Jump to content

The whole car lease new car sales deal thing.


TONY R
 Share

Recommended Posts

I'll never buy another car.

 

After paying out over £7k in mechanical repair bills on a 6 year old Renault (big end failure) and 5 year old BMW (turbo failure) over the last 3 years I'll let the garage have the hassle, I now lease a fiesta for the wife and an insignia for me for under £500.00. per month. I'll give them back when the first MOT's are due and get two more. I'm n the fortunate position of getting a car allowance from work, I've just chosen to find to cars with it rather than one.

 

Previously I'd paid for cars outright and banked the cash to change one every three years, until both car stung me with massive repairs bills.

I get a car allowance as well but i buy BMW, 2-3 years old with low mileage mostly because i can extend their warranty. My car is now on 118k and the warranty runs out in July.

Link to comment
Share on other sites

  • Replies 110
  • Created
  • Last Reply

Top Posters In This Topic

Do you or have ever had a mortgage? Or did you save and buy your house, it's no different than that for some people to be fair.

if there wasn't the finance/lease option there wouldn't be a decent second hand market people would keep their cars for alot longer.

Yes I did have a mortgage. Was 120k when I was 22 and the wife 17. Worked hard, overpayed as much as we could every month saved a little for household emergencies and payed it off just over 11years.

 

Same again, the wife has saved hard and put money away and just bought herself a 2014 Bmw M3 :-)

No finance, no loans,no hp, its all paid for.

Link to comment
Share on other sites

I've only bought a car once with cash.We promised ourselves a nice car when I turned 50 when i took partial retirement.We used monies out of a couple of investments at 47 so we went for the car before I reached 50.A nice new Jaguar Stype SE twin tube D with all the bells and whistles.I thing it was about £34 or £36k and I put a partx in and £25k.I got £8500 for it I think 3yrs later.If you want to waste cash the quickest way is to buy a car cash.Oh on the mortgage front,I paid my house off in 1992 and found I couldn't get finance anywhere although between myself and my wife we had a large disposible income as no loans or credit cards ect.Found this out quite oddly when we went into that DFS for a new settee as the guy said it's intrest free credit so keep your money in your pocket.Couldn't get finance, couldn't believe it.But buy another NEW car cash again certainly not,vintage cars might be worth a gamble but modern cars you may as well set fire to a pile of cash.We manage to get a new car through finance eventuality with Ford and the wife changes her car now every 3 yrs.She's happy paying a month fee and then just swapping it after 36 mths with no deposit.

Edited by Davyo
Link to comment
Share on other sites

Buy the right sorts of cars at the right time from the right places and with the big stuff you can keep for 6months or a year and sell for more.I mean sought after Porsches, Audis, etc.

We arnt talking Ford mondeos or Vauxhall astras though.

 

finance doesn't work for us. Say 500quid a month for a a half decent car over 12months. We won't lose that on the depreciation on cars we buy, and we'll still have a car at the end of it to sell or px.

I would never buy new though,two year old cars have lost a lot of money so you can get some good buys where some other poor person has lost a load on it or paid a hell of a lot of finance on it and got nothing to show for it after paying a huge monthly fee.

Link to comment
Share on other sites

Yes I did have a mortgage. Was 120k when I was 22 and the wife 17. Worked hard, overpayed as much as we could every month saved a little for household emergencies and payed it off just over 11years.

 

 

 

Same again, the wife has saved hard and put money away and just bought herself a 2014 Bmw M3 :-)

No finance, no loans,no hp, its all paid for.

I was just making the comparison to mortgages if you saved up and waited to buy your house you would have nowhere to live until that money was saved.

Same goes for people and their cars if they didn't have it on finance they would be able

To have it for years.

Personally I have a 11 year old car that's all paid for as I've never seen the need to have one new on finance but I can see why people do.

Edited by cromwell7
Link to comment
Share on other sites

Yes I agree. I wish I could have stayed at home until I was 40 I'd have a much bigger house lol.

 

But you can't say people can't afford cars that's why its on finance because there are 1000s of good cheap cars about, its because they want to have a new one so people think they are doing well, when really they couldnt afford to buy it outright.!

A lot of it is 'to keep up with the Jones's'!!

 

Ps, my car is a 1996 model that I've owned for 15 years,paid a good price back then, then the prices dropped , now they are rising quickly.

Link to comment
Share on other sites

Yes I agree. I wish I could have stayed at home until I was 40 I'd have a much bigger house lol.

 

But you can't say people can't afford cars that's why its on finance because there are 1000s of good cheap cars about, its because they want to have a new one so people think they are doing well, when really they couldnt afford to buy it outright.!

A lot of it is 'to keep up with the Jones's'!!

 

Ps, my car is a 1996 model that I've owned for 15 years,paid a good price back then, then the prices dropped , now they are rising quickly.

😂😂😂😂

https://youtu.be/U8Kum8OUTuk

Edited by Davyo
Link to comment
Share on other sites

I would probably lease if I was doing a big mileage and earning a reasonable crust as it buys peace of mind and you get value from it. I see it as mileage dependant, and even with the slight top up for exceeding an agreed amount of miles, the money would otherwise have to be put into maintenance and running costs of your own vehicle.

 

However, I no longer run big mileages so can't see any point in leasing except to keep up with the Jones's. Plenty round me do lease. I have a few neighbours who roll up in new Audis or BMWs every few years only to use them for shopping and the school run!

 

Years ago, I cottoned onto the fact that with a lot of homework (and it does take a lot, including speaking to as many machanics as you can, plus main dealers) you can pick up some stone cold 5 to 9 year old low mileage bargains, and run them for another 5 years without losing too much plus getting the peace of mind for reliability (as far is it goes). We have a few motors that tick those boxes. One started life as a £50,000 motorcar in 2007. I picked it up for a fifth of that with just 60K miles and full dealer history. Even if I lose £1k/yr over five years, that's cheap motoring for what it is...a top of the range luxury motor. For my part, I've had the front resprayed to take care of stone-chips and had the alloys re-done. this helps maintain residual value and more than pays for the work. the motor is as reliable as they get, in fact it still sits at the very top of the JD reliability index where it has sat for the past 10 years. It isn't German or French ;)

 

By shopping around, I have also managed to get a franchised dealer 3 year service plan at 25% off the cost of 3 separate years servicing.

 

It all sounds like a ball-ache, but at the end of the day, you can have your cake and eat it if you're prepared to put the work in.

Edited by Savhmr
Link to comment
Share on other sites

I usually buy from the larger Auction houses.

Picked up a 3 year old Seat Leon 170 FR for 10k + £500 commision. It had about 40k on it with FSH. Owed by one of the big lease companies.

Funny thing is I had 8k cash in my pockets, went to put this down as a deposit and it cost me 3% handling fee. Paid the rest with a debit card and no charges incurred.

Just sold it today for 10k so did ok for around 14 months use.

I think I will go back to auctions for next car but will either pay by debit card or use one of those 0% credit cards and use the money in a Peer to Peer lending firm thats giving me 12% interest.

Annoyingly I have money in an assortment of Supercars but can't get my sticky mitts on any of them. :no:

Link to comment
Share on other sites

I would probably lease if I was doing a big mileage and earning a reasonable crust as it buys peace of mind and you get value from it. I see it as mileage dependant, and even with the slight top up for exceeding an agreed amount of miles, the money would otherwise have to be put into maintenance and running costs of your own vehicle.

 

However, I no longer run big mileages so can't see any point in leasing except to keep up with the Jones's. Plenty round me do lease. I have a few neighbours who roll up in new Audis or BMWs every few years only to use them for shopping and the school run!

 

Years ago, I cottoned onto the fact that with a lot of homework (and it does take a lot, including speaking to as many machanics as you can, plus main dealers) you can pick up some stone cold 5 to 9 year old low mileage bargains, and run them for another 5 years without losing too much plus getting the peace of mind for reliability (as far is it goes). We have a few motors that tick those boxes. One started life as a £50,000 motorcar in 2007. I picked it up for a fifth of that with just 60K miles and full dealer history. Even if I lose £1k/yr over five years, that's cheap motoring for what it is...a top of the range luxury motor. For my part, I've had the front resprayed to take care of stone-chips and had the alloys re-done. this helps maintain residual value and more than pays for the work. the motor is as reliable as they get, in fact it still sits at the very top of the JD reliability index where it has sat for the past 10 years. It isn't German or French ;)

 

By shopping around, I have also managed to get a franchised dealer 3 year service plan at 25% off the cost of 3 separate years servicing.

 

It all sounds like a ball-ache, but at the end of the day, you can have your cake and eat it if you're prepared to put the work in.

I do 40k a year and no one can quote me anything like a half decent lease rate.

Link to comment
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.
Note: Your post will require moderator approval before it will be visible.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Loading...
 Share

  • Recently Browsing   0 members

    • No registered users viewing this page.

×
×
  • Create New...