Buy used car or lease

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Fri 24 Jan 2014 23:47
Buy used car or lease - edp33
I have just started a job where I get a car allowance and want to spend as little as possible. I don't have any savings, and my current car is worth about £1k. The car allowance requires that the car is less than 7 years old

I would like to get a 5dr car probably diesel as I will be doing 15k to 20k miles per year, I like the idea of a VW golf, ford focus or mondeo

If I buy a 2009 car it will be around £7k which I could take out a 3yr loan but cost of mot, tyres, brakes and any other wear and tear would probably add around 2k over 3 years? Interest on the loan as well total cost would be around 10k. The car might be worth 3k in 3 years time so total cost is 7k?

A personal lease would set me back 2400 a year assuming 200 a month for a ford focus tdi have seen cheaper that works out at 7200 with a new car some throw in maintenance and servicing too

So in this case would a lease be a better option?

Edited by edp33 on 24/01/2014 at 23:50

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Sat 25 Jan 2014 00:13
Buy used car or lease - tony g
Hi,
I think your optimistic with your leasing cost ,have you checked what the cost of a lease would be when your doing between 45000 and 60000 miles over three years ?

My guess would be in excess of £300 a month plus maintenance for a focus size diesel car .

Most headline leasing rates advertised only allow for low annual mileages of 7500 miles pa .

£10800 ,the total cost of a three year lease ,could sway the figures to buying a second hand mondeo diesel or similar.
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Sat 25 Jan 2014 00:21
Buy used car or lease - edp33
Thanks, leases looked at are for 10k miles, but excess at 5p per mile is extra 250 per year or 500 if 10p assuming extra 5k miles per year
Just been looking at kia ceed I could pick up a 2009/2010 ceed with 70-80k miles for 6.5k if I could get one that still has the 7 year warranty that sounds like a good option if there isn't any expensive repair work with that no of miles

Edited by edp33 on 25/01/2014 at 00:30

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Sat 25 Jan 2014 07:42
Buy used car or lease - Collos25

I am almost certain the Kia and Hundai have a mileage limit on their warranty of 100k

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Sat 25 Jan 2014 08:57
Buy used car or lease - oldtoffee

Kia is 7 years, 100,000 miles. Hyundai is 5 years unlimited.

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