So cars are expensive now, huh? (Leasing)

VincentHanna

VincentHanna

VincentHanna

Caporegime
Joined
30 Jul 2013
Posts
30,160
I haven't outright owned a car since I sold a 2013 BMW 530D Touring in 2018

I had a 2 year personal contact hire on a E200 Premium Plus which had a P11D value of approx. £50k and cost me £423 a month

I currently have a 2 year business contract hire on a Polestar 2 350KW Pilot/Plus which has a P11D value of approx. 50k and costs me £491 a month

That car is due to go back in March, and as much as I would like to extend it, as it's a great car and very quick - I'm fairly certain Polestar can sell it for more than the RRP when it was new and won't entertain it.

I'm looking around now and equivalent value cars are about £250 a month more! (for the same spec Polestar 2 for example)

Anyone else found themselves in this position and what did you end up doing? I only do 10k miles a year so even spending £500 a month on a car seems like a ridiculous luxury.
 
Last edited:
I don't have much to input but if you are spending that kind of money to do 10K a year I'd make sure it was something you really enjoyed driving. If it is just going from A to B there are plenty of decent cars cheaper that will do that well enough.
 
Just about managed to get a reasonable deal on our current lease car, but this was 1 year ago, prices now are higher. Guess the choice is either suck it up or go for something cheaper.

Though once this one ends wife has to go onto company car scheme instead of car allowance so will probably be restricted by that. We only have/need one car.

I have seen some Polestar prices around what you are paying for business lease.
 
Last edited:
I'd enquire if they'd be prepared to extend the lease a year - back in the day I'd see people do this relatively easily and sometimes even a reduced payment. I doubt they'd offer a reduction these days but you might get another year's worth of your current pricing so you can kick the can down the road a bit.
 
VincentHanna said:
Yeah, the basic 170kw single motor ones...

Mine is fully loaded with 350kw
Click to expand...

Ah. :cry: Suck it up or downgrade. :(

Though as above, I have also extended a lease before. Actually cost less per month as well, though how realistic that is at the moment I dont know.....

Given current lead times I would be sorting it ASAP as well!
 
Last edited:
Model Y Long Range seems ok value and available in 1-2 months

Don't like them though. Harsh ride and I like an digital drivers screen in front of me, not over to my left :)
 
Last edited:
Everything has gone up, I'm paying £590 a month for a Model 3 performance, only started the deal 5 months ago, I'm not expecting to get anything like that again in 4 years
 
Paying £620/ month for a cupra ateca 21 plate. That’s a straight up 5 year bank loan to get the car which was £35k.

It stings but it seemed the most straight forward and cheap way when compared to pcps etc.
 
I've only leased once. I am unlilkely to do it again as I think setting fire to a bunch of £50's would be a better option. But at the end of the lease they offered to extend it. If they haven't done so for you then I'd try contacting them and asking.
 
Hades said:
I am unlilkely to do it again as I think setting fire to a bunch of £50's would be a better option.
Click to expand...

I'd have to really really have a passion for a vehicle to go finance on one in the future I think.

I did a lot of thinking about it recently but I was in a rush and ended up buying a 2017 Qashqai outright out of necessity - as hateful as it is as a driver's car it does the job and gets me from A to B comfortably. The lead times on anything new I would have considered financing were stupid and from posts online probably more like 4-6 months longer than the dealer's estimates in reality.
 
Rroff said:
I'd have to really really have a passion for a vehicle to go finance on one in the future I think.

I did a lot of thinking about it recently but I was in a rush and ended up buying a 2017 Qashqai outright out of necessity - as hateful as it is as a driver's car it does the job and gets me from A to B comfortably. The lead times on anything new I would have considered financing were stupid and from posts online probably more like 4-6 months longer than the dealer's estimates in reality.
Click to expand...
While a cheaper car, a guy I work with ordered a fiesta, and was promised it in May, he's still not got it I ended up taking a loan to buy a 2 year old model 3, although I had an e92 M3 to part ex so I got my loan relatively cheap (and spread it over quite a few years).
 
VincentHanna said:
I haven't outright owned a car since I sold a 2013 BMW 530D Touring in 2018

I had a 2 year personal contact hire on a E200 Premium Plus which had a P11D value of approx. £50k and cost me £423 a month

I currently have a 2 year business contract hire on a Polestar 2 350KW Pilot/Plus which has a P11D value of approx. 50k and costs me £491 a month+ VAT

That car is due to go back in March, and as much as I would like to extend it, as it's a great car and very quick - I'm fairly certain Polestar can sell it for more than the RRP when it was new and won't entertain it.

I'm looking around now and equivalent value cars are about £250 a month more! (for the same spec Polestar 2 for example)

Anyone else found themselves in this position and what did you end up doing? I only do 10k miles a year so even spending £500 a month on a car seems like a ridiculous luxury.
Click to expand...

Same here. Cars have gone up a lot in the last 3 years. All the directors cars are being swapped this year and three years ago they were all £50k to £60k cars and now they are £70-£80k cars for like for like models.

Plus since there is hardly any new discounts available any lease/PCP is a lot more money than 3 years ago. My boss thought I could get him a brand new discovery for his wife and was will to pay £500 per month on lease. I told him those days were long gone!

Answer: We are just sucking up the new prices.
 
My plan had been to buy a Model 3 SR+ on PCP over 2 years then look to see what was available. That cost £38.2K and monthly payments were only £303 per month. By the time I actually decided I wanted another Model 3 rather than a Model Y standard range which were delayed the price had gone up to £52K for the same SR+ so that kinda kicked that plan out the window.

So I've owned the SR+ outright for just over a year now and serving has cost ~£100 including it's first MOT so I'm happy to hold on to it.
 
Last edited:
I leased last year for the 1st time, my car was on its way out and I just wanted a hassle free few years so I leased. I just got the cheapest decent car I could find which turned out to the a Corsa Elite Nav for £140pm. The same car currently is £250pm and the bog standard is £180pm.

It runs out in July next year and i 99% they won’t extend as they can sell it currently for a lot more than they would have calculated. I’ll probably go careless for a year unless the market has changed by then.
 
Joeyuk said:
I leased last year for the 1st time, my car was on its way out and I just wanted a hassle free few years so I leased. I just got the cheapest decent car I could find which turned out to the a Corsa Elite Nav for £140pm. The same car currently is £250pm and the bog standard is £180pm.

It runs out in July next year and i 99% they won’t extend as they can sell it currently for a lot more than they would have calculated. I’ll probably go careless for a year unless the market has changed by then.
Click to expand...

I'm sure there are cars that depreciate only £140pm if that is what you are willing to pay.
 
muon said:
I'm sure there are cars that depreciate only £140pm if that is what you are willing to pay.
Click to expand...

It's an interesting point because in the current market its hard to find many cars that depreciate by much more than that, yet leasing has never been so expensive..
 
You must log in or register to reply here.
Back
Top Bottom