Leasing: is this a good price?

[Discopanda]

Hi all,

I have only ever owned one car which I bought outright 13 years ago. I have no idea of monthly car costs! I do know I want to lease my next car and simply hand it back with no obligation.

I've specced a 1.4 FR Technology with:
Metallic paint
18'' alloys
Adaptive cruise control
Towbar
Convenience pack
Parking pack
Storage pack
Connectivity hub

It's coming in at £258 a month over 48 months (plus £778 initial rental and £198 admin fee) through Nationwide Vehicle Contracts.

Does this seem reasonable?

 

[kazand]

Hi all,

I have only ever owned one car which I bought outright 13 years ago. I have no idea of monthly car costs! I do know I want to lease my next car and simply hand it back with no obligation.

I've specced a 1.4 FR Technology with:
Metallic paint
18'' alloys
Adaptive cruise control
Towbar
Convenience pack
Parking pack
Storage pack
Connectivity hub

It's coming in at £258 a month over 48 months (plus £778 initial rental and £198 admin fee) through Nationwide Vehicle Contracts.

Does this seem reasonable?

what mileage per year are you allowed?

 

[Discopanda]

Sorry forgot to add that. 12,500 (which is more than plenty)

 

[Ronnie Bagel]

check out Contract Hire & Leasing. I think you can do better, but it might be due to the options you want. Not sure what comes as standard on those.


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[Ronnie Bagel]

Yours works out at about £13,300 over 4 years. Sounds a lot to me, being honest.


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[Ronnie Bagel]

Found this one for you. Works out at less than £5,000 over two years and lower deposit. You can then get another new car in two years time for cheaper than you'll have that one you've been quoted on. Shop around mate. No doubt others with experience will chip in to try to save you some coin.


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[Discopanda]

Thanks. Didn't think of going for a 2 year lease. A lot of the lease companies don't let you add options (stock only) which complicates things.

 

[philmots]

It's the options that ramps the cost up hugely.

You'd have to really really want them.

 

[Discopanda]

Towbar is an absolute must. If wife is driving it so is the parking pack!

 

[superdon]

Don't lease over 4 years! Even 3 is pushing it.

There are deals to be had out there.

Options on lease cars are generally a bad idea if you are looking for value, but having said that I have just agreed to a two year lease on one of these with around £2k of options. The options only makes a difference of around £20-£25 over two years, which isn't too bad at all.

 

[pdid]

As others have said 3 years or less is optimal for lease, most of the best deals are over 24 months. The reason for this is warranty, anything going wrong in the first 3 years will be covered under the warranty, in the 4th year it'll be down to you to fix. If you take a 2 year you can normally negotiate a 3rd year with the lease company at a reduced rate.

Options will push the price (and the delivery time) up, the FR comes standard with rear parking sensors and you could have an aftermarket towbar fitted and remove before the car goes back.

The golden rule with a 2 year lease is the total amount should be around 25% or less of the cars list price to be considered a good deal.

Last thing to consider is mileage, it's sometimes better to pay the excess than paying up front. In both my recent quotes excess mileage has been quoted at 5.8p per mile so an extra 4k miles will cost £232.

 

[Ronnie Bagel]

As others have said 3 years or less is optimal for lease, most of the best deals are over 24 months. The reason for this is warranty, anything going wrong in the first 3 years will be covered under the warranty, in the 4th year it'll be down to you to fix. If you take a 2 year you can normally negotiate a 3rd year with the lease company at a reduced rate.



Options will push the price (and the delivery time) up, the FR comes standard with rear parking sensors and you could have an aftermarket towbar fitted and remove before the car goes back.



The golden rule with a 2 year lease is the total amount should be around 25% or less of the cars list price to be considered a good deal.



Last thing to consider is mileage, it's sometimes better to pay the excess than paying up front. In both my recent quotes excess mileage has been quoted at 5.8p per mile so an extra 4k miles will cost £232.

Good advice from pdid!

Best thing to do is get a calculator and a piece of paper out and work it all out over 2 and 3 years as a total cost with all the various permutations. 4 years would be bad due to warranty, as stated above.

It sounds like you're thinking of speccing it up like you would if you were buying to keep long term.

Then suggest you get a quote for the tow bar separately for some bloke to fit on your drive. You'll need a guarantee it can be removed without leaving any trace otherwise you'll get hammered when you hand it back. Add this cost to the total cost and then compare what a lease company would charge you.

To give you a comparison, my Cupra was £1550 deposit (no admin fee) and £260 a month inc VAT with 12,000 miles over 2 years.

Hope the info is helpful mate.




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[superdon]

As others have said 3 years or less is optimal for lease, most of the best deals are over 24 months. The reason for this is warranty, anything going wrong in the first 3 years will be covered under the warranty, in the 4th year it'll be down to you to fix. If you take a 2 year you can normally negotiate a 3rd year with the lease company at a reduced rate.

Options will push the price (and the delivery time) up, the FR comes standard with rear parking sensors and you could have an aftermarket towbar fitted and remove before the car goes back.

The golden rule with a 2 year lease is the total amount should be around 25% or less of the cars list price to be considered a good deal.

Last thing to consider is mileage, it's sometimes better to pay the excess than paying up front. In both my recent quotes excess mileage has been quoted at 5.8p per mile so an extra 4k miles will cost £232.

Yeah the 25% can be a decent indicator.

The FR we have ordered works out at 25.5% of list price but then we have broken the rule by having options. We are happy with the deal, but there are better deals to be had on leases if you are flexible and open to what you drive.

The car going back in June worked out at a touch under 20% which is a great deal.

And don't use a broker if you can help it. Cut out the middle man and remove any fees by going direct to the dealers. You'll find one that'll match or beat any brokers price if you are patient and put a bit of effort in. At the end of the day the brokers are supplied by the dealers, so the dealers will supply direct at the same deal if you catch them at the right time and speak to the right person (rarely a standard retail salesman). I've never leased though a broker, but I have used them a lot to give me the ammo to haggle with the dealer's to get the same or better lease.

When I have added the options to the FR I am ordering the brokers cant get near the price I can get with the dealer's.

 

[Thinbo]

Just be aware when comparing those deals that there are two 1.4l engines. The 1.4 TSI 125 and the 1.4 EcoTSI 150.
The links above don't look to be the same engine

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[ganticus]

There are some savvy people on the Pistonheads leasing forum. You might want to ask for advice on prices etc there too.

http://www.pistonheads.com/gassing/topic.asp?h=0&f=255&t=1607379&i=8180

 

[zzakzz17]

I Just ordered a seat Leon 2016 model fr titanium 150bhp 1.4Litre for 160GBP p/m on a 3 year lease from NWC. It was the second to last they had in stock of that vehicle. I'm also only going to be doing 6k milage per year on it.

The price of 160 p/m is reasonable for the old model. Also will be paying 198 processing fee and 960 initial rental.