Buying a car versus leasing a car ?

aliflint77

Morning all,

Im fortunate enough to have a brother who works for hsbc which means i can lease a new c class merc for approx £400

the lease is up soon and i wanted to work out how much if any i would save on leasing another car or buying a car for about 7k

I have good credit rating

i completed the below excel calculations but not sure if its right ?

pls let me know yr opinions :money:

£ 7,000.00 Jul-04 £ 10,000.00 Jul-04 monthly year monthly year 7k for 3yrs £ 245.00 10k for 3yrs £ 350.00 servicing £ 33.00 £ 396.00 servicing £ 33.00 £ 396.00 mot £ 5.00 £ 30.00 mot £ 5.00 £ 30.00 tax £ 12.00 £ 180.00 tax £ 12.00 £ 180.00 tyres £ 33.00 £ 396.00 tyres £ 33.00 £ 396.00 warranty £ 40.00 warranty £ 40.00 £ 368.00 £ 473.00 at end of loan car at end of loan car worth minus 1200 a year worth minus 1200 a year £ 3,400.00 divided by 3 = 1133 £ 3,400.00 divided by 3 = 1133 divided by 12 = 94 divided by 12 = 94 £94 £94 £ 274.00 £379.00

Hintza

I can't make head or tale of your calculations I'm afraid.

But a £7k loan (from bank) at +/- 7.1% will cost you about £217/month over 3 years. You will of course then have a car which will have a residual value at the end of that time.

Taking a base Corsa on a PCP (Sainsburys Bank @ 8.9% value £7492) on 0% deposit you will pay £162/month with a final payment of £3,090.

So you can afford to spend £130-£140 (before VAT) on a 3 year lease deal.

I am slightly confused because your £7k limit on buying does not equate to a Merc C Class at £400. A £400 monthly lease payment will get you a car valued around £30k

All calculations assume 10,000 miles per annum.

sniper666

Yeah I carnt understand where he has got these figures from either it dont really make sence what he has put.

marlot

spiny wrote: »

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Best of luck!

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