Anyone lease a car?

I haven't, but.... if you decide you want to do it I know somebody who leases cars and who will give you a (hefty) discount if you use the right turn of phrase.

Thats pretty much what our finance deal is, we pay £108 a month (after a deposit) and then after 3 years either we pay a final payment or use the car as a deposit on another. So what we are doing isnt a lease but works in a similar way.

Blurb from Hyundai website about the finance we have:

'

Sequences is a Personal Contract Purchase.

After deciding how often you want to change your car and estimating your annual mileage, a Guaranteed Future Value (GFV) is set at the start of your agreement.

This GFV is payable at the end of contract should you wish to keep your car, however there are two other choices you can make.

You can return the car at the end of the agreement with nothing further to pay, subject to condition, mileage and your Sequences agreement being up to date,

Alternatively, you can return to your Hyundai Dealer and purchase a new Hyundai. Your Hyundai Dealer will give you a part exchange valuation for your current car. Any equity remaining after payment of the GFV, can be used as a deposit towards your new vehicle. This is the option favoured by the majority of customers who take a Sequences finance agreement. ' https://www.hyundai.co.uk/finance/financeCalculator/

Hi Hugo,

These deals are often fantastic as you dont have the draining costs of owning a car, and as it is new you dont have the impending doom of hoping it will pass an MOT. However, you do have to service it each year, and get it stamped by an official dealership. For example you cant take it to your local garage it has to be Fiat, or Ford or Renault which are often much much more expensive. One thing you really have to watch out for, and this is my main concern is that most of them come with limited mileage, usually 10,000 per year. I do more than that and I would say I do an average amount of driving so be careful if you are planning to use it for business purposes as the penalties at the end of the term can add up as they charge you per mile you are over.

I'm planning on doing the lease scheme when I get my licence. It'll cost about £100 a month for a basic new car, 3 year deal, all MOT's servicing tax and insurance included in the lease price and taken directly out of my wages monthly. Only thing I'd have to pay for is petrol. As I already pay over £100 a month for public transport, I'm really looking forward to having a car!

Not sure if this is a standard lease deal. Like district nurses, we're one of the few essential drivers left that the NHS recognises and will offer this kind of deal to through work.

wow that is fantastic including tax servicing and insurance. I dont think that deal is available to all, and may be a specialised thing through work. If it is a great deal that a company is offering to everyone can you please pass on the details? Mind you, with petrol prices the way they are companies may be offering better deals in order to get people to buy new cars perhaps? Will def look anyway cant hurt eh?!

Thanks everyone!

I must admit I had thought servicing was included probably because my best friend (who's a disrtict nurse) was looking into it ages ago so as you say they may get a different/better deal than joe public.

Good point about the milage thing, as I spend my days driving I would have to look into it carefully.

ONE hefty discount sounds marvellous! Could you get a ball park quote from him or anything? The car in question is a Fiat 500.

The only thing I would need to get my head round is the monthly payment as 'owing' money doesn't come that naturally to me - I remember when I got my first car and after the novelty had worn off the finance payments seemed huge and forever!!

We do, and have done for the last 9 years. I would never ever go back to buying one again. I pay my set amount each month and it includes road tax, servicing, parts, tyres, labour....the only thing I have to pay for on top is insurance. They even come and pick it up from work if it needs anything doing and get it back to me by the end of the day, I never go near a garage. Its fab?

forgot to add, it also includes breakdown cover and recovery anywhere in europe

Thanks Bird - doesn't it get you down having a constant payout each month? Who do you lease with and I'll get a quote for the car I like?

No it doesn't bother me one bit - it's a set amount we can afford and there is never any nasty surprises when it goes for services/MOTs etc, we know exactly where we are financially. When I said we'd done it for 9 years, thats 3 different cars by the way!

will just get you the link...

It's from here http://www.bankofscotlandfreeway.co.uk/index.php - part of the Lex group.

You can adjust the price depending on whether you want servicing included, how much mileage apprx, how many months to lease over etc, there are loads of variables

Don't currently but planning to in the future on a Smart car - depost is approx £1300 then £99 per month for 3 years, with a guaranteed future value. Seemed like a good deal for me.

Thanks Bird I'll have a look! :-D

That's a good site. Over £700 for my car on my mileage is rather more than I pay now!!

I used to lease a car through work.

I paid a set amount each month that was taken out of my salary, this amount included all servicing, insurance, tax, maintenance and tyres. Any work did have to be carried out at a main dealer, but as I wasn't paying it didn't bother me.

There was a limit on how much personal/business mileage I could do. If I went over the business mileage then my company paid the excess, but if I went over the personal mileage it was up to me to pay. When I returned the car I didn't have to pay anything, I think I went over it one year, but was under another so it all evened out IYSWIM.

I'm now on my 2nd lease and use my work car allowance to fund it vs taking a company car and being hit by tax.

My 1st was arranged via a work scheme: Vauxhall Astra Sri 1.8 on 17k miles a year for 2 years incl road tax, recovery, maintenance, tyres for £310 a month.

My 2nd I arranged privately: VW Golf GTi on 15k miles a year for 3 years incl road tax & recovery only for £395 a month. Current company is Nationwide Vehicle Contracts.

Usually on a lease you pay 3 months up front so mine is 3 months + 35 monthly payments, then the option to purchase at the end but v expensive way if you then did this usually. They deliver & collect at the end for free and check it for "reasonable wear & tear" i.e. you're allowed stone chips, light scratches and scuffed alloys but no dents, scratches through the paint or chipped alloys.

I researched online and got rough quotes for a few cars before deciding on the Golf and then ringing for firm quotes with my mileage etc. You could also get maintenance contract for extra £40 excl tyres.

For me it works as I get a car allowance and simply spend it vs paying hefty company car tax and also having hassle or buying & selling but it is a pricey way to have a car.

H used to be in the business. You can get full or non maintenance. Full includes everything but petrol and insurance (that may well have changed in the last couple of years though) non maintenance you pay for everything but tax. You can specify your mileage to whatever amount you like, as low as 5k or as high as 50k. www.car-leasing-direct.co.uk is his website if you want an online quote. A business associate has taken over his site and merged it with his company but it still belongs to him.

Gah just realised the online quote link isn't working, H will get on to that. But the site explains everything fairly simply.

Mandie, do you know if the amount you specify in mileage increases the charge and monthly repayments? x

Rosy, yes it does increase the payments. Put in the lowest realistic mileage you can, if you go over you will have to pay per mile and that's usually pretty high. I think between 4 pence and 15 pence per mile. That will differ between cars though, find out what it is before you go for it.