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#1 17-05-04 21:17:24

Josie
Guest

CAR ; BUY? LEASE?

Hiya all

I am new to this site reading through all the exisiting forums has really helped. Have been considering becoming an ADI for few years now but have not been in a financial situation to support self employment.  I am 28 yrs and now married so looking to train.....hard isnt it...where do you begin! Although I have not started training yet , I tend to weigh up pro's n con's  of the future to make sure its right for me. My partner works so financially we can survive...just..lol! I so I am looking for the money to give us that little bit extra.  My main reason for this career is job satisfaction, but obviously we all want to reep some benefits! One of my concerns (along with a few others!) is when you qualify, whether you work for a franchise or  go it alone, can anyboddy offer the best way to get your car. IE; lease?...monthly payments are higher than loans but there are benefits? Car purchase plan?...payments are lower & you can replace car after 3 years, or personal loan, but what if car breaks down and you are out of service?.  I Realise everybodys financial situation is different but I worry that as you are Self employed and something should go wrong (no pupils), your left with the payement for the car


Ta
Josie lol

17-05-04 21:17:24

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Re: CAR ; BUY? LEASE?




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#2 17-05-04 22:11:58

Approved Instructor
Verified Member
From: Blackburn, Preston, Lancashire
Registered: 16-03-04
Posts: 884
Website

Re: CAR ; BUY? LEASE?

This is the risk we take whatever we do, But your doing what i did and that was ask a lot of questions.
If i had to start again i wouldn't pay a trainer/company for  a inclusive package.
I would do part one my self then get a instructor for part 2/3.

As for the car, Again ask a lot of questions then work out what is best for you
It took a lot of phone calls and reading before i went to get my car.

I went with vauxhall paying a fee every month for the car and then swop it for a new one after 3 years, If it breaks down then my insurance company provide me with another one.

I went with a large driving school for the first 2 years, A lot of people do.

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#3 17-05-04 22:37:07

Josie
Guest

Re: CAR ; BUY? LEASE?

Hi

Thanks for the info.  Was your car with Vauxhall on finance or leased? And your insurance, was that tailored to your needs or is this with most insurances for ADI's?

Thanks for the tips on training. Every little bit of advice helps.  I am soon learning that you can ask all the questions in the world but dont really know until u go for it.  lol

#4 17-05-04 22:40:49

Approved Instructor
Verified Member
From: Blackburn, Preston, Lancashire
Registered: 16-03-04
Posts: 884
Website

Re: CAR ; BUY? LEASE?

Your Welcome

Vauxhall on finance i went for, Quite a good deal.

The insurance was from a normal ADI insurance company.

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#5 16-06-04 16:05:58

Natalie
Member
From: Leeds, West Yorkshire
Registered: 03-03-04
Posts: 176

Re: CAR ; BUY? LEASE?

Bringing up old ground now.  But what is better do you think leasing or buying because at the end of the day if you have a loan and have to replace the car you still have the loan but if you lease then you can cancel it can't you.

Not sure what to do for best really.  Thinking of going alone to start off with and working as a temp if business is slow.

Any advice appreciated

Nats

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#6 17-06-04 22:17:20

Approved Instructor
Verified Member
From: Blackburn, Preston, Lancashire
Registered: 16-03-04
Posts: 884
Website

Re: CAR ; BUY? LEASE?

if you lease then you can cancel

Yes you can but your credit score goes down a little. I was going to take a loan to pay for a car but you don't have as many 'rights' if things go wrong.

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#7 18-06-04 06:17:31

Robbie
Verified Member
From: Shrewsbury
Registered: 29-02-04
Posts: 1,230
Website

Re: CAR ; BUY? LEASE?

I am just reaching the end of 1st year as instructor, and i leased the car, which cost more, and that is going back on 28th june, i have paid for services tyres and tax, and i have not had to do any of these yet!
I am taking delivery of my new car next weds (23/06) which i got a loan for, which is £20/week cheaper and the car will be mine!  Now that £20 / week adds upto £1040 year saving, and i dont think that service, tryes and tax will come to that!

I decided to lease first year as i wanted to make sure everything ok and have now taken the plunge, which i know a lot of our instructors that joined LDC franchise at same time are also doing!

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#8 18-06-04 07:39:14

Liesa
Guest

Re: CAR ; BUY? LEASE?

Hi Robbie

What have you been paying for lease hire?


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#9 18-06-04 07:58:54

alan.glenford
Verified Member
From: Lincoln
Registered: 28-02-04
Posts: 162
Website

Re: CAR ; BUY? LEASE?

Hi Liesa
like robbie i have had a car on lease for the last year the cost per week was £78 i have just had the car tax paid and 1 service during the year not had to use any of the other services included in the lease so i am now waiting for my own car to delivered i have worked out that i will be saving over £1000 a year after running costs taken out so things look much the same as robbie says to me

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#10 18-06-04 11:47:04

Josie
Guest

Re: CAR ; BUY? LEASE?

Hi I Havent even qualified yet but was weighing up the pro's and con's of lease Vs Loan Vs Car purchase plan

Lease;  I happened to find this quite pricy.  Most vendors charge ₤80-100 pw.  So your looking at roughly ₤350-400 pm! Most leases say the tyres are ur responsibilty.  They say they will give you a replacement car but this is normally when the car is off the road for 2 days or more (on the leases I have been looking at anyway).  Plus some have a milege limit, no good for me if I use it for personal use also.  This is best really if something major goes wrong with the car (but from my experienece, whats the probabilty of this happening with a new car?)

Loans; Most loans average on 6.9% at mo.  I figure the amount I am saving on the cost of a loan as apose to lease will pay for my tax/mot/service etc.  You own the car and in all honesty withl a new car what is really likely to go wrong other than general wear and tear? On average most ADI's replace car every 3 years. At 6.3% (direct line) ₤10,000 over 36 months without protection ₤304.96 with ₤350.87.


Car purchase plan & finance; You can get a car purchase plan at a lesser APR and if you take it out for a period of 3 yrs(or more/less) at the end of the 3yrs you can trade the car in or pay the remainder (usually ₤3000-₤4000).  The dealer I was speaking to has a regular ADI who does this and says the at the end of his term the cars prob worth ₤2000 on 60000 mileage a year. Or with Finance, pretty much same as a loan, but you dont own the car and some finance deals can be up to 22%apr

I know that they say a lease is easier to get out of but you normally have to give notice anyway depending on term of lease  & a loan isnt that hard because if worse comes to worse you can sell the car and redeem the loan (obvioulsy you will lose some money on this).  And it would appear that your ADI insurance will cover you in eventuality for replacement Vehicle & in the first year of a new car your tax/mot/service is included, (3month warrenty)however not sure how servicing works on ADI's cars (normally 1 yr or 6000 miles

So is leasing really that cost effective? are you really saving/benefitting?

This is only my research, so all you ADI's out there who want to correct me, feel free

#11 19-06-04 06:25:36

Robbie
Verified Member
From: Shrewsbury
Registered: 29-02-04
Posts: 1,230
Website

Re: CAR ; BUY? LEASE?

Ive been paying £79/week for a 5 door 1.2 Corsa Club.
The Insp comes up now, which means its due for 1st service, but i wont be able to get that done before it goes back on 28th of june!  BCR have just sent me stuff for tax, and i have just put 3 tyres on car as they expect me to pay for them as they are scrubbed on side which isnt general wear and tear!

My new loan is £61/week

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#12 19-06-04 11:34:35

Josie
Guest

Re: CAR ; BUY? LEASE?

Hi Robbie

Thats a good loan amount.  Is that the full cost of the car? If so how many years/Apr?

(or am I get too personal now  lol )

#13 20-06-04 06:42:01

Robbie
Verified Member
From: Shrewsbury
Registered: 29-02-04
Posts: 1,230
Website

Re: CAR ; BUY? LEASE?

No Josie
i dont mind you asking as its good for people to know what to look out for!
I got loan through my bank, Alliance & Leicester.
Car cost £8350, but loan for £9000.
£276.01 for 36 months w/o loan protection as i thought if anything goes wrong sell the car!
You might find though that most banks want 12 months self employment first, but i think as i have been with them for 16 years they know me anyway, and i had a loan 2 years ago to buy my family car, and then paid it off early!
It all helps!

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#14 23-06-04 09:33:26

catlip
Guest

Re: CAR ; BUY? LEASE?

Does anyone have any thoughts on buying a nearly new car? By doing this you can let somebody else take the hit of the initial depreciation and save thousands off the price of a new car. We bought our last car (for private use) 8 months old with 14000 miles and saved £4500 off the list price of a new one. It feels as good as new  to us!
Would it be impractical to do this for a car to use for instruction?

#15 23-06-04 15:35:05

Midge
Member
From: Nottingham
Registered: 25-02-04
Posts: 414
Website

Re: CAR ; BUY? LEASE?

I bought nearly new cars for over ten years, they didn't let me down as much as the new ones did.  As long as it's clean, comfortable and decent looking your pupils couldn't care less.
Midge


Midge  -   Dip D.I.

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#16 02-07-04 19:07:39

carlsurgey
Guest

Re: CAR ; BUY? LEASE?

I am looking to startup on my own when I leave the RAF soon and have done a couple of business startup courses. If you are self employed you can claim a load of business expensed back against tax. One of them is intrest on a business loan (kind of an intrest free loan realy) at the end of the year. If you own the car you can also write off depreciation against tax (50% in the first year and 25% of the residual in subsequent years).

I have had a look and test drive of a couple of cars and have fairly much decided on the new Nissan Micra diesel (free servicing in the first year, free dual controls and 18000 mile intervals between servicing as well as other instructor friendly benefits).

Look forward to hearing your thoughts.

Carl

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