There is another option personal lease but let the company pay for it with a car allowance
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Ownership method
- Thread starter Popeye_ali
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Hi Guys,
I've just come off a lease Car (Fun, but didnt make financial sense in the long run). I have been looking to buy and this discussion is what has been going through my head over the last few weeks.
I eventually went part cash (deposit) and Virgin Credit Card 0% money transfer (so cash as far as the dealer is concerned) and that made it easier for me to get haggle a good price for my 10 month old Seat Leon ST FR.
Im fortunate in the fact I get a car allowance. The way I see it, work can pay off my 0% Credit Card bill for the next Year.
Cheers,
Garf
I've just come off a lease Car (Fun, but didnt make financial sense in the long run). I have been looking to buy and this discussion is what has been going through my head over the last few weeks.
I eventually went part cash (deposit) and Virgin Credit Card 0% money transfer (so cash as far as the dealer is concerned) and that made it easier for me to get haggle a good price for my 10 month old Seat Leon ST FR.
Im fortunate in the fact I get a car allowance. The way I see it, work can pay off my 0% Credit Card bill for the next Year.
Cheers,
Garf
I see it the other way round. I get a car allowance and am in a lease cupra 290. If I were buying a car I would only be able to afford a 1.4 fr. The balance between what I get and what I pay out will pay for the initial payment on the next lease car.
Whilst I don't own it I'm not driving round in a depreciating asset. Whilst I applaud you guys who have spent 20k plus on a car you will lose more in depreciation than I am spending out and have a big chunk of money tied up.
Whilst I don't own it I'm not driving round in a depreciating asset. Whilst I applaud you guys who have spent 20k plus on a car you will lose more in depreciation than I am spending out and have a big chunk of money tied up.
I don't believe anyone is.
I spoke to dealer about these deals, got left with a feeling there were far too many ways for dealer to manipulate the deal.
Excess mileage charge.
Dealer decides on value at end of term.
Hard to get real fixed numbers.
There were others, but those 2 alone were enough to put me off.
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I bought mine at 12 months old, 3k on the clock and a great lump off list, paid cash, in order to get an +interest return on the funds spent would have meant a larger risk in investment than I'm comfortable with, I haven't had drip for many years now, if I can't make more in interest than I pay out then it's a no no for me. This also means that that I can do as I please with with the car at any time and as many or little miles as takes my fancy.
Also cash in full. Mine is just over 8 months old. However realistically paying up front means there is nothing to think of. Tax is tiny. Mot is years off. Tyres were hardly worn in and similar everything else. Plus service just done and another one included in twelve months.
At present there isn't any value I can see in having finance as there is so little interest on savings. Although I changed my mentality a number of years ago when I used to take out personal loans. I did look into other options this time round but cash still won out.
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At present there isn't any value I can see in having finance as there is so little interest on savings. Although I changed my mentality a number of years ago when I used to take out personal loans. I did look into other options this time round but cash still won out.
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I've leased a car with a £30k list price tag. Even if discounted down to £25k I see 2yr old cupras at £18k in garages so trade in is even less. That is a theoretical £7k minimum depreciation over 2yrs.
I'm paying under £6k to have a new cupra for 2 yrs. If I bought it I would be paying at least £300 a month as well as the £300 a month on depreciation. Not to mention the x thousand pounds deposit.
To be honest guessing ahead on depreciation is too much like hard work. I just went with what I could afford. I guess the way of seeing it is you did the same and I guess everyone is happy. Not sure there is a sure fire best option.
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Based on the rates on SEAT's site if you lease a Copra ST you should be quid's in compared to buying.
I bought mine a few months old with low miles as an ex managers car but I'm wondering if I should have looked at lease a bit closer.
Cost of lease around £12300 over a 3 year period (limited to 10K pa) and that looks to include servicing
Assuming a new car could be bought for £30k you would need to get to be able to sell it at 3 years for around £18K to be comparable when you include the cost of servicing.
If I can get £18k for mine at the 3 year mark i'll be very happy and equally surprised.
I can only think there making a lot of money on over mileage or perhaps there banking on the pound tanking it further when we brexit so new cars will be relatively more expensive causing a boost to used values.
I bought mine a few months old with low miles as an ex managers car but I'm wondering if I should have looked at lease a bit closer.
Cost of lease around £12300 over a 3 year period (limited to 10K pa) and that looks to include servicing
Assuming a new car could be bought for £30k you would need to get to be able to sell it at 3 years for around £18K to be comparable when you include the cost of servicing.
If I can get £18k for mine at the 3 year mark i'll be very happy and equally surprised.
I can only think there making a lot of money on over mileage or perhaps there banking on the pound tanking it further when we brexit so new cars will be relatively more expensive causing a boost to used values.
Is yours 3dt? I ordered a 290 on the day they stopped them for the black edition. The dealer said they would do the black for the same price. The deal soon ended at the price I got...
The car market is too much of a guessing game. I got a 25k car on lease for 7k over the 2 years(15k PA FR Titanium 184). I saw leasing as a way to get a brand new car I otherwise would of been stretching myself to buy. I sold my old car for cash that practically paid for the lease so over the next 2 years I can flexibly save to put into another lease or towards a second hand car. The flexibility to save myself made more sense than getting into pcp or personal loan business where someone is always going to be knocking at your door for that money regardless of circumstance, this way I know my lease has paid for itself so whatever the future brings in terms of my employment, financial status etc I'm safe in the knowledge I won't end up with a bailiff at my door.
As for depreciation I like being in the knowledge that it's not going to be my problem, I could of picked up a 65 plate used FR Titanium for 16-18k which is about what I'm paying anyway and at the mileage I do a 66 plate with 30,000 on the clock in 2 years will be a hard sell.
How you go about acquiring a car I guess depends on circumstance, if you can afford to buy one outright, why not. If you don't want to worry about having to sell it, leasing is great. Besides, I get bored of cars and this way I can get another one in a couple of years and that made a lot of sense to me
As for depreciation I like being in the knowledge that it's not going to be my problem, I could of picked up a 65 plate used FR Titanium for 16-18k which is about what I'm paying anyway and at the mileage I do a 66 plate with 30,000 on the clock in 2 years will be a hard sell.
How you go about acquiring a car I guess depends on circumstance, if you can afford to buy one outright, why not. If you don't want to worry about having to sell it, leasing is great. Besides, I get bored of cars and this way I can get another one in a couple of years and that made a lot of sense to me
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