To renew lease, get another lease or another option...

[WantAKodiac]

Hi All, we have an L&K 2.0 on lease due to expire in June. Looking at order timescales etc, I thought i'd get the ball rolling or at least review some options before potentially handing it back then. I tend to leave things last minute so thought i'd do it now.

 

Currently done 9k miles. It has served us well, but we haven't been able to use it for properly for long distance journeys due to the retched covid.

Lease is at 10k miles per year. So Skoda quids in. 

 

Options I guess are:

Renew the lease. only a punt but guessing this will be around the same monthly figure. 

Get another lease - though this appears to be pretty expensive to what i'm already paying for the car. In fact way higher!

Buy or look elsewhere for another model.

Downgrade to a 5 seater for more options. 

 

Cheers,

gotakodiaq

 

 

[Jfhuk]

I’d have a look at drive the deal and Carwow and see what’s available, there are a lot of good deals going on currently. We renewed one of our Kodiaq’s last year and got nearly £3k off list.

[Guest]

18 hours ago, WantAKodiac said:

(2019) L&K 2.0 on lease due to expire in June.

 

Currently done 9k miles.

Lease is at 10k miles per year.

 

Options:

Renew the lease. only a punt but guessing this will be around the same monthly figure. 

Get another lease - though this appears to be pretty expensive to what i'm already paying for the car. In fact way higher!

Buy or look elsewhere for another model.

Downgrade to a 5 seater for more options.

 

Suppose it all comes down to cost ( which only you know ) and what car is suitable for your needs.

 

1: If I didn't need a car with 7 seats or didn't require a car the size of a Kodiaq then I wouldn't be thinking of leasing another. 

 

2: You mentioned Skoda would do well as you've only covered 9k miles. Is the lease with Skoda then? If it's a PCP then another option is to buy the car. If I'd been perfectly happy with the car and it'd covered only half the lease mileage, I'd be seriously interested in what the GFV was.  If I wasn't in a position to purchase outright, then I'd be looking at a cheap loan deal.

 

 

Edited 13 January, 2021 by Guest

[SurreyJohn]

It is also worth enquiring about availability of lease extensions (although might not be able to get accurate rate until last 3 months.

 

One spin off of Covid is that many were unable to change vehicles during first lockdown, so many 6 and 12 month extension deals became available (but are unadvertised, so you need to ask your current provider)

 

If you like your current car and spec, might also be worth enquiring regarding how much they will sell it to you for.   Bank loan rates are very cheap currently so financing and keeping it for 3-6 years may be a better economic option.

 

Edited 13 January, 2021 by SurreyJohn

[Westbury63]

Personaly I'd not be paying a never ending monthly, and would buy a reliable old Honda CRV or Totota Rav4 for £5000. It's going to have more than 3yrs 30k life left in it, and will be worth at least £2500 in 3yrs time! £69 per month, no depost, no mileage limits and no penalty for sending it back with minor damage!

 

Mind you , I'm tight and without people buying new cars, I wouldn't have second hand ones to buy.

[WantAKodiac]

Thanks for the replies.

 

It's on a PCH.

I tried to reduce the mileage in order to lower the monthly costs when we where in lockdown no.1. as I couldn't see us going on any long trips , but got a quote back which was exactly the same as I'd be paying -£1. So thought sod that. 

Its a difficult one as we don't tend to use the 7 seats as much as I thought, one of the reasons we went for a 7 seater was due to the fact that my brother at the time didn't have a car (used ours when required) now he does so the pressure for more seats is somewhat diminished.

I am seriously thinking of going for a 5 seater option and actually saving some money this time around. The trouble now is we've set the bar quite high so potentially downgrading from a top of a range model at first might be a problem, but i guess we'll adjust. 

The other fact was that I was doing some contracting work for approx. a year, now a standard perm, so the extra funds were used for this car.

One bonus due to this size of the car was that it's been great for ferrying materials for refurb work we did in the house - so defo was a great choice back then!

I think i'd like to go electric based on the fairly low mileage we do, but then the costs of electric cars is putting me off. 

Guess I've got some time still to have a look around and see where it leads.

 

[BoxerBoy]

As above, you're probably sitting on a very nice car.  One careful owner.   Low miles.  Full history.

 

I'd look at keeping it by simply crunching the numbers.

 

Everything hinges on the annualised cost (monthly if you like).

 

That's the starting point from a Captain Sensible point of view.

 

But if your heart is ruling your head and you fancy a change for the sake of it, then go for it.  But crunch the numbers anyway.

 

We are all biased.

[snala]

7 hours ago, WantAKodiac said:

Its a difficult one as we don't tend to use the 7 seats as much as I thought, one of the reasons we went for a 7 seater was due to the fact that my brother at the time didn't have a car (used ours when required) now he does so the pressure for more seats is somewhat diminished.

I am seriously thinking of going for a 5 seater option and actually saving some money this time around. The trouble now is we've set the bar quite high so potentially downgrading from a top of a range model at first might be a problem, but i guess we'll adjust. 

 

I think i'd like to go electric based on the fairly low mileage we do, but then the costs of electric cars is putting me off. 

Guess I've got some time still to have a look around and see where it leads.

 

What about a Karoq Sportline with the 140 kW motor and AWD as an option. Slightly smaller, but all the same top spec and cheaper than an equivalent Kodiaq?

[WantAKodiac]

Okay guys some fair comments you've made. Thanks.

 

So to summarise, its probably to early at this stage to enquire for point 1+2,

Enquire and find out if they would sell the car to me.  

Enquire and find out if they would extend the lease.

New car / lease, I feel this might be cost prohibitive and unlikely this time around.

Look at alternatives e.g 5 seats. 

[xspartx]

I normally pay cash for cars but was tempted by the PCP offer this time.  Liked the "try before you buy" kind of approach.  I will be purchasing the car, keeping it for 5-7 more years, then purchasing an electric car.

 

More than happy to run the Kodiak until then.

[WantAKodiac]

That's the kind of approach we took also though it was on the lines of whether the car would be to big, could we park it easily etc. which turned out to be all just fine.

We also specifically choose a 2 year lease rather than a 3 year as it was literally the same price. It's amazing how fast the time goes though!

[BoxerBoy]

Cost per mile must be pretty high.