@DrEskimo - Gonna play 'devils advocate' again Doc, just like I did in the VED on £40k+ carsYea that was a major factor for getting rid of my S5 and cancelling my S3. I just don’t use it enough to warrant so much money towards a car.
Deals like BH’s Leon are the only ones that make me go....hmmmm yea maybe that’s worth it! As he says, it’s relatively a small amount of money and no additional costs.
But it’s the fact that it hampers your ability to save and the risk if you don’t have a steady income that still put me off leasing. Also they tend to be very low mileage and basic spec.
I think it was looking at my GFs situation that really opened my eyes:
She bought a used 60 plate MINI Cooper back in 2013 with decent amount of options and only 15k miles on the clock. Cost her £11k from a main dealer.
This December she would have had it 4yrs and has spent £300 on out of warranty repairs (a replacement thermostat). 4 tyres at £320, 4 MOTs at £160, brake fluid service at £50 and one service for £200 (had a service pack from the dealer so didn’t pay for first two). Just about to replace all brake discs and pads for £360 from main dealer again. VED is £165 so £660
WBAC are offering her £5k, but could easily fetch £6k privately as it’s only done 40k.
So total cost if she sold it tomorrow would be £5k in depreciation over 4 yrs and 25k miles and about £2k in serving/maintenance/repairs/VED/MOT. £7k for 4yrs motoring.
Let’s say she’s dead lucky and gets lease deals like BH and finds a 1+23 & £250 per month that offers her similar spec car. She does this twice (so very lucky...!). That’s £12k. Nearly twice as much. Now of course everyone’s situation is different. Some people may say that they are passionate about their cars and the extra £6k over 4yrs is worth it for a new car. Fair enough I can understand that. £125 a month essentially, and that’s a very reasonable budget for enjoying yourself with hobbies, etc.
....Now add the £12k she saved each month by not having a lease....
I don’t know about you but that’s when I went...nah, sorry that’s too much money to give away just to get a new version of a car every couple of years, when a used version a couple of years old is just as good...!
She can keep the car and keep saving, sell and add the saving to buy a even better car at £18k. sell and buy a similar price car at £11k and pocket the £7k savings and start again.
Leasing...£0 saved, £12k lighter in the wallet, and have to look to start another £6k lease....the cycle continues....
I'm can only deal with actual figures on the Cupra that I am buying
As you know the PCH deal I got on the Cupra is going to cost me £6k over a 24 month lease, doing 8k a year mileage
I've looked on the Uk Seat website fiancee calculator for a Cupra -
No deposit, 48 month PCP, 8000 miles/year, 4.8% APR
£437.66/month with a GFV £11430.00
So thats £21007.68 paid over a 4 year period & still having the GFV to pay
So over a 48 month period, I've saved just over £9000 & had 2 brand new cars as opposed to 1 !
Not forgetting in the years 3-4 your out of the manufacturers warranty & paying £400+ a month for a 3+ year old car
My two 24 month £6k leases are starting to look cheap now
No probs with cheap leases, there's always bucket loads. You just gotta look
I think its already been said but we are all different and justify to ourselves (usually lol) how & how much we spend on our cars
I like my cars and I will admit I like to change them regularly (but not as regularly as some on ASN)
I've looked at all the options - cash, HP, PCP & PCH & I'm quite happy that PCH will work for me
BUT it will not work for everyone
With PCP, as @S32B says it helps if you get a good discount, but massive discounts = low 2nd hand values IMHO
I don't honestly think theres anyway of buying a car cheap, new or used
Your always going to loose
My advice ? Buy what you can afford and enjoy it & don't worry too much about the cost
BUT do do your homework before you buy & don't sign on the dotted line on your 1st visit to the Dealers, always walk away & have a good think
PS @jassyo06 - I agree on PCH deals, you've got to accept a 'standard' or as close to spec BUT if choose the right car manufacturer you'll be fine
I was amazed at the standard spec on the Cupra
(See - http://www.audi-sport.net/xf/threads/bhs-mystery-blue-mk3-seat-leon-cupra-300-5-door-manual.340323/ )
Audi are going the way of MINI IMHO. Everything (important) is a ****** option !
As always, just my opinion of course ...