10 replies to this topic

[Pete0810]

I'm considering leasing a car and have just started reading into it, there seem to be a lot of things to consider - mileage limit, maintenance contract, option to buy at the end of the lease or just return. I don't need a big car, don't have a family to lug around, and will be commuting about 50 miles a day. I'll be doing it as an individual rather than through a company; has anyone got any experiences of leasing that'll help me work it all out? Thanks

[Mangham54]

I have gone to do it a few times, but had to change my plans as work requirements are forever changing. If you have a second car to fall back on, then just over-estimate your calculated usage by 10%, if not add 30-35%. I can chuck a calculator your way if that helps

[Pete0810]

That'd be helpful, thanks. I am intending on drawing up a calculator of sorts in Excel once I understand the costs and pitfalls.

[techieboy]

Just make sure it's a contract you can get out of easily. Some type of contract hire/leasing are easier (less financial penalty) than others to exit.

[Bargi]

I have gone to do it a few times, but had to change my plans as work requirements are forever changing.

If you have a second car to fall back on, then just over-estimate your calculated usage by 10%, if not add 30-35%.

I can chuck a calculator your way if that helps

I'll take one as well please!

[Mangham54]

I'll dig it out... might be on the laptop at home, rather than works PC.

[TheRealVXed]

I used to work in a Finance area that dealt with leasing... My advice would be to go as short term as possible and ensure that you don't go over the milages limits. Ask for a full tariff of charges (which they have to provide you) as excess milage charges will probably incur admin fees and other slap-ons like that

[Pete0810]

Okay, thanks. The more I look at it the more I am inclined to spend up to £2k on a car. The upfront cost seems significant when leasing and for a little bit more I can buy a car 5-7ish years old (with mileage c.70000+, admittedly). My justification for leasing was to avoid unforeseen costs of an old car but perhaps I'm better risking those than paying what I think I'll have to for a lease car.

[Mangham54]

Okay, thanks. The more I look at it the more I am inclined to spend up to £2k on a car. The upfront cost seems significant when leasing and for a little bit more I can buy a car 5-7ish years old (with mileage c.70000+, admittedly). My justification for leasing was to avoid unforeseen costs of an old car but perhaps I'm better risking those than paying what I think I'll have to for a lease car.

It's always the 'incidentals' that put me off owning older cars. Had a Vectra that ate parts, along with a Passat. Turns out the most reliable cars I have had have been MG/Rovers (The Focus has done exceedingly well, but it has yet to have it's first service in my ownership so don't want to tempt fate).

[Pete0810]

There seem to be a lot of Focuses about for £2k that are about 7 years old with around 100k miles. They're tempting but, like you say, the incidentals...

[Bargi]

There seem to be a lot of Focuses about for £2k that are about 7 years old with around 100k miles. They're tempting but, like you say, the incidentals...

I brought a 51 reg A3 with about 80k and slowly more and more stuff is going wrong and just pissing me off.
I can see it's aiming for a big cost and I just don't want the hassle of fixing stuff, I've got a VX220 for that!