car leasing versus buying

caro33

I am sooo fed up with my car that keeps breaking down and wondering whether I should lease a car over 3 years or something instead, Any advice/ experience welcome. Looks like I could get a small car for @£125 a month- less than this wretched car is costing me in repairs.

forgotmyname

If you want to spend £1500 a year renting then its your choice. Do you really spend that much on repairs every year?

Check max mileages and excess charges. Costs if you need to change mid term.

Lots of things can happen in 3 years.

Brooker_Dave

caro33 wrote: »

I am sooo fed up with my car that keeps breaking down and wondering whether I should lease a car over 3 years or something instead, Any advice/ experience welcome. Looks like I could get a small car for @£125 a month- less than this wretched car is costing me in repairs.

You pay a deposit, pay a load of money, end up with nothing, and ge a big bill for damage at the end of the contract.

Buy a decent used car.

WellKnownSid

Because of the way the UK car market is [STRIKE]rigged[/STRIKE] operated, leasing is a very cheap way of running a new car. Get the right deal and you should be paying no more than around 1% of RRP every month - so probably half of what you'd pay in depreciation if you 'owned' the car.

It makes perfect sense if you're used to the costs and responsibilities of running and looking after a new car, and you do sufficient miles to benefit from better mpg, etc.

However, running a good used car could still work out cheaper, especially on lower annual mileages, and you'll not worry when someone rams their shopping trolley into the side of it at the supermarket.

WillyWonga

50/50

£118 a month (car tax paid for each year by leasing firm)
- brand new Volkswagon Up (Lings Cars)

Only pay insurance, fuel, tyre repairs and annual service. Doesn't need an MOT for 3 years and under full warranty so if goes wrong it aint your problem and the dealer sorts it. Plus 3 years roadside assistance.

Down side - there is a fair wear and tear policy all firms adhere to. They will allow stone chips etc but not dents etc or damage to alloys. Tip is to get one with hubcaps - easier and cheaper to replace than repair a scuffed alloy.

If you consider yourself a careful driver, don't have an over excited dog and want a reliable car for work and back then go for it.

I have gone for leasing as was in same boat as you. Cant fault it as insurance gets cheaper for a new car??? Was paying £30 a month fully comp for a Ford Focus 1.6 Diesel on a 55 plate and now pay £12 a month for a 1.2 Skoda Hatchback on a 63 plate.

I wouldn't have gone for leasing a few years back when the kids were younger but now that they are older they can respect the car a bit more.

Plus no need to deal with car dealers trying to flog you the car they want to sell not the one you want. After 3 years hand back and drive a new one again.

If you went to a used car dealer and bought say a Focus on a 10 plate you could be paying £100 a month for 5 years but be liable for all repairs and MOT, plus even if you trade in after 3 years chances are dealer will settle finance and you take out another car on finance so either way you are paying a monthly figure and wont see much of an asset.