Any recommendations for a leasing company? What are main things/pitfalls?
Car leasing?
- Thread starter Bunnyman
- Start date
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It can largely depend whether you are in business or a private individual here.....it makes good sense to do the maths to see if you are on top at the end of the lease period or not, and whether you want the vehicle long or short term.
You don't own the car - therefore you have no claim on its value at the end of the lease. Some schemes like a PCP will allow you to start a new contract immediately.
Often the deposit is 3 months lease up front, look out for 'administration' charges as you go along.
Alter or damage the vehicle at your peril .....reimbursement costs are high.
I've never leads any vehicle personally, and have never been VAT registered but one equation I did meant that effectively the vehicle was paid for after 4 years - but of course that would mean that there was no vehicle to sell on later.
What Car? Magazine advertise lots of leasing firms.
John
You don't own the car - therefore you have no claim on its value at the end of the lease. Some schemes like a PCP will allow you to start a new contract immediately.
Often the deposit is 3 months lease up front, look out for 'administration' charges as you go along.
Alter or damage the vehicle at your peril .....reimbursement costs are high.
I've never leads any vehicle personally, and have never been VAT registered but one equation I did meant that effectively the vehicle was paid for after 4 years - but of course that would mean that there was no vehicle to sell on later.
What Car? Magazine advertise lots of leasing firms.
John
Not sure if it is exactly what you are looking for, but I have been pleased with my Access Toyota lease from Toyota Finance. Might be worth a look, assuming you might be interested in a Toyota of course. I've found the main dealers generally very helpful too.
The car I wanted was £15k my trade in was worth £3k which left £12k but I only had to finance £6k over 3 years. At the end of 3 years I can either a) Return the car and have another one . b) Pay the outstanding balance and keep the car. or c) Simply give it back and walk away.
The car has a guaranteed future value, in 3 years time it will be worth minimum £6k regardless of actual market value (which could be more or less) that value can be used as trade in for a new car
I don't have to wait 3 years though, I'm only 11 months in but I am still free to trade it for another one, buy it, or in another 6 months I can give it back.
There are downsides, as already pointed out, Any scuffs or marks you have to get sorted out before you hand it back, if a stone goes through the A/C rad an causes £700's worth of damage then you have to get it fixed, wheras if it was you own car you might not bother (speaking from personal experience)
You are limited on mileage, although I had no problem arranging to do 20,000 a year on a diesel avensis, they were a bit reluctant when I tried to get a quote to do the same mileage on a GT86 The more miles you do the more it costs you.
The car I wanted was £15k my trade in was worth £3k which left £12k but I only had to finance £6k over 3 years. At the end of 3 years I can either a) Return the car and have another one . b) Pay the outstanding balance and keep the car. or c) Simply give it back and walk away.
The car has a guaranteed future value, in 3 years time it will be worth minimum £6k regardless of actual market value (which could be more or less) that value can be used as trade in for a new car
I don't have to wait 3 years though, I'm only 11 months in but I am still free to trade it for another one, buy it, or in another 6 months I can give it back.
There are downsides, as already pointed out, Any scuffs or marks you have to get sorted out before you hand it back, if a stone goes through the A/C rad an causes £700's worth of damage then you have to get it fixed, wheras if it was you own car you might not bother (speaking from personal experience)
You are limited on mileage, although I had no problem arranging to do 20,000 a year on a diesel avensis, they were a bit reluctant when I tried to get a quote to do the same mileage on a GT86 The more miles you do the more it costs you.
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