Lease or buy a near new car.

HappySad

Is is possible to lease a car for a very long time like 8 years?

Would it be better to purchase a nearly new car for £7K?
Can you recommend a leasing company?

Splott

It basically boils down to how much mileage you do. Most lease agreements tie you to an unreasonable 10k a year or less limit with hefty mileage penalties. And god forbid it suffers any normal wear and tear on the bodywork.

Get a nearly new car on 0% finance, shove the money you'd saved in a high interest account.

HappySad

Splott wrote: »

It basically boils down to how much mileage you do. Most lease agreements tie you to an unreasonable 10k a year or less limit with hefty mileage penalties. And god forbid it suffers any normal wear and tear on the bodywork.

Get a nearly new car on 0% finance, shove the money you'd saved in a high interest account.

Thanks . I am now looking at nearly new cars and cars few years I'd. :j

wba31

HappySad wrote: »

Is is possible to lease a car for a very long time like 8 years?

Would it be better to purchase a nearly new car for £7K?
Can you recommend a leasing company?

If you leased a car for £100 a month for 8 years it would cost £1200 a year, costing £9600 in total.
I don't know the monthly cost of lease cars but I'd be surprised if there were many cheaper than £100 a month, but i stand to be corrected...
If you have £7k in your pocket to buy a nearly new, the car is yours, and if in 8 years you wish to sell it or part exchange it you may get £1000 - £2000 for it, thus meaning total loss may only be £6000. buying a car is probably cheaper...

HappySad

wba31 wrote: »

If you leased a car for £100 a month for 8 years it would cost £1200 a year, costing £9600 in total.
I don't know the monthly cost of lease cars but I'd be surprised if there were many cheaper than £100 a month, but i stand to be corrected...
If you have £7k in your pocket to buy a nearly new, the car is yours, and if in 8 years you wish to sell it or part exchange it you may get £1000 - £2000 for it, thus meaning total loss may only be £6000. buying a car is probably cheaper...

Thanks 4 doing the maths 4 me. I have now put a deposit on a 2 year old car.

HappySad

wba31 wrote: »

If you leased a car for £100 a month for 8 years it would cost £1200 a year, costing £9600 in total.
I don't know the monthly cost of lease cars but I'd be surprised if there were many cheaper than £100 a month, but i stand to be corrected...
If you have £7k in your pocket to buy a nearly new, the car is yours, and if in 8 years you wish to sell it or part exchange it you may get £1000 - £2000 for it, thus meaning total loss may only be £6000. buying a car is probably cheaper...

Thanks for your advice as I have just bought a nearly new car.

wba31

HappySad wrote: »

Thanks for your advice as I have just bought a nearly new car.

What have you bought?

deboy

Splott wrote: »

It basically boils down to how much mileage you do. Most lease agreements tie you to an unreasonable 10k a year or less limit with hefty mileage penalties. And god forbid it suffers any normal wear and tear on the bodywork.

Get a nearly new car on 0% finance, shove the money you'd saved in a high interest account.

Your so wrong, where do you get this information from

deboy

wba31 wrote: »

If you leased a car for £100 a month for 8 years it would cost £1200 a year, costing £9600 in total.
I don't know the monthly cost of lease cars but I'd be surprised if there were many cheaper than £100 a month, but i stand to be corrected...
If you have £7k in your pocket to buy a nearly new, the car is yours, and if in 8 years you wish to sell it or part exchange it you may get £1000 - £2000 for it, thus meaning total loss may only be £6000. buying a car is probably cheaper...

You obviously know nothing about leasing cars.

Your figures are completely wrong, that's poor advice you have given

Hintza

deboy wrote: »

Your so wrong, where do you get this information from

You have posted twice on the thread, commenting about how wrong others are. What is your point?

wba31

deboy wrote: »

You obviously know nothing about leasing cars.

Your figures are completely wrong, that's poor advice you have given

please tell me how simple math is wrong. Please also show me a lease car for cheaper than £100 a month.

I once leased a 307 for £200 a month all in (insurance, parts and labour etc) through an employee scheme. Cheapest car I could get was a 206 (this was 2006) for £170 a month.

for the OP to lease a car for less than £6000 (what I argued the loss as) over 8 years they would need to lease one for £62.50 a month. As i said in my post, "i stand to be corrected," but i believe most lease schemes still require the driver to insure the vehicle, so other than MOT and labour costs, not sure what exactly they would save...

so rather than tell me my advice is poor, let us hear the truth? for you information i didnt advise anything, i did some simple math, that i advised is based on assumptions, and advised on the face of it buying is probably cheaper, not definitely...