Cars on personal lease

[Mudball]

As cars get more expensive, has anyone considered personal lease. My BIL replaced his work car with a business lease on a Tesla.. he is now paying half of what he was paying before.
As I look at car leasing sites, they also do personal lease .. anyone tried it? Pros and cons

 

[PJ87]

As cars get more expensive, has anyone considered personal lease. My BIL replaced his work car with a business lease on a Tesla.. he is now paying half of what he was paying before.
As I look at car leasing sites, they also do personal lease .. anyone tried it? Pros and cons

I lease my car however next one I'm buying

Seems ok to me costs me set fee per month

Aren't lease costs going to rise with interest rates plus resale values dropping tho.?

 

[Mel Smooth]

The wife has a Nissan Qashqai on a personal lease - 1.3 litre mild hybrid, but it isn't slow - and it has every gadget you could want for on it, and it's a smart looking car - she's paying about £287 a month for it.
Like the one in the piccie.

 

[Deleted member 31467]

Buy if you can afford it. When you lease the garage makes a profit then the lease company makes a profit as well. Cut out one of those profits and put the savings into your pocket instead.

 

[Mudball]

Buy if you can afford it. When you lease the garage makes a profit then the lease company makes a profit as well. Cut out one of those profits and put the savings into your pocket instead.

I agree.. but either way I am usually on a personal PCP and end up swapping at the end of 3 or 4 years

 

[PhilTheFragger]

My concern is you roll over new cars every 3 years or so, but what happens when you want to stop.

What are the stop fees like?

 

[PJ87]

My concern is you roll over new cars every 3 years or so, but what happens when you want to stop.

What are the stop fees like?

Think that's why people average 2 year leases now

If you stop suddenly I believe I have to pay the entire contract out and hand back so there is no point

That's why I will buy December 2024 with 1 month hand over ready to let this car go back

Other companies have set fees tho I just believe mine is full

 

[SwingsitlikeHogan]

My concern is you roll over new cars every 3 years or so, but what happens when you want to stop.

What are the stop fees like?

…if it’s like what we’ve done in the past you simply hand the car back and pay any increased mileage delta that you may have accumulated.

When I took early retirement we used some of my payoff lump sum to buy a new car outright - despite knowing that capital only comes once from any source and so not to be frittered away - at the point of retirement we wanted to minimise our monthly outgoings as a priority. That said our experience of lease schemes over 25 years was generally positive - as we had good income but little capital they worked well for us.

 

[PJ87]

Buy if you can afford it. When you lease the garage makes a profit then the lease company makes a profit as well. Cut out one of those profits and put the savings into your pocket instead.

Only buy second hand , there is no profit buying new as you lose as soon as it goes off the forecourt..

Second hand tho defo buy

 

[PJ87]

…if it’s like what we’ve done in the past you simply hand the car back and pay any increased mileage delta that you may have accumulated.

When I took early retirement we used some of my payoff lump sum to buy a new car outright - despite knowing that capital only comes once from any source and so not to be frittered away - at the point of retirement we wanted to minimise our monthly outgoings as a priority. That said our experience of lease schemes over 25 years was generally positive - as we had good income but little capital they worked well for us.

When we moved in together we paid off the car that was PCP to own it to minimise that outgoing

When we went 2 car we always PCP or leased 1 and owned another

I just can't see us leasing 2 as it becomes a second mortgage almost

I'm hoping when I buy the next to stay 2 owned for first time to maximize the savings I can make towards the next one lol

 

[Fade and Die]

My last two cars have been on personal leases, previous to that I had a company leased car but the BIK tax was horrendous.
I found leasing convenient, my last car a Volvo V40 I extended for an extra year (4 years total) as I really liked it and it was relatively cheap.
Just got a new X-trail hybrid (lovely MPG btw) and the whole process was easy.
This will probably be my last Lease though as when the 3 years are up I will be thinking of taking early retirement so would look to buy.

 

[Jamesbrown]

I lease through work as it suits me and is pretty cheap due to tax benefits.
Have a look at deals with maintenance, tyres and insurance included too.

Don’t discount PCP and remember you can hand the car back when 50% of total owed has been paid. Frowned upon but your legal right and I found very easy to do.

 

[Hobbit]

I lease. When I was looking to replace our last car it was going to cost around €14k, added to the equity of the car we had, to get the car we wanted. Then add 4 yrs worth of insurance/maint etc before the next change of car = circa €17.5k. Rinse & repeat.

We lease, zero deposit, full maintenance including tyres etc. for around €3.5k/yr = €14k over 4 years. And the added bonus of putting the €16.5k equity from the old car into the bank earning around 2.5% interest.