Leasing/buying car (or any other option)

[familyofthree]

We have always done PCP changing car every 2/3 years. We then got introduced to leasing by my manager and we wont ever go back to PCP again.
Our last car on PCP was a BMW 1 series and we ended up handing it back to the finance company, it was in negative equity 3 years in to the 4 year term, we never had this any other car before.

We now have a brand new Mercedes CLA, it was factory ordered for us, £290 a month, deposit was 3 months payments upfront and it just gets picked up at the end of the lease term. The monthly payment includes tax and full maintenance pack so no servicing or repair costs if anything needs fixing at all, we just put in fuel and pay for insurance.

[YorkshireT]

I used to buy all my cars , cost a lot of money. Then I started leasing and have had some great cars at a fraction of depreciation cost. My last ones were a Mercedes CLS (65k list price) and a BMW 335 (about 50k) and I paid under 400 a month over 2 years, 10k miles 3 payments down (so both cost me about 4k a year).
Unfortunately my new one I'm getting they don't lease so I'm going to have to buy it, and it's a long waiting list so leasing from a broker isn't an option initially. I'd lease it if I could.

[EssexSue]

We buy new or nearly new (cash) and drive them until they cost money. Sadly I get very attached to my cars anyway and am always upset when it's time to get rid of them. I think it's an age on the whole - I can afford better than I drive unlike a lot of people I know who drive what they can't afford.

[PoohBears#1fan]

Originally Posted by familyofthree

We have always done PCP changing car every 2/3 years. We then got introduced to leasing by my manager and we wont ever go back to PCP again.
Our last car on PCP was a BMW 1 series and we ended up handing it back to the finance company, it was in negative equity 3 years in to the 4 year term, we never had this any other car before.

We now have a brand new Mercedes CLA, it was factory ordered for us, £290 a month, deposit was 3 months payments upfront and it just gets picked up at the end of the lease term. The monthly payment includes tax and full maintenance pack so no servicing or repair costs if anything needs fixing at all, we just put in fuel and pay for insurance.

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I definitely need to explore it a little more, my SLC will be 2 years old in November so I'll start looking properly in a few months. So torn between another little convertible or a 4x4. How are you finding the CLA?

[rhyger]

We've been stung on pcp too. Was sold it on a skoda citigo overs 3 yrs. Told that with 6 months left on contract we would be offered new pcp that had cheaper repayments and equity on car would be used as deposit.
Waited for a call! Eventually went to dealer and was told bottom had dropped out of small car market as there were so many available and even though mine was under the agreed mileage, they could only offer me the final payment for the car, nothing more, so there was no equity to use as a deposit for a new car. PCPs are based on equity at end of the contract and that is determined by the seller so it's a no win for the buyer imo.

[mitch84]

It really depend what you want out of a car. If you are set on a brand new car, then leasing is the best bet, safer than PCP, and hassle free, especially if you want a new one in 2-3 years anyway.
I want a nice, reliable car to take me from A-B, so I buy 3 years old, low mileage, preferably private, and drive it until it starts to cost real money. I'll still get a reasonable amount back on a private sale, and I buy another 3 year old car. In that time, likely I'll have only done tyres and brakes type thing.
I find that the 'cheapest' way. Admittedly I needed the £9k to buy my high spec Seat Leon, but I bought it 18 months ago and so far it has cost me £250..

OH literally wants a car to take him A to B, and he scruffs it up because we have dogs and horses, so he never spends more than £1k on a car, preferably £500, and he uses that as a little mode of transport, and we use my Leon for any long drives.

[darbs]

Originally Posted by familyofthree

We have always done PCP changing car every 2/3 years. We then got introduced to leasing by my manager and we wont ever go back to PCP again.
Our last car on PCP was a BMW 1 series and we ended up handing it back to the finance company, it was in negative equity 3 years in to the 4 year term, we never had this any other car before.

We now have a brand new Mercedes CLA, it was factory ordered for us, £290 a month, deposit was 3 months payments upfront and it just gets picked up at the end of the lease term. The monthly payment includes tax and full maintenance pack so no servicing or repair costs if anything needs fixing at all, we just put in fuel and pay for insurance.

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Which company do you lease with? Am thinking that leasing sounds like a good idea!

[snowbelle]

Mr Tom has as usual some good points on the car buying / leasing game.
I am curious about the leasing aspect though, I have just seen a post from someone in my organisation about his lease car, he said when he took it back at the end of the term the company stung him for a couple of grand due to dings and some scratches ...what would be regarded as natural wear and tear .. is this right ?
* I have just read car wows pros and cons of car leasing .. and it seems that it is right.

[Guest]

I've always bought cars. I bought a Corsa pre-registered back in 2013. We still have it now and it's only ever cost me what I'd spend on normal wear and tear (so brake pads and the like). My OH does so many miles in it and it's picked up so many dents that i'm glad it's not a lease.

Both this Corsa and my Mini are finance free and I don't think I could ever get back into the swing of paying hundreds out for cars each month. Perhaps when one of them dies i'll change my mind, but for now it's a nice luxury not having to pay out for them.

I did however lease 2 BMWs for my old employer. One was HP with a voluntary termination, and the other was a PCP where the car was traded in for another BMW. Both times the final bill was around the £800 mark for various dents, alloy scuffs and over mileage.

[LLamb]

Originally Posted by limmy

Did you put in a big deposit? That's really low payments.
Also when you swap brands what happens? I am with Kia at the moment. I was under the impression if I get another Kia my car would count towards a deposit for the next one, but what if I don't want a Kia?

It's a mind field and I wish we did more research first. I had no choice though as my previous car was written off and I was left false details.

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You can choose, I did nine months so £1400 ish
You don’t own the car, don’t even see the V5. At the end of the term somebody comes to inspect it. General wear and tear is fine. You pay for any damage. I had a large bumper scrape on the Audi they only charged me £50.

So yes you can choose whatever you want. That’s the beauty of it. Personally wouldn’t even consider pcp. But understand it can work for some.

General rule of thumb for me is if it’s around £5-6k for the two years that’s a good deal.