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Thread: The TZ Best Lease Car Deals Thread

  1. #701
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    Looks like the Megane was a run out special offer as the new model launch discontinues the 280 version.

    https://www.pistonheads.com/news/ph-...-variant/41777



    Quote Originally Posted by g40steve View Post
    I follow the PH thread a few months before I need a new deal, that RS Megane deal is crazy cheap.

    £222.97, 3x23 no fee. Bargain!

    Titanium Grey with Cup chassis.

    All 10 sold Friday.

    They sold huge amounts of the BMW840i

  2. #702
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    Quote Originally Posted by minskii View Post
    Looks like the Megane was a run out special offer as the new model launch discontinues the 280 version.

    https://www.pistonheads.com/news/ph-...-variant/41777
    Minimal changes & the one I have coming has cup chassis & met paint.
    Should get it before end of the month just arranging for my Abarth 124 Spyder to go early.
    The deal has been on G2L for months but hidden by wrong photo of car amongst other random errors.

  3. #703

  4. #704
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    Quote Originally Posted by g40steve View Post
    Minimal changes & the one I have coming has cup chassis & met paint.
    Should get it before end of the month just arranging for my Abarth 124 Spyder to go early.
    The deal has been on G2L for months but hidden by wrong photo of car amongst other random errors.
    Agreed, still a total bargain at that price, would have jumped in too but my GTI isnt due back till September.

    Post pics when it arrives

  5. #705
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    Quote Originally Posted by minskii View Post
    Agreed, still a total bargain at that price, would have jumped in too but my GTI isnt due back till September.

    Post pics when it arrives

    Will do :)

  6. #706
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    Quote Originally Posted by AndyMilts View Post

    Iím getting my Cupra Leon ST 4D delivered mid March and it was only £500 down and £315 a month for 23 months from Zen autos.


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  7. #707
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    Just got approved for a BMW 4 series grand coupe.
    Works out at 23.36% of P11D price, 2 years and 10k per year.
    Very happy with the deal i got as i did some haggling from a deal a few weeks ago and they matched it in the end.

  8. #708
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    Quote Originally Posted by Chukas View Post
    Just got approved for a BMW 4 series grand coupe.
    Works out at 23.36% of P11D price, 2 years and 10k per year.
    Very happy with the deal i got as i did some haggling from a deal a few weeks ago and they matched it in the end.
    For a numpty like me, can you pls explain this part in bold and the relevance? Thanks!

  9. #709
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    So how do we think the current situation is going to affect lease deals?

  10. #710
    Cheaper in 3months

  11. #711
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    Give it another week or two and they won't be able to give them away, or will take loo rolls as payment.
    So clever my foot fell off.

  12. #712
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    Cripes that bad eh.

  13. #713
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    Quote Originally Posted by ~dadam02~ View Post
    For a numpty like me, can you pls explain this part in bold and the relevance? Thanks!
    Basically this is used as an easy way to compare lease value. P11d value is used to remove ambiguity about actual list price, discounts, etc.

    E.g. if the total cost over 2 years is 10k and the P11d value is £40k then 10k/40k = 25%

    20% or below tends to be deemed as good value.

    Leasing.com uses a value coefficient. This is calculated differently but uses similar principles. Anything around 0.80 or below is good.

    The above is inclusive of VAT and you need to consider mileage, etc but it acts as an easy tell for finding the value deals.

  14. #714
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    I got a Meg 280RS from G2L for £223, inc metallic & cup packs.

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  16. #716
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    Quote Originally Posted by mangoosian View Post
    Basically this is used as an easy way to compare lease value. P11d value is used to remove ambiguity about actual list price, discounts, etc.

    E.g. if the total cost over 2 years is 10k and the P11d value is £40k then 10k/40k = 25%

    20% or below tends to be deemed as good value.

    Leasing.com uses a value coefficient. This is calculated differently but uses similar principles. Anything around 0.80 or below is good.

    The above is inclusive of VAT and you need to consider mileage, etc but it acts as an easy tell for finding the value deals.
    Thank you, makes sense

    Question for the group, i notice my car is still sitting on my drive and hasn't moved for a couple of weeks and looks unlikely to for the foreseable. I literally just renewed the lease for another year 4 weeks so (great timing) which doesn't look to be good value. What's everyone doing with their current leases, sitting them out or is there something we can do to save some money?

  17. #717
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    Depends on your contract terms, Iíve returned the wifeís car as she got a new one, pay 50% of the outstanding payments and any mileage / damage adjustment.

    They canít pick up the cars just now though, as BCA who pick them up canít travel, but have to honour the cancellation terms while it sits on the drive.


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  18. #718
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    Quote Originally Posted by peterdo View Post
    Depends on your contract terms, Iíve returned the wifeís car as she got a new one, pay 50% of the outstanding payments and any mileage / damage adjustment.

    They canít pick up the cars just now though, as BCA who pick them up canít travel, but have to honour the cancellation terms while it sits on the drive.


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    I heard the same about them not picking up cars...a friend of mine in the same boat...do they allow you to carry on driving it? He seems to think so!

  19. #719
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    No, you have to give them the current mileage and confirm a declaration that you wonít drive it...if you crash it, or get stopped youíre not insured as they take over the insurance from the agreed termination date

    Bad timing in my part, had to get a dent taken out and then ended up with the extra car, will park it on the drive for the next however many months!


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  20. #720
    Our current q5 was due to go back tomorrow but havenít heard a thing from them. Our new bmw was due halfway through April. God knows where this leaves us. Il probably continue to drive it until we are told otherwise..

  21. #721
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    Quote Originally Posted by Yeti View Post
    Our current q5 was due to go back tomorrow but havenít heard a thing from them. Our new bmw was due halfway through April. God knows where this leaves us. Il probably continue to drive it until we are told otherwise..
    You would be better to contact them as they will just charge you on a pro rata basis for the extra time you have the car .

  22. #722
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    Yeah, contact them and they will extend for a period if needed, as they donít want the car just sitting there when they canít get to it


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  23. #723
    there was an article in the business section of The Times saying the PCP bubble will burst big time for the finance companies/manufacturers who do their own finance.

    Essentially people who want to reduce their outgoings can hand the car back after making so much % payments, so curtailing the outgoings. That leaves the finance co with more cars than expected

    also more defaults

    and at the end of the contracts as there will be negative equity the finance co won't want them back

    suspect if you like your car a discounted deal to buy it will be on the cards. suspect I will look at that come September when my 3 years is up on the Velar. Love the car and will look to keep it for another 2 years.

  24. #724
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    Yeah, done that as well on the PCP, once you have paid back 50% of the finance you can hand the car back, wife had a 1 Series which was £3k under water...BMW took the hit on that


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  25. #725
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    Quote Originally Posted by peterdo View Post
    Yeah, done that as well on the PCP, once you have paid back 50% of the finance you can hand the car back, wife had a 1 Series which was £3k under water...BMW took the hit on that
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    Did it affect your credit at all? Iíve known people do this and it isnít supposed to but does show up as something which could affect you possibly. Canít recall what exactly but Martin Lewis did something on it a couple of years ago.

  26. #726
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    Nah, shows on credit file as ĎSí for settled, itís consumer contract law and usually works in your favour if you have put some cash in up front as deposit

    Anyone saying it affects your credit rating has been probably quoting the garage that doesnít want the hit themselves, thems the breaks

    Leasing is a no brainer, especially if financed through Lex Autolease, settle 50% of outstanding payments and can hand it back any time, some others like Audi I think are 80%


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  27. #727
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    Thanks Peter. Iíve a BMW and VW on lease. Just googled BMW lease details and itís come up as 50% paid can hand back. Highly unlikely I would but interesting to know. I can see this happening a lot at the moment.

    Quote Originally Posted by peterdo View Post
    Nah, shows on credit file as ĎSí for settled, itís consumer contract law and usually works in your favour if you have put some cash in up front as deposit

    Anyone saying it affects your credit rating has been probably quoting the garage that doesnít want the hit themselves, thems the breaks

    Leasing is a no brainer, especially if financed through Lex Autolease, settle 50% of outstanding payments and can hand it back any time, some others like Audi I think are 80%


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  28. #728
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    Quote Originally Posted by peterdo View Post
    Yeah, done that as well on the PCP, once you have paid back 50% of the finance you can hand the car back, wife had a 1 Series which was £3k under water...BMW took the hit on that


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    I was tempted to do this on my Velar but the baloon payment is more than 50% of the car price so I'm guessing I'd never be 50% or more into the finance on this right?

  29. #729
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    Quote Originally Posted by peterdo View Post
    Yeah, done that as well on the PCP, once you have paid back 50% of the finance you can hand the car back, wife had a 1 Series which was £3k under water...BMW took the hit on that


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    Is it 50% of the total amount outstanding for the car or the outstanding finance excluding the balloon?


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  30. #730
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    Includes the balloon payment, outline is here on voluntary termination:

    https://www.confused.com/car-finance...-finance-early

    Itís based on 50% of the total finance amount, using an example:

    Purchase price £40k
    Initial payment £5k
    Interest £5k
    48 months agreement

    You would be able to voluntary terminate at £20k so if you were paying £600 per month, you would hit that at 33 months give or take, if it was earlier, you can front the extra to get you to 50% and walk away 15 months early

    PCP is dangerous for the car industry as if the car is massively underwater it makes sense to VT the car and they are left with the loss. All allowed under the Consumer Credit Act, but nobody will ever make you aware of it, unless you are in an Audi garage with an upside down BMW!


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  31. #731
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    50% of all outstanding finance to be paid - this was the same deal I had on a HP agreement on my first car (Rover) about 20 years back.

    I had taken a £9k loan and owed £4.5k but the company had just gone down the pan and the car was only worth £2.5k. Was glad to see the back of that

  32. #732
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    Is this applicable to Personal Contract Hire or Contract Hire?

  33. #733
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    Not sure what the scenario would be for Business CH, suspect it will be similar with the Early Termination process as PCH


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  34. #734
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    Iím tempted by a 4 series convertible, they seem quite reasonable at the moment:

    https://www.nationwidevehiclecontrac...sional-media31

    Iíve had a few companies email me about the VW T-Roc R on very good deals, not my cup of tea though.

  35. #735
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    Quote Originally Posted by peterdo View Post
    Includes the balloon payment, outline is here on voluntary termination:

    https://www.confused.com/car-finance...-finance-early

    Itís based on 50% of the total finance amount, using an example:

    Purchase price £40k
    Initial payment £5k
    Interest £5k
    48 months agreement

    You would be able to voluntary terminate at £20k so if you were paying £600 per month, you would hit that at 33 months give or take, if it was earlier, you can front the extra to get you to 50% and walk away 15 months early

    PCP is dangerous for the car industry as if the car is massively underwater it makes sense to VT the car and they are left with the loss. All allowed under the Consumer Credit Act, but nobody will ever make you aware of it, unless you are in an Audi garage with an upside down BMW!


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    Apart from allowing people to have cars on the drive they couldn't afford to buy, I really cannot see the attraction with all this leasing business.
    Cuidich 'n Righ

  36. #736
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    What do you base that comment on Ook? Is it envy, jealousy or something you know about people who lease cars?

  37. #737
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    Quote Originally Posted by mondie View Post
    What do you base that comment on Ook? Is it envy, jealousy or something you know about people who lease cars?
    I think he’s got a point. What’s really ironic in these troubled times is the fact that most people’s cars are stood on their drives going nowhere and impressing no-one, but they’re costing many people many £100s/ month. OK, my cars aren’t going far, but they're bought and paid for so the cost aspect isn’t causing me pain.

    Food for thought?

  38. #738
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    Not really, so what? Whether you paid cash or leased your car, if it's not going anywhere, what difference does it make? If you can afford it and want it, whether that's with cash or by lease, do what best works for you and your risk appetite. It's not hard and I don't see where the implied moral superiority comes from.

    This crisis is going to show who has overcommitted, they will have to deal with the consequences.

  39. #739
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    Quote Originally Posted by walkerwek1958 View Post
    I think heís got a point. Whatís really ironic in these troubled times is the fact that most peopleís cars are stood on their drives going nowhere and impressing no-one, but theyíre costing many people many £100s/ month. OK, my cars arenít going far, but they're bought and paid for so the cost aspect isnít causing me pain.

    Food for thought?
    I prefer a lease for the following reasons:

    -I get a car allowance from work which covers the payment (and leased before I used to receive a car allowance too)
    -I enjoy the pleasure of a brand new car as opposed to pre-owned
    -I like to change cars every 2/3 years
    -I like the predictability of the monthly payment / no MOTs or potential money traps
    -Iíd rather have my money in the bank or invested elsewhere than sunk in a car

    The downside for me is that you have less flexibility over the additional options as they ramp up the price too quickly, plus Iím aware Iím effectively paying for the depreciation of a brand new car.

    It also means I go for a more Ďsensibleí option. I have recently been eyeing up more exotic cars that are pre-owned but I think I would feel disappointed about it having old tech inside.

    Of course there will be people spending beyond their means to get something to impress others, but Iím not sure how big a % of the lease market that is, I would think that is more likely people buying pre-owned on finance.

  40. #740
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    Quote Originally Posted by mondie View Post
    Not really, so what? Whether you paid cash or leased your car, if it's not going anywhere, what difference does it make? If you can afford it and want it, whether that's with cash or by lease, do what best works for you and your risk appetite. It's not hard and I don't see where the implied moral superiority comes from.

    This crisis is going to show who has overcommitted, they will have to deal with the consequences.
    Surely though if you have over committed and can't afford it any more they just repossess the car? They can try and chase you for the delta between what is left on the finance and what the car is worth but I seriously doubt they would be able to do anything in this climate aside from you get a black mark on your credit file. So bearing that in mind I'd imagine they would be keen to suspend payments for a few months until people are back in work and can make payments again.

    Without being too cynical this is a PERFECT time to be over committed as you can essentially write off your debts under the guise of Covid and the banks won't be able to touch you without creating a bad smell. I can see the banks being bailed out again as bad debts are going to be huge

  41. #741
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    Quote Originally Posted by oldoakknives View Post
    Apart from allowing people to have cars on the drive they couldn't afford to buy, I really cannot see the attraction with all this leasing business.
    I always used to buy all my cars outright, for cash.

    Now I genuinely can't see the attraction with actually buying them. Seriously.

    As others have noted, there are huge benefits from leasing - brand new car every two or three years, no MOT, the lease company takes care of the tax, full warranty (nothing has gone wrong with the last two I have had, at all), maintenance included - even new tyres if you need them.

    It really is minimal hassle motoring. All I do is put fuel in.

    Suits me down to the ground.

    Nothing wrong with buying, and that was always my default as I prefer not to take out finance usually, but a car is a rapidly depreciating asset after you've stumped up a thick wad of cash, and renting one (which is all a Contract Lease really is), just seems so simple.
    So clever my foot fell off.

  42. #742
    Grand Master oldoakknives's Avatar
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    Quote Originally Posted by mondie View Post
    What do you base that comment on Ook? Is it envy, jealousy or something you know about people who lease cars?
    No envy at all. Just wondered why people would lease if they could buy is all. We just bought ours in March. Was curious at why it seems so popular. Why, did I offend you by asking?
    Cuidich 'n Righ

  43. #743
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    Quote Originally Posted by walkerwek1958 View Post
    I think heís got a point. Whatís really ironic in these troubled times is the fact that most peopleís cars are stood on their drives going nowhere and impressing no-one, but theyíre costing many people many £100s/ month. OK, my cars arenít going far, but they're bought and paid for so the cost aspect isnít causing me pain.

    Food for thought?
    This. ^^^
    Cuidich 'n Righ

  44. #744
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    Quote Originally Posted by thestore View Post
    I prefer a lease for the following reasons:

    -I get a car allowance from work which covers the payment (and leased before I used to receive a car allowance too)
    -I enjoy the pleasure of a brand new car as opposed to pre-owned
    -I like to change cars every 2/3 years
    -I like the predictability of the monthly payment / no MOTs or potential money traps
    -Iíd rather have my money in the bank or invested elsewhere than sunk in a car

    The downside for me is that you have less flexibility over the additional options as they ramp up the price too quickly, plus Iím aware Iím effectively paying for the depreciation of a brand new car.

    It also means I go for a more Ďsensibleí option. I have recently been eyeing up more exotic cars that are pre-owned but I think I would feel disappointed about it having old tech inside.

    Of course there will be people spending beyond their means to get something to impress others, but Iím not sure how big a % of the lease market that is, I would think that is more likely people buying pre-owned on finance.
    Quote Originally Posted by TheFlyingBanana View Post
    I always used to buy all my cars outright, for cash.

    Now I genuinely can't see the attraction with actually buying them. Seriously.

    As others have noted, there are huge benefits from leasing - brand new car every two or three years, no MOT, the lease company takes care of the tax, full warranty (nothing has gone wrong with the last two I have had, at all), maintenance included - even new tyres if you need them.

    It really is minimal hassle motoring. All I do is put fuel in.

    Suits me down to the ground.

    Nothing wrong with buying, and that was always my default as I prefer not to take out finance usually, but a car is a rapidly depreciating asset after you've stumped up a thick wad of cash, and renting one (which is all a Contract Lease really is), just seems so simple.
    Was what I was looking for really, not Mondies silly ideas.

    I only prefer buying things because if everything goes t's up it's still mine. But it's nice to know why others look at it differently. I just never quite feel like signing up for 'payments'. Although having said that when we bought the last one we took out finance for 6k to get a £1500 contribution from the manufacturer/dealer. Had to make one payment then we paid it off. Cost about 40 quid in interest but worth it to get the 1500! Strange when you have to go to all that just to get a (more) discount. I suppose at the end of the day it's what you're happy with.
    Cuidich 'n Righ

  45. #745
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    I switched to leasing 6 years ago, because it was cheaper to lease than buy. Once it becomes cheaper to buy than lease, Iíll buy.

    ďCheaperĒ in my estimation means ďcost of ownershipĒ. Nothing more or less. How much has it cost you have the car for the period.

    It isnít about having something on the drive to show off - current lease is a very plain Golf 1.5

    Itíll always be cheaper to buy a 6yo car and cross your fingers nothing goes wrong, but thatís a gamble not everyone wants to take.

  46. #746
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    It has basically been covered, but to put numbers on it, Iíve leased an Audi A4 for 3 years, and Iíve paid 30% of its total cash price.
    Thereís no way had I bought it for cash, I would have only lost 30%, and then I would have had the hassle of trading it in or selling it.
    Thereís also some damage to the car caused by others from parking in the city. The amount VW Financial services charge for repairs at the end of the lease is cheaper than the cheapest back street spray shop, which surprises most. They are detailed on damage limits and then the costs, so thereís no surprises.

    Iím currently awaiting delivery of an Alfa Romeo Giulia, which I will be paying 25% over 2 years.

    Thereís always a few who rubbish the rental aspect of leasing, but financially it just doesnít stack up to buy a new car for cash, unless you plan to keep for more than 3 years or do a high mileage.

    Iím also not interested in a second hand car. Whilst I do a relatively standard 12k miles, there were always surprising bills at each service and MOT. The fixed monthly amount I pay on lease suits me better.

  47. #747
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    Always looked at leasing from a distance but never done it. I have a noob question (or two)....

    Firstly are the cars you lease always new or can you pay less for say a 2 yr old car?

    Secondly what do the lease companies do with the cars once returned to them (assuming the leases are for new cars only as per my first question). Auction? WBAC?

  48. #748
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    Never seen the ability to lease a used car, not to say it isnít possible but that would likely flip to PCP deals

    Yeah, Lex Autolease cats are literally picked up by British Car Auctions, go in for a check and then straight through into the second hand market


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  49. #749
    Grand Master oldoakknives's Avatar
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    Quote Originally Posted by mikiejack View Post
    It has basically been covered, but to put numbers on it, Iíve leased an Audi A4 for 3 years, and Iíve paid 30% of its total cash price.
    Thereís no way had I bought it for cash, I would have only lost 30%, and then I would have had the hassle of trading it in or selling it.
    Thereís also some damage to the car caused by others from parking in the city. The amount VW Financial services charge for repairs at the end of the lease is cheaper than the cheapest back street spray shop, which surprises most. They are detailed on damage limits and then the costs, so thereís no surprises.

    Iím currently awaiting delivery of an Alfa Romeo Giulia, which I will be paying 25% over 2 years.

    Thereís always a few who rubbish the rental aspect of leasing, but financially it just doesnít stack up to buy a new car for cash, unless you plan to keep for more than 3 years or do a high mileage.

    Iím also not interested in a second hand car. Whilst I do a relatively standard 12k miles, there were always surprising bills at each service and MOT. The fixed monthly amount I pay on lease suits me better.
    No doubt some cars will be cheaper to lease, perhaps all will. We usually Buy new and trade them back in after 2-3 years. We always seem to get a good price for them, being retired they are always low mileage. I suppose the difference in cost is the price of ownership, but if we want to avoid paying more at any time we can just keep it longer and we still have a relatively new car.
    Cuidich 'n Righ

  50. #750
    Master Alansmithee's Avatar
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    Quote Originally Posted by mondie View Post
    What do you base that comment on Ook? Is it envy, jealousy or something you know about people who lease cars?
    The car industry knows something and it does not like it:

    Fears are growing of a crisis in the UK’s £75bn car loan market, where 6.5m vehicles have been financed through leasing deals with monthly payments that are already proving unaffordable for some laid-off as a result of the coronavirus.

    The Finance and Leasing Association (FLA), which represents the credit arms of the car manufacturers as well as the banks, said: “It’s early days in terms of quantifying the impact on arrears, but the number of forbearance requests has grown significantly in recent weeks.”

    Britain’s car market rests on billions in debt taken out by consumers, many of whom may now struggle to pay.


    https://www.theguardian.com/business...-payments-help
    Last edited by Alansmithee; 8th April 2020 at 08:36.

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