Simonl Posted March 14, 2007 Report Share Posted March 14, 2007 As an alternative to buying a new car I was considering personal leasing, however I know nothing about it whatsoever. Who are the best/cheapest companies to lease with, what are the best cars to go for (often those with better residuals I understand) and what kind of figures can i expect to pay... thanks in advance. Link to comment Share on other sites More sharing options...
bells0 Posted March 14, 2007 Report Share Posted March 14, 2007 Be interested in info too. Currently eyeing up a Beemer 2.0l SE coupe @ £340 a month 23+3. Still waiting for BMW to release the figures and options for it though [inc the Sport version]. Link to comment Share on other sites More sharing options...
OliFH Posted March 14, 2007 Report Share Posted March 14, 2007 I am with VW finance and pay about 375 a month on an .:R32 with a purchase price of 25.5k - this is split as 3k deposit/ 12k baloon after 3.5 years. The interest rate is fairly horrendous (between 8-9% IIRC) as VW don't give the preferential rates they do on less prestigious models on the GTI/ R32. I actually sorted finance with a company called Sterling Capital (www.sterling-capital.co.uk). It's a long story and I don't want to get in trouble by making accusations but the VW stealers 'forgot' to clear the finance on the car (demo) so Sterling were not able to release funds on a car already covered by finance. As I needed the car at the pre-arranged time I had no option but to go with VW finance, which was not as competitive. Very convenient if you ask me... Anyways Tony Howe at Sterling is a good guy to speak to - loves the R32 as well! Link to comment Share on other sites More sharing options...
330dcoupe Posted March 14, 2007 Report Share Posted March 14, 2007 There is one advice i would give you - Do not take more than 12 months at a time, if your a 1st time leaser. Allot more companies now do 12months, as apposed to a few years ago. Link to comment Share on other sites More sharing options...
330dcoupe Posted March 14, 2007 Report Share Posted March 14, 2007 Sorry - the reason why I say the above, is becuase allot of 1st time leasers don't know what they are getting themselves in for - it can work out allot harder financially than allot of people 1st imagine. I've had friends take cars for 2-3 years and doing so shoot themselves in the foot. Link to comment Share on other sites More sharing options...
Simonl Posted March 14, 2007 Author Report Share Posted March 14, 2007 [ QUOTE ] - it can work out allot harder financially than allot of people 1st imagine [/ QUOTE ] Interesting comment mate, can you expand on it a little, are their hidden costs etc?!? Link to comment Share on other sites More sharing options...
bells0 Posted March 14, 2007 Report Share Posted March 14, 2007 edit - sorry, i'm looking at contract 'hire' - not lease, get confused with all the various types!! Link to comment Share on other sites More sharing options...
gizze Posted March 14, 2007 Report Share Posted March 14, 2007 Don't lease, it is not a good way to go, if you want to get out early you will have a shock too. I would look at doing an agreement based on balanced payments, you take the risk on the final value and on interest rate rises, this will get you a much better deal. You can get out at any time with no penalty, so do it over 60 months knowing full well you will swap after 12, 24 or 36, you advertise it when it is time to sell and if it doesn't you keep it for another couple of months until it does. Also you can do this agreement on used cars, so say you have a 335i Coupe up for £31k instead of £38k the ballon Lombard are giving on a 56 plate 335i coupe at the moment is £10,850 after 60 months. So at 7.25% apr this works out at £423 a month with a £2000 deposit. Not bad for a car costing just under £40k. Alot of people would rather pay £600 a month with BMW finance for 'security', knowing that they can hand the keys back without the hassle of selling it privately or trading it, but if you were to put the extra £170 a month into the repayments with Lombard you would only be paying £594 a month and you would owe nothing at the end. So pay BMW £600 a month for that car and have the chance of walking away with maybe £3k as a deposit on your next one, of do the finance yorself and have a car worth £13k at the end that you owe nothing on. Or keep the payments down and leave a bigger balloon. Leasing a new car is not a good idea unless the manufacturer is throwing big incentives at it. Link to comment Share on other sites More sharing options...
Brabus Posted March 14, 2007 Report Share Posted March 14, 2007 If you really want to lease then only do so with cars that are easily re-sold Link to comment Share on other sites More sharing options...
Simonl Posted March 14, 2007 Author Report Share Posted March 14, 2007 I'm looking at a 12 month lease on a big 4x4. My thinking is that 1/ I won't get lumbered with it if they slap big taxes on them 2/ The amount they seem to cost month on month is on par with what my finance payments would be (if not cheaper) and that is without putting down a deposit. I never seem to keep my cars for more than 18 months and don't do many miles either (crazy i know) I just lose loads of cash come sale time. That's why this seemed like quite a good option. Link to comment Share on other sites More sharing options...
gizze Posted March 14, 2007 Report Share Posted March 14, 2007 It is a good option, as long as the deal is right and you know you can't get out early. Link to comment Share on other sites More sharing options...
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