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#1 23-02-11 21:24:07

mahoney
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From: North Ayrshire
Registered: 23-02-11
Posts: 54
Website

Lease v's Buy

Hi all, This has probably been asked before, but here goes. I am thinking of leasing the new 1.4 Tdci fiesta Titanium from Robinsons. My question is that a few people that had leased cars waited to the end of the first lease period and didn't renew it, instead they opted to buy. I was wondering what your thoughts were, I think that if you are in a car all day you may as well go for the best you can afford, I currently use the 1.2 Corsa sxi and find it to be a bit sluggish on the uptake, especially when leaving a roundabout to join a dual carrigeway. Anyone who currently uses the new fiesta please feel free to coment on how it performs and also visibility for manouvres.
                                                                                   Regards, Mahoney.

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23-02-11 21:24:07

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Re: Lease v's Buy



#2 23-02-11 22:05:55

Freedom Phil
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From: Sunderland, North East UK
Registered: 31-03-09
Posts: 342
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Re: Lease v's Buy

Hi Mahoney,

Lease versus buying really is a personal option, its just what works best for you.  I've tried both and the best for me is to buy, you just need to sit down and do some sums and work out what is most cost effective for you. 

If you are going to buy, why buy new?  My current car is a 57 plate and I bought it when it was 1 year old with only 6,000 on the clock.  It's got 58,000 on it now, but that's nothing - I'm confident I will get 120,000 out of it easily.  But the best thing is, it's now all paid for and I own it outright.  It's quite nice having a car and no repayments  8-)   I will probably replace it in about 6 months as it is starting to get a bit old, but it's really worked out well for me.  None of my pupils have ever asked me 'how old is your car?'

Getting a brand new rental car every 6 or 12 months is of course very nice, but you have to pay for it!

.phil.
:angel:


DIA diploma in driving instruction.  DSA registered fleet trainer.  ORDIT registered trainer part's 1, 2, 3 & ORDIT premises inspected.  SAFED trainer and assessor.  RoSPA approved tutor.  Diamond registered advanced instructor.  Diamond qualified advanced examiner. City & Guilds 7303 PTLLS teaching certificate.  IAM advanced test, Diamond advanced test, Diamond special test, Cardington special test, RoSPA gold

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#3 23-02-11 22:10:00

finch
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Registered: 17-09-09
Posts: 168

Re: Lease v's Buy

62000 miles in the next six months is some driving.Your figures  not mine.

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#4 23-02-11 22:16:21

mahoney
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From: North Ayrshire
Registered: 23-02-11
Posts: 54
Website

Re: Lease v's Buy

Thanks for your comments Phil, my car is also a 57 plate and having done some rough calculations taking into account loan, road tax, breakdown cover, servicing etc the lease works out around £7 per week more expensive, I recently had to pay £242 for a reconditioned alternator, brand new from vauxhall over£400. Iam thinking lease, fixed weekly cost, hassle free.

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#5 23-02-11 22:30:22

Freedom Phil
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From: Sunderland, North East UK
Registered: 31-03-09
Posts: 342
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Re: Lease v's Buy

@ finch - I think I could keep the car 2 years, maybe ever 3 before I do 62,000 miles, I will trade it in before that point, probably in 6 months or so.  From a business point of view it makes sense to keep my car as long as possible... but I'm sick of being in a Yaris - had about 5 of them now, and I want a change!

.phil.
:angel:


DIA diploma in driving instruction.  DSA registered fleet trainer.  ORDIT registered trainer part's 1, 2, 3 & ORDIT premises inspected.  SAFED trainer and assessor.  RoSPA approved tutor.  Diamond registered advanced instructor.  Diamond qualified advanced examiner. City & Guilds 7303 PTLLS teaching certificate.  IAM advanced test, Diamond advanced test, Diamond special test, Cardington special test, RoSPA gold

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#6 02-03-11 11:56:27

Colin Martin
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From: Southsea
Registered: 21-01-05
Posts: 2,465
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Re: Lease v's Buy

Leasing and buying a new car work out about the same cost over time. When you buy a car it will depreciate which can be £2,000 to £3,000 a year. It's a hidden cost most people seem to ignore but it's still money you have to earn so you work a month a year to fund depreciation.


Colin Martin
The Bright Red L http://thebrightredl.com
Instructor Apps http://drivinginstructorapps.co.uk
Apps Video channel https://www.youtube.com/colinbythesea

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#7 03-03-11 07:06:31

may
Verified Member
From: co.durham
Registered: 30-11-07
Posts: 199

Re: Lease v's Buy

One of the big plus of leasing is that if your car gets written off they will send you a spare while you order a new one and they deal with the payment side.

If like me you do allot of miles and your car is serviced every 3 months its also better to lease.

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#8 03-03-11 09:50:16

mahoney
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From: North Ayrshire
Registered: 23-02-11
Posts: 54
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Re: Lease v's Buy

Thanks for that May, Do you find the excess mileage charge is a burden or do you look at it that if you pay excess charges then you must be earning enough to cover it, so referring to your last post it looks like a win win situation, ie, do as many miles as you like with one cost and no hassel.  Mahoney.

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#9 03-03-11 10:19:03

Freedom Phil
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From: Sunderland, North East UK
Registered: 31-03-09
Posts: 342
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Re: Lease v's Buy

what I don't like about renting/leasing cars is the mileage allowances, I like having my own car and not worrying about the miles.

.phil.
:angel:


DIA diploma in driving instruction.  DSA registered fleet trainer.  ORDIT registered trainer part's 1, 2, 3 & ORDIT premises inspected.  SAFED trainer and assessor.  RoSPA approved tutor.  Diamond registered advanced instructor.  Diamond qualified advanced examiner. City & Guilds 7303 PTLLS teaching certificate.  IAM advanced test, Diamond advanced test, Diamond special test, Cardington special test, RoSPA gold

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#10 03-03-11 13:24:30

mahoney
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From: North Ayrshire
Registered: 23-02-11
Posts: 54
Website

Re: Lease v's Buy

Fair comment phil, but if you are over the mileage allowance you should be earning enough that it won't be a big issue, I believe the list price is around 14k for the fiesta titanium 1.4 Tdci and if i can pay around £80 - £90 per week with no worries and a replacement car every year I will be going for it i think.

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#11 03-03-11 14:03:49

Freedom Phil
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From: Sunderland, North East UK
Registered: 31-03-09
Posts: 342
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Re: Lease v's Buy

Hope you get what you want Mahoney

Just come back from the tc, was talking to an instructor who has an 06 Citroen with 232,000 on the clock, and no intention of changing it any time soon lol

.phil.
:angel:


DIA diploma in driving instruction.  DSA registered fleet trainer.  ORDIT registered trainer part's 1, 2, 3 & ORDIT premises inspected.  SAFED trainer and assessor.  RoSPA approved tutor.  Diamond registered advanced instructor.  Diamond qualified advanced examiner. City & Guilds 7303 PTLLS teaching certificate.  IAM advanced test, Diamond advanced test, Diamond special test, Cardington special test, RoSPA gold

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#12 03-03-11 14:23:23

Colin Martin
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From: Southsea
Registered: 21-01-05
Posts: 2,465
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Re: Lease v's Buy

With a lease car you know your average weekly mileage so if you go over then put the money away to cover it. This is again a cost you don't think about when you own a car because it only becomes a cost at trade in time when you change cars. So if you save for a new car then you have been putting it away otherwise you will fall short or if you finance a car you pay in higher payments because more money was needed to change.

If you ever see a Glasses guide they base all of the car prices on an average mileage, can't remember what but probably about 10,000. It then has supplemental tables of adjustment including mileage.

Having said all of this I buy my cars rather than lease but won't go near cars under 3 years old because of depreciation. I also buy at auction to get a trade price.


Colin Martin
The Bright Red L http://thebrightredl.com
Instructor Apps http://drivinginstructorapps.co.uk
Apps Video channel https://www.youtube.com/colinbythesea

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#13 04-03-11 06:59:35

may
Verified Member
From: co.durham
Registered: 30-11-07
Posts: 199

Re: Lease v's Buy

I don't have a mileage allowance on my lease. Its unlimited which is good because in the first year of my cars life its done 39000, it would have been more if it hadn't been for snow & accidents.

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#14 04-03-11 09:04:50

pdw1977
Member
From: Crowborough, East Sussex
Registered: 18-08-08
Posts: 170
Website

Re: Lease v's Buy

I am just about to take my Fiesta Zetec Sport back to robinsons as my 12 months is up this month. I have opted to get a brand new Audi A1 S Line on a pcp. I had to put down an £1800 deposit and the payments are £375 per month. ( the fiesta was £460 yikes)

I am allowed to do 30,000 per year on the Audi with a exess milleage fee of 7p per mile. However they will only charge me that if I take the car back early for whatever reason and it has more than 60,000 miles on the clock.

They have given me a fantastic future value on the car, so when I take it back in 2 years I will just literally swop if for another one without having to pay a deposit smile

Some people will think that I am crazy, but the Audi is a fantastic car...(picked it up yesterday). Brilliant fuel economy, lovely to drive, really comfortable.......And it looks FANTASTIC!!!! big_smile I spend all day in it so i am happy to spend a liitle more on my 'office'.

The only down side is that I had to pay for the dual controls to be fitted ( I nearly got Audi to do it). That is going to cost £450 to supply and fit on Monday.

My accountant has also said that I will be better off doing a pcp beacuse I can claim a 45p for the 1st 10,000 miles and then 25p per mile after that.

It also has a full 3 year warranty, free servicing etc....and the insurance was only £368.

Just my opinion though smile

Paul


Still a Newbie so be nice!!

www.pwdriving.com

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#15 04-03-11 10:48:46

KevB
Verified Member
From: Amesbury
Registered: 06-06-08
Posts: 1,725
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Re: Lease v's Buy

£5,400 per year for a car you don't own.

I had a Fiesta 1.6 Titanium through Robinsons on a 12 month contract.
1st year I was paying about £385 per month and £150 deposit.

When renewal was due, they couldn't get hold of another 1.6 because the prices had risen and there was a high demand for them so delivery would be several months away.

I opted to keep the same car for another 12 months.  Price negotiated down to £315 per month.

Upon the 2nd anniversary, I asked for a purchase price, which came back £,4000 less than similar car with similar milage on car market websites.

I now own it.  I know it's history, it has the instructor pack already fitted and the total costs to me of lease and purchase works out just less than if I'd bought the car new, but with the added benefit of not having that expense at a time I couldn't afford to buy and having the car serviced 3 times, free.

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#16 04-03-11 11:34:25

mahoney
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From: North Ayrshire
Registered: 23-02-11
Posts: 54
Website

Re: Lease v's Buy

Hi May, where do you lease from and can i ask how much you pay, would be interested in unlimited mileage if the price was right. Mahoney.

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#17 04-03-11 12:08:21

Colin Martin
Verified Member
From: Southsea
Registered: 21-01-05
Posts: 2,465
Website

Re: Lease v's Buy

£5,400 per year for a car you don't own.

When you put it like that, yes a lot. I was going to go to the auctions today to check prices but a bad cold has grounded me. I hope to get a 3 year old Focus for less than £5,000 (a car that cost about £17,000 new) with around 20,000 miles on the clock. Then have LPG conversion for about £1,500 so fuel is around 70p a litre. With the saving on fuel and purchase price I could throw it away in a year and still have spent the same as leasing a smaller car. Did want a Prius but they are too expensive as they hold their value too well.

If the need to have a replacement car on demand isn't a big concern why sink so much hard earned money into a new car when a 3 year old with the sort of mileage most Instructors put on in 6 months would cost so much less. I know it's nice to have a brand new car but it's also nice to have more money.


Colin Martin
The Bright Red L http://thebrightredl.com
Instructor Apps http://drivinginstructorapps.co.uk
Apps Video channel https://www.youtube.com/colinbythesea

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#18 04-03-11 15:44:45

Freedom Phil
Verified Member
From: Sunderland, North East UK
Registered: 31-03-09
Posts: 342
Website

Re: Lease v's Buy

I envy you Colin, I'm not brave enough to buy a car at auction - I don't know enough about cars to do that... I wouldn't know what to look for when buying, so I go to the main dealers, and if there is a problem they sort it.

Totally agree with you that instructors throw away money on cars.

.phil.
:angel:


DIA diploma in driving instruction.  DSA registered fleet trainer.  ORDIT registered trainer part's 1, 2, 3 & ORDIT premises inspected.  SAFED trainer and assessor.  RoSPA approved tutor.  Diamond registered advanced instructor.  Diamond qualified advanced examiner. City & Guilds 7303 PTLLS teaching certificate.  IAM advanced test, Diamond advanced test, Diamond special test, Cardington special test, RoSPA gold

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#19 04-03-11 16:14:42

Roadmaster
Verified Member
Registered: 04-03-04
Posts: 5,670

Re: Lease v's Buy

With a new car comes a warranty of at least 3 years, plus all the extras you can negotiate, or get from the dealer/manufacturer.   It doesn't have any hidden history like many second hand cars have.

My new one comes with 3 years (60,000 mile) free servicing, 3 years breakdown cover, free duals & other extras, none of which you get with a used one.

Mine is being part-exed.  It  still looks very nice, but it has two buckled alloys, and a clutch that will probably not last another 10,000 miles at the most, among other faults.

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#20 04-03-11 17:07:55

Colin Martin
Verified Member
From: Southsea
Registered: 21-01-05
Posts: 2,465
Website

Re: Lease v's Buy

I envy you Colin, I'm not brave enough to buy a car at auction - I don't know enough about cars to do that... I wouldn't know what to look for when buying, so I go to the main dealers, and if there is a problem they sort it.

Totally agree with you that instructors throw away money on cars.

.phil.
:angel:

If I couldn't find a car at auction I would buy a 3 year old from a dealer. It saves me about £1,500 buying at auction but a 3 year old Focus at a dealer with low mileage would still be a car which somebody else has lost £12,000 on.

With a new car comes a warranty of at least 3 years, plus all the extras you can negotiate, or get from the dealer/manufacturer.   It doesn't have any hidden history like many second hand cars have.

My new one comes with 3 years (60,000 mile) free servicing, 3 years breakdown cover, free duals & other extras, none of which you get with a used one.

Mine is being part-exed.  It  still looks very nice, but it has two buckled alloys, and a clutch that will probably not last another 10,000 miles at the most, among other faults.

Is all of this really worth £2,000 to £3,000 a year though. Warranties are easily bought for very little money. I have just bought breakdown recovery for 2 cars for £70 a year, one now over 10 years old. Extras and accessories are nice to choose but most things can be retro-fitted and my current car came with parking sensors which I would never have ordered new but I now know are an almost must have. Servicing costs can be as low as £100 for a full major service at an autocentre chain. Even lower if you do it yourself.

For myself, I intend to put LPG on my next car to save fuel costs, this would immediately invalidate a manufacturers warranty so warranty isn't a personal concern. My estimate is a fuel saving of about £1,800 in 20,000 miles at current petrol prices with an increase in resale value for an outlay of just under £1,500.


Colin Martin
The Bright Red L http://thebrightredl.com
Instructor Apps http://drivinginstructorapps.co.uk
Apps Video channel https://www.youtube.com/colinbythesea

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#21 04-03-11 17:22:17

Aspyre
Member
Registered: 17-01-09
Posts: 2,754

Re: Lease v's Buy

Extras and accessories are nice to choose but most things can be retro-fitted and my current car came with parking sensors which I would never have ordered new but I now know are an almost must have.

I hate them.

They pick up the car next to you when you're doing the parallel park, they pick up bushes and shrubs when you're reversing towards them (very variably depending on how thick the shrub is, or where the twig is in relation to the sensor), and they variably pick up the kerb and pavement (or don't, as the case may be depending on the camber) when you're doing TIR.

Unless you're adding an extra topic to your training syllabus, they often distract pupils.

And they are unreliable even when there is an 18-wheeler behind you, because if the sensor(s) points underneath the obstacle they don't "see" it.

Even the manual says not to rely on them.

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#22 04-03-11 17:35:30

Roadmaster
Verified Member
Registered: 04-03-04
Posts: 5,670

Re: Lease v's Buy

Extras and accessories are nice to choose but most things can be retro-fitted and my current car came with parking sensors which I would never have ordered new but I now know are an almost must have

Well don't buy a car with them on. My new car is loaded with accessories, but it's all stuff I want. (No parking sensors, I don't like them either)     You don't have those choices buying second hand, as you have demonstrated.

Servicing costs can be as low as £100 for a full major service at an autocentre chain. Even lower if you do it yourself.

Not in my area, unless it's a dodgy back street bodger.  As  I've said, servicing on my car is free,  paid for by the manufacturer and carried out by the dealer,  who includes a courtesy car for the day.  That's even cheaper than doing it yourself.  (Does Mr bodger or autocentre  provide a courtesy car?)

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#23 04-03-11 18:09:38

Colin Martin
Verified Member
From: Southsea
Registered: 21-01-05
Posts: 2,465
Website

Re: Lease v's Buy

Servicing
----------

Mr Clutch around here do good value servicing, a decent service everything outfit. Mine is going in for an oil change service next week £39 and an MOT £28. It has sailed through all of the MOT's so far but suggesting to it a new car is on the horizon could be asking for problems.

I have heard of Porsche Boxster owners taking their Boxsters to Kwik Fit because they are putting Mobil 1 oil in and a new filter for under £50. Wouldn't trust my Boxster with them so I bought Mobil 1 at £80 and took it to a trusted local garage for a service which was only £90 in addition to the oil.

Our Instructor Association, SDIA, http://southerndia.org.uk, have a deal set up with a large local Renault dealer for any make servicing with a discount if you like main dealer servicing. They also have a dual controlled courtesy car and valet free of charge with a service. Visit the website for details.

Parking sensors
------------------

Mine are really good but I taught a girl last year who had just changed her Motability car from a Yaris which she hated to a Fiesta which she loved. Motability insisted on parking sensors and she said hers were really annoying sensing things a lot further out.


Colin Martin
The Bright Red L http://thebrightredl.com
Instructor Apps http://drivinginstructorapps.co.uk
Apps Video channel https://www.youtube.com/colinbythesea

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#24 08-03-11 18:48:20

Colin Martin
Verified Member
From: Southsea
Registered: 21-01-05
Posts: 2,465
Website

Re: Lease v's Buy

Servicing
----------

Mr Clutch around here do good value servicing, a decent service everything outfit. Mine is going in for an oil change service next week £39 and an MOT £28. It has sailed through all of the MOT's so far but suggesting to it a new car is on the horizon could be asking for problems.

Car went here today http://www.mrclutch.com/branches/29/portsmouth. Serviced and MOT test with a new headlight bulb £81.


Colin Martin
The Bright Red L http://thebrightredl.com
Instructor Apps http://drivinginstructorapps.co.uk
Apps Video channel https://www.youtube.com/colinbythesea

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#25 09-03-11 07:07:48

may
Verified Member
From: co.durham
Registered: 30-11-07
Posts: 199

Re: Lease v's Buy

ADI car rentals.

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