Leasing vs buying a car

Grumpy_chap

LewisA77 said:

leasing a brand new car which INCLUDES insurance on Carleasing.co.uk  a brand new toyota corolla hybrid that includes full comprehensive insurance with maintenance for £200 a month, and the initial deposit for the car is £500. The lease itself is 3 years with 15k miles/year allowance and I've already been pre approved for the lease. I'm actually surprised on how a £22k car that is fully insured would cost me this little.

LewisA77 said:

Sorry I got mixed up. The cost of the lease is £203 and 3 months initial payment is £609 exc VAT. This includes insurance with 15k miles a year. 

Normally, I am against car leasing.  However, those figures do seem far more attractive than typical lease rates and I would certainly give serious consideration (even though the clarification at £245 per month is not as attractive as the initial figures).  Do be sure to double check the values though, as I cannot get those numbers using the same web site as the OP indicated, and that is without maintenance or insurance.

Flight3287462

As above you have clicked the business lease button and VAT hasn't been added to any of your prices and you will still need to take out fully comprehensive insurance and probably gap insurance.

The car works out at £295/month (with deposit rolled in to it) you will then have to add your insurance at £180/month plus GAP insurance which shouldn't be too expensive. So you will be nigh on £500/month and in this climate you have to factor ib the chances of still have a job next year.

treeroy

I wouldn't go for that "Leasing with Insurance" as it doesn't cover the car. If you crashed badly you'd get yourself into some serious debt.

Third party is fine as a cheaper insurance option if your car isn't worth much, but a brand new car would cost a lot for you to replace if you wrote it off...

AdrianC

LewisA77 said:
It's really a shame that people are judged on where they live rather than how good of a driver they are.

Insurance is priced on risk, and on risk alone.

The risk in a particular area includes the risk of being hit by an uninsured driver, and being broken into or stolen.

Some areas are far higher risks of those than others - so why wouldn't insurance be more expensive...?

Sandtree

LewisA77 said:
 It's really a shame that people are judged on where they live rather than how good of a driver they are.

Third Party Only insurance will be more heavily influenced by your driving history as you've no cover for theft, uninsured drivers etc which are all more dependent on where you live than how you drive. However its a sub prime product that only some insurers write on the personal lines side and so that means that the actual price paid can be higher than a Comp policy because of the lack of demand an sub prime nature (things are different on the commercial lines policies).

Jonathan_Powell

LewisA77 said:

neilmcl said:

Forgot to add, I'd also like to know why your insurance quotes are that high for a £4K Fiesta?

Although I'm 27 years old with 3 years no claims bonus, I do live in an area where the insurance costs are really high. An article was written claiming that my post code was in the top 5 worst places to insure a car. When I was a student at Kingston University and lived at the halls I used to pay half of what I'm being quoted now. It's really a shame that people are judged on where they live rather than how good of a driver they are.

That's the thing, it's not just you they are judging. You can be the best driver in the world, doesn't stop an idiot crashing into you or stealing your car.