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AIBU?

Share your dilemmas and get honest opinions from other Mumsnetters.

Original poster

To consider leasing a car

12 replies

WhenTheyComeForYou · 29/01/2022 16:07

I've always owned cars and actually, have rarely leased or used credit for anything. I'm usually 100% pro buying outright.

We have a family car but I need another car for commuting 3x per week.

I'm turn between buying say a £2-3k run around car and leasing a small car (£150-200 per month).

We have the money in the bank but I don't know if I can be bothered with all that goes wrong with an older car etc.

Would you lease in this situation? Why?

YABU - buy a car
YANBU - lease a car

Thank you!!!

OP posts:
WindyState · 29/01/2022 16:09

Well, it depends on your circumstances really.

Leasing is invariably more expensive than owning cars, but at the moment used car prices are crazy so that 2-3k will not go very far.

LondonQueen · 29/01/2022 16:15

With the used car market as it is at the moment, 2-3k will not go very far, if it breaks down and requires a major repair you may not be able to afford it.
On the contrary, leasing will work out more expensive over time. However the benefit is you get a new car, so it's likely to be more reliable, and the bonus of new cars for me is no MOT.

Original poster
WhenTheyComeForYou · 29/01/2022 16:16

I guess I'm worried that I'll be chasing money with a used car of that age/mileage and actually it could be cheaper to just lease with no maintenance costs, tax, depreciation etc...

OP posts:
Chely · 29/01/2022 16:16

We'd buy but dh works on our cars himself so does repairs fairly cheaply.

LakeShoreD · 29/01/2022 16:20

I’d probably lease tbh, that way your costs are likely to be fixed and predictable plus you shouldn’t have to deal with the hassle of breakdowns and repairs. Also as PP says used car prices are insane at the moment. I bought my car new a year ago and right now I could sell it to one of those big car buying companies for more than I paid so I really can’t imagine you’ll get much for for 2-3k.

Sunsetsupernova · 29/01/2022 16:26

We’ve had VW cars on lease for quite a few years now, usually on a 4 year agreement. We have never ever (touch wood) had a problem with any of them. DP needs a reliable car for work so this is key for us and the main reason we choose to lease a brand new car rather than buying an older car outright.
It does probably end up costing more long term but at the end of the 4 years, we just give it back and get another one. I think originally we must have paid a deposit on the first one but haven’t since. We pay £250 a month and that includes services and oil changes etc for the first two years. We also haggled so got it a fair bit cheaper than previously offered, a few months payment free and I think a £250 voucher for a shop of our choice thrown in. There’s obviously also no MOT for the first 3 years either.

If you do go down this route, I would definitely advise haggling with them and get a couple of different quotes from different dealers. They can discount the original price pretty significantly in most cases and are usually happy to throw in a few extras if you ask for them.

YellowLemonz · 29/01/2022 16:28

We started leasing 4 year ago.
We aren't bothered about owning out right and haven't had the best run with previous cars. Unexpected work needing done at service mot etc so were sick of having to pay more to fix the car.

We pay for the maintenance in our deal and it feels a massive weight lifted tbh.
We just have to sort insurance, put petrol in and keep it in good condition.

Not had any bother at all with the cars as they are brand new.

Original poster
WhenTheyComeForYou · 29/01/2022 19:32

I've just seen the non-refundable "initial lease" cost!

Eek! At nearly £2k I may as well up my buying budget to £4/5k and get something better than could be sold on eventually?

I dont know what to do really...

OP posts:
MC68 · 29/01/2022 19:39

I’m not the brightest ….. what is the “non refundable” initial lease cost please?

myyellowcar · 29/01/2022 19:42

I always owned outright and it has its benefits but I have been unlucky with my latest car and am sick to the back teeth of paying out for repairs. It’s now at the point where it’s not worth swapping but I did some sums and it’s not really cost me much less than a lease over the length of ownership so far. Obviously hopefully in the next few years is when I’ll break even but I’m just sick of the hassle and massive bills coming all at once.

Summerbubbles · 29/01/2022 19:45

If you look at a PCP deal instead of a lease you may well have some equity in the vehicle at the end of your term, unlike with a lease where the upfront payment is just gone.

nomorefrogs · 29/01/2022 19:48

The other option is long term hire rather than leasing which has no upfront costs

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