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Do you own or lease your cars?

(130 Posts)
Turkeycondundrum Mon 11-Feb-19 22:22:03

We currently own two cars. Both bought second hand with cash when we had some spare. They are not fancy cars, one is 4 years old, one is just over 10. We want to replace the older car, it's got high running and maintenance costs and we need something bigger as we now have two growing kids. So, we want to trade it in and get an estate. This time round, we have no spare cash and don't want to deplete our savings.

My DH is desperate for a 'nice' car and has worked out that we can afford to lease a fairly decent car. So we pay a monthly fee and then after 3 years, we just hand the car back and get another one.

I think we would be better off buying a decent second hand car on finance. But the monthly repayments are higher and the car isn't so nice. But at the end of it, we at least have an asset to our name.

DH is convinced lots of people lease their cars - and why their cars are much fancier than ours. I'm not sure he's right!

So anyway, long story short, do you own your car/s or lease?

bridgetosomewhere Mon 11-Feb-19 22:23:30

We own. I like the idea of lease car as isn't servicing etc all included?

Does either of you have a salary sacrifice car scheme? They are meant to be good too

Elphame Mon 11-Feb-19 22:24:08

Own - leasing is just throwing money away.

megletthesecond Mon 11-Feb-19 22:24:42

I'd never be able to relax driving a lease car. The dc's do tend to bash things.

thatsmyspace Mon 11-Feb-19 22:25:20

We own both our cars. Dh van is 9 years old, my car in 10 years old. It's nice to know we don't have any monthly payments for them. And hopefully we'll do the same in future. I hate debt 🙈

RebeccaWrongDaily Mon 11-Feb-19 22:25:29

own one outright (mine) leased DH's then bought it after 3 years, We've paid for it now, but it will need renewal in a few years (or we will run it into the ground)

I want a Honda CR-V hybrid next. If dh gets another couple of years out of his we'll trade that in and start again.

BigGreenOlives Mon 11-Feb-19 22:26:12

We replaced our car last year but had spare cash so bought it outright. I think my friends who regularly change car lease whereas those who keep them long term (our old car was 10) buy.

Pinkroseuk Mon 11-Feb-19 22:26:20

Own- pay 0% finance over 5 years (Vauxhall) and can change after half that time of needed. Payments came out about the same this way for top spec model as leasing due to our mileage each year and we get to own it at the end so got something to put toward another car as and when needed

Seth Mon 11-Feb-19 22:26:48

Have been meaning to post similar Op so thanks as I have been wondering the same. Interestingly, without knowing too much about leasing, when I read your point about 'at least you have a asset' I immediately questioned whether this is still considered a good thing. My car is about ten years old and, apart from it's obvious uses... it has cost me so much money these last few years. I'm just not sure how much of an asset it is - even a newer one as they seem to have lots of problems too.

Anyway let's hope someone who knows there stuff comes along soon..

Bigonesmallone3 Mon 11-Feb-19 22:27:36

We have a 8 year old bmw we own and just got a 2 year old discovery as our 'nice' car on finance

Dragongirl10 Mon 11-Feb-19 22:27:44

Own outright, leasing is very costly..l would happily drive an uncool basic car fully paid for, rather than a costly financed luxury car...

GiantKitten Mon 11-Feb-19 22:28:55

DH & I (old fogies) own ours - 61 & 04 plates.

But DD2 & her partner (early 30s) both recently started leasing brand new cars, to replace their own very old & clapped-out ones, & they’re pretty happy with them.

Granted they’ll end up with no car (well, will probably lease again at the end) but the monthly cost is very reasonable & the initial outlay was small.

Oddsocksandmeatballs Mon 11-Feb-19 22:29:57

Lease, I work in a post that requires a lot of driving for the job so I lease through work, all servicing/tyres/windscreens etc are covered in the price of the lease.

DramaAlpaca Mon 11-Feb-19 22:30:14

Own. We always buy older cars for cash & keep them until they fall apart, then we replace them with another old one.

Lovingit81 Mon 11-Feb-19 22:31:02

Leased through our business. Cars deplete in value so much. I'd much rather drive a brand new car and swap it in each time.

BrusselPout Mon 11-Feb-19 22:31:47


GypsyRoseTea Mon 11-Feb-19 22:32:43


Whisky2014 Mon 11-Feb-19 22:33:15

Own - leasing is just throwing money away
Hardly . I drive 120 miles a day. There's no way id own a car and rack up the miles on it like that. I lease mine, always have. I get a brand new car, pile the miles on and after 2 years I give it back. Because the cars are new there's never any faults, don't need MOT, they're generally more fuel efficient. Etc etc.

Sinuhe Mon 11-Feb-19 22:33:38

Own. I would never lease. What if your income dropped and you can't afford the lease but still needed the car for work. (Except the lease company took car back!)

PS - our cars are on a service plan, we pay monthly around £30.- and some repairs / service / mot get done no additional cost. Better than £ 250 + monthly to the lease company.

wlv12 Mon 11-Feb-19 22:34:07

Lease and own.

I drive a lot for work and have run several more basic older cars into the ground. Leasing from work means I can use the cars for 3 years then move on!

Hubby has an older 59 reg car we own as he only does local trips.

Topseyt Mon 11-Feb-19 22:34:45

We own ours. They are second hand. We've always bought second hand cars to minimise on the hit you take on depreciation. We then run them into the ground.

A number of people probably do lease, but we've never seriously considered it. It would be another ongoing expense that we like to avoid.

Horses for courses I suppose.

Wendywoo1000 Mon 11-Feb-19 22:34:49

Own all 3. Hate the idea of lease

Thesnobbymiddleclassone Mon 11-Feb-19 22:35:01

Own. Never been happy to lease a car. Feels like it isn't actually mine.

Currently got 03 plate vauxhall astra, low maintenance and does well on fuel, been cheaper overall than my friends lease car.

Bluntness100 Mon 11-Feb-19 22:35:09

I own mine, my husband's is leased due to his company car scheme. Personally I wouldn't lease if it was my own money I was paying.

Turkeycondundrum Mon 11-Feb-19 22:35:13

Hmmmm interesting.

Ok so we have no savings. £3k from the sale of the car that we will be replacing. The second hand cars we would like are 12/13k. How do we finance this? PCP and HP charge so much that the monthly repayments are reaaaally high. Almost double that of leasing. And then a balloon payment at the end anyway!

Renault have a good 0% deal at the moment with the option to buy at the end. Decent repayments etc. But overall it costs more and buying a new car just seems ridiculous as they lose so much value so early on.

I'm definitely questioning how much the asset is worth too @seth. Wondering if actually it makes more send to just have a monthly car cost and that's just what it is. It's predictable and a given, which frankly we need as we have two kids in expensive childcare so the next few years are looking v expensive. Won't be so bad in 4 years as they will both be at school!

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