Leasing a car - help!

Emma867

Hello

I'm in a situation where I need a car asap (as part of my job) and I don't have much £££ saved, nor do I want to commit myself to a long term finance agreement (I'm getting married in May and we are unsure if there will be any debt at the end of it).

I was thinking about leasing a small car for 12 months until I know where I stand financially.

Are there any pitfalls I should be aware of? Companies to avoid?

Any help v.much appreciated.

Emma867

I've noticed on a lot of leasing website the minimum contract is for 24months. Are there any options out there for me for 12 months?

Idiophreak

Are you planning to stop work once married? Or will you still need a car to get there..?

Emma867

Come again?

Emma867

What I mean is, I'm currently saving all I can towards the wedding and can't afford to pay HP on a car. I was thinking hiring for 12mnths would be a cheaper option and obv not fixed for 3yrs+.

InsideInsurance

Are you talking about a new car? The problem with leasing for such a short period is that it is the first 12 months where the loss of value is greatest to a new car. The longer your lease the smaller your monthly payments will be

Of cause if your doing a used car then less of an issue.

Emma867

I don't mind what car it is as long as it's affordable and gets me through the next 12 months.

Idiophreak

Emma867 wrote: »

What I mean is, I'm currently saving all I can towards the wedding and can't afford to pay HP on a car. I was thinking hiring for 12mnths would be a cheaper option and obv not fixed for 3yrs+.

It doesn't really work like that though...in practice, you're going to need a car for as long as you work...so you've two options:
1) lease something cheap for a year whilst saving for the wedding AND save for a car to buy after the wedding. Pay your high first payment, admin fee etc for only a 12 month commitment.

2) Commit to a lease for 24-48 months, accept that you're always going to need a car and start to view it as a service. Realise that the longer you have the contract for, the better value the first, high, payment becomes. Have lower monthly payments in the meantime, making it easier to save for the wedding.

It will be better value to commit for longer. The shorter the lease, generally, the more expensive it is. Any idea what sort of car you want? There are some good deals around...

Emma867

If I did go for a new one I like the Seat Ibiza. I haven't looked into it too much to be honest, I didn't think I would be in this situation so soon.

Idiophreak

One of my friends leased through this site recently:
http://www.nationwidevehiclecontracts.co.uk

The Ibiza seems quite expensive for what it is - but they've really good deals on things like the Nissan Note and Citroen C3. Things like that are around £150 / month - but I think it includes road tax (£10/month) and a recovery service (£10/month) - and you'll save by vitue of never having to have an MOT, at least...But they all still suffer the same problems you mentioned - 24 month minimum and quite a chunk of an up-front payment...(although cheaper than buying a car, I guess )

Emma867

That's the problem you see. If I'm tied for something for 2yrs then I may as well go down the HP route and get something I really like (Ibiza, Focus perhaps).

Hmmmm. Well, I'm going to try some oil additive in my current dying Megane (see other thread) then look at my options. If I end up in a Hyundai Getz I will never forgive myself.:rotfl: