to strict mileage limitations, too, and 25,000 a year would be stretching these somewhat.

buuuug

Hi ya,

I didnt realise there had been so many replies, really sorry. I shall try to answer bits from them all in case it helps anyone else.

I have opted for a 1.0l IQ, reason being that its MPG is about 67, Megane about 37-40 MPG these days, IQ BHP is higher than the Megane, not a lot higher but its a smaller car so effect should be better, 0-60 in the megane is some seconds faster. So, from basic specs it much better.

Its a 20,000 miles per year, £203 inc. per month for 48 months. I pay the insurance and everything else is covered for the duration.

Currently all costs for the Megane and fuel based on £1.189 per litre of diesal means that with RAC, Road Tax, MOT and maintenance (approx £1000 for the year), insurance and fuel per week works out about £105 per week. Fuel alone is £71 as its a 65 litre tank and averages 500miles.

The overall running costs of the new IQ will cost me just under £95 SO, i should be about £10 a week better off assuming the MPG figure can be realised, if not then the £10 should more than cover it.

This way there are no hidden bills, its insurance, £203 and fuel. In 4 years time i should be earning more and my motoring costs remain reasonably level, i couldnt say that if i kept the Megane. Getting sick of "Opps thats new brakes, whoops now suspension, oh now new tyres, now Road tax (at £112 for 6 months)" etc etc.

I am not a racer, i try to stick to 60ish for the motorway sections (most of the miles) so i hope this will make it easier for me to hit the MPG figures.

I am in a financial mess and at least fixing my motoring costs like this and the thought i have put into should mean i have done a 'right' thing rather than a wrong, however i may struggle. It provides a much clear certainty and i get a new car out of it.

If I havent already mentioned it then this is a lease car through my company (for ease and less fuss), meaning that if i should change jobs then i am not commited to keeping the car and can hand it back so i am only tied into the 4 year deal if i were to remain in the job. At the end of the term i may well wish to buy the car as i would have been familair to it for so long and well, a while to go!


Am expecting it any time now, no ETA as yet but its on its way!

Natalie

King_Nothing

25k miles in a car you have to get in using a shoehorn, lol, enjoy.

Kilty_2

Did you actually look at the lease costs for cars that are expected to have 25k/year put on them (Mondeo and similar sized diesels ?)

The lease for that iQ is expensive and this will be because at 4 years old / 100k miles it's absolutely worthless to the leasing company.

cyclonebri1

Without offence, your IQ has just gone sub zero in my opinion, but it is just that. Whistle whistle whistle ;).

buuuug

Kilty wrote: »

The lease for that iQ is expensive and this will be because at 4 years old / 100k miles it's absolutely worthless to the leasing company.

Hi,

Thats ok, i wont actually own the car and so any purchase offer i am then made will reflect the lower value.

ie, if they want £10 for it in 4 years time then i'll think about it, if they want £5k then nope!

Nat

Kilty_2

buuuug wrote: »

Hi,

Thats ok, i wont actually own the car and so any purchase offer i am then made will reflect the lower value.

It probably won't actually reflect the lower value all that much (they tend not to give cars away to their lease drivers because they want you to take out another lease) - but it certainly does affect your lease payments a lot.

buuuug

Hi,

Yes, a bit tongue in cheek but it isnt a lease in the sense that i am purchasing it, it is literally just renting it as such. At the end of the term its depreciated value isnt my problem, i could take another car. If i leave within the 4 years then i give it back.

I'm sure some downsides will happen at somepoint but for now i want stability and this will provide it.

Nat