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#1 17-02-07 09:53:11

Mr..B
Verified Member
From: garden of england
Registered: 02-01-06
Posts: 57

another lease v's buy?

i have always bought my training car,but is it worth it?
my 3 years is coming to an end,on my corsa,and i dont know if to buy again committing to another 3 years,or leasing?
whats best for tax?
where's the best place to lease?
what would you do?

many thanks....

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17-02-07 09:53:11

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Re: another lease v's buy?




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#2 17-02-07 10:24:11

adi
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From: shropshire
Registered: 28-02-04
Posts: 1,231
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Re: another lease v's buy?

I have done both and to be honest i would stick with buying.
Tax wise you are probably better with leasing. Luck plays a big part with this subject.
Every car i have leased for this job (3) has been hit by another car when i have least expected it. Each time it has been minor enough for me to think it would be less hassle to just leave it without the hassle of losing it for a week to get repaired. But as they are lease cars it would be unacceptable and they have to go back in good condition or you get charged for it. so you have the hassle of losing you car/replacement car, insurance claims etc. It has just taken me 7 months to get my excess back from another drivers insurer after putting court proceedings into action. The accident was just a few scratches to the bumper, if it was my own car i would have just left it and settled for a few quid to touch it up, but that won't do for a lease company.
I have owned a car before and had mechanical problems which i had to keep getting fixed, if it was a lease car i probably would have been given another car to cover me whilst it was off the road. I did over 100,000 miles in three years and the gearbox gave up costing me £1500 and was way out of warranty. My fault for running it for too long trying to save money!!
So it's swings and roundabouts really but i have decided i will always buy a car, but not keep it for so long and change it before warranty runs out. That way it's mine to decide on what i what to do with very minor damage and it should be mechanically sound keeping me on the road more.
Looking back on running costs, residual values, tax etc they come out more or less the same depending on what 'luck' you have with mechanical problems or other drivers causing damage etc!! So it's personal choice of how comfortable you feel on running your own or someone elses car!!! smile

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#3 17-02-07 20:08:40

hector
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From: Manchester
Registered: 04-04-06
Posts: 2,097
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Re: another lease v's buy?

Buy buy buy every time

Cheaper by miles if you are crafty in the way you do it. And there are many ways.

Best way is simply buy a good cheap low mileage car that has already had the bulk of its depreciation. Millions out there for 3-4 grand, low mileage 10-20 k.Full mot and tax already on it.

Bang in your own duals (second hand) run it for a year then sell it on (Now with average mileage)
Still worth almost as much as you paid say you loose £1000ish and allow another grand for running.

Still below half price of leasing a car, and you can still claim for depreciation and loss on sale of vehicle, which will equate to similair claim for tax when leasing.

The other way just run it into the ground, even expensive repairs will come no where near leasing a car.
The vast majority of instructors are part time so leasing is not good for most.

Whichever way you look at it you can buy a good car for the cost of a years lease, and i always hated seeing the 375 per month exiting my account for something i would never own and the pressure that i must find work to cover the cost.


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#4 18-02-07 13:20:57

Target
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From: Winchmore Hill North London
Registered: 17-01-05
Posts: 5,695
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Re: another lease v's buy?

Each to their own really, I do not think theres any tax advantage from one to the other.

I've yet to find this car for £3k-£4k but im still looking. Lets assume for the moment you can find something for £4k after spending many hours looking online visiting dealers, auctions, homes, not to mention the high risk factors, and those duals if you keen enough to find them second hand and fit them yourself.

Then theres the insurance. Yeah!, I know some people pay really cheap fees but quotes I've had were near £1k so its not for me.

Do you have £4k sitting around?. Either way its an expense and I recon most of us do not have the spare cash so its a loan to cover that. Servicing etc etc.

I just think the decision is down to the individual. Your own financial standing.


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#5 18-02-07 13:37:12

smdtr
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Re: another lease v's buy?

So far I've leased 3 times and will probably buy next.  As per Hectors post, low mileage 2nd hand cars.

It's nice getting a new car every 7 to 12 months but it's expensive and you have to make sure it looks almost as new.  Excess miles and any car park door dings to pay. 

I saw 2 Citreon C2s 1 year old for £5k each yesterday, I'm paying £8600 a year for 2 leased cars.


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#6 18-02-07 15:48:16

captainhook
Verified Member
Registered: 12-06-06
Posts: 2,197
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Re: another lease v's buy?

I think i would prefer to buy too-at least there is no limit on annual mileage with extra charges. You do get better tax-but you get tax on interest of loan and depreciation and leasing works out marginally more expensive. Then when you give car back you have no equity for the next one like buying. so I think it works out about even. But buying has certain advantages in my mind.


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