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Thread: car leasing

  
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    car leasing

    Hi folks,

    Does anyone know anything about car leasing ? what are the pros and cons etc ?

    It seems to me like a good idea as you dont lose a lot in depresiation (spelling) and the monthly payments are about the same as buying a brand new car.

    any thoughts ?

    Allan
    im bored !

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    Quote Originally Posted by AllanM
    Hi folks,

    Does anyone know anything about car leasing ? what are the pros and cons etc ?

    It seems to me like a good idea as you dont lose a lot in depresiation (spelling) and the monthly payments are about the same as buying a brand new car.

    any thoughts ?

    Allan
    Went on this Ford options scheme. I thought great a new car every 3 years couldn't get any better. Until you still have to pay out on exhausts, brakes anything not covered by warranty. Then after 3 years you look at your bank account and then realise the car ain't yours and £4'000 is missing.

    Just get a loan and buy a car at least after 3 years and £4000 later you still have something to look at. Yes you will have to pay on tyres, exhausts and brakes still but they will be your tyres, your exhaust and your brakes.

    Been bitten and "once bitten twice shy". £8000 down and had nothing to show for it.
    Its a jam thing

    Haec credam a deo pio, a deo justo, a deo scito?



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    I just bought my new car on a PCP, only got it the other day.
    It doesn't work out too bad as if the car you buy doesn't depreciate horrendously, I admit its not the best deal, but its the only way I could comfortably afford the Lexus. I did have bit of a deal with em, got a few quid off which all helps.

    For me it should work (fingers crossed) as I keep changing cars so its costing me a fortune keep changing all the time.

    You're never gonna make money on cars so you might as well be happy with what your driving.

    If you do get the finance figures, make sure you take them away and work it all out in your own time

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    Forgot to add, when I worked out the figures the worst thing I can do is just hand it back

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    Exclamation

    Another way you get screwed is at the end of lease, depending on the contract/make model you get handed a hefty bill for fair wear and tare - ie stonechips,worn carpets,scuffed loading areas + any damage you've put on it at thier own fixed costs. Beware.

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    its like renting a property, its never going to make much financial sense in the long run but it can an easier and cheaper (on a monthly basis) to get what you want.

    (wouldnt do it personally)
    Previous Astras: 1994 Cesaro 1.8 16v | 2002 SXi 1.6 16v | 2001 Coupé 2.0 Turbo | 1999 LS 1.6 16v
    Other Vauxhalls: 2001 Vectra 1.8 16v| 2003 Vectra GSi 3.2 V6 | 2005 Signum CDTi 150

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    Its basicly like trading in your car before you've settled the finance, certainly something I've done before.

    I worked out my yearly spend on keep changing cars dues to not buying something I was happy with, and the PCP works out about the same, like I said its not a great deal, but will cost me about the same in the long run, so no loss in my case

    From what I can gather my deal is less 'lease' like than some

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    Leasing is by far and away the worst way to get a new car IMO. Yo would be far better off taking the car out on a 5-year finance deal. with a leasing agrement your payments etc are worked out dependant on the mileage you think you may do, and excess charges apply. Witha 5-year finance deal you are in what is known as a regulated loan.....basicallly you have the halfs and thirds rule, once you pay a third of the car off it cant be rrepocessed, bu once you pay half the car off (i.e. 2.5 years) you can hand the car back to the finance comapany and walk away. There are no mileage limitations, so long as the car has been maintained at its intervals and is in reasonable condition for its age/mileage. There is nothing the finance comapnies can do to stop this, and it doesnt affect your credit rating, you can hand one car back and take another out with the same company. It can often work out cheaper than a lease, depeding on the car and deals on at the time, same applies t some PCP deals as well (again depending onthe car).....your other bonus with the likes of new Astra;s is that the service intervals are only onceevery 2years on 20k on petrols and you have a 3year/60k warranty.

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    the general opinion seem to be that its a bad plan.

    Dont think i`ll be taking this further.

    thanks folks
    im bored !

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    I'd never heard of this half and thirds rule dave, it sounds pretty interesting though as i'm getting pretty bored of my car, but have only had it 1.5 years of the 5 year finance, and vaux will only offer me 5k in part ex, and i still owe 11k on the loan, so i presumed i was up sh*t creak for the next 3.5 years, but this could be my lifeline. Please explain more if you don't mind, how do i go about doing this when the time comes around?
    Vectra SRi 1.9 cdti 150

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