Army Rumour Service

Register a free account today to become a member! Once signed in, you'll be able to participate on this site by adding your own topics and posts, as well as connect with other members through your own private inbox!

Getting a car, finance options

GDog

Old-Salt
I'm in London and for several years have been pretty content using public transport - in later years ZipCar and the like have also cropped up and I've been pretty happy with that and with the odd hire car for holiday trips etc.

I bought a ten year old Focus a few years back so I could teach the bf how to drive and have many happy memories of MOTs, servicing costs, removing and dismantling the instrument cluster to re-solder shit RoHS lead-free joints that had cracked, re-calibrating the needle positions about ten times afterwards, etc etc

I got rid of it once I was done with it.

Unfortunately my dad is seriously unwell and the money I'm now spending with Enterprise travelling to the Midlands and back every other week is becoming unsustainable.

I considered buying a cheap second hand car again but given the current circumstances I don't need the threat of time consuming reliability issues.

As each trip is about 125 miles one way, the fuel bill is pretty significant and so I'm thinking of doing an electric car.

Older second hand cars of this type don't look like they can hack that kind of range, but newer models do, so for the first time in my life I'm looking at getting a new car.

So, can any of you recommend electric cars to buy or avoid?

I'm also thinking of leasing the car. I really don't want to be a car owner again (circumstances are forcing the matter) and leasing seems like a reasonable/cheap way to get an electric car that can do the journey.

Is this wise financially or am I making a huge mistake? Has anyone else gone down the leasing route and regretted it?

I know they say depreciation is often the biggest cost of running a car but will that be offset by not having to buy petrol if I lease a new EV?
 
We experimented with leased cars for two out of the last three.

”Fcuk, no”, would be my assessment. We had an Audi Q7 and traded it for a Merc. The residual were we to have bought it was “x”. Trading it for a different marque meant that it became “y” to acquiring dealer. Y>X.

I expect much the same with the Merc, which is also leased. Done with that kind of shenanigans. I dont want to tie up tens of thousands in capital, so leasing seemed attractive. The nickel & dime shit kills the deal. Nicht Mehr.

That said, for a long time (maybe still), you could ONLY lease many EVs because of the unknowns of the batteries and their eventual recycling. Until they’re in the 300-400 mile range for reasonable money, then they’ve got a way to go. That said, the F-150 train demo last year blew my socks off. Want one. But not leased.
 
Sorry to hear about your dad.

For that range on an ev you are looking at the newer, top range ones. It might be worth looking at plug in hybrids or similar.

That said, depending on model and year of registration road tax is complex and worth thinking about.

Finally think about charging - are you guaranteed to be able to get back from visiting and charge for 8 hours to full before needing to go again? How seriously ill is your dad, might you need to make a dash and not be able to and miss something important? For me this is an argument for a PHEV, you can always drive on the petrol if needed.

The other charging consideration is the location to charge - can you plug it in easily? Will local piss heads unplug it as they think it is funny?
 
Could get a loan of about 5-7k? Maybe be about £170 a month to pay back ?
Then you can just get a diesel focus or some such that's been looked after with good mileage. Then doing 250 miles will cost you less than £30 in diesel.
Either swap every 2 years or get rid if put dont need it and you still get some good money back.
You cannot defeat depreciation, if you get some thing on finance your going to need to give them a lump sum at the end or leasing you end up with nothing and usually get stuffed with repairs when you hand it back.
 
I wouldn't get too hung up on mileage on a diesel if its been maintained.
Mine had 90k on the clock at 4 years; but it was motorway miles (BA Pilot's commuting vehicle to Heathrow) so no stress on the engine and modern diesels should be good for double that.
I just swapped the timing belt for my own peace of mind (and clutch as I was down there and probably totally un-necessary) £20 road tax and never a hint of bother in the 2 years I've had it.
Just bought Major Sunray a Fiesta with 70k on the clock and same engine, £0 road tax and large engine in a small car means it shifts somewhat. Timing belt kit is sat there hopefully for the weekend, again for my own peace of mind.
 

Ravers

LE
Kit Reviewer
Book Reviewer
I’ve leased my last 4 cars and so far it’s working out cheaper than buying outright.

I mean actual lease, i.e I am literally renting the car for a period of 3 years. No balloon payment or any of that shit. Just hand it back after 3 years and get something else.

The basic maths is as follows:

A = What did your last car cost to buy?

B = How much did it cost in out of warranty repairs, MOTs etc?

C = How much did you sell it for?

(A-C)+B= what that car cost you to own.

Now divide that figure by 36 (months) and that is your budget for leasing. Plus or minus a bit depending on if you want to save some cash or treat yourself to something a bit flasher.

I found that the vast majority of secondhand (3ish year old) cars I’ve ever owned, cost me around 4-5 grand a year in bills and depreciation.

I went from driving 3-4 year old 15-20 grand cars, to driving brand new 30-40 grand cars for the same price.

No brainer.

In terms of electric stuff, the government are bringing in a salary sacrifice scheme for EVs next year. Similar to the cycle2work scheme, you can lease or buy an EV at source from your salary, i.e pay no tax on that portion of your salary.

This means a 20% discount on an EV, or 40% if you’re a higher rate tax payer.

Once you couple on the fuel savings, this makes leasing a 70 grand Tesla about the same as running a nice spec Golf.

I use this comparison site to get my lease deals. Shop around, the prices fluctuate massively depending on what’s in stock and the time of year. As a general rule, the lower the depreciation on the car, the cheaper the lease. So a BMW 3 series might actually be cheaper than a Renault Megane. And you can’t really be picky on colour or spec, just take what they’ve got in stock.

www.leasing.com

There are some downsides. You are limited on mileage, but you can set this at the start of your deal and alter it later on if it looks like you’re doing loads more or less. This is also isn’t for people who curb their alloys every time they park and have 20 dogs. You get charged on damage when you give the car back.
 

Nemesis44UK

LE
Book Reviewer
Agree with all the above. You should be able to pick up a two year old diesel which has had the bulk of its depreciation applied, a lot cheaper than new or a new electric. My old 2006 Xsara Picasso would chew up a 250 mile round trip for very little money. The engine, a 1.6l HDI was extremely good and I've never driven a more comfortable car on long journeys.

For your budget, you could buy a fine vehicle, but electric cars' quoted range is a joke. The Renault Zoe quotes a very decent range of around 270 miles between charges. In real life, you will be lucky to reach 220.
 

Nemesis44UK

LE
Book Reviewer
I’ve leased my last 4 cars and so far it’s working out cheaper than buying outright.

I mean actual lease, i.e I am literally renting the car for a period of 3 years. No balloon payment or any of that shit. Just hand it back after 3 years and get something else.

The basic maths is as follows:

A = What did your last car cost to buy?

B = How much did it cost in out of warranty repairs, MOTs etc?

C = How much did you sell it for?

(A-C)+B= what that car cost you to own.

Now divide that figure by 36 (months) and that is your budget for leasing. Plus or minus a bit depending on if you want to save some cash or treat yourself to something a bit flasher.

I found that the vast majority of secondhand (3ish year old) cars I’ve ever owned, cost me around 4-5 grand a year in bills and depreciation.

I went from driving 3-4 year old 15-20 grand cars, to driving brand new 30-40 grand cars for the same price.

No brainer.

In terms of electric stuff, the government are bringing in a salary sacrifice scheme for EVs next year. Similar to the cycle2work scheme, you can lease or buy an EV at source from your salary, i.e pay no tax on that portion of your salary.

This means a 20% discount on an EV, or 40% if you’re a higher rate tax payer.

Once you couple on the fuel savings, this makes leasing a 70 grand Tesla about the same as running a nice spec Golf.

I use this comparison site to get my lease deals. Shop around, the prices fluctuate massively depending on what’s in stock and the time of year. As a general rule, the lower the depreciation on the car, the cheaper the lease. So a BMW 3 series might actually be cheaper than a Renault Megane. And you can’t really be picky on colour or spec, just take what they’ve got in stock.

www.leasing.com

There are some downsides. You are limited on mileage, but you can set this at the start of your deal and alter it later on if it looks like you’re doing loads more or less. This is also isn’t for people who curb their alloys every time they park and have 20 dogs. You get charged on damage when you give the car back.

Very good points. A lot of lease deals offer miniscule mileage like 6000 a year, so be sure to check that or it gets expensive for excess mileage.
 
If you are looking for a 'NEW' car, then check out GRIFFIN (MILITARY & DIPLOMATIC), they advertise in Soldier magazine and they do a decent discount on some new models.

I saved a fair bit when buying from them as opposed to the main dealer in town who would not negotiate on the price.
 
Have you considered hacking a leg off and getting a motability car? I’d check first though as you may just get away with a foot.
 

ugly

LE
Moderator
Have you considered hacking a leg off and getting a motability car? I’d check first though as you may just get away with a foot.
Even a serious life threatening illness can qualify you!
 
There are some downsides. You are limited on mileage, but you can set this at the start of your deal and alter it later on if it looks like you’re doing loads more or less. This is also isn’t for people who curb their alloys every time they park and have 20 dogs. You get charged on damage when you give the car back.

To the OP, absolutely this.

If you do go down the lease route, add in another 15-20% of the lease costs to a piggy bank so when you hand it back and are given a ridiculously high bill for depreciation issues (scratches, dents, general shoddyness etc.) then it won't be a shock.
 
Or old age judging by some disabled bay abusers.
They're the 'carers'...
I reckon there are two types of car users...
Those needing to get from A to B as cheaply and reliably as possible...
Myriad of options re. acquiring one, but more importantly the reliability
and warranty issue can also be addressed by car warehouses/main stealers.
T'other ones are like my mate who polishes his £60k Merc on his drive every sunday....he recons it costs £65 /week, new one every three years.
( He drives a van, and his missus is petrified leaving it on d'Asda carpark, or in fact anywhere that's not their suburban driveway)
He loves his wife dearly, married 30+ yrs...the ONLY arguments ever are over his motor.... it's too dear even if it was free!

Oh , there's a third way...
Buy one and risk it.......
My motor ( immaculate dico2) mot failure ...£145
New brake pipe kit £ 60 and alot of shit in eyes/ears etc.
Mate and neighbour has just had a towbar fitted on his Rolls Royce 4×4...
(The towbar was needed to cart his new Range Rover back to the dealers)

We're both delighted with our purchases!
 
Last edited:

jmb3296

War Hero
We are currently nearing the end of our first pcp deal and this thread is very useful.
the car is four years old ( we bought pre registered and with a couple of thou miles on it.)
it Is an Audi Q3, reasonable spec, currently has just under 20 k miles on it. The mrs loves it. To the extent she chose and we bought a replacement for my car that she would then use and I would inherit the Audi . I need a car that can go up farm tracks, take dogs, Guns, bags of feed etc.

she went back to the Audi and if replacing it would probably take the same again.

the decision for us is, do we buy it at the end of the pcp depending on the settlement figure ( it’s due, whatever it is in December). Do the same again and use it as a trade in if there is any residual value, or go the lease route. It is unlikely her mileage will increase.

the pcp payment is one I would like to reduce .

thoughts and options?
 

Ravers

LE
Kit Reviewer
Book Reviewer
To the OP, absolutely this.

If you do go down the lease route, add in another 15-20% of the lease costs to a piggy bank so when you hand it back and are given a ridiculously high bill for depreciation issues (scratches, dents, general shoddyness etc.) then it won't be a shock.

Or just take it to a cheap local garage and get the alloys refurbed and any scratches sorted out before you give it back.

A lot of people have this hang up over leasing because of the damage thing.

It’s just the same as if you owned the car and were selling it. You’d get less for it if it was trashed.

When I handed my Skoda Yeti back it was (in my opinion) pretty rough. Curbed alloys, a fair amount of dog / toddler damage and lots of small scratches. To be fair I used that car like a landy.

I was expecting a fair bill. They stung me 40 quid for one alloy wheel.
 

Ravers

LE
Kit Reviewer
Book Reviewer
We are currently nearing the end of our first pcp deal and this thread is very useful.
the car is four years old ( we bought pre registered and with a couple of thou miles on it.)
it Is an Audi Q3, reasonable spec, currently has just under 20 k miles on it. The mrs loves it. To the extent she chose and we bought a replacement for my car that she would then use and I would inherit the Audi . I need a car that can go up farm tracks, take dogs, Guns, bags of feed etc.

she went back to the Audi and if replacing it would probably take the same again.

the decision for us is, do we buy it at the end of the pcp depending on the settlement figure ( it’s due, whatever it is in December). Do the same again and use it as a trade in if there is any residual value, or go the lease route. It is unlikely her mileage will increase.

the pcp payment is one I would like to reduce .

thoughts and options?

Your PCP balloon payment will almost always be more than the car is worth. It also defeats the object of everything you’ve put into it thus far. If you pay the balloon payment, your entire cost of buying that car will be more than if you’d just got a loan and bought it outright on finance.

Despite the low mileage, it will fail. Modern cars are not designed to last. The manufacturers want you to buy a new car every 3 years. I had a Merc E Class that was just out of warranty. DPF, a load of sensors and the turbo all failed at 50,000 miles. 2.5 grands worth of work. Mercs are meant to be reliable.

Personally I’d **** it off and find a lease deal for a new one.

I’d also be looking at the Seat / Skoda equivalent of the Q3 which is basically the same car underneath but loads cheaper.
 
As @Ravers says, you can get away with a reasonable amount of damage when handing a lease vehicle, as long as it fall within the BVRLA Fair wear guidance. Lex - Car
I handed my company car back last year, expecting to have to pay up for the chips on the bonnet and 3 alloys that I had kerbed over the 42 months I had it. Final bill was £60 for one of the alloys (Which I had properly mullered).

I went for a personal lease after handing the company car back as HMRC's Benefit in kind calculation are now cancelling out the benefit of a salary sacrifice scheme.
I am paying just under £350 a month for a Jag E Pace on a five year deal with 12000 miles per year.
My wife has just got a Dacia Sandero stepway on personal lease. £170 a month for 4 years with 6000 miles a year (she only managed 12000 miles over 4 years for her last motor).
 

New Posts

Top