This is the first video of DefinitelyNotAGuru I have seen, but I've subscribed! Excellent video putting the pros and cons very fairly. I leased a car for the first time in 2021, ie the height of the pandemic, when car sales were through the floor, and got an excellent deal on a car I would never have been able to afford otherwise. No damage charges at the end of the lease, just a reasonable amount for the extra miles I did over and above what I had expected. The "total maintenance" package turned out to be a good thing too, even covering replacement tyres.
Everyone needs to use this guys referral links, his videos are always top class and genuine. He deserves the support as his content is quality. Always transparent and no BS
Great informative video Jim, highlighting the cons against the pros of car leasing. It's also great to hear some truth and integrity from someone in your line of business. Thanks!
Hi, am a few months away from 66 and love the channel and thinking of spoiling myself with my oap😂. My dad was a garage owner with sales and repairs. Taught me a lot about repairs which is largely irrelevant in today’s money. I have never in my life spent more than £2500 on a car for me my wife or my 3 daughters. The last one I bought for me was a petrol berlingo 1.6 7 yrs ago for £2300 with 60k on clock. 17 yrs old and runs like a Swiss watch. No rust and very practical. However I am going to have a new lease car in January and fancying a Vitara. This channel superbly informative
I’ve never leased a car, I’m not planning on leasing in the immediate future, I usually buy at 3-4 years old, but I really enjoy your content, the unbiased detail and the offers you cover, it’s made me think maybe leasing could work for me if I fancy something newer in the future, maybe it’s a safer way to enter an electric car? Keep showing those great deals, just subscribed!
Thanks, I negotiate hard and pay cash, yes I know, lost opportunity etc, but I hate loans and finance companies and like to own stuff. Yes, do not get fixated on a particular model.
Thanks Jim. I never considered leasing until I saw one of your videos about 6 months ago. I’d had company cars for years then bought my ex company Galaxy which served us really well for years while the kids were smaller. Since then I’ve bought second hand - some great some not so. Watching your videos and doing the maths convinced me. My first lease car is due to be delivered in July. Looking forward to a car with all mod cons for no more than my last second hand car cost (total cost of ownership) me! Huge thanks to you, Leaseloco and ALA! I say that in all honesty I’m not Jim’s best mate honest.
The planets did align for me and I found a Peugeot 408 GT for £310/month over 3 years with zero down and with 10,000 miles / year which I'm driving now. It was exactly the car I wanted and at a price well below 1% a month.
Another great informative video as always. Following an expensive PCP I decided to lease the next car in 2018 and I got a very nice Volvo XC60 with all the gadgets on a 4 year lease. Back then the only issue I had was trying to insure the car as a lot of the online sites didn’t do lease cars. After 5 years, I got a 1 year extension, the car went back and was asked to pay approx £150. Contacted them and asked they take the lower mileage into consideration and they waived the fee. Finally as the multi billionaire Warren Buffet says buy what appreciates and lease/rent what depreciates.
I struggle to understand the insurance issue, I can only think it’s a mapping problem on the comparison sites as, from an insurers perspective (which I used to be), I don’t see how a leased car represents more risk than an owned or otherwise financed one.
I had a lease car, it was so restricting, constantly thinking about the mileage I was doing and the condition of the car and any small scratches if any. The biggest thing is that your stuck with it for the lease time, not being able to hand it back if you hit troubled times is always a nightmare if the unfortunate happens. To many rules !!!! Buy cash if you can and live your life 😊
I’ve leased cars for the last 4 years,and I have never had a problem , if you look after the car as if it was your own you will not have a problem when you return it.
Your channel is indeed very useful for leasing deals.. BUT... you always take time to explain the positives and negatives. In the past you have always pointed out why leasing MIGHT work for some people and not others. In short NOT JUST A LEASING CHANNEL.
Small point you missed out about the servicing is that some leasing companies will stipulate in the contract that you must get it serviced at a main dealer, whereas some are at any VAT registered garage - so definitely worth factoring that cost in before FTK. I can't recommend GAP insurance enough - my 6 month old lease was written off and there was an £1,850 shortfall. The GAP insurance paid that out plus an additional £1,750 as I paid a few quid extra for my initial rental to be covered too!
Excellent video with plenty of useful information presented in a straight forward way. Many thanks for all your efforts. You deserve to have far more than 50K subscribers and I'm sure you will get there.
Really useful info on the whole leasing experience. Sound advice and essential knowledge for anyone considering leasing. Makes the whole process far less scary 👏
Another good one Jim. I leased a Model 3 over 4 years and it concludes next year. Main reason was the rapid tech developments but If I get another Tesla I will probably buy it for a number of reasons you mention not the least being tied in for a long period as anno domini creeps on!
Owning a car always comes with the problem of never achieving a valuation what you believe is favourable when you come to sell/part ex.This makes leasing a no brainer.All you have to do is keep persevering until you get the best deal.Different lease companies have wildly different rates for the same vehicle.
You could always find out which auction house the lease company take the cars to and or ask the person who collects the car which auction it's going to. the thing that puts most people off buying a auction privately is the risk of not knowing the history of the car, but obviously if it's the car that you've been using for the last three years you don't have to worry and can buy it considerably cheaper than they'll offer it.
They all go to either Manheim or BCA (most to BCA) but sometimes the likes of BCA will put them straight into one of their other brands like Cinch or Marshall Motor Group instead of auction.
I have leased cars for the last four years ,and I have never had a problem returning them, look after the car as if you own it and there should not be a problem when it’s returned. I would never buy a new car in the future.
Leasing is the way to go. People say you don’t own the car. But if you don’t lease and buy you don’t own the car anyway till you make the last payment anyway. No brainer 🤷🏻♂️🤷🏻♂️
Car leasing is ok if either your own company or someone else is paying . it all gets nasty when when for example over run the mileage or want to return early---this gives the leasing company a trump card to take you to the cleaners , and they will. I gave my last car back 3 months early as i would have exceeded the mileage . I told them that i would lease another if they were reasonable with the early return fee , but they decided to loose a customer.
All the terms of the deal are in the agreement so nobody will be taken to the cleaners if they read what they're signing up to. Excess mileage charges can be anything from 3ppm to 30ppm, if you hand a car back early expect to be charged 50% of the remaining payments to do so.
With my last lease car the excess mileage was actually cheaper than the lease cost for the next mileage band up, so I obviously took the lower lease mileage and paid the excess mileage. The only issue I’ve had is the discussions on minor damage and are they within the size limits set out in the guidance provided when taking out the lease. Some inspectors are good some are bad, and this can make handing the car back quite stressful. On one car that was inspected at the showroom where I was picking up the new car I had to get the service manager to come and adjudicate, fortunately he agreed with me. Another trick they try after the one hour inspection on collection is “we will need to give it a full inspection when we get it back to the garage”, this happened to my daughter in law two weeks ago and she was really worried about this, waiting to hear if there was a problem. Anything could happen on the way back once the vehicle is out of your hands and this would probably not be legally enforceable so why do they say things like this. It’s really this crap on collection that makes leasing less appealing. I know in a previous comment you said this doesn’t happen now but I can assure you it does.
You should also mention that the "Affordability Check" may be based on "fixed income" and not savings. I was really sold by your channel on leasing a new EV and so was therefore very dissapointed when they refused me the credit based on affordability. This was despite having considerable savings. I retired early and am not yet claiming all my pensions and therfore my fixed income is very low as I intend to live off savings for a number of years. The application I completed did not have any reference to savings and when I disputed the decision with evidence of savings they were not interested, this was despite having a very high credit rating.
They wanted the savings interest in "Fixed Income" products, in other words the interest needs to be going into your bank account on an automatic regular basis. If you have £500,000 in a seperate account that you simply draw from when needed they don't want to know. I even offered to pay the full amount up front. Dont know if thats typical of all lease companies though. I gave up after that experience and reverted back to buying used.
I’m looking at a new car, thinking brand new bc life’s too short isn’t it. Looking at the XC60 and leasing seems cheaper than PCP. But still feel drawn to. But with the same deposit lease is £200 a month cheaper which is really hard to overlook!
I've always been one to buy a cheap car that's about 10 years old and run it into the ground, but because I don't know much about cars and what to look out for when buying, I keep getting shafted and end up needing expensive repairs. I have a middling income and low outgoings so I don't even need to be skimping on a car like this, it doesn't make sense to put myself through all the hassle. At this point it's clear I might as well lease - and it might even end up cheaper.
I did the same for years, saved on the car and paid on repairs (even with a bit of knowledge it's tough to see the future when it comes to cars and their state of health)
Hi great video but can I ask you what is your opinion of the motability scheme, I qualify for it and looking at a Renault Arkana th3 advance payment is approximately £2000, cost is £75 per week which covers everything only thing you pay for is fuel ,contract is for 36 months 60,000 miles but then you hand the car back and get nothing then have to fund another
I get it! Shop for the deal not the specific car. So why don’t I see deals on the likes of Aston Martin, Porsche, Bentley Continentals? Haven’t seen them do I’m just having to buy one with my savings then 🤪
It may already have been said in the comments, but a lease car may also not be for you if you want to modify your car (engine remaps, body kits etc). If you lease, it's not your car, so you can't.
Totally fell apart when you dropped in the small comment about giving up alcohol.... I can't see myself hanging a poster of a Dacia on my wall either.... 👍😂
If you lease a car and the clutch goes say in the first 2yrs/20,000miles how likely are you to get that as goodwill? It would obviously be highly unusual for a clutch to go in that time but I’ve known it happen to friends who treat their cars well and they get lumbered with a £1500 bill for a ‘wear and tear’ item which shouldn’t be that worn/torn at that stage. Perhaps it’s safer to go with an auto where ‘driver fault’ is a less easy fob off
No idea really; must be as rare as hens teeth. I'd say it's mechanical failure or driver error at that mileage so somebody should clearly be in the wrong I would have thought.
@ thanks. I know on Korean cars 10/12 years ago clutches were a nightmare (many a horror story on FB groups of them lasting 5000 miles or less). Eventually a manufacturer admission I believe got them replaced under warranty with initial pushback. Like you say, probably v rare but still far from the hassle free motoring promised by leasing
You'd need the permission from the lease company as they own the car, but yes it could be done 👍🏻Otherwise just put it on retention and pay the £80 until you have a car you can put it back on.
Hi What happens if the care has a mechanical problem that makes it undrivable, would the care be replaced? Or manufacturer warranty cover such situations?
Leased a peugeot 408 this year. Just wondering what would happen if the car goes in to the garage for warranty work? Would you be without a car while the car is in the garage? Obviously sometimes the car could be in for quite a few weeks.
Im not sure I fully understand your dislike of PCP Jim. I have a 3 year PCP deal on a used car at a very affordable monthly payment. I was informed at point of "purchase" that at the end of the 3 years I can either pay the guaranteed future value amount and keep the car or simply give it back. It is my plan to do the latter, and then move to a lease deal. Is that situation not very similar to leasing? I.e pay 36 x £X then move on. Am I missing something?
I’ll do a video on it one day. Main issues are how it’s routinely mis-sold, how you’re financing the whole amount but only ever paying off a bit, and is used by dealers with a load of smoke and mirrors to push people from one car to another. There’s more but I’m all typed out.
You can take anything/everything from these videos that's 'relevant to you' - they are all excellent and easy to understand! At the end of the day, if you're happy with the amount/s you're paying, for what you've got, whether you plan to keep it, change it, or give it back then it's the right deal for you IMO 👍
Just cash purchase is your only option really (leasing has interest built in to it, it’s far more discreet than with other forms of finance but I’m not sure if God would believe me 👍). Maybe car hire but it would be terribly expensive as a long term solution.
@@DefinitelyNotAGuru thanks for that! Interesting to know that leasing has interest built into it - could you elaborate possibly ?? Probably a long one to explain!
Well, the leasing company has to get their money to pay for the car that you are paying them for. Money isn't free...so they'll be paying interest, therefore...you'll be charged interest too 😊
The leasing broker is sourcing a car, financing it, and then charging you a monthly fee. Part of that fee will be made up of interest but it’s possibly one step removed - you’d need to ask the leasing broker really and make a call on it yourself. 👍
Hi Jim, when I checked a vehicle from leaseloco and it took me to another lease provider. But the quote was bit higher. Also what is this maintenance charge and is it beneficial from them or from outside party. Please advise. Thank you.
LeaseLoco is just a comparison site. You need to get a maintenance price from the broker you eventually speak too, sometimes the price is such that it’s daft not too, other times it’s prohibitively high.
@@DefinitelyNotAGuru I've noticed used PCP monthly costs are the same as used lease deals. Which would you recommend for someone looking for a specific vehicle model like a coupe that is not normally on new lease deals? Thanks
@@hybridownzDK they HP or loan instead. On PCP you’re financing the full amount of the car but only making payments against a fraction of it. Each to their own but a loan or HP are more efficient ways of financing generally.
I've had a car lease which was originally for 2 yrs, but kept renewing the lease on the same car for the last 9 yrs. Don't know if I'm doing the right thing
Let’s say you lease for 3 years in Jan 2025, it’d go back end dec 2027, or Jan 2028, how’d you get the next car to line up with one ending and getting into the next?
You usually pay a bigger upfront payment on PCP then have the option to buy at the end. With leasing you don’t. Mis-selling of PCP is widespread, there are several reasons why dealerships push it - none of them are that good (in my opinion). The sheer amount of smoke and mirrors attached to it are enough of a warning sign for me.
0%APR, what the ____ is that all about? Do they inflate the price and make it more expensive to start with and effectively add the interest they wouldve got from you or is it a genuinely better deal?
usually they don't give you their "dealer contribution' (A DISCOUNT) but are technically not chargign you for the finance. Smoke and mirrors nonesense mostly (not always) - i did a video on it
Over the past decade or so the industry is trying to get people to lease a car. My credit score is superb so I could lease easily but then I look at current cars. A decent car is £45 k and you would never own it as they want over £20k final payment. Also they really want you to pick an EV. It's very hard to buy a new petrol car so I'm opting to keep my petrol car for many years more.
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✅ 𝗟𝗲𝗮𝘀𝗲𝗟𝗼𝗰𝗼 : leaselo.co/notaguru-car-leasing
✅ BVRLA Wear & Tear Guide : issuu.com/bfwsn67/docs/bvrla_fair_wear_and_tear_standard_-_cb6bf45bb50403?e=2001091/30897824
This is the first video of DefinitelyNotAGuru I have seen, but I've subscribed! Excellent video putting the pros and cons very fairly. I leased a car for the first time in 2021, ie the height of the pandemic, when car sales were through the floor, and got an excellent deal on a car I would never have been able to afford otherwise. No damage charges at the end of the lease, just a reasonable amount for the extra miles I did over and above what I had expected. The "total maintenance" package turned out to be a good thing too, even covering replacement tyres.
Thanks for watching 👍
Everyone needs to use this guys referral links, his videos are always top class and genuine. He deserves the support as his content is quality. Always transparent and no BS
Thanks 🙏
Great informative video Jim, highlighting the cons against the pros of car leasing. It's also great to hear some truth and integrity from someone in your line of business. Thanks!
Thanks Ken 👍👍
Hi, am a few months away from 66 and love the channel and thinking of spoiling myself with my oap😂. My dad was a garage owner with sales and repairs. Taught me a lot about repairs which is largely irrelevant in today’s money. I have never in my life spent more than £2500 on a car for me my wife or my 3 daughters. The last one I bought for me was a petrol berlingo 1.6 7 yrs ago for £2300 with 60k on clock. 17 yrs old and runs like a Swiss watch. No rust and very practical. However I am going to have a new lease car in January and fancying a Vitara. This channel superbly informative
Vitara is a decent little car and would be a good choice. Thanks for the nice words
I’ve never leased a car, I’m not planning on leasing in the immediate future, I usually buy at 3-4 years old, but I really enjoy your content, the unbiased detail and the offers you cover, it’s made me think maybe leasing could work for me if I fancy something newer in the future, maybe it’s a safer way to enter an electric car? Keep showing those great deals, just subscribed!
Thanks Matt, welcome aboard pal 👍
Thanks, I negotiate hard and pay cash, yes I know, lost opportunity etc, but I hate loans and finance companies and like to own stuff. Yes, do not get fixated on a particular model.
Fair play 👍
Thanks Jim. I never considered leasing until I saw one of your videos about 6 months ago. I’d had company cars for years then bought my ex company Galaxy which served us really well for years while the kids were smaller. Since then I’ve bought second hand - some great some not so. Watching your videos and doing the maths convinced me. My first lease car is due to be delivered in July. Looking forward to a car with all mod cons for no more than my last second hand car cost (total cost of ownership) me! Huge thanks to you, Leaseloco and ALA! I say that in all honesty I’m not Jim’s best mate honest.
See you at 7pm, pint of the usual??
Only joking, thanks for the note, glad you find my ramblings useful 👍👍
The planets did align for me and I found a Peugeot 408 GT for £310/month over 3 years with zero down and with 10,000 miles / year which I'm driving now. It was exactly the car I wanted and at a price well below 1% a month.
That’s brilliant!
Another great informative video as always. Following an expensive PCP I decided to lease the next car in 2018 and I got a very nice Volvo XC60 with all the gadgets on a 4 year lease. Back then the only issue I had was trying to insure the car as a lot of the online sites didn’t do lease cars. After 5 years, I got a 1 year extension, the car went back and was asked to pay approx £150. Contacted them and asked they take the lower mileage into consideration and they waived the fee. Finally as the multi billionaire Warren Buffet says buy what appreciates and lease/rent what depreciates.
I struggle to understand the insurance issue, I can only think it’s a mapping problem on the comparison sites as, from an insurers perspective (which I used to be), I don’t see how a leased car represents more risk than an owned or otherwise financed one.
I had a lease car, it was so restricting, constantly thinking about the mileage I was doing and the condition of the car and any small scratches if any. The biggest thing is that your stuck with it for the lease time, not being able to hand it back if you hit troubled times is always a nightmare if the unfortunate happens. To many rules !!!! Buy cash if you can and live your life 😊
😂😂😂😂😂😂 - I think you mean too by the way
I’ve leased cars for the last 4 years,and I have never had a problem , if you look after the car as if it was your own you will not have a problem when you return it.
👍👍
Your channel is indeed very useful for leasing deals.. BUT... you always take time to explain the positives and negatives. In the past you have always pointed out why leasing MIGHT work for some people and not others. In short NOT JUST A LEASING CHANNEL.
That’s the plan 👍
Small point you missed out about the servicing is that some leasing companies will stipulate in the contract that you must get it serviced at a main dealer, whereas some are at any VAT registered garage - so definitely worth factoring that cost in before FTK.
I can't recommend GAP insurance enough - my 6 month old lease was written off and there was an £1,850 shortfall. The GAP insurance paid that out plus an additional £1,750 as I paid a few quid extra for my initial rental to be covered too!
Yep 👍
In touch with LeaseLoco today,first time leasing much better informed thanks to your Vids.
Great to hear!
Good advice Jim, I will definitely look at gap insurance with my next lease, up to now I have been lucky with my lease cars.
👍👍👍
Excellent video with plenty of useful information presented in a straight forward way. Many thanks for all your efforts. You deserve to have far more than 50K subscribers and I'm sure you will get there.
Thanks very much 👍👍
Really useful info on the whole leasing experience. Sound advice and essential knowledge for anyone considering leasing. Makes the whole process far less scary 👏
Thanks as always, appreciate your support (and ideas! 😂)
Many thanks for this , clears up a few questions most people should think about.
Thanks Chris
Another good one Jim. I leased a Model 3 over 4 years and it concludes next year. Main reason was the rapid tech developments but If I get another Tesla I will probably buy it for a number of reasons you mention not the least being tied in for a long period as anno domini creeps on!
👍😂
Great information Jim. Much appreciated 👍
Cheers Jason
Jim, as ever great and honest description..😊
Thank you 🙏
Owning a car always comes with the problem of never achieving a valuation what you believe is favourable when you come to sell/part ex.This makes leasing a no brainer.All you have to do is keep persevering until you get the best deal.Different lease companies have wildly different rates for the same vehicle.
Well said!
You could always find out which auction house the lease company take the cars to and or ask the person who collects the car which auction it's going to. the thing that puts most people off buying a auction privately is the risk of not knowing the history of the car, but obviously if it's the car that you've been using for the last three years you don't have to worry and can buy it considerably cheaper than they'll offer it.
They all go to either Manheim or BCA (most to BCA) but sometimes the likes of BCA will put them straight into one of their other brands like Cinch or Marshall Motor Group instead of auction.
Food for thought there, thank you
My pleasure!
I have leased cars for the last four years ,and I have never had a problem returning them, look after the car as if you own it and there should not be a problem when it’s returned. I would never buy a new car in the future.
Sound advice 👍
Great advice Jim, very clear info keep it coming.
Thank you
many thanks
Thanks for watching 👍
Great vid Jim 👍
Thanks Mate 👍
Leasing is the way to go. People say you don’t own the car. But if you don’t lease and buy you don’t own the car anyway till you make the last payment anyway. No brainer 🤷🏻♂️🤷🏻♂️
👍👍 owning a car for 3 years is often more expensive than leasing it - fact.
Is that true only for new cars or old ones too?
👍👍👍 Excellent information. Thanks Jim
Thanks 🙏
Great information as usual. 😊
Thanks Glen
Great vid
Thank you
Car leasing is ok if either your own company or someone else is paying . it all gets nasty when when for example over run the mileage or want to return early---this gives the leasing company a trump card to take you to the cleaners , and they will. I gave my last car back 3 months early as i would have exceeded the mileage . I told them that i would lease another if they were reasonable with the early return fee , but they decided to loose a customer.
but if you're 50% through the lease legally you can return it with no penalties,
All the terms of the deal are in the agreement so nobody will be taken to the cleaners if they read what they're signing up to. Excess mileage charges can be anything from 3ppm to 30ppm, if you hand a car back early expect to be charged 50% of the remaining payments to do so.
Not the case mate, 50% of the remaining payments is the norm.
@craigroberts3732 that's not what happens.
With my last lease car the excess mileage was actually cheaper than the lease cost for the next mileage band up, so I obviously took the lower lease mileage and paid the excess mileage. The only issue I’ve had is the discussions on minor damage and are they within the size limits set out in the guidance provided when taking out the lease. Some inspectors are good some are bad, and this can make handing the car back quite stressful. On one car that was inspected at the showroom where I was picking up the new car I had to get the service manager to come and adjudicate, fortunately he agreed with me. Another trick they try after the one hour inspection on collection is “we will need to give it a full inspection when we get it back to the garage”, this happened to my daughter in law two weeks ago and she was really worried about this, waiting to hear if there was a problem. Anything could happen on the way back once the vehicle is out of your hands and this would probably not be legally enforceable so why do they say things like this. It’s really this crap on collection that makes leasing less appealing. I know in a previous comment you said this doesn’t happen now but I can assure you it does.
Cheers Jim got my gap insurance with All but when ask where we hear of them your RUclips wasn't there to say
If you used the code JIM10 or my link that does the trick 👍
Cracking balanced video jim, but Dacia is a solid car mate 😂
😂👍
Very interesting video
Glad you think so!
You should also mention that the "Affordability Check" may be based on "fixed income" and not savings. I was really sold by your channel on leasing a new EV and so was therefore very dissapointed when they refused me the credit based on affordability. This was despite having considerable savings. I retired early and am not yet claiming all my pensions and therfore my fixed income is very low as I intend to live off savings for a number of years. The application I completed did not have any reference to savings and when I disputed the decision with evidence of savings they were not interested, this was despite having a very high credit rating.
You can usually get round that by offering a higher deposit. Pension income and interest income can also taken into account.
They wanted the savings interest in "Fixed Income" products, in other words the interest needs to be going into your bank account on an automatic regular basis. If you have £500,000 in a seperate account that you simply draw from when needed they don't want to know. I even offered to pay the full amount up front. Dont know if thats typical of all lease companies though. I gave up after that experience and reverted back to buying used.
@@miraclemile6567 Sounds like utter madness form them. "computer says no" situation rather than common sense.
Thanks Jimbo nice and clear mate great info 👍👍👍
Thank you Sir
I’m looking at a new car, thinking brand new bc life’s too short isn’t it. Looking at the XC60 and leasing seems cheaper than PCP. But still feel drawn to. But with the same deposit lease is £200 a month cheaper which is really hard to overlook!
👌
I've always been one to buy a cheap car that's about 10 years old and run it into the ground, but because I don't know much about cars and what to look out for when buying, I keep getting shafted and end up needing expensive repairs.
I have a middling income and low outgoings so I don't even need to be skimping on a car like this, it doesn't make sense to put myself through all the hassle. At this point it's clear I might as well lease - and it might even end up cheaper.
I did the same for years, saved on the car and paid on repairs (even with a bit of knowledge it's tough to see the future when it comes to cars and their state of health)
Hi great video but can I ask you what is your opinion of the motability scheme, I qualify for it and looking at a Renault Arkana th3 advance payment is approximately £2000, cost is £75 per week which covers everything only thing you pay for is fuel ,contract is for 36 months 60,000 miles but then you hand the car back and get nothing then have to fund another
Sounds decent to be fair.
I get it! Shop for the deal not the specific car. So why don’t I see deals on the likes of Aston Martin, Porsche, Bentley Continentals? Haven’t seen them do I’m just having to buy one with my savings then 🤪
Because they are almost never discounted in any way. Lots of leasing deals are the result of manufacturer discounts on bulk buys.
It may already have been said in the comments, but a lease car may also not be for you if you want to modify your car (engine remaps, body kits etc). If you lease, it's not your car, so you can't.
100%
Totally fell apart when you dropped in the small comment about giving up alcohol.... I can't see myself hanging a poster of a Dacia on my wall either.... 👍😂
😁👍
If you lease a car and the clutch goes say in the first 2yrs/20,000miles how likely are you to get that as goodwill? It would obviously be highly unusual for a clutch to go in that time but I’ve known it happen to friends who treat their cars well and they get lumbered with a £1500 bill for a ‘wear and tear’ item which shouldn’t be that worn/torn at that stage. Perhaps it’s safer to go with an auto where ‘driver fault’ is a less easy fob off
No idea really; must be as rare as hens teeth. I'd say it's mechanical failure or driver error at that mileage so somebody should clearly be in the wrong I would have thought.
@ thanks. I know on Korean cars 10/12 years ago clutches were a nightmare (many a horror story on FB groups of them lasting 5000 miles or less). Eventually a manufacturer admission I believe got them replaced under warranty with initial pushback. Like you say, probably v rare but still far from the hassle free motoring promised by leasing
👌 you’d have the same problem if you paid cash, PCP, HP or loan though eh….???
Thank you Jim. Could you advise what happens if one has a private number plate . I guess that cannot be put on a leased car ?
You'd need the permission from the lease company as they own the car, but yes it could be done 👍🏻Otherwise just put it on retention and pay the £80 until you have a car you can put it back on.
What Richard said. Lease company is usually fine with it but you need their permission
Hi
What happens if the care has a mechanical problem that makes it undrivable, would the care be replaced? Or manufacturer warranty cover such situations?
Warranty
Leased a peugeot 408 this year. Just wondering what would happen if the car goes in to the garage for warranty work? Would you be without a car while the car is in the garage? Obviously sometimes the car could be in for quite a few weeks.
I’d hope the garage would give you a courtesy car
Cheers Jim, but don't give up alcohol !!!
I would if I could but I’m always too pissed to try.
😂@@DefinitelyNotAGuru
Im not sure I fully understand your dislike of PCP Jim. I have a 3 year PCP deal on a used car at a very affordable monthly payment. I was informed at point of "purchase" that at the end of the 3 years I can either pay the guaranteed future value amount and keep the car or simply give it back. It is my plan to do the latter, and then move to a lease deal. Is that situation not very similar to leasing? I.e pay 36 x £X then move on. Am I missing something?
I’ll do a video on it one day. Main issues are how it’s routinely mis-sold, how you’re financing the whole amount but only ever paying off a bit, and is used by dealers with a load of smoke and mirrors to push people from one car to another. There’s more but I’m all typed out.
You can take anything/everything from these videos that's 'relevant to you' - they are all excellent and easy to understand! At the end of the day, if you're happy with the amount/s you're paying, for what you've got, whether you plan to keep it, change it, or give it back then it's the right deal for you IMO 👍
Is there any other way of having a specific vehicle without buying it cash, leasing or pcp? Can’t do pcp as it involves interest (religious reasons)
Just cash purchase is your only option really (leasing has interest built in to it, it’s far more discreet than with other forms of finance but I’m not sure if God would believe me 👍).
Maybe car hire but it would be terribly expensive as a long term solution.
@@DefinitelyNotAGuru thanks for that! Interesting to know that leasing has interest built into it - could you elaborate possibly ?? Probably a long one to explain!
Well, the leasing company has to get their money to pay for the car that you are paying them for. Money isn't free...so they'll be paying interest, therefore...you'll be charged interest too 😊
The leasing broker is sourcing a car, financing it, and then charging you a monthly fee. Part of that fee will be made up of interest but it’s possibly one step removed - you’d need to ask the leasing broker really and make a call on it yourself. 👍
Hi Jim, when I checked a vehicle from leaseloco and it took me to another lease provider. But the quote was bit higher.
Also what is this maintenance charge and is it beneficial from them or from outside party. Please advise.
Thank you.
LeaseLoco is just a comparison site. You need to get a maintenance price from the broker you eventually speak too, sometimes the price is such that it’s daft not too, other times it’s prohibitively high.
@@DefinitelyNotAGuru thank you Jim, that makes sense.
I've often wondered where do these leased cars end up after the lease ends? Are there companies doing used car lease deals?
BCA or Manheim auctions generally. I did a video a couple of months ago about leasing used - don’t.
@@DefinitelyNotAGuru I've noticed used PCP monthly costs are the same as used lease deals. Which would you recommend for someone looking for a specific vehicle model like a coupe that is not normally on new lease deals? Thanks
@@hybridownzDK lease new cars, buy used ones. Avoid PCP on any of them.
@@DefinitelyNotAGuru cheers, what about cars that are 2-3 years old? They are still expensive to buy so why not PCP on those?
@@hybridownzDK they HP or loan instead. On PCP you’re financing the full amount of the car but only making payments against a fraction of it. Each to their own but a loan or HP are more efficient ways of financing generally.
I've had a car lease which was originally for 2 yrs, but kept renewing the lease on the same car for the last 9 yrs. Don't know if I'm doing the right thing
Maybe not
Nice one Jim. Having considered the leasing option I decided it wasn't for me .
Fair enough, it’s not for everyone 👍
Let’s say you lease for 3 years in Jan 2025, it’d go back end dec 2027, or Jan 2028, how’d you get the next car to line up with one ending and getting into the next?
Just get ahead of the game and order in advance, you can usually do a small extension if need be
What happens if you have an accident where you are at fault?
Insurance happens 👍
What's the actual difference between lease and PCP. I thought they were basically the same thing
You usually pay a bigger upfront payment on PCP then have the option to buy at the end. With leasing you don’t. Mis-selling of PCP is widespread, there are several reasons why dealerships push it - none of them are that good (in my opinion). The sheer amount of smoke and mirrors attached to it are enough of a warning sign for me.
Ok. I think in Ireland we only have HP and PCP. I think leasing might be only for fleets here but I might look that up myself.
If you sign a 2 year lease and after 1 year it's 50% paid off so you can hand it back with no issues, right?
No, you'd most likely be charged 50% of the remaining payments
0%APR, what the ____ is that all about?
Do they inflate the price and make it more expensive to start with and effectively add the interest they wouldve got from you or is it a genuinely better deal?
usually they don't give you their "dealer contribution' (A DISCOUNT) but are technically not chargign you for the finance. Smoke and mirrors nonesense mostly (not always) - i did a video on it
Over the past decade or so the industry is trying to get people to lease a car. My credit score is superb so I could lease easily but then I look at current cars. A decent car is £45 k and you would never own it as they want over £20k final payment. Also they really want you to pick an EV. It's very hard to buy a new petrol car so I'm opting to keep my petrol car for many years more.
You’re obviously looking at PCP.
PCH is the way to go if you want to save money.
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Thanks Jim
If your dream car is a sandero forget alcohol you have a much more concerning drug problem 😂
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The biggest downside is you can pay £15,000 over 3 years and at the end of that 3 years you dont own a car.
A car that may have cost you £20k over the same period if you’d owned it 😉
you can pay 10k a year on food and you don't own the food ... just goes in the toilet
@@craigroberts3732 You do own it at the supermarkets I use, pay and its mine.
@@markpaul1154 but you eat it and shit it out and then it’s no longer owned …
Thank you 🙏
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