CarLease UK

Car Leasing & Contract Hire News, Mews & Reviews

Can I really lease a car for £100 a month

6 February 2014 by Rob

If you look at the manufacturers adverts, then the answer is yes and no.  As an example, a new car was  offered  in December and yes it was £100 per month. But the initial payment was £1200 and in small print was noted a final payment of £4595, subject to model and specification.   This is not really leasing, but  is closer to hire purchase, with a balloon. Your monthly payment covers interest on the balance and the balloon and you own the car at the end.  But taking this example, you end up paying a total of £10,595 for the car, and in reality its worth something in the area of £4000 at best. In the battle of leasing v. buying we believe that there is only one winner. 
Compare the purchase deal with our lease deal for a  Vauxhall Corsa 1.2 EcoFlex deal, you pay £830 initial payment and £94.95 per month for the same 4 year period. All figures, in both cases exclude VAT, so the comparison is fair (Corsa 1.3 Sxi Cdti walkround) 
Vauxhall Corsa
Over the same period the Corsa (test drive) has cost you £5387.60 as an oppose to  £6,595 for the new car with a balloon. The difference between the deals is that a leasing company can reclaim 100% of the vat on the car that it is going to supply to you. On a small car, the vat plus any accrued interest will equate to the difference between the two figures, the saving is enough to pay your next initial payment on your next £100 per month car, with only your monthly rental to pay over the next three or four years
Or maybe a FIAT 500 Colour Therapy ?
 Fiat 500 Colour Therapy

Filed Under: Leasing News Tagged With: leasing v buying, Personal leasing

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