Thoughts on this Kia sportage lease deal please

1jim

Hi guys

I have decided to get a Kia sportage 1.6 petrol trim level 2.

I have the option of using salary sacrifice through work as a company car lease deal. It will be real cost of £350 a month after you take tax savings and bik into consideration. There is no deposit to pay, it includes road tax, maintenance, servicing, repairs, tyres, breakdown cover (inc Europe) and insurance for me and the wife? The only cost would be petrol

On my current car I estimate £40 a mth for insurance and £60 for serving/repairs and tax so am equating the real term cost to be £260 ish a month. What do you guys think about this as a monthly figure for this, will be on a 3 year deal, 10000miles per year (fine for us ) ?

Cheers

Hintza

I was going to suggest it sounded expensive and would be very if it was on a personal lease.

I assume your company is the leasee and not you?

Is there a mileage cap?

As a package it might be OK assuming it is really a company car, but if that is not the case and it is a personal car you should look for cheaper deal.

rodenal

Have you worked out the cost of doing it privately and compared? It doesn't sound like a great deal to me but without knowing more detail its hard to tell really.

Some complete conjecture below but you get the idea:

The maintenance is worth little, in reality thats a couple of services and a set of tyres, maybe £700 over the 3 years? (The car is in warranty there will be little other cost) Insurance will vary dependent on age but I cant see something like a kia sportage with a tiny engine costing more than 4/500 per year for the average adult with some no claims

Call it 2.5k of added cost over and above the core lease cost (allowd for some road tax) over the 3years and work back to a monthly sum, im at roughly 280 - surely there's nicer cars than a 1.6 litre 4x4 available for that on a similar deal??

1jim

Thanks guys,

It is a company leasing the car and I pay through salary sacrifice, mileage cap is 10000 per year

Did look at pcp on the baseline spec and that would need a 2-3k deposit, £250 month for 3 yrs and then an optional balloon payment of £6000 to own, would then have to add on costs for tax insurance servicing etc

Could buy baseline spec with loan over 5 yrs at £285 then also add on costs

Re car choice, quite like the sportage (2 wheel drive version) for driving position, one of wife's requirements. But also we were struggling to find a nice car that would fit 2 child seats and an adult in the back.

fivetide

Hintza wrote: »

Is there a mileage cap?

1st post....

1jim wrote:

3 year deal, 10000miles per year

The only thing I can think to add to what has been said is to be sure on real world costs. It might be pricey on fuel for example as it is a lot of car for a 1.6 to shift even if it is only 2wd.

Hintza

OK if you have to go for a lease look for a deal and not the car. The Kia will always be expensive on a lease.

If I was in your shoes I would be looking to pay less than £200/month with 10k miles on a 35+3 or 23+3 which in someways is even better. (MOT can be a pain if car was registered before it arrived with you on a 36 month deal.)

For £350 I had a Jeep Grand Cherokee and a Chrysler 300C a few years ago.

In my view there are very few cheap leasing deals out there just now.

fivetide

Hintza wrote: »

a Chrysler 300C a few years ago.

.

Thread hi-jack (a bit) what was that like?

giger

[QUOTE=Hintza;57228405
In my view there are very few cheap leasing deals out there just now.[/QUOTE]

Please could you divulge more info, i'm also exploring leasing. Thanks

Hintza

fivetide wrote: »

Thread hi-jack (a bit) what was that like?

I loved it to bits the the 3.0l Merc diesel was a dream, however the UK motoring press weren't as keen on it hence they struggled to sell it and obviously didn't want to drop prices too much so put a lot through on lease deals.

The other added advantage was you felt like Moses at the Sea of Galilee on the motorway, cars just go out your way

This is my point, look for unpopular cars and you might get a deal, but I haven't seen a decent deal for about 3-4 years to be fair I haven't really been looking apart from a couple of Qashqais for the MIL.

I am interested in this thread because I think we are going to get MIL a Sportage for cash on the theory that with 7 years warranty it will see her out.

I was around at hers yesterday and was asking her if she would honestly keep a car that long.

I have thrown a Joker in to the ring and that is the Mitsubishi ASX which is looking interesting but I can't find any real deals around (casual glance at this stage).

Hintza

giger wrote: »

Please could you divulge more info, i'm also exploring leasing. Thanks

Well as you can see from the cars I mentioned I was getting quite expensive, although unpopular cars for the (in this example) the cost of an all inclusive Sportage.

Pre 2007 I had a simple multiplier to help figure out if a car was cheap. Take the cheapest price you could buy the car at and divide it by the monthly payments of the best lease deals you could find. To get your monthly rate add 35 x monthly payment + 3 ie deposit and divide by 36.

Now to know (pre 2007) if it was a good, bad or great deal divide the OTR price by your monthly payements anything over 100 was a stonking deal, anything below 70/75 was a poor deal.

The closer you got to 75 the more sums you had to do on working out which deal would work for you. Obviously if it is an unpopular car your residuals are poor and no way would you want to be selling or trading it in at the end of the day.

You need to get a spreadsheet up and running and work out all the ways of financing a car and then you will be able to judge if there are any good deals out there, but you won't get them on popular cars unless a model is due for replacement and they want to shift old stock.

I hope I have explained myself good luck.

geek1981

I think HP works out better than most PCPs atm. i was doing some maths for a new Qashqai recently.