Buying a new car - Best to lease?

paddeo

WE are looking at buying a new car, probably the Mazda5. The car is about £17k OTR. WE would do under 10,000 miles a year.

Does anyong have advice on the best way to buy a car?

Lease it?

Most car companies do a scheme wher you bring the car back and exchange for a new one every two years. It is PCP i think, anytone have any thoughts on that?

Does importing from Europe still make sense?

Thanks

Pat

paddeo

nobody got any bright ideas?

windym_2

Hi, I bought a new car in May this year. I didn't know whether to lease of buy. But someone recommended an internet site (and there are loads) where you buy via a lease firm.

You get a discounted car price, full UK spec, but the V5 (log book) is retained for 6 months by the lease company. You own the car and have the necessary receipts etc to prove ownership but they buy the car, and as such appear as the first registered keeper.

There is nothing dodgy about it, just a loophole which has been around for years. I only did it because a friend had. If you want, I could PM you details of the site I used. You pay £500 up front on credit card (so you are covered) and then the balance is paid upon satisfactory inspection of your car (in the flesh!).

HTH. We saved about £3k on a less than £20k car.

Hawksmuir

Ex lease cars are a good start, infact through my work I get first option (at discounted rate) on my company car once the lease is complete. So my paw will get a 3 year old Peugeot 407 for buttons.

nailman

just bought a new honda for the wife
looked at pcp option but interest they charge is expensive
it would be cheaper to get a loan from a building societly
the only advantage there is of a pcp
is that the payments are lower becuase your not borrowing the whole amont the car costs. only the difference between the the otr price and what the car should be worth in say 3 years

example otr price £17000 expected value in 3 years £7000 tolal amount finaced £10000

so your payments are lower
if you can afford the higher payments from the building sociecty it actualy works out better in interest rate terms you should get a loan for a bout 6% the pcp will be at about 12%

and you can always take the car back to them for part exchane in 3 years time yourself .

when i boght my car i found the cheapest price i could on the internet and then asked the garage to match the price and they did. and actually got a better deal with the freebies they thru in.

i hope i have been of some help

florida_villa

Hi I've just joined this Forum, and looking for some advise.

I am looking to buy a car approx 3 yrs old, and wondering which is the best way to do this as not to incur heavy interest rates.

Any comments appreciated.

Thanks in advance

Susan

wazza

florida_villa wrote:

Hi I've just joined this Forum, and looking for some advise.

I am looking to buy a car approx 3 yrs old, and wondering which is the best way to do this as not to incur heavy interest rates.

Any comments appreciated.

Thanks in advance

Susan

i would pop off to car auctions and look for ex company/lease cars. majority of them a 3 years old or younger and tend to be fully serviced. mileage will be higher but that will reflect in the price. naturally its best to check the cars out before biding and dont let your heart rule your head. advice is to visit it a few times before deciding to buy. you will by then understand how auction house works.

you could try car supermarket which have a large quantity of low mileage ex lease/company cars and pre-registered cars. the prices here are higher than that of auction cars with high mileage

thecremeegg

407 isn't 3 years old - i'm impressed at finding a 3 year old one

jjames_3

Get a loan from a bank -- or even better get a 0% deal on a cc if you can afford to pay a lot of the cost off quickly -- and hunt for a deal on a pre-reg, ex-demo or 6-month old car from someone like Motorpoint. Never pay full whack for a car whatever you do -- you'll get thumped on depreciation when you come to sell.