Is it any wonder people lease/PCP?

jimjames

Herzlos said:

AdrianC said:

I bought a £2k, 15yo car as the sensible daily 14 months ago.
One advisory on the MOT since then, for a yellowed headlight - £20 and an hour of DIY to polish it up.

Ling's cheapest lease for the current equivalent is 6+47 £230/mo for the equivalent. So, by now, I'd have spent £5,300.

You're of course comparing driving a 15 year old car (when the average lifespan for cars in the UK is 14 years) with driving a brand new car, which could easily be 3 or 4 generations newer. So even ignoring maintenance the newer one will be better to drive, safer, more fuel efficient and have more features. Car technology has launched forward in 15 years..

Safer maybe, more modern yes but not necessarily more fuel efficient. Many pre DPF cars have excellent fuel economy that isn't bettered by later models.

Back to the OP suggesting that based on the number of posts here PCP/lease is a better option than buying an older car, there are also plenty of threads here where people have got a PCP/lease deal and need to get out of it for various reasons or have exceeded mileage etc. None of those sorts of issues occur if you own the car.

AdrianC

On a 6,000 mile/year PCP, the difference between 40mpg and 45mpg is £90/year in fuel cost.

Herzlos

I can't think of anything off the top of my head that's only had a single facelift in 10 years, it's usually every 5-ish.

Also, bluetooth is amazing. I wouldn't touch a car without it now. People like fripperies and woo, and I dare say a lot of the car buying public is more interested in what connectivity options it has than what engine is in it - because they assume quite rightly that any production engine will get them from A to B.

BOWFER

jimjames said:

Back to the OP suggesting that based on the number of posts here PCP/lease is a better option than buying an older car, there are also plenty of threads here where people have got a PCP/lease deal and need to get out of it for various reasons or have exceeded mileage etc. None of those sorts of issues occur if you own the car.

Annnnd we're back to full circle of the same stuff being mentioned again and again....
Maybe time for the mods to close the thread.

strawb_shortcake

PCP/Lease may well be good until you lose your job or go on furlough. How many posts were there a year ago when people could no longer afford their repayments? Granted there were some holiday payments due to exceptional times but they aren't a given.

There was a post the other day about someone with a car on PCP?? The turbo had gone and couldn't afford the repair and didn't really want to be paying for a car he could no longer use. 

How many people are there on the DFW boards that have over committed themselves on lines of credit because they wanted the latest and best of everything?

PCP and leasing may have their place but they are no means the best thing to do.

Herzlos

People with car finance got a few months payment holiday if they needed it, people who paid cash got no kind of relief.

Herzlos

AdrianC said:

On a 6,000 mile/year PCP, the difference between 40mpg and 45mpg is £90/year in fuel cost.

Sure, but people seem obsessed with mpg.

And the difference between 30mpg and 60 is a bit more dramatic.

AdrianC

Herzlos said:

AdrianC said:

On a 6,000 mile/year PCP, the difference between 40mpg and 45mpg is £90/year in fuel cost.

Sure, but people seem obsessed with mpg.

And the difference between 30mpg and 60 is a bit more dramatic.

It is, but that simply isn't real-world likely...

Anyway... the difference there would be £540/year.

strawb_shortcake

Herzlos said:

People with car finance got a few months payment holiday if they needed it, people who paid cash got no kind of relief.

Those without finance might have slept a bit easier 

AdrianC

annabanana82 said:

Herzlos said:

People with car finance got a few months payment holiday if they needed it, people who paid cash got no kind of relief.

Those without finance might have slept a bit easier 

And, of course, taking that payment holiday ended up costing them more - the interest clock didn't stop, and those payments just got delayed - they still needed paying.