going to be changing car in a couple of month, been looking at leasing a car on a 24 month conract. not leased before so not sure what sort of mine field i could be letting myself in for. is it a good idea or a bad idea

Lots of prose and cons really, but bottom line is lease company wants to make money out of you. I usually buy a car that is one year old, so avoid the biggest depreciation hit. You then have two years warranty remaining, and I sell on just before the 1st MOT, or at end of 4th year.

I'm with lex fully maintained.

The cons are:

• Insurance - must be fully comp, have to declaire the lease firm as the owner - they get the payout in total loss
  
• Usually must take their GAP cover (mines about £1/month)
  
• You cant mod the car from standard without their written approval, and pay to rectify if you dont before they take back
  
• Must get a green card from lease firm to take abroad
  
• You cant end the contract early without penalty
  
• You'll be charged for damage and excess mileage over your agreed limit - but usually can adjust the overall figure during the term (payments adjust also)
  
• If you opt for non-maintained, you must use manufacturers own main dealer for ALL servicing and warranty works
  
• only acceptable wear/tear covered under maintenance. Puntures or tyre damage not covered. Usually they expect a set to cover 20-30k which is more than acheiveable unless your drive like your Lewis!
  

besides that just like buying a car. I spec'd mine up just as I would privately (colour and options), opted for maintained contract, and road tax included. All I need to do is insure if fully comp, and fuel it. Any issues, ring them and they arrange to get sorted.

You also get more customer power, as the lease firm is the customer, and can refuse to pay the dealer, and you can refuse to use the dealer and not pay the lease firm until matters are resolved.

Usually you also get the option to buy at the end for a resonable figure as it saves them hastle of collecting and

how much is leasing say on a octy 2 vrs??

Many lease firms have dropped their live quotation tools, so now you have to ring them up for a quote.

how much roughly do you pay on what mileage and car?

£350, 07 Mk2 elegance with all the upgrades except leather, sat nav, and front parking sensors. 10k/year inc maintenance. Could have gone for an L&K for around £380.

However it'll be 2 in April, and I'm on 22k, so have to up my mileage allowence to 40K.

HTH

Is it better financially to take out HP and terminate the agreement when half paid. If you decide to keep the car you can also do this. I suppose it will work with buying a used car on HP too.

Is it better financially to take out HP and terminate the agreement when half paid. If you decide to keep the car you can also do this. I suppose it will work with buying a used car on HP too.

Read this Loskie - http://briskoda.net/roadside-hotel/car-finace/133439/#post1561787

also get bad credit mark if you do that on hp

Lease companies will also charge for excess miles, damage etc and depending on the terms of the lease then you may be dictated to about what tyres you can/cannot have, where to get it serviced etc. The black mark on ones credit rating seems to be up for debate rather than a foregone conclusion. Worth looking at moneysavingexpert.com for advice or CAB. I presume each credit agreement may differ.

As my post I refered to states, SWMBO does credit defaults on cars for finance companies.

Handing back a car simply because you can isnt advised. Nearly all the callers she deals with day in/out are from people who voluntary terminated, then got hit with charges for this that and the other.

I really cant make it much clearer how bad taking up that option in the HP agreement actually can be. And in these cash straped conditions, they really are scraping the barrel on what they'll charge for. Finding a sweety wrapper could land you with a pre-auction valet charge for example at £120 a go. Repairing that scuffed wheel etc etc.

Yes leasing can be the same (see my bad points). If you go maintained you're pretty safe. The issues only start when you chose unmaintained. That's when they dictate to you, as they have to protect their property. Yes it's THEIRS not yours. If the otherway round, wouldnt you want to ensure the vehicle was maintained to the letter?

I had a co car that was leased and included maintenance. Getting tyres was a battle would only replace when very near legal minimum. Not enough tread for our wet winter climate in my opinion.

Lombard by any chance?

no some years ago it was Lex

Odd. Mine went in for a service, came back with new tyres and they where above the limit by some margin, but wouldnt last till next service. Didnt have to ask.

The only Ones I've ever had issues with are Lombard. PITA. Wouldnt pay for the hose and brake fluid when the hose failed on the M25 and dumped the brake fluid during rush hour on a winters evening.

This was some years ago (early to mid 90's) I used to have an Astra Merit D covered about 60000miles a year on very rural roads, up farm tracks with heavy flasks of liquid nitrogen in the boot containing bull semen. Front tyres were only lasting 8-9000 miles(less than 2 months). Lex didn't like that.

They're a lot different now

Never had any issues with any works in 3 cars, 9 years and some 120k+ miles. Always use the main dealer I specify, and clean the car.

Unlike Ford and my company cars....... nothing but agro.