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[Sir Tigger KC]

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. 

Well you're a cheerful sod!! 

[Andy B]

.... - 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.

What's up with it?

[omega3000]

Never owning it puts a lot off , old school . But seems to be increasing amount of new cars on our roads all on the knock no doubt  Amazing how many new £100k Land Rover's on the roads round here in a recession 

[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.

What's up with it?

The electric pusher fan has packed up so it overheats in traffic or if the A/C is on (pusher fan is in front of the condenser and provides aux engine cooling).  Of course, in BMWs infinite wisdom the speed controller is part of the fan assembly and mounted in the airflow (I presume it gets 'kin 'ot and needs cooling) - and you can only buy them as a complete unit; $480 list in the US

Cheaper for a no-name Chinese knock-off, of course...

[SIR Philbutt]

Thanks for the input but to expand a little.

She has had a cheapo(ish) Scenic Fiji for 3 years and wants to get something better this time.

Thinking of getting something small and cheap to run/tax for around 5k, Aygo/C1 or 500 or the like but not many available at that price
She only does about 5k miles a year and to make things worse she wants to stay with an auto

Working around a £200 per month lease that would be a new (or almost) car for 24 month for 5k but with the money staying in our account.

For that amount/month we could get a 3 month down + 36 month contract

But not sure if it is a good idea and would like to know if there is any good/bad experiences out there ?

[Kevin Wood]

.. but you'll have paid 5K over 2 years and end up with nothing to show for it. A brand new car won't cost a great deal to maintain for the first 2 years. In fact, given the mileage, it won't need tyres, will probably still be on original brakes and, unless it's a total lemon, won't need anything repairing. You'll be paying 5K for the loan of a car plus a couple of oil changes and maybe a set of wiper blades. No doubt, at the end of the lease, they'll find a couple of scratches on it and charge you extra as a result.

If you choose carefully, a new car won't depreciate by anything like 5K in 2 years, and, if you bought it instead, servicing costs would be minimal.

These deals play on peoples' fears of unexpected repair costs and so on, but the reality is, you're paying a fortune whether it breaks down or not. If you absolutely have to either know that your motoring costs are fixed at £200 a month, or have a brand new car ion the driveway to keep up with the Jones' then fine. If not, you're better off buying, even if you have to settle for something used but relatively new IMHO. The lease companies are making handsome money out of the deal, of course.

[05omegav6]

You're stuck with the car... better off either paying cash or using the +3 as an HP deposit

Leasing a car you pay for:
a deposit + vat
depreciation + vat
interest + vat
excess mileage at 40 ppm + vat

And after all that, you still pay for servicing, insurance etc and you don't even own it and if your circumstances change, you're forced to pay the contract in full to end... with an HP agreement you only need to pay half of it to end it, no mileage charges either

[05omegav6]

This might help...

https://www.daveramsey.com/index.cfm?event=askdave/&intContentItemId=10367

 

[Andy B]

....
She only does about 5k miles a year and to make things worse she wants to stay with an auto.....

Similar to my wife, though I doubt she even manages 5k miles/yr

Her 'new' car is a 60 plate C3 with 20k miles on the clock and was a smidgen over £7000

[tunnie]

Just having a years ticket on it for say a ~£750 motor does not mean it will last a year, if you are handy with spanners then its ok.

But then there is the time to fix it, will you always have it? Would the Mrs want a 10 year old car? Children, again, would she want them in a car that old? It has more chance of failing, would you want the Mrs to have a car fail on the M4?

Peace of mind with new car in knowing it *should* be more reliable, less likely to fail and be safer in a crash.

Not saying I would do it, but is it a waste, not really it depends on your priorities. Is it expensive way? Yes very!

I personally would take out say a 8k loan for 3 years, at a reasonable APR looking at say £240/£250 over 3 years. Least that way at the end of it you own the car and 8k would get you a decent motor 

[05omegav6]

No, no and no...
A bank loan is as bad as leasing. The only way to finance a car is with an Hp agreement.

Stitch yourself up with a bank loan and if the car's written off then you're still stuck with the payments. At least if everything goes tits up with Hp then you're only luable for the first half of it...

[pscocoa]

I do agree with Tunnie on this. You see lots of deals around with low rate interest and low deposit for pretty new cars. Push the seller on extended warranties as well - so aim at 2 year balance of MFRS warranty plus 2 years additional.

[Andy B]

No, no and no...
A bank loan is as bad as leasing. The only way to finance a car is with an Hp agreement.

Stitch yourself up with a bank loan and if the car's written off then you're still stuck with the payments. At least if everything goes tits up with Hp then you're only luable for the first half of it...

but there's always the insurance payout if it is written off .............. I know that's likely to be another story though 

[tunnie]

No, no and no...

In your opinion 

Not everyone would want to drive around in a £1k banger for couple of years to save up 

Insurance would cover most of the loan, if you write of a HP loan car and it's your fault, you are still in a world of pain.

[tunnie]

I do agree with Tunnie on this. You see lots of deals around with low rate interest and low deposit for pretty new cars. Push the seller on extended warranties as well - so aim at 2 year balance of MFRS warranty plus 2 years additional.

Yup, makes sense. Maybe looking at this for the future as 8k to 10k gets you something half decent.