As-ever, a huge thanks to our St Helens based personal leasing customer for sending pictures of their brand-new vehicle; the Ford Fiesta Hatchback 1.25 82 Zetec Navigation 5dr Manual.
We really do appreciate our customers sending pictures of their fantastic vehicles so we can showcase these to other prospective customers. Nothing beats a real example.
The customer, a young-driver, provided the team here with a classic example of how many customers make mistakes with their vehicles. Previously, they had used a Personal Contract Purchase (PCP) in order to provide an option to purchase the vehicle at the end of the contract. While this is not an issue, the mileage on the contract was set incorrectly, as it far too low for their requirements. While setting the mileage lower than you are covering does make the monthly payment lower, you present yourself with two issues:
1) the Guaranteed Future Value (GFV) or balloon which you pay at the end of the contract will be higher; and
2) if you do not wish to purchase the vehicle an return it either by Voluntary Termination or at the cessation of the contract, you will have an excess mileage bill to pay.
The customer had two options with the team here – either a contract hire agreement to use and return the vehicle OR pursue a PCP in order to purchase the vehicle as the end of the contract. The team were also mindful that as a young-driver, they would need a vehicle which was not too expensive to insure.
PCP would present a good opportunity, as the customer did want the ability to purchase the vehicle. To ensure the contact was suitable, the mileage was arranged at their actual contract mileage, not one which provides a disproportionately cheap monthly payment. Cars such as the BMW 1 Series, VW Golf and Mercedes A Class we deemed to be too expensive on insurance, so we went down the Fiesta route.
Quite shockingly, many young drivers can pay more on their insurance per month than they pay for to actually lease a vehicle!
In terms of the car shown, the Ford Fiesta Hatchback 1.25 82 Zetec Navigation 5dr Manual, the customer elected for the following configuration:
· Shadow Black Metallic Paint
· Cloth – Charcoal Black
· 15″ 5×2 Spoke Alloy Wheels
The Ford Fiesta has consistently been the UK’s best-selling car for a number of years and is a great value leasing option. While a new model is due to launch shortly, you can still procure a cheap deal on the existing models which are still in stock. In terms of the Zetec, which is the middle specification, you get 15” alloys, body coloured externals, Quickclear windscreen, tinted glass, hill start assist Navigation system, LED daytime lights, air conditioning, 3 spoke leather steering wheel, ambient lighting and remote central locking. In terms of additional factory options – the privacy glass, front/rear parking sensors and city pack are all worthwhile options. However, if you do have the budget you could upgrade to either the Titanium or Titanium X for the complete model and experience!
On the technical-side, company car drivers can note the P11d at £15,705.00 and CO2 at 122g/km. The 1241CC petrol engine offers 82ps which deliver combined MPG of 54.3 and 0-62 times of circa 13 seconds. For servicing, it’s every 12 months or 12,500 miles, whichever lands sooner. Given the intervals, consider comparing the costs of a driver-maintained vs funder-maintained arrangement.
So what do you think to the Fiesta – would it be your choice in the small/cheap car leasing market? Or would you be looking at the Seat Ibiza, VW Polo, Citroen C3 or Hyundai i20?
Or you may also want to consider these lease cars…
For the best car lease deals available online on the Ford Fiesta head on over to THIS PAGE on CarLease UK…