Leasing vs Buying New

owitemisermusa

Grumpy_Old_Duffer wrote: »

One question I do have is if you have a 3 year lease who will be responsible for the MOT?

Had a quick look at one (crazy) lease website and a note on one quote said that an MOT might be required at the end of the lease.

Not sure if it's standard across the board...

Lum

owitemisermusa wrote: »

(crazy) lease website

Was that Ling's Cars then?


FWIW my boss's lease company car just came up to the end of it's lease and he had to get it MOTd.

owitemisermusa

Lum wrote: »

Was that Ling's Cars then?


FWIW my boss's lease company car just came up to the end of it's lease and he had to get it MOTd.

Ha ha ha ha ha! I'm not saying! Don't want anyone coming after me LOL!

Grumpy_Old_Duffer

Is there a UK equivalent to this website >>>
http://swapalease.com/lease/

suzy100100

I leased my Polo about a year before retiring having run my previous one into the ground. I planned to pay the balance and own it on retirement but this didn't happen because of lack of funds.

The advantages of leasing as a solitary woman who is not mechanically minded and knows nobody who is:
Feeling nice and safe
No unexpected repair bills
No hassle of selling/buying
One does have to watch mileage but over estimating ones yearly mileage before signing helps!

Now I would love some sensible advice from forum readers:
I am finding the £165 monthly repayments tough.
Should I renew this lease getting a new car after 2 years as seems the custom and would I have to pay a new deposit if I do so?
Or should I keep this car for another 3/4 years until the lease is up and pay £4000 to own it? Small problem of having to sell or re mortgage my house to do this!

I would like to own it. Would be very grateful for any advice anyone can offer as cant see the wood for the trees!!!

charlea

we are leasing an audi tt with lings cars and i can say that the service you recieve is second to none totally brilliant and personal even afterwards
in the past we used http://www.smartlease.co.uk/ where we leased a mazda mx5 for 18months also leased an bmw z4 when they first came out a few years ago

For some people leasing works really well for others especially if they do high milage then its not so good

you still have to mot the cars each years but as they are new and under warrenty still the mot bill is generally under 100 quid ( never had one more than this ) and you have to generally replace tyres if you get a puncture ect but you get free roadside assitance and car tax
when mot the car you dont have to go the the dealers ect and its generally silly things like windscreen wipers lights ect anything major would be covered under the warrenty

my audi is presently in the dealer being repaired due to a leak on the seals which has probably cost several thousand pounds of damage but they have given us a TT hire car at no cost



generally a few weeks before its due to go back the company will contact you and arrange pick up

the best way to get a good deal on a lease car is to have several cars that you want and be open minded
ie when we got our audi tt we were open to other cars but said it could have been a mercedes audi or a bmw z4 nissan 350z ect colour was not important nor was colour scheme insided ect

if you are not fixed on a specific car colour ect you will often get a better deal
also if you get a car that has just been released you may find you get a good deal the z4 that we had was when it first came out a few years ago and we were paying 260 inc vat a month for 18months
generally you have to put down 3 months of whatever the rental cost is plus and admin fee


also i have noted in the past that the resale value of the car is also a factor certain cars are expensive to lease such as minis as there resale value makes them more desirable

things to watch out for is when you send the car back they are notorious for trying it on saying there are scratches minor damage ect
so you need to take photos video of the car and make sure it date stamped ect also cancle the standing order /direct debit straight away so that they cant take money from your account for any so called damage
this happend to us on our mazda they took 550 from our account but thank to ling help we got this refuned straight away as they did not have photos of any damage and the car was sent to auction straight away
this was with lombard finance and they are notorious for doing this
apart from this one thing leasing has been hassel free

anewman wrote: »

You can lease a really nice convertible http://www.lingscars.com/car_detail.php?make_model=427&id=520&status=0 only £24.99 a month. Gets you from a to b what more can you want?!

suzy100100

Thanks for a very comprehensive and helpful reply. I am really ignorant about these things.......... can you advise me on what happens when the lease expires after 2/3 years.......... does one have to arrange a new finance deal requiring a cash deposit for another lease car? Or will the company just give you a new replacement car at the same monthly payment? (I am aware that I will have the option to buy my leased Polo for £4000 or just give it back).

Doozergirl

suzy100100 wrote: »

Thanks for a very comprehensive and helpful reply. I am really ignorant about these things.......... can you advise me on what happens when the lease expires after 2/3 years.......... does one have to arrange a new finance deal requiring a cash deposit for another lease car? Or will the company just give you a new replacement car at the same monthly payment? (I am aware that I will have the option to buy my leased Polo for £4000 or just give it back).

The contract is finished. You give the car back and you have no car. You can then find a new car however way you like, but they will not simply give you a new car.

It defeats the object if you plan to buy your lease car. You'd be better off with a PCP plan where you have more options from the start. At the end of a PCP you can buy the car for a value which is agreed at the start - your car is highly likely to be worth more than that so you have a bit of equity, even if you buy the car. At the end of a leasing contract, the lease company will try to charge you market rate for the car so you end up paying a lot more than if you'd given yourself the option of buying it at the start. You essentially buy it twice - once at it's dealership new price, then again at a dealership price for the second hand car.

I have my car on PCP. Payments and deposit were similar to leasing because leasing was what I was looking at initially so the dealer tried to match the payments. Half way in to a 3 year contract and I already have over £2000 equity in the car based on the trade-in value I was given last week. I still have the option to hand the car back at the end of three years, but there would be no point as I could sell it myself directly to the dealer and get a cheque back. Or I can buy my car for £6k when it will probably be worth £10k. Or I can trade it in mid-contract for another new car (which is what will happen).

HazelLCottrell

I have just looked at a similar post by IBM explaining the pro's and cons of buying and leasing, raising similar points to you own, but I'd be keen to hear your views and thoughts?


Possibly food for thought??? Keen to hear your views!

missile

I really liked this quote

Renting my TT Roadster
costs the same as
46 fags per day!

Would you buy a car from Mr Ling ? >