Am I making sense?

Skilid

Skilid

Skilid

Soldato
Joined
20 Sep 2006
Posts
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Location
Hampshire
Hi all,

As some of you know, I currently own a 2008 Mazda 3 MPS. I am looking to change this car in the near future, but have just bought a house so funds are now obviously limited. They may seem like odd choices but I am looking at either a 208 GTi or a Mazda MX-5 (09-).

I have today seen a lease deal for the 208 whereby you put down £166 and pay £166 per month plus an admin fee of £380. This would obviously cover tax, insurance, repairs etc etc. This is an 18 month lease. Total payable ~£3300. 10k per year limit.

Currently for insurance, tax and depreciation my MPS costs me £180 there or there abouts. I do roughly 10k miles a year, give or take. This doesn't include repairs (needs a new gearbox ideally).

I figure that if I do this, it will enable me to sell my Mazda without being without a car and I can save up for something that I want in the future. I doubt I'll have any intention of keeping the 208 once the lease is up, because I cannot bear the thought of paying over £10k for a Peugeot, no matter how much I like it. If I like it that much, I could buy a slightly older, used model by that point. If I don't like it, car is gone and I'm free to buy something else or maybe even sign up to another lease.

Am I mad? Does this make sense?

Pros: New car, low costs, no surprises, no depreciation.
Cons: Not mine, can't modify, got to give it back. Also if I don't like living with it, I can't get rid of it.

Am I missing something here? Or does this seem to work out well for my situation? Thoughts are much appreciated.

Thanks.
 
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Normally lease deals don't include insurance, servicing or repairs (unless warranty related), so be sure to factor that in. You do have to give it back after the 18 month lease (there's normally no option to continue leasing the same car or to buy it)

So this is going to cost you £196.33/month PLUS insurance, compared to £180/month inc insurance for your MPS.
 
Ahh I see. Someone at the office told me that insurance etc was included...

Edit: Thread can be closed lol.
 
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Peugeots can do, if they are doing it under the just add fuel deal. Haven't seen it for the GTi though, and certainly not for that small a monthly amount.

Looks like they are doing the GTi in the just add fuel deal now, if your pricing is correct with the £166 then it may be worth looking into, I think the just add fuel amount is usually £10-15 a month.
 
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Other thing to watch out for is damage at the end of the rentals.
Just be sure to keep an eye on the wheels and to buy a decent car mat, you'll be good to go.
 
Erm, if you want to save up for a car, and it is costing you £180 per month now (ish), of which depreciation is just one part, then why would you sell it to fund something that costs £187 per month (if you put the admin fee back into the monthlies) to help you save money?
 
I will be selling the MPS in the near future regardless. I've already decided I'm not modifying it any further and have sold off some new parts that were going on it.

I'm not swapping to another car to gain MPG or to save money. I just fancy something different. Both the 208 GTi and MX-5 seem fun, and I've wanted to try them out for a while. I just thought that the lease deal was a good way to get into one of them fast, but I made a mistake with the costings.
 
Changing car just after moving house because you fancy something different does not seem like a wise move. I bought my first place 6~7 years ago and bought/moved to a house 2 years ago - both were REALLY expensive and busy times
 
iaind said:
Changing car just after moving house because you fancy something different does not seem like a wise move. I bought my first place 6~7 years ago and bought/moved to a house 2 years ago - both were REALLY expensive and busy times
Click to expand...

This. Keep as much cash available as possible for the inevitable **** ups that you discover. We had to replace a boiler, install a damp proof course etc. It all adds up and comes out of nowhere.
 
The gearbox has never been great. Mazda are known for their good gearboxes, but the MPS gearbox is known for quite the opposite. The gear changes are very notchy, it's very easy to miss gears etc. I test drove a few and they were all similar. Coming from an EP3 it was a vast contrast.

In my particular case the 2nd gear syncro is on it's way out and crunches badly for the first 15 minutes of driving. Also the selector for 6th is bad because it can take a couple of attempts to get it in. I have had several different gearbox oils, including the one that Mazda sell and it has only been getting steadily worse. Also, even with the correct oil, the diff makes strange noises where it never used to originally.

Whilst the engine and clutch are strong, the gearboxes are very sensitive and use soft metals.

I'm pretty confident the house isn't going to throw up and big bills. The boiler is in good nick and has been inspected, I've had several parts of the heating system replaced, the roof fixed and inspected and I'm about to have new windows and doors fitted.
 
To be fair the 208 GTi deal isn't bad value, just remember you will still need insurance etc. so you won't be achieving your original goal of saving money :p
 
MORE SPEED said:
Not unheard of for them to start popping out of second gear, I'd imagine it's related to that.
Click to expand...

What the hell? One of my cars is 21 years old and still on its original gearbox and only its second clutch.

Back to the original question though... If insurance is included it seems an OK deal. If not then stay with what you have.
 
chanjy said:
To be fair the 208 GTi deal isn't bad value, just remember you will still need insurance etc. so you won't be achieving your original goal of saving money :p
Click to expand...

Wasn't my goal, I just thought the deal was too good to be true.
 
Insurance is included if it's under the just add fuel deal... It really is what it says, just add fuel. You just need to make sure the monthly fee you were given is actually correct as it seems a bit low.
 
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