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#1 09-04-08 12:04:38

RJHGT
Verified Member
From: Congleton, Cheshire
Registered: 23-01-08
Posts: 184
Website

Buy or Lease

Hi everyone.
Car Buy or Lease? Advantages and Disadvantages?
I have looked at companies like Robinsons so thoughts please?
Thanks in advance
Robert smile


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09-04-08 12:04:38

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Re: Buy or Lease




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#2 09-04-08 14:29:18

timmanwaringadi
Verified Member
From: Devon
Registered: 29-08-06
Posts: 2,406
Website

Re: Buy or Lease

Just a quickie - from my point of view, if you're going to be doing high mileage it's worth going down the lease route, but if you're doing low mileage then buy a reliable car and keep it longer.

I'm sure others will throw their ideas in soon.

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#3 22-05-08 22:07:50

redkye
Verified Member
Registered: 03-05-08
Posts: 14

Re: Buy or Lease

I disagree with that Tim as most leases have a mileage surcharge which bumps the price up on excessive mileage.
I ran a business some years ago that was a rental business so i know that the profits with rental/leasing can be huge.
I looked into this a few years ago and found the advantages were if you keep the car after approx 2.5 years you are in pocket and have a car that has paid for itself, you then have the option of trading in but with low value better to keep as a spare if you can.
Te down side is that unless you have a backup if you have a problem with your car it could prove expensive.
I know 1 instructor and they were going to buy 2 identical cars and rotate them weekly so that they always had a backup,and it would keep the mileage down.

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#4 22-05-08 23:13:06

Lynne
Verified Member
From: Essex
Registered: 05-03-04
Posts: 925

Re: Buy or Lease

I ran a car fleet for years and yes you can be hit with excess mileage costs if you're not careful.  Also when you hand the car back they'll go over it with a fine toothcomb and will charge you back for any damage over and above what they call 'fair wear and tear'.

Of course if/when you trade your car in this will also affect the value but you have the choice of what you are prepared to fix beforehand.

Lease -v- purchase will also affect your tax so check this too.

I have my car on finance so it is mine at the end of the agreement and of course all tax deductable.  As I've said before too I also purchased invoice gap cover so if the car is written off the finance is paid off and I have a deposit for a replacement vehicle.

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#5 23-05-08 07:51:50

driverpete
Verified Member
From: Nottingham
Registered: 06-02-06
Posts: 457

Re: Buy or Lease

Lynne

When I bought my Micra I was offered invoice gap cover but on reading the small print I found that it excluded driving school cars. Where did you get yours?


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#6 23-05-08 14:07:50

Lynne
Verified Member
From: Essex
Registered: 05-03-04
Posts: 925

Re: Buy or Lease

Hi Pete

You worried me for a minute then I remembered the dealership said they were now including driving school cars but I've still just checked the policy.

It's through FordInsure, administered by Abraxas..it looks to be a underwritten via Lloyds syndicates.  Re-read the exclususions: Taxis, emergency services vehicles, rallying and all that stuff is excluded. 

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#7 23-05-08 16:34:12

MiniClassic
Verified Member
From: Croydon
Registered: 18-01-06
Posts: 447

Re: Buy or Lease

I chose to go for the buying option.

It is my first car in this job & I knew I wanted a 207. Peugeot were offering a 3 year interest free deal, so that worked out better for me than leasing the same car.

My plan was to save enough to get a deposit for a 2nd car during the 3 years, so this one will become my back up... but then real world took over & I don't know if I'll have enough put aside by then. Still, if there's another 0% deal on offer on a decent car when I come to change then I'll do the same... if not I may consider the leasing way. I think it very much depends on circumstances and offers at the time, as well as your own personal preference.


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