Lease or buy

[James3]

I have over the years found it a real pain to own a car. You save up, maybe have some finance, then after a few years things need repairing when out of warranty and then to top it all there is the deprication plus the need to be able to sell it before starting the cycle again.

I have began to think that leasing over say a 3 year period - typical costs being around £14000 to say £16000 over that period may be the answer - no use of valuable capital - no re sell worries etc.

What are the experiences out there ?

 

[Dustydog]

James

I bought my own new car in 2005, the first non company car one in 25 years. The firm scrapped the Company cars scheme in 2002 and offered cash in lieu and access to what initially appeared reasonable PCPs. As you say you pay the money. They do all the servicing and at the end of 3 or 4 years you ive them the caer back, you have no residual value.

If it was that good we'd all do it. A total waste of money in the long run. There's no such thing as a free lunch.

I borrowed the cash to buy our new car. All paid up in June this year and I have my own car with a residual value.

Cheers

Dustydog

 

[RogerL]

I buy 1-2 year old car, halfway through a model's production run, with at least a year left on the warranty and keep it until the new model has been out a couple of years - so I keep a car for about 6 years, the depreciation in the last few years being peanuts.

There are two ways to avoid unreasonable repair bills - buy a high volume brand, like Ford or Vauxhall, so that there are plenty of good independent garages who maintain them regularly- or buy a quality brand.

Lease or HP? You're using someone else's money and paying dearly for the privilege.

If you want a new car every three years, it'll cost you.

 

[MichaelE]

I have a Q7 on a 3 yr pcp,i could never afford one otherwise.

I paid a reasonable deposit and pay a reasonable monthly payments.At the end of 3 years i either buy it,hand it back or use the extra as a deposit against a new one.

 

[Mikey1]

After a year out of the company car scheme i have gone back into it.

I do 400 miles a week back and forwards to the office and i was losing money on the car i had.

It was a no brainer for me , i was putting 30K milage on the car 2 services,a set of tyres,road tax and insurance and hoping that nothing would break.

Now the taxman takes

 

[mcghee]

a mate of mine who has always bought his cars outright recently took on a nissan navara aventura auto. top of the range, all the toys, not my thing but a nice machine.

contract hire he pays