Car leasing for personal use

BettiePage

Anyone here doing it?

Pluses and minuses of doing it?

Any recommended companies?


Any advice appreciated. Thanks.

Conor_3

Pluses:
You'll get a new car.

Minuses:
You'll be paying forever.
You'll never own it.
You can't do anything to it.
You're limited on mileage.
You'll pay for every scratch when you return it.

albionrovers

Plusses

Delivered to your door at the beginning
No depreciation
No MOT
Very little/Maybe no servicing with 10K per year lease
Tax disc sent out at renewal time
Collected from your door at the end

Minuses
You never get to own it, so what?


Best thing I ever did. Everyone wants a shiny new car once the payments are finished anyway. It's called human nature.

www.skyfleet.co.uk + www.lingscars.com

epz_2

i would guess it depends on how you use your car, if you change every couple of years then deperciation will be the biggest cost of ownership and it may be worth while but i doubt it would suit me mostly cause i dont like modern cars.

im more interested in cars that are still solid but have had the depreciation knoced off them already, for 10 months lease on most of them you could buy a bmw 740 outright and while it may not be new it will probably impress the neighbors a lot more.

marlot

I havn't used her but Ling's site is pretty amazing and some of the prices look pretty good too.

http://www.lingscars.com/

Ling_Valentine

Conor wrote: »

Pluses:
You'll get a new car.

Minuses:
You'll be paying forever.
You'll never own it.
You can't do anything to it.
You're limited on mileage.
You'll pay for every scratch when you return it.

Well - a certain method of getting a new car can't be for everybody.

The whole point is that you budget the whole costs you will pay in total and figure out if that is better value (and less risk with residuals) than buying a new car by other methods.

Of course, this only gets you a new car, if you want an older car you will have to use another method. The beauty of this method (especially for low-ish mileages like 10k/year) is that you won't have (hardly) any other costs, just a small service. Perfect budgeting, and this is what Martin loves. Clear budgeting means, no repair bills, no tyres (unless you drive crazily/high mileage, no breakdown costs, no residual risk, no road tax costs, best possible fuel consumption (it's a new car) and plus, newer cars generally have the best active and passive safety for you and passengers and pedestrians. But, I would say that

No one is trying to rip anyone off, and all costs (from my website at least - some other can hide "fees") are included and declared.

You pay for mileage no matter what car you have and how you pay for it. Contract hire simply crystallises that cost (and every other cost). Cars cost - however you run them.

Hope this helps.

anewman

I would personally always buy a car under £1k. As people are snobbish about cars, there's always good deals around that fetch you a nice reliable car with all mod cons, electric heated mirrors, windows, central locking, air con, heated seats for under £1k - relatively easily if you spend lots of time looking and buy what you want as soon as you see it.

Why people buy a car for £12k that loses around £3k in value as soon as they own it, and struggle to pay loans and interest etc etc I'll never understand.

GH

If you're going to do it www.contracthireandleasing.com is an invaluable site.

mummytofour

Ling_Valentine wrote: »

Well - a certain method of getting a new car can't be for everybody.

The whole point is that you budget the whole costs you will pay in total and figure out if that is better value (and less risk with residuals) than buying a new car by other methods.

Of course, this only gets you a new car, if you want an older car you will have to use another method. The beauty of this method (especially for low-ish mileages like 10k/year) is that you won't have (hardly) any other costs, just a small service. Perfect budgeting, and this is what Martin loves. Clear budgeting means, no repair bills, no tyres (unless you drive crazily/high mileage, no breakdown costs, no residual risk, no road tax costs, best possible fuel consumption (it's a new car) and plus, newer cars generally have the best active and passive safety for you and passengers and pedestrians. But, I would say that

No one is trying to rip anyone off, and all costs (from my website at least - some other can hide "fees") are included and declared.

You pay for mileage no matter what car you have and how you pay for it. Contract hire simply crystallises that cost (and every other cost). Cars cost - however you run them.

Hope this helps.

Lol I having been looking at your site for weeks on and off and think I shall take the plunge in Jan!

mummytofour

anewman wrote: »

I would personally always buy a car under £1k. As people are snobbish about cars, there's always good deals around that fetch you a nice reliable car with all mod cons, electric heated mirrors, windows, central locking, air con, heated seats for under £1k - relatively easily if you spend lots of time looking and buy what you want as soon as you see it.

Why people buy a car for £12k that loses around £3k in value as soon as they own it, and struggle to pay loans and interest etc etc I'll never understand.

I currently do this but am sick and tired of HUGE repair bills it was £400 to get mine passed the MOT! But I am in a tricky situation as I need a 7 seater and they are a lot more money and harder to get than 5 seaters.

Ling_Valentine

anewman wrote: »

I would personally always buy a car under £1k. As people are snobbish about cars, there's always good deals around that fetch you a nice reliable car with all mod cons, electric heated mirrors, windows, central locking, air con, heated seats for under £1k - relatively easily if you spend lots of time looking and buy what you want as soon as you see it.

Why people buy a car for £12k that loses around £3k in value as soon as they own it, and struggle to pay loans and interest etc etc I'll never understand.

Yes, many people prefer this option. But it depends, you may want to buy a 10-year old TV, too, and clothes from a charity shop. No offence, but it's a bit of a daft argument because you can buy just about anything cheaper second hand. But for many a car is a tool, and they don't want to have a budgeting risk, or have to spend time/money repairing it. Often, cars in the £1000 bracket can prove to be worthless if they fail an MOT. Completely up to you Enjoy your car, I am sure you do save money.