Who's moved to just leasing cars?

Tengocity · 03-16-2018, 04:05 PM

Had an interesting discussion with a work colleague who's decided to stop buying cars and just lease for 12-24 months, and just go for whatever is on a great offer.
We get a good car allowance or can choose a company car, but he's decided jumping from lease to lease is the way forward.

His rationale is that :

it's hassle free
Fixed and known costs
Get to enjoy a new car regularly and deals with the boredom factor he always has
Makes the most of the crazy deals that seem to be available on one car or another

Anybody else considered this route?

I can imagine this would make sense for a few of the serial car changers on this forum.

I can see the merit and may look in to it for my work car, and then I've got my weekend fun car too, which is bought and paid for.

Roo12 · 03-16-2018, 04:10 PM

What mileage does he do - I definitely fancy 12 - 24 month option but do about 22k a year so don't know if that is feasible

Tengocity · 03-16-2018, 04:13 PM

He does 25k miles, similar to me, which is also why I'd not thought it feasible. I think for that mileage the company car option works best.

However he says he's found plenty deals that would work over 18 months at that mileage.

Mentioned a Volvo V90 D5 available for 3+18 at sub £500 per month for example.

....,,,,..,,.. · 03-16-2018, 04:18 PM

Definitely, some of the lease deals are really good and make you wonder why go to hassle of owning a car.

NISFAN · 03-16-2018, 04:31 PM

Quote:

Originally Posted by Brigand

Definitely, some of the lease deals are really good and make you wonder why go to hassle of owning a car.

Well most seem to PCP, which in many cases is just a lightly disguised lease.

Ajs_435d · 03-16-2018, 04:36 PM

It's definitely crossed my mind.

I bought a EB 2.5 year old pretty much fully loaded m sport m performance factory fitted 435d with 27k on for 28k.

I can't get my head around it, I don't like lots of outgoings and essentially your don't own it.

Still on the fence.

AndyMD · 03-16-2018, 04:40 PM

I have and doubt if I would go back to PCP or buying. 24 month 20K lease

Advantages
- Only 6 months down deposit compared to 4-5K for a PCP
- fixed cost motoring
- Don't have to service the car (as long as you don't go over the mileage and you give the car back 2 weeks before the 1st service is due, you don't need to service it
- Don't have to replace tyres, brakes etc as they last the mileage
- Some stonking deals come up time to time through brokers which main dealers can't get near.

Overall unless the industry cotton on and prices rise, for now it's a no brainer

Tengocity · 03-16-2018, 04:40 PM

Quote:

Originally Posted by Ajs_435d

It's definitely crossed my mind.

I bought a EB 2.5 year old pretty much fully loaded m sport m performance factory fitted 435d with 27k on for 28k.

I can't get my head around it, I don't like lots of outgoings and essentially your don't own it.

Still on the fence.

I also like the "pride of ownership" thing, but then for me it would be the daily driver business vehicle, to replace a company car. So the not owning it would be the whole point of it.

No temptation to load with extras, then no worries about negative equity either.

And with short term leases your liability can never be that large really.

Broncho · 03-16-2018, 04:47 PM

My job a few years ago was selling lease cars, personal didn’t exist then really, but over the years the 2 main products, PCP and PCH have become so close to each other that it won’t be long until there is one product.

The magic formula is driving a car in the cheapest way possible.

NotGotABimmer23 · 03-16-2018, 04:49 PM

The problem with leasing the german brand cars is the options list. On a lease you are paying the whole cost of the options over the term. Id say on average id spec at least 4k in options, thats am extra £160pm on a lease, quickly the deal looks a lot less attractive.

Tengocity · 03-16-2018, 05:00 PM

Quote:

Originally Posted by kylemacca01

The problem with leasing the german brand cars is the options list. On a lease you are paying the whole cost of the options over the term. Id say on average id spec at least 4k in options, thats am extra £160pm on a lease, quickly the deal looks a lot less attractive.

Yes, my concern too. But at 12-18 months I sould just try different cars, and look for ones that are well loaded in the first place.

....,,,,..,,.. · 03-16-2018, 05:00 PM

Quote:

Originally Posted by NISFAN

Well most seem to PCP, which in many cases is just a lightly disguised lease.

I view a PCP as a 'Posh' lease.

Broncho · 03-16-2018, 05:03 PM

Quote:

Originally Posted by Brigand

I view a PCP as a 'Posh' lease.

I know what you mean but the option to buy the car at the end, extend the contract etc mean that there is very little in it.

....,,,,..,,.. · 03-16-2018, 05:07 PM

Quote:

Originally Posted by Broncho

I know what you mean but the option to buy the car at the end, extend the contract etc mean that there is very little in it.

Why buy at the end, just get a new PCP / lease

Imagine having to drive a car more than 4 years old, eek.

Broncho · 03-16-2018, 05:08 PM

Quote:

Originally Posted by Brigand

Why buy at the end, just get a new PCP / lease

Imagine having to drive a car more than 4 years old, eek.

Absolutely, nobody buys unless they're a bellend and thinks it makes sense...

JustChris · 03-16-2018, 05:17 PM

Quote:

Originally Posted by NISFAN

Quote:

Originally Posted by Brigand

Definitely, some of the lease deals are really good and make you wonder why go to hassle of owning a car.

Well most seem to PCP, which in many cases is just a lightly disguised lease.

This for me.

dopper99 · 03-16-2018, 05:21 PM

Quote:

Originally Posted by kylemacca01

The problem with leasing the german brand cars is the options list. On a lease you are paying the whole cost of the options over the term. Id say on average id spec at least 4k in options, thats am extra £160pm on a lease, quickly the deal looks a lot less attractive.

^^^^ this is the problem with leasing BMW and the like and I'm sure why there aren't more people on here leasing.
Bmw do some desirable options, and as a result we tick those boxes thus pushing the base lease price right up, so you may as well go pcp.

Better to go for a boggo car like a Ford or fully loaded car in the first place as Tengo said. Therefore some cars suit leasing and some don't, financially, imo.

davyk31 · 03-16-2018, 05:23 PM

I never really understand the comments about having to pay the full cost of options over the term with leasing. It's exactly the same no matter whether you buy,PCP or lease a car you still end up paying for the options. Trade in value never takes much regard of options. Sure some options do give some extra residual on a PCP but these will also help reduce a lease cost as finance companies will also realise the increase in resale value. For example metallic can often cost not a lot extra as the lease companies know it will help sell a car at the end.

Having said all that adding extras isn't a great plan although when I got my GTi I had to add metallic as the standard black aka purple is horrible and the standard wheel are poor so I needed to upgrade to 19". Costs a bit more per month but well worth it.

HighlandPete · 03-16-2018, 05:36 PM

Quote:

Originally Posted by davyk31

I never really understand the comments about having to pay the full cost of options over the term with leasing. It's exactly the same no matter whether you buy,PCP or lease a car you still end up paying for the options. Trade in value never takes much regard of options. ..

To me it only makes sense to have a 'loaded car' (on a budget) if you keep the car over a longer period. Amortise the costs over greater mileage/time. Typically, it is the used car buyer who benefits most from well optioned cars.

Leasing makes sense if you take the special deals, on examples that are being off loaded through the lease companies.

My son ran an Audi A3 S-line on a "cheap as chips" lease. Took the car that was available in the spec' on offer. No other way of financing a car got close to the running costs, over a couple of years 'hire'.

isleaiw1 · 03-16-2018, 05:39 PM

Quote:

Originally Posted by Broncho

Absolutely, nobody buys unless they're a bellend and thinks it makes sense...

Do you work for BMW? Not buying and starting again and chucking lots of money at another car that you will never own is the real act of a bellend..

Says the man with a £54k SQ5 on PCP.... but I may buy it out next year...

Broncho · 03-16-2018, 05:47 PM

Quote:

Originally Posted by isleaiw1

Do you work for BMW? Not buying and starting again and chucking lots of money at another car that you will never own is the real act of a bellend..

Says the man with a £54k SQ5 on PCP.... but I may buy it out next year...

No.

I worked VAG.

Broncho · 03-16-2018, 05:48 PM

Quote:

Originally Posted by Brigand

Why buy at the end, just get a new PCP / lease

Imagine having to drive a car more than 4 years old, eek.

Yes that would be dreadful.

03-16-2018, 04:05 PM	#1
Tengocity General 8571 Rep 19,982 Posts Drives: 911, Cayenne Turbo, Disco 4 Join Date: Sep 2013 Location: Crieff, Perthshire, Scotland iTrader: (0)	Who's moved to just leasing cars? Had an interesting discussion with a work colleague who's decided to stop buying cars and just lease for 12-24 months, and just go for whatever is on a great offer. We get a good car allowance or can choose a company car, but he's decided jumping from lease to lease is the way forward. His rationale is that : it's hassle free Fixed and known costs Get to enjoy a new car regularly and deals with the boredom factor he always has Makes the most of the crazy deals that seem to be available on one car or another Anybody else considered this route? I can imagine this would make sense for a few of the serial car changers on this forum. I can see the merit and may look in to it for my work car, and then I've got my weekend fun car too, which is bought and paid for. __________________ Current: Porsche 911 991 C4S, Porsche Cayenne Turbo, Land Rover Discovery 4. Gone...G01 X3 M40i, Cayman S 987, F31 340i, Cayman GT4, F82 M4 CP, Lotus Exige V6, G20 330e, F30 330e, Boxster S 987, F31 335d, Mini Cooper SD, E89 Z4, E90 330d 320d, E60 520d, E46 330d 320d, MX5s, E30 325i
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03-16-2018, 04:10 PM	#2
Roo12 Second Lieutenant 83 Rep 202 Posts Drives: 4 Series GC M Sport + Join Date: Aug 2016 Location: North West iTrader: (0)	What mileage does he do - I definitely fancy 12 - 24 month option but do about 22k a year so don't know if that is feasible
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03-16-2018, 04:13 PM	#3
Tengocity General 8571 Rep 19,982 Posts Drives: 911, Cayenne Turbo, Disco 4 Join Date: Sep 2013 Location: Crieff, Perthshire, Scotland iTrader: (0)	He does 25k miles, similar to me, which is also why I'd not thought it feasible. I think for that mileage the company car option works best. However he says he's found plenty deals that would work over 18 months at that mileage. Mentioned a Volvo V90 D5 available for 3+18 at sub £500 per month for example. __________________ Current: Porsche 911 991 C4S, Porsche Cayenne Turbo, Land Rover Discovery 4. Gone...G01 X3 M40i, Cayman S 987, F31 340i, Cayman GT4, F82 M4 CP, Lotus Exige V6, G20 330e, F30 330e, Boxster S 987, F31 335d, Mini Cooper SD, E89 Z4, E90 330d 320d, E60 520d, E46 330d 320d, MX5s, E30 325i
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03-16-2018, 04:18 PM	#4
....,,,,..,,.. General 6734 Rep 20,651 Posts Drives: xxxx Join Date: Dec 2013 Location: xxxx iTrader: (0)	Definitely, some of the lease deals are really good and make you wonder why go to hassle of owning a car.
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03-16-2018, 04:36 PM	#6
Ajs_435d Lieutenant Colonel 355 Rep 1,846 Posts Drives: 435d m sport m performance Join Date: Jan 2014 Location: United Kingdom iTrader: (0)	It's definitely crossed my mind. I bought a EB 2.5 year old pretty much fully loaded m sport m performance factory fitted 435d with 27k on for 28k. I can't get my head around it, I don't like lots of outgoings and essentially your don't own it. Still on the fence.
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03-16-2018, 04:40 PM	#7
AndyMD Lieutenant 345 Rep 504 Posts Drives: Golf R 2020 Join Date: Aug 2013 Location: UK iTrader: (0)	I have and doubt if I would go back to PCP or buying. 24 month 20K lease Advantages - Only 6 months down deposit compared to 4-5K for a PCP - fixed cost motoring - Don't have to service the car (as long as you don't go over the mileage and you give the car back 2 weeks before the 1st service is due, you don't need to service it - Don't have to replace tyres, brakes etc as they last the mileage - Some stonking deals come up time to time through brokers which main dealers can't get near. Overall unless the industry cotton on and prices rise, for now it's a no brainer __________________ EX F34 320d Sport \| Sept 2013 \| Imperial Blue \| Media \| Manual \| Currently learnt a lesson
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03-16-2018, 04:47 PM	#9
Broncho Banned 2311 Rep 5,101 Posts Drives: Chav white Mercedes Join Date: Nov 2015 Location: Rainhill iTrader: (0)	My job a few years ago was selling lease cars, personal didn’t exist then really, but over the years the 2 main products, PCP and PCH have become so close to each other that it won’t be long until there is one product. The magic formula is driving a car in the cheapest way possible.
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03-16-2018, 04:49 PM	#10
NotGotABimmer23 Colonel 835 Rep 2,119 Posts Drives: 340i touring - incoming Join Date: Oct 2016 Location: Leicestershire UK iTrader: (0)	The problem with leasing the german brand cars is the options list. On a lease you are paying the whole cost of the options over the term. Id say on average id spec at least 4k in options, thats am extra £160pm on a lease, quickly the deal looks a lot less attractive.
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03-16-2018, 05:23 PM	#18
davyk31 Major General 1045 Rep 6,947 Posts Drives: Macan GTS :-) & F40 M135i Join Date: Sep 2009 Location: Northern Ireland iTrader: (0)	I never really understand the comments about having to pay the full cost of options over the term with leasing. It's exactly the same no matter whether you buy,PCP or lease a car you still end up paying for the options. Trade in value never takes much regard of options. Sure some options do give some extra residual on a PCP but these will also help reduce a lease cost as finance companies will also realise the increase in resale value. For example metallic can often cost not a lot extra as the lease companies know it will help sell a car at the end. Having said all that adding extras isn't a great plan although when I got my GTi I had to add metallic as the standard black aka purple is horrible and the standard wheel are poor so I needed to upgrade to 19". Costs a bit more per month but well worth it.
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