Leasing/buying car (or any other option)

[mitch84]

Originally Posted by Procrastinator

For us, the cars are mainly to get us from A to B reasonably comfortably. There are other things i would rather spend money on at the moment - holidays, house and pension.

We bought our current cars 6 and 7 years ago. Both about 12 months old at the time. So we missed out on the huge depreciation of the first 6 months. And now every year we keep them we are reducing the average cost per year. They are now a bit old, but we know their history.

At some point they will cost due to repairs etc. But so far only had 1 significant repair, £600.

If the objective is to keep costs down then imo you need to not change the car too often.

Obviously that doesnt work if a car is higher up your priority list!

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I do the same except buy them at 3 years old, still last forever

[floridasgirl]

We PCP ours. Not everyone's cup of tea but suits us. It enables you to get a more expensive car than you could probably afford to buy. We've done it for years and like another poster says, we just swap every 2/3 years using the equity for the next one.

[Tweety1]

Originally Posted by mitch84

4 years old is still very new, i’d Keep that unless you need something different

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I know my thoughts but when we bought this last one we had our last Car years so no real equity in it when we part ex and it’s like starting from scratch and feels a lot of money. We didn’t buy new prob about 6 months old.

[mitch84]

Originally Posted by Tweety1

I know my thoughts but when we bought this last one we had our last Car years so no real equity in it when we part ex and it’s like starting from scratch and feels a lot of money. We didn’t buy new prob about 6 months old.

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You lose quite a lot of money part ex, I always sell privately and then buy privately if i at all can (last one was from a garage though, but I still sold my car privately)

[Bee happy]

Originally Posted by PoohBears#1fan

I always buy my cars on PCP and change them every 2 years using the equity against the next one, keeps the monthly payments down and is stress free driving as it's under warrantee, usually has a service plan and no need for MOT.

I just don't view cars as an investment, this may not be everyone's favourite way to do it, but I'm much happier this way. Gives me constant hassle free driving for a low monthly cost.

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This hasn't worked for us, we bought our car on PCP and put down a large deposit on it 2 yrs ago,took it back to garage last weekend to see what deal we could get on new one, they would only give us the amount left we owe (balloon payment) so there was nothing left over to go as deposit on new car, even a 1yr old car was nearly £100 pm more than we are paying now.
We don't know what to do now ?

[Mr Tom Morrow]

Everybody has what they think is the best way to purchase a car. Be it part ex, buy brand new, buy second hand or PCP.

There is no right or wrong answer sadly.

Whatever we do only one person wins and that's the car dealer.

I now go the PCP route but only buy pre registered. I trade it in under 2 years old and I look for a monstrous saving.

My current car I bought in January with 9 miles on the clock and 3 months old was all but £14K off list price.

[limmy]

Use Car Wow to make sure you're getting a good deal. I saved nearly £200 a month from my initial quote.

I didn't know what happens after the first 2 years so glad to see this thread.
I only out in around £4k cash. I will have done roughly 12,000 less miles than I quoted so I am hoping that goes in my favour cost wise.

So looking at the replies I should have some value in the car for the next one? Or I could potentially end up with none? It was never explained and I didn't even think to ask.

[sam7]

DH does lots of long distance trips for work so needs a good, reliable car, we 'bought' on PCP in 2005 as our then car was well over 10 years old and starting to get iffy. It works really well for us, we keep the same monthly repayments and get a new car every 2 - 3 years, if at the end we want to keep the car we would have a payment that is about a third of the value of the car. We have a Mazda and they have been really good with mileage and wear and tear - not all are as good

[Trusty ian]

Not that I have done PCP, i can get extra discount at work for new cars on PCP. £159 deposit and £159 month on a ford fiesta or £200 deposit , £200 month on ford focus. Basically renting the car for up to 3 years. If I work out how much depreciation on my used car each month it's averaged £140 a month over the last 4.5 years. So not much in it what I would be paying out on new or losing on used.

[darbs]

Originally Posted by Mr Tom Morrow

Everybody has what they think is the best way to purchase a car. Be it part ex, buy brand new, buy second hand or PCP.

There is no right or wrong answer sadly.

Whatever we do only one person wins and that's the car dealer.

I now go the PCP route but only buy pre registered. I trade it in under 2 years old and I look for a monstrous saving.

My current car I bought in January with 9 miles on the clock and 3 months old was all but £14K off list price.

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How do you find a pre registered new car? Interested to know as sounds like a good deal and am off to look at new cars at the weekend and am filled with apprehension!