New to car leasing, some advice please.

tedbear

Hi Everyone, I know nothing at all about car leasing.
Was thinking about selling my car and this will then give me the money for the deposit and for the monthly payments for 4 years.
Was looking at Select Car Leasing.
Any input welcome as to if this is a good/bad idea and opinions on Select Car Leasing.
Thanks in advance....Ted

facade

Why do you want to lease a car when you have one already?

I can't see the point in selling a car that would have some value at the end of the lease term to fund a lease vehicle that leaves you with nothing.

531063

Only advice I can give stay away from Lex they will shaft you upon return of the vehicle, google their online reviews.

Herzlos

facade said:

Why do you want to lease a car when you have one already?

I can't see the point in selling a car that would have some value at the end of the lease term to fund a lease vehicle that leaves you with nothing.

To take advantage of crazy high used car prices and good deals on leases?

I've been considering doing the same. If OP can sell their car and cover 4 years use of a brand new car for it, that's tempting.

facade

Herzlos said:

facade said:

Why do you want to lease a car when you have one already?

I can't see the point in selling a car that would have some value at the end of the lease term to fund a lease vehicle that leaves you with nothing.

To take advantage of crazy high used car prices and good deals on leases?

I've been considering doing the same. If OP can sell their car and cover 4 years use of a brand new car for it, that's tempting.

But it is still throwing away the residual value of the owned car, and the lease car is only "new" for 6 months until the 'plate changes...

Flight3287462

So where are you all going to find a new car this side next Autumn if you are lucky and next year if your not.  Of course they will promise it in x months which will be extended and extended.

The only thing you may get is some hybrid, the worst of both worlds.

You do begin to wonder if this is all about demand destruction of ICE cars?

Herzlos

facade said:

Herzlos said:

facade said:

Why do you want to lease a car when you have one already?

I can't see the point in selling a car that would have some value at the end of the lease term to fund a lease vehicle that leaves you with nothing.

To take advantage of crazy high used car prices and good deals on leases?

I've been considering doing the same. If OP can sell their car and cover 4 years use of a brand new car for it, that's tempting.

But it is still throwing away the residual value of the owned car, and the lease car is only "new" for 6 months until the 'plate changes...

It's still (probably) going to be newer than the old car.

For example, I've got a 7 year old Skoda, which I can supposedly sell to a dealer for about £6750. Then I can get something like a Kamiq for about £1000 + £200/month for 36 months,or £8800 total.

So I'd essentially be paying about £40/month for a car 7 years newer, assuming that after the 3 year term my now 10 year old car would have been worth nothing. 

But that's not factoring in anything included in the lease I'd no longer need to pay for like breakdown cover, or the opportunity cost of getting £5750 back, which I could always just dump in a savings account and draw down, or savings in fuel and so on.


More valuable old cars and better lease deals are available so it's possible to do it with money to spare.

In normal times with normal car prices I wouldn't even consider it, since the figures don't look as good if I only get £2500 for my old car.
And with used prices being so close to new in some cases it doesn't seem worthwhile there either.

[Deleted User]

Flight3287462 said:

So where are you all going to find a new car this side next Autumn if you are lucky and next year if your not.  Of course they will promise it in x months which will be extended and extended.

The only thing you may get is some hybrid, the worst of both worlds.

You do begin to wonder if this is all about demand destruction of ICE cars?

Or the best of both worlds if you dont have the ability to charge from home but would still like a cleaner car that can do 60 plus mpg around town and you’ll never have range anxiety on longer journeys. 

A hybrid makes a lot of sense in a lot of situations at least for the next 10 years or so when the infrastructure and range will improve. 

Grumpy_chap

Deleted_User said:

Flight3287462 said:

So where are you all going to find a new car this side next Autumn if you are lucky and next year if your not.  Of course they will promise it in x months which will be extended and extended.

The only thing you may get is some hybrid, the worst of both worlds.

You do begin to wonder if this is all about demand destruction of ICE cars?

Or the best of both worlds if you dont have the ability to charge from home but would still like a cleaner car that can do 60 plus mpg around town and you’ll never have range anxiety on longer journeys. 

A hybrid makes a lot of sense in a lot of situations at least for the next 10 years or so when the infrastructure and range will improve. 

Having had a hybrid previously, it was definitely the worst of all worlds in my experience.

Others may have a different experience, perhaps with different use patterns, but I find little to recommend for choosing a hybrid.  That said, if I saw a car that was ok otherwise, I wouldn't walk away because of being a hybrid - I would just have better managed expectations.

KXL88

531063 said:

Only advice I can give stay away from Lex they will shaft you upon return of the vehicle, google their online reviews.

Did you mean Lex Autolease? I ordered mine via Nationwide, but the 'lease' is with Lex Autolease

531063

KXL88 said:

531063 said:

Only advice I can give stay away from Lex they will shaft you upon return of the vehicle, google their online reviews.

Did you mean Lex Autolease? I ordered mine via Nationwide, but the 'lease' is with Lex Autolease

Yes that's them