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Car Leasing

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Same here. Any recommendations? Jacksons, etc, any good for this? EV preferred.

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1 hour ago, Merkin said:

My personal experience of reading the former  NOT joke was fabulous.  Keen to hear the views of others.

 

Also, hear Rex Leasing are up to good things. 

I’ve seen their adverts. They look quite interesting...in a good way

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Yeah, I’ve never leased a car but can see the attraction.  Good to see new a new business setting up though I guess. 

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1 hour ago, Amadeus said:

Same here. Any recommendations? Jacksons, etc, any good for this? EV preferred.

Jackson's ??? You are joking ?

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9 hours ago, dilligaf said:

Jackson's ??? You are joking ?

That bad? Never dealt with them but looks all nice and shiny.

Anyway, the way people purchase cars, or use cars in general, is changing. I like those new subscription models that Volvo and some others are rolling out. The idea of financing a lump of metal on your drive over multiple years seems silly in an age when everything else is on demand. We also need something like car sharing / on demand cars like Drive Now.

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It's the trend for business now. They don't want to sell you something anymore; they want a regular income stream. Think music streaming services, all manor of software that you used to buy once on a cd and now you can't, devices, cloud computing etc.

It goes against the grain with me not to buy the thing, but I realise that this is old school.  I said on this thread early on, "each to their own", but I wait with interest to see if others have had really stonking deals on leasing vehicles.

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Posted (edited)
48 minutes ago, Amadeus said:

That bad? Never dealt with them but looks all nice and shiny.

Anyway, the way people purchase cars, or use cars in general, is changing. I like those new subscription models that Volvo and some others are rolling out. The idea of financing a lump of metal on your drive over multiple years seems silly in an age when everything else is on demand. We also need something like car sharing / on demand cars like Drive Now.

I’ve never understood why anyone would want to buy a depreciating asset with a loan or their own money when they could be using their capital or a loan to generate more money. If a bank tried to sell you something for £40,000 and said it would be worth £7,500 in 5 years time you’d be reporting them to the FSA but that’s pretty much the prognosis for any new or nearly new BMW or Merc. Just pay a fixed monthly amount and walk away at the end of the contract and let’s your PCP company try to trade your car (packed with electronics that are pretty much going to pack up and be expensive to repair at some stage rendering it almost worthless) in 5 years time. 

Edited by MrPB
Typo

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Nowt wrong with Motor Sprawl.  

Just remember the screen price includes all the things like paint protection thingy, tyre insurance, gap insurance, wheel insurance .. and any other insurance the can think of that they think someone will pay. 

Get them to take all the bump ups off and the price come down oddly enough.

They do PCP, HP, PX or outright purchase.

All finance is done out of their hands by Lloyd’s offshore, so you could claim back 10% of your interest payments if you feel inclined.

One word of warning for all car dealers - a friend of mine from the UK returned a new car to the UK dealer for constant unrelated faults.  Got a part refund, less the special order bits (paint protection coating) and a few quid for 3 months of use.

He saw the old car a few weeks later in his local pub car park and spoke to the new owner.  He was having a few issues with it .. and paid for the paint protection coating.  They managed to sell that twice!

That owner got a full refund after he took it in for a dealer service and later that day took a photo of his car being driven into the local   ‘Thickfit’ and getting an oil change. 

He questioned the bill when it was presented to him, showed them the photos and said he’ll be back in the morning for his money back.

You pays your money and takes your choice when it come to dealers and garages.  Some of the ones who have been serving the island for years I wouldn’t go back to.  It seems to be the little guys selling 2nd hand motors who come out better.  

 

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55 minutes ago, MrPB said:

I’ve never understood why anyone would want to buy a depreciating asset with a loan or their own money when they could be using their capital or a loan to generate more money. If a bank tried to sell you something for £40,000 and said it would be worth £7,500 in 5 years time you’d be reporting them to the FSA but that’s pretty much the prognosis for any new or nearly new BMW or Merc. Just pay a fixed monthly amount and walk away at the end of the contract and let’s your PCP company try to trade your car (packed with electronics that are pretty much going to pack up and be expensive to repair at some stage rendering it almost worthless) in 5 years time. 

I imagine that the amount you pay to lease is more than depreciation. It has to be otherwise the business model wouldn’t work.  I’d rather buy things outright without credit than have to incur an additional 30% premium due to cost of finance. 

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Posted (edited)
28 minutes ago, Merkin said:

I imagine that the amount you pay to lease is more than depreciation. It has to be otherwise the business model wouldn’t work.  I’d rather buy things outright without credit than have to incur an additional 30% premium due to cost of finance. 

Things are changing fast. You won’t be able to give a diesel away soon. Anyone who buys a new car with cash is crackers. You might as well set fire to a mountain of cash. It’s simply not a sensible way to deploy capital. 

Edited by MrPB

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Depends on what you buy.

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3 minutes ago, x-in-man said:

Depends on what you buy.

Yes if you’re buying something specialist but true in about 70% of cases. Most bread and butter vehicles are scrap in about 7 years. 

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I remember all the lads rushing to buy their first bikes on hire purchase via the likes of Conister in the seventies and having their compulsory Fully Comp insurance premium lumped in on top of the bike's purchase price ...thus still paying off that first year's insurance 3 years down the line..

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The industry is gearing up for the day when almost everyone will lease their vehicle, particularly in the electrification era. As MrPB says, the main exception to this will be the purchase of some specialist cars. 

You basically pay a deposit, a monthly payment over three years with restricted mileage, and any amount left over the forecast three year value will go towards a deposit on your next vehicle. The key is in making sure that the future value predictions are realistic and that you hand the car back in good condition, serviced and not over mileage. 

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28 minutes ago, MrPB said:

Yes if you’re buying something specialist but true in about 70% of cases. Most bread and butter vehicles are scrap in about 7 years. 

If the car devalues for the customer, it will do the same for the finance provider so this will be built in to the monthly cost. A 2012 car is now seven years old, and I don't see them being given away very often. These schemes are not for seven years though.

It's maybe not worth tying your capital up in a vehicle if you can safely earn a good rate of return on it. I'm not aware of many ways that's possible these days - "safe" investments seem to return less than inflation. It all comes down to the numbers on any individual deal, but I believe the capital being tied up will cost the finance provider more than any individual can earn from it (without adding their labour).

I'm sure they work well if you want to regularly buy a new car, want to pay for full main dealer servicing and don't do many miles. As soon as the miles start to clock up it can get expensive.

I was working for Ford Europe (R&D) then Ford Britain (Service) years ago when these schemes were first launched,  we were told was that customer loyalty would be markedly increased by keeping them in contact with their local dealer for servicing (depends on the dealer!), also the option of a lower monthly cost (first time, with a trade-in) had to be offered to compete with other manufacturers. There didn't seem to be any notion it was any more or less profitable than just selling the cars.

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