Thedeerman Posted June 13, 2014 Report Share Posted June 13, 2014 I'm thinking about opting out of the company car scheme at work. Does anybody do this themselves and privately lease a car?? If so, is there anything I need to look out for?? I seem to remember that someone on here ran a lease company, anybody know who it is? Quote Link to comment Share on other sites More sharing options...
ditchman Posted June 13, 2014 Report Share Posted June 13, 2014 if you do the mileage then its better...........i got out of the company car scheme cause i got fed up paying the tax for driving a car that i didnt like.....i ended up get a top of the range demo model and a car loan from the bank..........you must keep you finances for this seperate.....dont know what the car loans are like now... Quote Link to comment Share on other sites More sharing options...
Thedeerman Posted June 13, 2014 Author Report Share Posted June 13, 2014 I do between 25-30k a year. I would prefer to lease and change every 24 or 36 months. I could go to £425 a month on my current grade, hopefully this should go up soon. I would mind topping it up to get something nice. Quote Link to comment Share on other sites More sharing options...
Catamong Posted June 13, 2014 Report Share Posted June 13, 2014 I've had 2 cars on a Personal lease plan over the last 5 years, a Chevrolet Captiva on a 24 month plan, then a Volvo XC90 on a 36 month plan. I ended up buying the Volvo from the leasing company at the end of the 3 year lease and I've just sold it and bought a new Mazda CX5 outright. Some points to watch: You need to be pretty certain about your mileage over the period as you could be charged around 9p +VAT per mile, (possibly more), if you exceed the agreed annual mileage. Most personal lease deals exclude servicing, tyres etc, so you will still have to pay for these as you would if you own the car outright. They should pay the annual VED for you. Some insurance companies will refuse to insure a leased vehicle as you are not the Registered owner, (sounds crazy, but it's true..!) Any increase in VAT or VED will result in your monthly payment increasing. You should budget a sum of £250 - £500 to repair any dinks/ chips / deep scratches / alloy wheel scuffs etc at the end of the lease period, if you leave it to the leasing company to make those repairs then you will be screwed for a lot more. On the positive side, you could get a top of the range motor at a good price, as quality brands have a higher residual value than the average Mondeo / Insignia / Focus, and the monthly payments can be surprisingly attractive. My Son has recently got a top of the range BMW for a really good price on a 24 month deal, but it does pay to shop around, (as always). I got my Captiva through "Leaseone" on this forum, although I am aware that he is no longer in the leasing business, but he may be able to point you in the right direction. There was another Guy on here who was involved in Car Leasing deals, if I can find his name I will re-post. Good luck, I hope you get sorted. Cat. Quote Link to comment Share on other sites More sharing options...
pegasus bridge Posted June 13, 2014 Report Share Posted June 13, 2014 When shopping around, pay attention to the term and payment profile , ie- 6 +23 being advertised as a two year deal. Might seem obvious, but work out the monthly cost including any advance payments. Shop around, an individual after one vehicle has the advantage of being able to root out a one off deal that would be no use to a company Trying to provide a consistent fleet for a number of vehicles. Quote Link to comment Share on other sites More sharing options...
aris Posted June 13, 2014 Report Share Posted June 13, 2014 Check out lingscars.com Bonkers website - she was on dragons den several years ago. Quote Link to comment Share on other sites More sharing options...
Recommended Posts
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.