Buying a car: used or lease - what's best?

[Ivegotthree]

I need to replace my old and loved car. I know the make and model I want, and think I want to buy a nearly new one as surely that's the most economical? I bought my last one with 10,000 miles on the clock and it's only dying on me now nearly 20 years late.

But is it better to do leasehold nowadays? Someone told me that's the best way. I can afford monthly payments but am not sure what makes the best financial sense.

I am clueless about this and would be very grateful for any guidance.

Thank you

Depends.

Either you buy and drive until the wheels fall off, or lease.

A car is one of the most rapidly depreciating assets you will own.

I have just started leasing and I love it. I am driving a brand new car, with a warranty and maintenance package. The depreciation is not my concern.

Sounds like you don’t mind driving an older car, so buying secondhand and running it into the ground will be far cheaper.

It might depend on how many miles you do. Lower cost leases tend to seriously restrict mileage so I'd have a think about that. A lease is basically a long term rental that you pay insurance on, so you have to keep the car spick and span or at least give it a really good fettle before it goes back. For us with a dog, baby and family miles away it wouldn't make sense to lease. If you do low miles, can't be arsed dealing with garages for servicing and maintenance and won't make a mess then a lease might get you a fancy car for a relatively low price. Horses for courses really!

We've just got a lease after years of buying 2nd hand cars. I love it. We generally part ex after 3 years anyway so it made sense to lease. It is much more expensive but it's worth it to us.

We got an ex-display / demo model a decade ago. Small cheap thing, DC learned to drive in it, still going, purchase cost plus maintenance has been about £50 a month. Currently the cheapest lease for something similar is about £170 a month.

Absolute no brainer, provided you're happy to drive a car into the ground.

I think I would rather buy.

I've never leased, but don't you have to worry about every last little scratch when you lease? That would be too stressful - anyone can get a scratch from a branch or twig sticking out of a hedge on a narrow lane, never mind someone opening the door into you in a car park. At least if I own the car it's only me who needs to worry about it.

Thank you for all the vg helpful replies. They've helped me make up my mind to buy.

I don't mind driving an old car/running it into the ground - in fact I enjoy that!

Also our children will definitely puke in it/generally trash the thing.

Like the PP who bought an ex demo model, I think that's the way to go.

Thanks all

We've just leased a new car, having always purchased ex demos outright and then keeping them for 5-6 years. We are getting a new car as the current one is starting to cost us money in repairs and it is a diesel which we are keen to move away from. We looked into getting another ex demo, but the cost price between that and a brand new car was only £1000 as we haggled a good discount with the dealer. We don't intend to give the car back at the end of the lease, but we will pay the balance and keep it. That way it doesn't matter about mileage or any scratches.

They generally say fair wear and tear so a small scratch that doesn't go through the paintwork would be ok a massive scrape through paintwork isnt.
I only paid £35 for a alloy refurb on my last one. And I think you get away with scratches under 5mm.
It isn't that strict drive it and respect it like it's your car and look after it in that way and itll be fine.