Lease, Keep, Banger or Bust? Which is cheapest

Bachelorplace

I have to do an additional 16,000 commuter miles per year ontop of my social miles of around 12,000 soon.



I run a 740d xDrive which has no finance on it and its on 24,000 miles at present. As you know these cars drop a lot.


Would you



a. Run the current car and f the miles.

b. Sell the car now and lease a Volvo S90 for £260 a month or a Golf.



Someone with a mathematical brain will be way better at this than me.



Happy to post my projections if you wish. Thanks for your help.

DUTR

Bachelorplace wrote: »

I have to do an additional 16,000 commuter miles per year ontop of my social miles of around 12,000 soon.



I run a 740d xDrive which has no finance on it and its on 24,000 miles at present. As you know these cars drop a lot.


Would you



a. Run the current car and f the miles.

b. Sell the car now and lease a Volvo S90 for £260 a month or a Golf.



Someone with a mathematical brain will be way better at this than me.



Happy to post my projections if you wish. Thanks for your help.

You are driving a car not a £30kish note.
So you are going to do 28000 per year and all the associated running costs with that mileage.
You maybe able to get some allowance on the work mileage.


Any car that is doing 28K a year will depreciate even if it was doing 5k a year it will depreciate, enjoy the journeys not worry about what the car is worth or will be worth, it has allowed you to earn money.

k3lvc

Bachelorplace wrote: »

b. Sell the car now and lease a Volvo S90 for £260 a month or a Golf.

Where are you going to lease an S90 or a Golf for £260 a month for 28k miles per year ??

Angus_Og

k3lvc wrote: »

Where are you going to lease an S90 or a Golf for £260 a month for 28k miles per year ??

£260/month on 8k miles

£450/month on 30k miles.

Bachelorplace

Thanks for those thoughts, sometimes the best advice is that which leads to the least pain, or the quickest route to peace as they say.



Yes the S90 is a step down - but the deal was good and that and the Golf both have auto cruise.



The deal was on https://leasing.com/personal/car-leasing/volvo/s90/


Tbey did an article the other week top 5 high mileage personal leases.



- As self employed I won't get allowance but yes I can write back the devaluation for sure yes -



I think in my head a 5 year old 7 would be about 17k when its 5 years old as that is what an old shape one is today. I paid £36k retail was £40k ( had a voucher from BM ) so it works out about £6,300 devaluation per year which I can live with - I think self employed you get about 7k maybe 8k.


You are right £260 seems low - I would end up needing the BW sound and probably a sun roof so maybe it would not really work out that huge - my current car is void of interest so there is that too to consider whereas PCP and lease all have interest to consider on top of devaluation.

Bachelorplace

£280 for 20k miles... https://leasing.com/personal/car-leasing/volvo/s90/


£350 for 30k miles https://leasing.com/personal/car-leasing/volvo/s90/

MEM62

Your car should cope with stellar mileage. Run it for the next few years and save the cash you would spend on replacing it.

No way will you be leasing a Golf or S90 for £260 per month based on the mileage you are doing.

motorguy

Bachelorplace wrote: »

I think in my head a 5 year old 7 would be about 17k when its 5 years old as that is what an old shape one is today. I paid £36k retail was £40k ( had a voucher from BM ) so it works out about £6,300 devaluation per year which I can live with - I think self employed you get about 7k maybe 8k.

Speak to your accountant, but i'd have thought claim the 45p per mile allowance on all business miles. Depreciating it as a business asset would incur company car tax?

I would drive on at it. You will take a serious bath either selling it privately or to a dealer.

Keep it well maintained and well serviced and they are capable of big big miles.

k3lvc

Angus_Og wrote: »

£260/month on 8k miles

£450/month on 30k miles.

Plus deposit ?

Bachelorplace

Yes nominal deposit I think its on the links. Always a good exercise to post on here, nice people, smart, wise, sensible.

System

motorguy wrote: »

Speak to your accountant, but i'd have thought claim the 45p per mile allowance on all business miles. Depreciating it as a business asset would incur company car tax?

I would drive on at it. You will take a serious bath either selling it privately or to a dealer.

Keep it well maintained and well serviced and they are capable of big big miles.

On 16000 claimable business miles (they may not be allowable depending if the journey could be classed as commuting) it would give you £5100 off your tax bill if you were to claim mileage allowance at HMRC rates instead of claiming running costs.