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Thread: Car Leasing - Key Things To Watch Out For ?

  1. #1
    Craftsman
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    Car Leasing - Key Things To Watch Out For ?

    I see these deals coming up on HOTUKDEALS and my daughter needs a bigger car, she needs something reliable so a newer car is preferred.
    Anything suitable seems to be £30k plus so buying new means something like £15k depreciation over 3 years.
    So I have started to look at these personal leasing deals, I don't know anybody who has taken one out.

    On paper some of them seem good value, so what are the catches ?
    I don't see how the companies offering the deals actually make a profit when you factor in the depreciation of the new car, but they must do otherwise they would not be in business. Are they some kind of loss leader for the manufacturers to boost new car 'sales' ?
    Or do they count on ripping off people at the end of the lease period with additional charges ?

    If you use these lease deals for your car what are your experiences please ?
    Do you recommend any particular companies that offer these lease deals ?
    Last edited by BadgerUK; 15th February 2019 at 21:00.

  2. #2
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    I have had four cars on these deals, 208gti by PS, Abarth 124 spider, Kia Sportage 2, Renault Kadjar Dyna Nav.
    All are on 2 year PCH, 3x23 profile max miles 8k.
    If you see a cracking deal jump on it as they are usually loss leaders to get rid of stock or get new models on the roads ASAP.
    Abarth 124 spider is £205 a month, my previous car Peugeot 208 got by PS was peanuts £131 a month.
    Cheaper than public transport bus would cost me to get to work?

    No car tax as that’s included.

    Charges, my GTI had curbed 18 inch wheel with chunk of rim protector missing, one tiny dent & a few scratches.
    Was prepared to be bent over, no charges applied.
    My wife’s Sportage, the car rolled into the house, don’t ask how?
    Almost perfect vertical line from edge of garage on bumper, grille, trim & deformed lower trim. Luckily no bonnet damage.
    Again expected to get large bill, nothing!

    The two previous cars were sent back month early as this meant no need for second service.

    Look on Pistonheads fantastic leasing thread on there, I remember looking years ago thinking these prices cannot be correct?
    Last edited by g40steve; 15th February 2019 at 21:23.

  3. #3
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    Depends on the car make, basically they get fleet discount on the car
    This is then passed on. Generally if you want a new car you are paying the depreciation.
    Just look at the total cost over the term and decide if you feel it is a good deal.
    So long as you look after the car and don't abuse it there should be no extras to pay. The lease companies have to adhere to a set of rules.
    Like anything do your homework. It's not a bad way to get a shiny new car as long as you are happy never owning it.

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  4. #4
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    I contract hire a car always. Ordered a Mercedes GLC 4x4 last month cost as follows

    3k down plus VAT 20% £3600

    23 months @ £212 plus VAT per month

    Road tax all included

    8000 miles per year total 16000

    At the end of the contract hand it back and walk away. Simples

  5. #5
    I have been leasing over a decade now. I usually lease the best value cars, but some of the good deals have gone now. Volvo v90’s are cheap at the moment and the lower model A class Mercedes. As someone mentioned already, work out the cost to you to lease over the period and then compare that with the depreciation. You can soon see if you get a good deal.

    For example three years back I got an £80k S8 Audi for £500 a month and 3k down, that included VAT

  6. #6
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    I only ever lease now and I'd never buy again.

    Some of the deals are insane, I had a mokka for my wife and j paid 117 a month including VAT.

    2 years ago I had an A4 for 2k down and 99 a month.

    As long as you keep good care of them ( alloys, paintwork etc ) then it's a cracker.

    I've only had to pay 80 quid for a dent on the inside of the door that my kids did.

    It takes a bit of luck to land a great deal as you have to be ready to pull the trigger instantly as they sometimes only have 10 build slots etc. Also they have built vehicles that need to go instantly.

  7. #7
    Master blackal's Avatar
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    A 2 to 3 yr old car is plenty reliable!

    You must be a dealership’s dream! “I/she needs reliability - so show me your £30k new range!”
    Last edited by blackal; 15th February 2019 at 23:31.

  8. #8
    Best check the insurance situation, especially if your daughter is young. She won't be the legal owner or keeper, some insurers don't like that, smaller pool to choose from, so potentially higher prices. Get some like for like quotes from gocompare or whatever to see what the difference might be.

  9. #9
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    I’m on my 2nd PCH at present.
    Biggest trap I would suggest is the lure of the options list - if you do add extras you will be charged the full cost of them spread over the lease term, which makes them generally poor value.
    In terms of lease companies I have used Central UK Vehicle Leasing for both of mine. I also know people who have used Select. Both are fine to deal with. The other option is dealing directly with dealers, but you generally have to talk to the fleet Sales staff - the retail sales guys have little interest as there is no commission in the transaction for them.
    Last edited by Mr Nuttington; 16th February 2019 at 10:43. Reason: Typo correction

  10. #10
    Master subseastu's Avatar
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    Quote Originally Posted by Mr Nuttington View Post
    I’m on my 2nd PCH at present.
    Biggest trap I would suggest is the lure of the options list - if you do add extras you will be charged the full cost of them spread over the lease term, which makes them generally poor value.
    In terms of lease companies I have used Central UK Vehicle Leasing for both of mine. I also know people who have used Select. Both are fine to deal with. The other option is dealing directly with dealers, but you generally have to talk to the fleet Sales staff - the retail sales guys have little interest as there is no commission in the transaction for them.
    I briefly looked at this and when I started adding the options onto a car the price got pretty insane. Is it best to just the car as basic as possible then?

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  11. #11
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    Quote Originally Posted by subseastu View Post
    I briefly looked at this and when I started adding the options onto a car the price got pretty insane. Is it best to just the car as basic as possible then?

    Sent from my H8314 using Tapatalk
    Yes definitely if you want to retain best value. Both of my leases have been in non-metallic paint for this reason. Having said that I did add a stereo upgrade to my current Octavia - I decided that since the car was so much cheaper than the others I was looking at I would treat myself a bit! Even with the stereo the car will cost me just over £6k for 2 years and 30k miles total, so not too bad.

    My previous lease (an A4) did not suffer any charges at the end btw.

  12. #12
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    If you really want the options, work out if it is best to pay for them up front or over the term. Sometimes you can pay a lot more when added in to the term.
    I personally think if leasing stick to the deals or a car with no options, maybe just paint.

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  13. #13
    Master subseastu's Avatar
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    Quote Originally Posted by noidea View Post
    If you really want the options, work out if it is best to pay for them up front or over the term. Sometimes you can pay a lot more when added in to the term.
    I personally think if leasing stick to the deals or a car with no options, maybe just paint.

    Sent from my Pixel 2 XL using Tapatalk
    That's it. I think I made the mistake of considering the resale value of the car by making it more desirable with options which is of course a mute point as you'd be just handing the car back and walking away / sorting out a new car at the end of term.

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  14. #14
    Master Pitch3110's Avatar
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    I have had leased cars for over four years and pound for pound over buying new it’s an absolute no brainier with the right deal.

    Regards inspections at the end of the term I have had no issues at all. Just look after the car, normal wear and tear is allowed for.

    The last two to be returned, Golf R and Q7, when doing the sums I was several thousands better of than if I had purchased and financed.

    I started the best lease thread to help others and do give it a look.

    Pitch

  15. #15
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    I'm just about to take delivery of my 5th lease car and my wife is on her 3rd. I always do a PCH over 4 years with a fully maintained option. Look around for the deals and chat to the lease company....you can often get a better deal doing that. I have never paid an upfront deposit and having returned several cars I have paid the grand total of just under £200 for small bits a pieces that were flagged upon return. If you look after the car and are sensible the fair wear and tear policy is just that...fair.
    Its surprising what you can get and I would always recommend leasing over purchasing.

  16. #16
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    If you want to bail out early can be costly. Generally with a contract hire, the term is fixed and when I had an XF I wanted rid of it a year early I had to pay half of the remaining monthlies. This I believe is normal.
    I had a Navara on a finance lease which is similar to a PCP but at the end of the term you have to buy it at the pre-agreed lump sum. I had worked out at 3 years the amount they wanted for it was less than it should have been worth. I was using it as a car so it would have been in very good condition compared with the rest of the market. I ended up getting rid of that a year early too but I could act as the agent for the lease firm and sell it. I got the settlement figure from them and sold it to a trader and was left with nearly £2k.
    It can work very well, but as already said do your homework.

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  17. #17
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    Also, it doesn't always work if you are after something specific. You have to follow the deals to get the best value.

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  18. #18
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    Quote Originally Posted by noidea View Post
    If you want to bail out early can be costly. Generally with a contract hire, the term is fixed and when I had an XF I wanted rid of it a year early I had to pay half of the remaining monthlies. This I believe is normal.
    I had a Navara on a finance lease which is similar to a PCP but at the end of the term you have to buy it at the pre-agreed lump sum. I had worked out at 3 years the amount they wanted for it was less than it should have been worth. I was using it as a car so it would have been in very good condition compared with the rest of the market. I ended up getting rid of that a year early too but I could act as the agent for the lease firm and sell it. I got the settlement figure from them and sold it to a trader and was left with nearly £2k.
    It can work very well, but as already said do your homework.

    Sent from my Pixel 2 XL using Tapatalk
    Why are you taking out 2 year deals if you want out after a year ?

  19. #19
    Master davida's Avatar
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    Quote Originally Posted by Ivan Drago View Post
    Why are you taking out 2 year deals if you want out after a year ?
    Does that really matter?

  20. #20
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    You can bail out any time after 50% of the deal has been paid, I believe - we got rid of an XF early as we needed a 4x4 and since we were 50% through just handed it back.


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  21. #21
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    Quote Originally Posted by davida View Post
    Does that really matter?
    Yes, he's said he's done it twice and its cost him. Heather has money to burn or he's daft.

  22. #22
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    If you contract hire, as I have done for many years, just make sure that the car is spotless when you give it back....And I mean, get the wheel rims and any scratches sorted....and give the interior a really good clean. I have found than many leasing companies make a lot of additional money charging for this - much more than you would have to pay if you did it yourself.

  23. #23
    Master
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    Key things seem to be
    - take the standard offer. Extras really add up
    - be flexible on make/model
    - wait for the good offers, but when they come along move fast

  24. #24
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    Mrs T-7 has a Skoda Octavia coming next month. I think she said it was costing her £75/month. She could only have a blue one though.

  25. #25
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    Quote Originally Posted by Ivan Drago View Post
    Why are you taking out 2 year deals if you want out after a year ?
    They were 3 year deals, I got the Navara as a company vehicle as it was tax efficient. It was the most practical thing I have ever owned but as it was never loaded up it was very bouncy and is basically a very nice farm vehicle.
    The XF was a run out model so had loads of extras chucked at it and was a good deal but that was the first diesel saloon I have ever owned and was the 2.2 litre 4 cylinder. I was always wishing it was the 3 litre. It was a lovely car but boring. So I ended up buying something that I really wanted and made no sense so I bought an RS4! I absolutely love it, I have had a few Audi's.

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  26. #26
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    Quote Originally Posted by Ivan Drago View Post
    Yes, he's said he's done it twice and its cost him. Heather has money to burn or he's daft.
    With the Jag that was daft but the Navara I made some money out of, sort of. Obviously forgetting the monthlies I had paid.

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  27. #27
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    Quote Originally Posted by JP28 View Post
    Key things seem to be
    - take the standard offer. Extras really add up
    - be flexible on make/model
    - wait for the good offers, but when they come along move fast
    Spot on in my opinion.

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  28. #28
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    Quote Originally Posted by trident-7 View Post
    Mrs T-7 has a Skoda Octavia coming next month. I think she said it was costing her £75/month. She could only have a blue one though.
    Just checked with Mrs T-7. She's getting a (blue) Skoda Octavia for £2000 upfront & 23 months @ £75/month. That's not even the VAT which you've lost as soon as you drive your new car off the forecourt.

  29. #29
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    The wife’s Golf that goes back in April was a two year deal it’s was a GT spec so had quite a few goodies total cost to me over the two years was £4300 I do claim 50% of the VAT back. It was one of the best deals I have had I always use Central Leasing Telford,

  30. #30
    Quote Originally Posted by JP28 View Post
    Key things seem to be
    - take the standard offer. Extras really add up
    - be flexible on make/model
    - wait for the good offers, but when they come along move fast
    How are extras ‘adding up’ different to when buying a car?

  31. #31
    Quote Originally Posted by Kingstepper View Post
    How are extras ‘adding up’ different to when buying a car?
    If you buy a car with extras, it will be worth more when you sell, so the extras don't cost you full price as you eventually get some of it back. With a lease, you pay the full price of any extras spread over the term, you then then hand back a more valuable car, but get nothing back.

  32. #32
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    I believe Paul Getty said " If it depreciates lease it, if it appreciates buy it "

  33. #33
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    Quote Originally Posted by Mulligrub View Post
    I believe Paul Getty said " If it depreciates lease it, if it appreciates buy it "
    That sums it up to a tee

  34. #34
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    Thanks for all the advice and sharing your experiences.
    Now having had a good look around for what is available I have concluded these lease deals are expensive and not good value unless you are the type of driver that that likes to have a new car every 2-3 years and only drives low mileage each year.

    I prefer and think it is far better value for money to buy a 2-3 year old car that has taken its major depreciation hit and then keep the car for 5-6 years. Also I prefer a diesel engine for its economy and driving characteristics, the vast majority of these lease deals seem to be for cars with petrol engines. Diesel cars seem to premium priced.

    I couldn't find any deals or offers to lease a 2-3 year old car with say 40,000 miles on the clock.
    That would be an interesting proposition with an included maintenance package/plan offering a fixed price mileage aside for my motoring needs.

  35. #35
    Grand Master ryanb741's Avatar
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    Issue I had with lease cars is the options are very basic. Once you've had heads up display and autosteer/auto brake etc it's hard not to have them as they really add to the experience as such going PCP tends to be the best way to get what you actually want. I do agree some of the lease deals are mental though

  36. #36
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    Quote Originally Posted by trident-7 View Post
    Mrs T-7 has a Skoda Octavia coming next month. I think she said it was costing her £75/month. She could only have a blue one though.
    Which lease company?

  37. #37
    I’ve had a couple. Currently have a Audi Q5 from new 2.0tdi S Line. From memory around £3k down and £299 a month. I bought out last pch from VW as the price offered was trade money. Hoping to do the same with the Audi. Last car on pch was bought and used for 6 months after the pch run out and I sold it for the same money I bought it from the lease company. All PCH cars go to auction at the end of the contract so if you can save them the hassle of getting it picked up and paperwork etc you end up getting the car at trade money. Well that was my experience anyway.

  38. #38
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    I am paying 16k over 3 years in total for a VW Touerag R line with 10,000miles per year, absolute bargain in my opinion.


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  39. #39
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    Quote Originally Posted by Suds View Post
    Which lease company?
    It's Vertu Lease Cars
    vertumotors.com

  40. #40
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    Quote Originally Posted by trident-7 View Post
    It's Vertu Lease Cars
    vertumotors.com

  41. #41
    Master village's Avatar
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    Quote Originally Posted by Chukas View Post
    I am paying 16k over 3 years in total for a VW Touerag R line with 10,000miles per year, absolute bargain in my opinion.


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    Indeed...the deals are there.
    I will be paying a total of £17k over 4 years,including full maintenance,for a VW Passat 2.0 Tdi GTI estate.

  42. #42
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    Paying £195 per month over 26 months for an Astra turbo elite (200). 15k mileage allowance per year. The car lists at £22k but because it was a discontinued line, Vauxhall were unloading them via dealerships at £15k. The lease co clearly get them cheaper again.

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  43. #43
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    Quote Originally Posted by BadgerUK View Post
    Thanks for all the advice and sharing your experiences.
    Now having had a good look around for what is available I have concluded these lease deals are expensive and not good value unless you are the type of driver that that likes to have a new car every 2-3 years and only drives low mileage each year.

    I prefer and think it is far better value for money to buy a 2-3 year old car that has taken its major depreciation hit and then keep the car for 5-6 years. Also I prefer a diesel engine for its economy and driving characteristics, the vast majority of these lease deals seem to be for cars with petrol engines. Diesel cars seem to premium priced.

    I couldn't find any deals or offers to lease a 2-3 year old car with say 40,000 miles on the clock.
    That would be an interesting proposition with an included maintenance package/plan offering a fixed price mileage aside for my motoring needs.

  44. #44
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    Quote Originally Posted by BadgerUK View Post
    Thanks for all the advice and sharing your experiences. Also I prefer a diesel engine for its economy and driving characteristics, the vast majority of these lease deals seem to be for cars with petrol engines. Diesel cars seem to premium priced.
    This seems a good diesel deal, £4999 total on a £20500 car:-

    https://leasing.com/main-dealers/sto...ona/337434240/

  45. #45
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    Quote Originally Posted by BadgerUK View Post
    Thanks for all the advice and sharing your experiences.
    Now having had a good look around for what is available I have concluded these lease deals are expensive and not good value unless you are the type of driver that that likes to have a new car every 2-3 years and only drives low mileage each year.

    I prefer and think it is far better value for money to buy a 2-3 year old car that has taken its major depreciation hit and then keep the car for 5-6 years. Also I prefer a diesel engine for its economy and driving characteristics, the vast majority of these lease deals seem to be for cars with petrol engines. Diesel cars seem to premium priced.

    I couldn't find any deals or offers to lease a 2-3 year old car with say 40,000 miles on the clock.
    That would be an interesting proposition with an included maintenance package/plan offering a fixed price mileage aside for my motoring needs.
    The whole idea of leasing is having a new car and total piece of mind for the lease duration.

    There are no lease deals on 2 or 3 year old cars as that would be a risk to the company that’s not what it’s about.

    I have done the sums on every car I have leased and it’s always about 1k my side, but the reason I lease is I do not have the hassle of getting rid and renewing. If you like touting your car round the dealerships and watch the salesman sucking his teeth and saying weeeell we can only give you X, which is well short of what you were expecting, then go ahead.

  46. #46
    Craftsman T1ckT0ck's Avatar
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    Very new to this but seen... Merc A class on 3year 3month 10k is £214+vat

    Does this seem decent? As i say just trying to get to grips with how it all works and how to spot a deal from a donkey!


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  47. #47
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    Quote Originally Posted by T1ckT0ck View Post
    Very new to this but seen... Merc A class on 3year 3month 10k is £214+vat

    Does this seem decent? As i say just trying to get to grips with how it all works and how to spot a deal from a donkey!


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    Here a couple of websites to compare look at the deals and it will give you all the information you need

    centralukvehicleleasing.co.uk

    Smart lease
    Last edited by hilly10; 19th February 2019 at 08:35.

  48. #48
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    Quote Originally Posted by T1ckT0ck View Post
    Very new to this but seen... Merc A class on 3year 3month 10k is £214+vat

    Does this seem decent? As i say just trying to get to grips with how it all works and how to spot a deal from a donkey!


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    The general consensus on Pistonheads seems to be that if the total cost of a lease over two years is approx 20% of the car list price then it’s a good deal, or 30% for a three year lease. Nicked from the lease thread there:

    Under 20% = either an Awesome Deal, or a surprisingly common 'mistake' by the dealer
    20% to 25% = Pretty Good Deal
    25% to 30% = OKish Deal
    over 30% = Poor Deal
    Last edited by benny.c; 19th February 2019 at 10:47.

  49. #49
    Craftsman T1ckT0ck's Avatar
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    Quote Originally Posted by benny.c View Post
    The general consensus on Pistonheads seems to be that if the total cost of a lease over two years is approx 20% of the car list price then it’s a good deal, or 30% for a three year lease. Nicked from the lease thread there:

    Under 20% = either an Awesome Deal, or a surprisingly common 'mistake' by the dealer
    20% to 25% = Pretty Good Deal
    25% to 30% = OKish Deal
    over 30% = Poor Deal
    Thats very helpfull thanks!


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  50. #50
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    Quote Originally Posted by hilly10 View Post

    Smart lease
    That website is from the 80s before the internet even existed. Impossible to navigate.

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