24 month lease worth it?

[Deleted User]

Thinking about getting a Peugeot 208 1.2 PureTech 100 Allure Premium from Vanarama for £243 a month on a 24 month deal with 1 month upfront. Anyone used Vanarama before or had a 24 month lease?

Not definite on the car, I might decide on something else but it will be around the same price on a 24 month deal.

Grumpy_chap

No-one can say whether that is a good deal unless the mileage permitted is also advised.
Assuming you are decided on going for a new car and the car in question meets your needs well, then the MSE approach is to look at the various ways to finance the car and take the most cost-effective solution.
Why are you considering 2 years and what will you do at the end of 2 years?

[Deleted User]

Grumpy_chap said:

No-one can say whether that is a good deal unless the mileage permitted is also advised.
Assuming you are decided on going for a new car and the car in question meets your needs well, then the MSE approach is to look at the various ways to finance the car and take the most cost-effective solution.
Why are you considering 2 years and what will you do at the end of 2 years?

If I'm offered a reasonable purchase price at the end (if I'm offered at all) I may purchase it. Or get a new lease or go back to buying used cars.

Grumpy_chap

The cost to lease will vary depending on mileage permitted. 
I looked on another website and it showed 8k miles / year, 24 month term, 1 month initial rental at £244 per month.   Pretty much spot on to what you found with Vanarama.  Ling seems to be quite a bit more expensive.

How many miles will you do per year?
Why did you pick a 2-year term?  That is quite short.

There is no guarantee that the lease company will sell to you at the end of a lease.  Unlike a PCP.

[Deleted User]

Grumpy_chap said:

The cost to lease will vary depending on mileage permitted. 
I looked on another website and it showed 8k miles / year, 24 month term, 1 month initial rental at £244 per month.   Pretty much spot on to what you found with Vanarama.  Ling seems to be quite a bit more expensive.

How many miles will you do per year?
Why did you pick a 2-year term?  That is quite short.

There is no guarantee that the lease company will sell to you at the end of a lease.  Unlike a PCP.

8K miles will be more than enough. 2 year term as I don't want to be tied in for ever.

AdrianC

So you're going to pay over £6k to rent a car to cover less than 16k miles, less than 700 miles per month.

...plus fuel, insurance, etc, obvs...

If it's what floats your boat, and you think that's good value, goferit.

motorguy

Deleted_User said:

Thinking about getting a Peugeot 208 1.2 PureTech 100 Allure Premium from Vanarama for £243 a month on a 24 month deal with 1 month upfront. Anyone used Vanarama before or had a 24 month lease?

Not definite on the car, I might decide on something else but it will be around the same price on a 24 month deal.

Not a long term commitment.  If it whats you need for now then great.  

motorguy

Deleted_User said:

Grumpy_chap said:

No-one can say whether that is a good deal unless the mileage permitted is also advised.
Assuming you are decided on going for a new car and the car in question meets your needs well, then the MSE approach is to look at the various ways to finance the car and take the most cost-effective solution.
Why are you considering 2 years and what will you do at the end of 2 years?

If I'm offered a reasonable purchase price at the end (if I'm offered at all) I may purchase it. Or get a new lease or go back to buying used cars.

And exactly the right way to look at it.

Its effectively a rental for a period of time.  Its not commiting you for a massive period of time and you've every option open to you at the end of term.

Grumpy_chap

You need to look at the detail, but on "headline" like-for-like, £244/month or £243/month is much-of-a-muchness.  What are the costs for over mileage, for example?

[Deleted User]

Well I currently drive a 2014 Focus 1.6TDCI with DPF problems, fuel filter blockage problems, and water in the boot problems. So wanting shot and I fancy driving a brand new car for a change. Yes it won't be brand new no more in 24 months time if I get the option to buy but at least I'd have been the only one driving it since new. 

Grumpy_chap

How does the lease deal compare to alternative forms of finance?
Have you even made an enquiry at the local dealer to see what they can offer?  If they are far away then it verifies the lease as good value.  If they pleasantly surprise you, happy days
Try Carwow also - log an enquiry this evening and you should have quotes before Monday so can still go ahead with the lease when they open if that remains an attractive deal financially.