Off Topic Leasing v Buying a car

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johnsonsbaby said:
If you've never leased before you can't say at the outset that you will do it for 10 years though, I don't think.

I'm also a worrier so driving someone else's car isn't something I like doing. Each of the cars I lease I loved, but was worried most of the time - like each time someone got too close I was far more sensitive than if it had been my own car .... but that's just me <laugh>

For IBWT I would recommend he leased a car, from what he's saying that looks the best option for him. For me having done it, it was the most money ever spent with nothing to show for it at the end. Had I bought a car with monthly payments equal to lease payments, I would have had a car at the end of it all whether that car was worth peanuts or not.
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I never said you could agree a ten year lease, but to compare the two then it needs to be over a equal and fair period of time.

I'd never buy a brand new car anyway but nor would I be keen on leasing. Most of the cars I've bought have been between four and eight years old.
 
InBiscanWeTrust said:
So I've had my car for a while now and feel it's time for an upgrade.. my car hasn't really had any issues but just fancy something new with a bigger engine (mines only 1.4) and the fact I do motorway driving every day feel the extra power would be handy.

So was looking to sell mine and wouldn't get an awful lot for it but was contemplating leasing a car for 2 years instead of trying to buy another 2nd hand one.

Anyone leased a car and got any thoughts?

As far as I can see benefits are good:

Get brand new car every 2 years
Don't have to worry about depreciation when trying to sell at the end
Can include extra per month to have services and repairs included etc



If can try and keep on topic and sensible for at least first few page would be appreciated <ok>
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Shiiiiiiit!!! Am I too late for a ****ing derail?

[HASHTAG]#publictrasportisthewayforward[/HASHTAG]
 
You lot obviously live in a different world to me since I wouldn't pay over £6k on a car never mind the £20k+ that some have mentioned <laugh>
 
Gerrez said:
I never said you could agree a ten year lease, but to compare the two then it needs to be over a equal and fair period of time.

I'd never buy a brand new car anyway but nor would I be keen on leasing. Most of the cars I've bought have been between four and eight years old.
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I know you didn't say you could agree a 10 year lease I was saying that when you start out to calculate costs you can't presume you will still be leasing in 10 years time. If you haven't leased a car before, you need to work out costs at 3 years. I think we're on the same page on this <ok>
 
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johnsonsbaby said:
I think you said earlier it's swings and roundabouts. If you get on the lease roundabout you get used to always having a new car, monthly payments you can afford, otherwise why are you making them. The problem occurs if you get off the roundabout, like my experience, paying out essentially about £24k in lease payments which had to end [not getting into why] and now I have neither of those cars. Just imagine what kind of car I would still own having paid out that amount of money!
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This is the wrong way to compute this. This expenditure has occurred over several years. 6-8 years? and not in one go. That is not a huge amount to spend over that period. You would spent the same if you had bought cars over the same period. Depreciation and maintenance costs would have accummulated.
 
Also, people talking about spending £300pcm on a car as if its nothing <yikes> Albeit, on a much cheaper car but I'm only currently paying £64pcm and that including clearing a £1,500 debt off whilst buying the car <laugh>

Edit: to put that in perspective, my mortgage is only £360pcm <laugh>
 
carlthejackal said:
This is the wrong way to compute this. This expenditure has occurred over several years. 6-8 years? and not in one go. That is not a huge amount to spend over that period. You would spent the same if you had bought cars over the same period. Depreciation and maintenance costs would have accummulated.
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It was 4.5 years actually. The big difference is, at the end of those years I would still have a car! And it's something that happens with hindsight which is why I'm pointing it out to IBWT - should financial circumstances change, as they did in my case, I look back at a lot of money I spent and have literally nothing to show for it. It's worth bearing in mind at the outset.

A similar discussion could be had with renting or buying a house [yes I know a house appreciates unlike a car] - at the end of the 6-8 years, you're homeless even though for those years you had a great house. If you were buying at least you have a home to sell.
 
johnsonsbaby said:
It was 4.5 years actually. And it's something that happens with hindsight which is why I'm pointing it out to IBWT - should financial circumstances change, as they did in my case, I look back at a lot of money I spent and have literally nothing to show for it. It's worth bearing in mind at the outset.

A similar discussion could be had with renting or buying a house [yes I know a house appreciates unlike a car] - at the end of the 6-8 years, you're homeless even though for those years you had a great house. If you were buying at least you have a home to sell.
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I never rented mainly for that reason and instead brought my flat when I could... But as you say houses usually appreciate in value so slightly different.
 
johnsonsbaby said:
Some jobs come with a car allowance and people use it to buy or lease a car. Sensible people like you would spend some, save some <ok>
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See my post after that ([HASHTAG]#109[/HASHTAG]), the figures on here are crazy IMO.
 
InBiscanWeTrust said:
I never rented mainly for that reason and instead brought my flat when I could... But as you say houses usually appreciate in value so slightly different.
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Youre right. It is hugely different money wise when talking about houses, even accounting for the recession, houses will usually always appreciate [there are exceptions ,no doubt] but it was the feeling of having nothing at the end of the contract that is sort of similar.
 
johnsonsbaby said:
It was 4.5 years actually. The big difference is, at the end of those years I would still have a car! And it's something that happens with hindsight which is why I'm pointing it out to IBWT - should financial circumstances change, as they did in my case, I look back at a lot of money I spent and have literally nothing to show for it. It's worth bearing in mind at the outset.

A similar discussion could be had with renting or buying a house [yes I know a house appreciates unlike a car] - at the end of the 6-8 years, you're homeless even though for those years you had a great house. If you were buying at least you have a home to sell.
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24K over 4.5 years is a lot of money agreed. Must have been an expensive car to buy in the first place. But remember that if your car had deprecaited that much over that period then I would have thought the car you had must have been worth £35K+ at the outset.
 
It's actually very interesting how your car choice changes depending on what stage of life you're at. We had the small family car, followed by the 4x4 to take stuff up and down to uni, now looking at safe cars for baby seats for grandkids <laugh>
 
carlthejackal said:
24K over 4.5 years is a lot of money agreed. Must have been an expensive car to buy in the first place. But remember that if your car had deprecaited that much over that period then I would have thought the car you had must have been worth £35K+ at the outset.
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An Alfa and a Merc ... those were the days <laugh>
 
InBiscanWeTrust said:
I never rented mainly for that reason and instead brought my flat when I could... But as you say houses usually appreciate in value so slightly different.
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johnsonsbaby said:
Youre right. It is hugely different money wise when talking about houses, even accounting for the recession, houses will usually always appreciate [there are exceptions ,no doubt] but it was the feeling of having nothing at the end of the contract that is sort of similar.
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Houses are different because, as Biscan rightly said, houses valuations will only ever increase over a sustained period of time. However, unless you can pay that mortgage off quickly, who benefits from owning your own house? In the short term, renting would see you get something that is probably a bit bigger for a bit less pcm but in the longer term you'll have to continue paying rent for your entire life whereas hopefully you can eventually pay off a mortgage and be free of payments. The main benefit really are your offspring.
 
Gerrez said:
Houses are different because, as Biscan rightly said, houses valuations will only ever increase over a sustained period of time. However, unless you can pay that mortgage off quickly, who benefits from owning your own house? In the short term, renting would see you get something that is probably a bit bigger for a bit less pcm but in the longer term you'll have to continue paying rent for your entire life whereas hopefully you can eventually pay off a mortgage and be free of payments. The main benefit really are your offspring.
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You mean that you can't "do" it in a rented property? :bandit:
 
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