Has anyone on here got experience of leasing a car?
I know it's quite popular to do it at the moment (certainly a LOT of people at work seem to do it!) but I just can't seem to make the maths add up.
I've never owned a first hand car, always had a 2nd hand one which I usually spend around £4-£5k on.
Sometimes they have been great and just needed 'run of the mill' type repairs needed doing to them and other times it has completely backfired and I've had to spend £600-£800 in the first year on out of warranty repairs.
The option of buying a first hand car out right is out of the question as I just don't have the money to do that so then it comes down to looking at leasing or HPA or whatever they are called.
Basically you trade in your existing car as a deposit and you get a nice new first hand car with a monthly payment attached (usually a few hundred)
The advantage being that it's new so there is less chance for stuff to go wrong and then and it is also under warranty. At the end of the agreement say in 4 or 5 years you can choose to buy the car outright (so I assume you are then paying the full time for a car from a few years ago) or choose to swap your car for another new model and carry on paying.
You essentially never own the car I guess in the same way you bank own your house until you pay off your mortgage.
Does anyone on here own a car via HP and if so do they think it's good value for money and I'm just being dim as the main negatives I feel are that the car is never truly yours and that you are sort of stuck in a loop of endlessly getting new cars every few years.
I know it's quite popular to do it at the moment (certainly a LOT of people at work seem to do it!) but I just can't seem to make the maths add up.
I've never owned a first hand car, always had a 2nd hand one which I usually spend around £4-£5k on.
Sometimes they have been great and just needed 'run of the mill' type repairs needed doing to them and other times it has completely backfired and I've had to spend £600-£800 in the first year on out of warranty repairs.
The option of buying a first hand car out right is out of the question as I just don't have the money to do that so then it comes down to looking at leasing or HPA or whatever they are called.
Basically you trade in your existing car as a deposit and you get a nice new first hand car with a monthly payment attached (usually a few hundred)
The advantage being that it's new so there is less chance for stuff to go wrong and then and it is also under warranty. At the end of the agreement say in 4 or 5 years you can choose to buy the car outright (so I assume you are then paying the full time for a car from a few years ago) or choose to swap your car for another new model and carry on paying.
You essentially never own the car I guess in the same way you bank own your house until you pay off your mortgage.
Does anyone on here own a car via HP and if so do they think it's good value for money and I'm just being dim as the main negatives I feel are that the car is never truly yours and that you are sort of stuck in a loop of endlessly getting new cars every few years.