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[SIR Philbutt]

Looking at replacing swmbo's car soon and she has mentioned a few work colleagues have lease/purchase their cars.

Basically a new(ish) car, with all costs thrown in except insurance

Anyone got any experience of this? pro's & con's? any other info?

Ta
Phil

[Stemo]

Looking at replacing swmbo's car soon and she has mentioned a few work colleagues have lease/purchase their cars.

Basically a new(ish) car, with all costs thrown in except insurance

Anyone got any experience of this? pro's & con's? any other info?

Ta
Phil

I've been looking at new BMW 116's and merc A class for wifey. Low deposit and around £250 a month, then hand them back after 3 or 4 years. Sounds expensive at first, but no mot to worry about, under warranty of course so no repairs and you can get a cheap servicing package.

[Stemo]

Only thing that concerned me, and I haven't checked it out yet, is the insurance payout should the car be written off. Would I have to take out gap insurance as well? The payout would definitely not cover what the leaser would want.

[05omegav6]

Cheapest way to buy a car...

Buy summat tidy for £500-1000 with a years tickect on it. Put away £500 a month, less is ok, but will add another car or two to the equation.
Next year, either continue running the same car if it has proven to be reliable, or buy another cheapy. Continue putting away £500 each month. Repeat as required.

Two years will see you in a brand new runabout.
Three will see you in an decent family car.
Four years and you're into posher cars.
Five years and over will see you in a brand new Eclass/Jag XF/5Series.

Be patient and commited, and you'll have no finance on the vehicle, and cash is always a good negotiating point

If you have a small stash under the mattress, then you've a head start

[martin42]

Total waste of money ....

[05omegav6]

Total waste of money ....

Hence my suggestion

[Andy B]

Total waste of money ....

Hence my suggestion

it works for many though. Quite a few at work have a car using some kind of lease arrangement ............. I can't get my head around never owing it, but each to their own. Some would never own a 10+ yr old gas guzzler, but other's here own more than one 

[aaronjb]

I'm definitely coming round to the idea.. mainly because I'm sick and tired of the car(s) forever being broken - if it's leased and it brakes someone else has to fix it..

[the alarming man]

I was thinking about but as Al said it is a waste as if you did as Al states and save the contract costs you will save in know time...thing with me is also the mileage restrictions....I cannot keep within them and if you go over it may be cheaper to buy the car

[Andy B]

.... - if it's leased and it brakes someone ...

All cars slow down 

[Andy B]

I was thinking about but as Al said it is a waste as if you did as Al states and save the contract costs you will save in know time...thing with me is also the mileage restrictions....I cannot keep within them and if you go over it may be cheaper to buy the car

Not for you then ...... it might/does suit others 

[the alarming man]

I don't doubt suits some ,but for me you are paying for something you will never own

[Andy B]

......

it works for many though. Quite a few at work have a car using some kind of lease arrangement ............. I can't get my head around never owing it, but each to their own. Some would never own a 10+ yr old gas guzzler, but other's here own more than one 

I don't doubt suits some ,but for me you are paying for something you will never own

 

[X30XE]

Two years will see you in a brand new runabout.
Three will see you in an decent family car.
Four years and you're into posher cars.
Five years and over will see you in a brand new Eclass/Jag XF/5Series.

....
6 Years - Get cancer / get hit by a bus / [insert other life variable]
6.00001 Years - Get in coffin
6.00002 Years - Sit on cloud behind pearly gates with head in hands thinking "why did I spend my life driving round in a £500 car I didn't even like just to save money. FFS"

I'll have whatever he's smoking.  Unbelievable.


Main problem with leasing is excess mileage charges. If you don't use all the miles you're overpaying. If you go over you rapidly start overpaying. 

[aaronjb]

.... - if it's leased and it brakes someone ...

All cars slow down 

Bah, you know what I mean.. I blame my spelling on being in a bad mood after discovering the BMW needs yet more expensive parts.