A warning about having a lease car, best stick to the bangers

[Vince70]

It can cost you more than you think if your or buying/leasing a new car.

 

A friend of mine has a daughter in law who has just had her year old lease Audi A3 diesel written off while it was parked on the side of a busy road..

 

The guy who hit the car admitted liability no problem and the insurance is sorting things out etc and gap insurance was in place for the lease company to get their money back so there's nothing owed on the car.

But now the couple are out of pocket to the tune of £2000 for the initial deposit which was put down in the form of their old car and the insurance won't cover that.

 

I did say to my friend that you really can get what you want for the 2 grand deposit,

but it looks like the Young couple will still get another lease deal again once things are sorted and get the initial 2 grand together and pay £200/300 a month for a car they don't actually own as they don't want expensive garage bills ?

 

I just can't see any logic in it or is it just people like ourselves that think that way.

 

And to add salt in the wound after loosing their intial 2 grand the car was only parked up because the recovery van was on its way after the year old Diesel Audi had lost power and was undrivable

 

I would lend them one of my old cars but I don't think they would drive something old even though my cars are probably more reliable than any modern diesel

 

But I guess it takes all sorts and if people didn't go ahead and do these schemes we wouldn't have cars to drive not that I would ever drive a modern diesel.

[Mr_Bo11ox]

Would they have got their deposit back if they had handed the car back in good nick at the end?

[cort16]

no

[Vince70]

The car was kept immaculate before the accident and the deal was in 2 years time you hand back the keys and get given another boring Audi diesel running on big rims without paying the deposit again.

 

But I thinks it's most probably one of those deals that if you have a stone chip or an alloy is kerbed you end up coughing up 500 quid.

[Mr_Bo11ox]

Oh. Unlucky!!! Must say that sounds hellish, what does that sort of deal cost per month?

[cort16]

On lease deals you walk away at the end and get no money back. On PCP deals you have guaranteed value the car will be worth at the end and if the car is worth more than that you get the difference.

 

Lease companies used to do 3x23 so on a 250 quid a month lease 500 quid deposit the 250 a month. To get the payment down they've started doing 6x23 so you pay 1300 quid deposit then 220 a month. This a bad way to do it as you have no chance of every seeing that cash again and if the car gets pumped your out of pocket as the lease company has used your 1300 quid to shuffle the numbers around.

[Vince70]

I think it was the the best part of £300 through Audi themselves and you either get the chance of buying the car after 3 years for more than it's worth or you give the keys back and get another big rimmed rep motor..

 

I think being Audi your obviously paying more for having 4 rings rather than having one of the same VAG cars with a cheaper badge.

 

I think the car had a few options on it so the monthly payments went up because of this.

[Dave_Q]

http://www.contracthireandleasing.com/personal/car-contract-hire-and-leasing/audi/a3/

 

£1835.55 upfront and £203.95 a month for 24 months.

 

£6730.35 to hire an A3 for 2 years.

[garbaldy]

Oh. Unlucky!!! Must say that sounds hellish, what does that sort of deal cost per month?

 

have a look at this nutter for much cheapness   http://www.lingscars.com/

[cort16]

The biggest scam the lease companies pull is at the end when you give it back. I had a 2 year old A6 with 40k on it that was pretty much mint. Not a scratch or dent on it and by the time BCA red hot poker dept had done their assessment on it owed the 1200 quid!

I appealed it and got it down to 400.

 

The last Merc I had, had diamond cut wheels, which all the laquer peeled in about the first month so I got them powder coated and the sent me 400 quid bill for wheel refurb as they weren't diamond cut. Oh aye like anyone who buys it is going to look at the freshly refurbed wheels and say "i'm going to strip them down and diamond cut them". I won in the end and didn't pay owt.

[gordonbennet]

For all the fancy terms, leasing, pcp, whatever, its just something on the never never, and the punter falling for it is paying through the nose, but as its a lease there's no specific interest figure glaring at you like a coppers blue flashing light.

 

I'd run a bloody marathon which would kill me before having a car on the never never, there's some bloody daft sod on another forum got herself in a right bloody pickle, she put up the figures and she's paying back twice what she's ''borrowed'' on an already overpriced car which is now fucked, the interest rate is IIRC 45%...Fuckin 45% i ask you, frightens the fuck outa me and i ain't paying it...no doubt its from one of those shark infested glorified bombsite semi supermarkets selling shit...a pox on them i say.

 

Only one thing you should borrow money against as a normal working person and thats the bloody roof over your head, then pay the bugger off as fast as you can and stick two fingers up to the world cos they aint got you by the bollocks form that day forth.

 

 

Apart from that i bloody hate new audis, horrible looking overrated things with garish fairy lights.

[Mr_Bo11ox]

I flippin love that website, its ace

[cort16]

ling is an utter fruitcake, I think the CIA show that website to prisoners as part of their interrogation techniques.

 

If you want a new car leasing is the cheapest way to do it especially if the manufacturers are trying to shift numbers.

 

ECO boost Zetec S Fiesta for 600 down then 150 a month. You can see how it appeals.

 

http://www.smartlease.co.uk/car-leasing-ford-fiesta-zetec-s-ecoboost-black-edition.html

[Tayne]

 

 

£6730.35 to hire an A3 for 2 years.

 

Well I doubt you could hire one for £9 a day.

If you did want to rent an Audi A3, and tyres, tax and maintenance are included then it probably does work out better than Rent-A-Hertz-Prise.

 

This ignores the stupidity of hiring a car for two years though.

[trigger]

I haven't been on Lings site for years, it's still barmy! Mind you she's giving away a few Lanica Y10 which is guaranteed to be more reliable than Phils one.

[cort16]

The worst way to buy a car is hire purchase. I see it all the time.

 

A 2 year old 12000 car bought over 5 years at 9% flat so they're paying 5000 interest! The way the HP deals are structured means you're not actually paying much of the balance off until nearer the end of the term. For the first year or so you're just paying interest. 

So 2 years later they come back in and want to change it but they still owe 11000 on finance and the cars worth 6.The worst bit is folk then try to stick the difference on the next car!

[New POD]

Wifey has a 2001 Mini Cooper costing £3K in May 2013, which has cost erm £250 in oil, tyres, repairs and brake pads in that time.  After 10K of use (now 75K on clock it's got to be worth about £2.8K now.

Wife's friend has a 2008 Cooper S on a loan, she's had it 3 years and the loan is almost paid off, no idea of the monthly payment, but all 4 tyres have slow punctures, the engine overheats in the summer, or on a long run, and her husband wants her to trade it in, when the loan is over and take out another loan.  I suggested perhaps fixing the faults and keeping it.  I offered them £2K for it, as "it probably needs a new engine"

I guess that they are spunking 800 quid a month on their 2 cars, where as we found £7.5 K upfront, and have lost about £800 a year on average on depreciation and repairs.

[Cavcraft]

We looked through all this bollocks when my lad got his car, and I advised against any of that three year/final value stuff. Horses for courses, and obviously it's a long time, but he is paying over 5 years and will actually own the car at the end of it.

[Tayne]

I'm tempted to lease this brand new DMC12 from Ling.

 

http://www.lingscars.com/DeLorean/DMC-12/1893341-2.8_i_V6_(170bhp)_Gullwing_Coupe_(2-seat)_2dr_2849cc-personal.html#models

[cort16]

Some folk just want to spend X a month and have a reliable new car that they can budget for. It's not like they're throat punching baby pandas.

[Cavcraft]

Oh aye, each to their own and they must be a salesman's dream: they go back to hand their car back in and before you can say a word they're into a world of 'First MOT due, could be expensive/we'll take the old car and you can get the latest model instead' stuff.

[NorfolkNWeigh]

Oh aye, each to their own and they must be a salesman's dream: they go back to hand their car back in and before you can say a word they're into a world of 'First MOT due, could be expensive/we'll take the old car and you can get the latest model instead' stuff.

A bloke I know took his wife's 120d coupe into BMW for its first MoT , they told him it needed 4 new tyres so he chopped it in against a 123d cabriolet that only * cost £120 or whatever EXTRA over the 120 payment for the next 3 years. He seemed quite proud of his amazing deal. How do these idiots manage to get jobs that pay enough for this sort of fuckwittery, and are they as clueless in other areas of their lives?

[EssDeeWon]

Would love to see Cavlease launch one day - 

 

Budget car £20 -   MK1 Nova 1.2 (Swing)

Mid Range £25 -   MK2 Astra 1.3 (Merit)

Lower Exec £30 -  MK3 Cavalier 1.6 (GLS)

Higher Exec £40 - Facelift Carlton 1.8 GLi

 

Above monthly fee's payable until the thing blows up, or you die whichever comes first.

[JohnDeere]

Leasing deals only really make sense to businesses who don't want the capital cost on their books. The private schemes don't make sense as they usually seem to be based on list price and work out more than finance.

 

I don't see anything particularly wrong with PCP though for average joe, it's just finance (and interest-only on the future value part, hence the appealing monthly rate) - but only makes sense with a decent sized deposit and a full intention to pay the final value and keep the car. The value of the car will never be more than the future value.

 

I always reckon that buying 1-3 years old, using a bit of finance if need be, and then keeping for 7-8 years with proper maintenance but before mega bills hit is the most cost effective way for Mr Average to run a reliable daily. A popular model will still have some value left by that stage, too. Not the Autoshite way, but fairly sensible.

[Micrashed]

Holy fuck - what did  I just look at? Lings cars...

 

Bought a car once on HP - never ever ever again.

Never.

[Mr Lobster]

I always reckon that buying 1-3 years old, using a bit of finance if need be, and then keeping for 7-8 years with proper maintenance but before mega bills hit is the most cost effective way for Mr Average to run a reliable daily. A popular model will still have some value left by that stage, too. Not the Autoshite way, but fairly sensible.

^ This.

 

We did pretty much that with Mrs_Ls Mazda except without the finance bit. Bought at 2 years old so had already done a good but of depreciating but should easy do another eight years of reliable motoring without much bother.

 

Sadly, a lot of people think that anything a bit older is a massive risk and will probably explode in a flaming mess leaving them stranded and to be eaten by wolves or something and hence buy a new car every three years.

[Mr Lobster]

Also, a friend has a car on a PCP. Currently pays around £370 a month. Which as nice as it is, is still £14k that you spend over three years with nothing to show at the end of it.  I can't get my head around that.

 

I'm not necessarily against financing a car (as long as you recognise that borrowing money at interest to buy a wildly depreciating asset is financially stupid) but the PCP and leases where you hand them back after three years seem daft to me. If I was paying out £x per month for the next three years I'd want to at least own it at the end of the term.

[Justin Case]

I always reckon that buying 1-3 years old, using a bit of finance if need be, and then keeping for 7-8 years with proper maintenance but before mega bills hit is the most cost effective way for Mr Average to run a reliable daily. A popular model will still have some value left by that stage, too. Not the Autoshite way, but fairly sensible.

Both my wife and I have done that with our last few cars, and if you pick something with a reputation for reliability (eg Alfa Romeo )look after them, they shouldn't give you any trouble. In any case who wants a brand new car, whichever way you fund it; you get paranoid about scratches and muddy carpets and lose an arm and a leg as soon as you drive off the forecourt.

[Bren]

I paid £3600 for my 07 vectra two and a half years ago.

 

It has 73k on the clock - I reckon I could get 3k for it if I pushed it because of the low mileage and history.

 

It is'nt a great car - but if you do your homework you can have your motoring for very little.

 

The reason people get sucked into these schemes is because most people nowadays are conditioned into handing £££ over as they think it is just the same as spending £4 on a coffee at starbucks.

 

A work colleague has just bought an audi a4 avant - he said he had a budget of £250 a month. I told him I would rather have a £250 car.

[chaseracer]

have a look at this nutter for much cheapness   http://www.lingscars.com/

 

I have a migraine after looking at that site.