[speedski]

I'm a company car opt-outer due to my low mileage (8k a year, negligible business mileage as its too much faff to expense the 20 mile round trip to the airport at least once a week and I can taxi...).

Bought my 420d GC XD just over 2.5 years ago at what I thought was a reasonable price - but it did have 13k on the clock after 6 months from the first owner (a big wig dealer commuter). its now sitting on 31k - out of warranty (extended was redic), fallen out of love with the car and, to some extent made worse by the crappy local BMW dealer who broke the last straw when they wouldn't even ask BMW to replace one alloy with white worm on the original (not even AUC!) warranty.

Someone posted Wizzle the other day - stuck it on there and within an hour had two offers, one from a main BMW dealer. Looking at the depreciation its basically been £4,500 a year...the love was lost a while ago, its just not the Z4 I used to have (obv a very different car).

And I'm bored. Want something new. Looking to lease I think...

Don't want diesel (don't do the miles), want a 36 month lease so I'm always in warranty (got the fear factor)....

So far there's the current Leon Cupra coming in at £10k total over 3 years with 8k mileage. 290BHP, 6secs to 60, very different prospect (my 2nd midlife crisis incoming?) or something moderately boring.

I'd lease a 340 or even a 320i, but the numbers are eyewatering...

What do to? How do you GAP a lease car? Can you? Am I off my head?

Can't face sitting in this house much longer staring at the 4GC that's moving for an hour a week tops - I am NOT in a rush to replace the car so have plenty of time to get another car, but pretty much nailed on this 4GC will go (the offers have gone up £1,450 in a month)...

Is this lockdown idiocy? Am I failing at man maths here?

[davyk31]

GAP is very cheap for a lease car, about £100 for 3 year cover. Many say it’s not needed but for £100 it’s a cheap bit of piece of mind.

[speedski]

Originally Posted by davyk31

GAP is very cheap for a lease car, about £100 for 3 year cover. Many say it’s not needed but for £100 it’s a cheap bit of piece of mind.

Thanks - Well I figure its needed otherwise your insurance will pay out less than the remaining finance if the deposit is low?

[TouringPleb]

All I can say is the current Leon Cupra is right at the end of the models life. New model is already on sale. Are you happy to get a 'new' car knowing it's replacement is already out?

[Scaleybrat]

I’m in the process of selling my 66 plate F30 M340i through Wizzle. I was never doing a lot of mileage on the car but since lockdown the car has become a target for spider webs and done even fewer miles. The car is now 45 months old with less than 10k miles so I decided it was nuts to keep a car that’s depreciating at ~£250/month with no sight of increasing use. Actually, I had to take the car for a good run of over an hour today to get some charge in the battery because I was beginning to get dashboard warnings. I was pleasantly surprised with the offer I got through Wizzle and decided it made sense. I will bank the money and wait until I see the real need for a car and make a purchase then.
In the current situation, who knows what will happen to the market but I don’t see any big recovery for at least another 12-18 months. If you don’t really need the car and have other non-public transport travel options I’d say sell now.
BTW, I also refused to fork out for an extended warranty which has also influenced my decision.

[isleaiw1]

Selling the GC sounds sensible. Deciding what you want from the new one before you look at models would be a good idea. Are you planning fun drives out? Or will it just be a commuter? Is it speed you are looking for? Or character?

And finally, can you opt back in for a car with zero BIK, be better off and put the funds saved into a nice older z4 with character?

[speedski]

Originally Posted by TouringPleb

All I can say is the current Leon Cupra is right at the end of the models life. New model is already on sale. Are you happy to get a 'new' car knowing it's replacement is already out?

If I am leasing yeah I think I would be okay - in saying that the new one looks much more refined.

I ain't too bothered - I would be very bothered if buying outright but like I say I could wait - I could actually see myself not needing a car for the daily commute now till January, so if I lease it will be something I can wait for the right deal...

[speedski]

Originally Posted by isleaiw1

Selling the GC sounds sensible. Deciding what you want from the new one before you look at models would be a good idea. Are you planning fun drives out? Or will it just be a commuter? Is it speed you are looking for? Or character?

And finally, can you opt back in for a car with zero BIK, be better off and put the funds saved into a nice older z4 with character?

Great questions, all of which are running through my head 24/7 at the mo

I was looking into the opt in but theres no electric/hybrids on the list at the moment due to a 'tax complication' in our current co tax process - the other downside is your first car on getting the posiition or opting back in comes from the pool before you get to choose your own, so theres a risk I could have to run a very expensive barge first (I know theres two e class in the pool a the moment with bad BIK) - the other aspect to consider is as they are 5 year lease ill a) get bored and b) likely get hit with BIK when the gov announces the future years that are not yet defined.

I guess im looking for something fun - its generally just me in the car on the commute (which is under 25 mins) and at the moment me on my own when I get to escape the house for an hour or so a week during lockdown.

I've never had something truly quick - I grew up with a dad who had 164 3.0 V6's and I've got that itch to go back to that sorta thing - but Alfa Romeo leasing is really expensive all told (I would love a high spec Giulia....) and Ill be dammed if im actually buying an Alfa

[speedski]

Originally Posted by Scaleybrat

I’m in the process of selling my 66 plate F30 M340i through Wizzle. I was never doing a lot of mileage on the car but since lockdown the car has become a target for spider webs and done even fewer miles. The car is now 45 months old with less than 10k miles so I decided it was nuts to keep a car that’s depreciating at ~£250/month with no sight of increasing use. Actually, I had to take the car for a good run of over an hour today to get some charge in the battery because I was beginning to get dashboard warnings. I was pleasantly surprised with the offer I got through Wizzle and decided it made sense. I will bank the money and wait until I see the real need for a car and make a purchase then.
In the current situation, who knows what will happen to the market but I don’t see any big recovery for at least another 12-18 months. If you don’t really need the car and have other non-public transport travel options I’d say sell now.
BTW, I also refused to fork out for an extended warranty which has also influenced my decision.

Be interesting to see how it goes for you - I have three offers in, one from BMW dealer, one through a car supermarket type place and one through a small scale autotrader type seller who deals in good condition used vehicles. Between the three quotes is £600 - of course the BMW dealer is the lowest

[XAlp]

Originally Posted by speedski

Great questions, all of which are running through my head 24/7 at the mo

I was looking into the opt in but theres no electric/hybrids on the list at the moment due to a 'tax complication' in our current co tax process - the other downside is your first car on getting the posiition or opting back in comes from the pool before you get to choose your own, so theres a risk I could have to run a very expensive barge first (I know theres two e class in the pool a the moment with bad BIK) - the other aspect to consider is as they are 5 year lease ill a) get bored and b) likely get hit with BIK when the gov announces the future years that are not yet defined.

I guess im looking for something fun - its generally just me in the car on the commute (which is under 25 mins) and at the moment me on my own when I get to escape the house for an hour or so a week during lockdown.

I've never had something truly quick - I grew up with a dad who had 164 3.0 V6's and I've got that itch to go back to that sorta thing - but Alfa Romeo leasing is really expensive all told (I would love a high spec Giulia....) and Ill be dammed if im actually buying an Alfa

Also thinking similar thoughts. Struggling to get a second hand Lotus Elise 220 out of my mind...

[speedski]

Originally Posted by XAlp

Also thinking similar thoughts. Struggling to get a second hand Lotus Elise 220 out of my mind...

Oh. I deffo don't have that thought in mind - never gone near one since I got stuck in a similar car - a VX220 at the NEC motor show and had to get out of the show car on the stand arse-first upside down

[Scaleybrat]

Originally Posted by speedski

Be interesting to see how it goes for you - I have three offers in, one from BMW dealer, one through a car supermarket type place and one through a small scale autotrader type seller who deals in good condition used vehicles. Between the three quotes is £600 - of course the BMW dealer is the lowest

I had 3 offers, two from BMW main dealers and one independent. The dealers were £750 and £850 above the independent and over £1k above the Auto-Trader valuation. I did try and see what WBAC would offer but couldn’t get a valuation out of their website. Kept getting an “Oops something went wrong” so I gave up on them. My car is high spec and there’s not a lot of M340i choices on AUC so maybe I got lucky that the main dealers want my car for stock.

[speedski]

Originally Posted by Scaleybrat

I had 3 offers, two from BMW main dealers and one independent. The dealers were £750 and £850 above the independent and over £1k above the Auto-Trader valuation. I did try and see what WBAC would offer but couldn’t get a valuation out of their website. Kept getting an “Oops something went wrong” so I gave up on them. My car is high spec and there’s not a lot of M340i choices on AUC so maybe I got lucky that the main dealers want my car for stock.

Yep yours is deffo an in demand model - WBAC have offered in the middle of the range of the Wizzle offers - but the wizzle offers are based on photos and spec - so the WBAC price is definitely going to drop (I have one alloy with central white worm).

My situation isn't helped by finding out the cupra is £308 protected a year in insurance. Less than the 420d...go figure.

[225]

Thing with leasing is to not be picky. If there is a good deal you need to jump on it and ideally total payments of the deal, including deposit, all monthlies should be 20%ish or less of list price of the car for it to be a good deal.

However I did that with the v90 and hated it but you should be OK going FROM a 4 pot derv!

[isleaiw1]

Originally Posted by speedski

Great questions, all of which are running through my head 24/7 at the mo

I was looking into the opt in but theres no electric/hybrids on the list at the moment due to a 'tax complication' in our current co tax process - the other downside is your first car on getting the posiition or opting back in comes from the pool before you get to choose your own, so theres a risk I could have to run a very expensive barge first (I know theres two e class in the pool a the moment with bad BIK) - the other aspect to consider is as they are 5 year lease ill a) get bored and b) likely get hit with BIK when the gov announces the future years that are not yet defined.

I guess im looking for something fun - its generally just me in the car on the commute (which is under 25 mins) and at the moment me on my own when I get to escape the house for an hour or so a week during lockdown.

I've never had something truly quick - I grew up with a dad who had 164 3.0 V6's and I've got that itch to go back to that sorta thing - but Alfa Romeo leasing is really expensive all told (I would love a high spec Giulia....) and Ill be dammed if im actually buying an Alfa

I think you are safe for years 1 to 3 but 4 and 5 would be a gamble.... cannot believe that your firm has no hybrids on yet, or that they expect you to keep 5 years...

Do you have a family car for other use? If so I would be forgoing really fast for fun, either something MX5 ish or maybe a Golf GTi or PP. I know you can PCP a pre reg Golf R currently for about 300 quid (subject to a bit of deposit) over 3 years...

[speedski]

Originally Posted by 225

Thing with leasing is to not be picky. If there is a good deal you need to jump on it and ideally total payments of the deal, including deposit, all monthlies should be 20%ish or less of list price of the car for it to be a good deal.

However I did that with the v90 and hated it but you should be OK going FROM a 4 pot derv!

Yep rapidly finding leasing is about not being fussy and jumping, which is why selling and finding I think will work - even worse case, if for whatever reason I suddenly need a car i'll buy a runner and go from there.

Thanks for the tip on the 20%, seen that but didn't see specifically what it referred to. the 4 pot derv swap was a shock when I went from the 2.5 Z4

[speedski]

Originally Posted by isleaiw1

I think you are safe for years 1 to 3 but 4 and 5 would be a gamble.... cannot believe that your firm has no hybrids on yet, or that they expect you to keep 5 years...

Do you have a family car for other use? If so I would be forgoing really fast for fun, either something MX5 ish or maybe a Golf GTi or PP. I know you can PCP a pre reg Golf R currently for about 300 quid (subject to a bit of deposit) over 3 years...

It had them - but there ws something wrong with the residuals/GFV - so they pulled all plugin, mild fully electric while they sorted it out - admittedly I havent asked them since pre covid. I must also add it took 14 months to exit the car scheme with the correct Tax, HMRC really had me over for quite a while, so I'd only go back if full electric (and tbh my travel profile fully suits one).

The Golf is a nice choice, the Cupra I saw is the 290, so pretty much the same car in a cheaper, less stolen skin. The other car is a kia that takes absolute punishment, we are only keeping it because we still have dogs, its not worth much, its pretty well spec'd and costs naff all to run.

hmmm maybe I should get a Kia

[isleaiw1]

Originally Posted by speedski

It had them - but there ws something wrong with the residuals/GFV - so they pulled all plugin, mild fully electric while they sorted it out - admittedly I havent asked them since pre covid. I must also add it took 14 months to exit the car scheme with the correct Tax, HMRC really had me over for quite a while, so I'd only go back if full electric (and tbh my travel profile fully suits one).

The Golf is a nice choice, the Cupra I saw is the 290, so pretty much the same car in a cheaper, less stolen skin. The other car is a kia that takes absolute punishment, we are only keeping it because we still have dogs, its not worth much, its pretty well spec'd and costs naff all to run.

hmmm maybe I should get a Kia

I would certainly ask the question - a number of my friends have jumped back in with Tesla, Audi, even a Pug e208 in one case. Virtually free for next three years and then are chucking 300 a month at a weekend toy.... not high powered or new but high fun...

I prefer the Golf to the Cupra in the old model, Mark 8 versus new Leon less sure!

The trouble with a cheap lease is if you decide you have made a mistake there is less flexibility for getting out... and I would rather spend a few quid more to get what I want and a degree of flex..

[JD6]

Originally Posted by 225

Thing with leasing is to not be picky. If there is a good deal you need to jump on it and ideally total payments of the deal, including deposit, all monthlies should be 20%ish or less of list price of the car for it to be a good deal.

However I did that with the v90 and hated it but you should be OK going FROM a 4 pot derv!

I think the rule of thumb for leasing is a good total cost for 10k miles per year is 10% of list price, so a 2 year lease = 20%, 3 years 30%... Clearly the figures will need to be adjusted if the annual mileage is higher or lower.

[225]

Originally Posted by JD6

I think the rule of thumb for leasing is a good total cost for 10k miles per year is 10% of list price, so a 2 year lease = 20%, 3 years 30%... Clearly the figures will need to be adjusted if the annual mileage is higher or lower.

Sounds about right, I was basing that on a 2year deal.
I was seduced by the deal I got on the volvo as one 2 year deal as it worked out at 18% including maintenance and tyres. Alot of car for the cash ruined by the gearbox and tech.
I've been keeping tabs on the pistonheads lease thread and there really isn't alot around unless you want low powered Audis or Volvos again.

[JD6]

Originally Posted by 225

Sounds about right, I was basing that on a 2year deal.
I was seduced by the deal I got on the volvo as one 2 year deal as it worked out at 18% including maintenance and tyres. Alot of car for the cash ruined by the gearbox and tech.
I've been keeping tabs on the pistonheads lease thread and there really isn't alot around unless you want low powered Audis or Volvos again.

18% does sound pretty good for 2 years, unless the car is shite!

[330XDave]

Sounds like you get bored with your car's quickly so I'd recommend a 2 year lease. They are generally the cheapest too.

I was in the same position as you at the start of the year albeit for different reasons. Wasn't overly fussed on the car, just needed to be attractive to me, decent spec and not painfully slow to drive.

Ended up with a VW Arteon 2.0 TSI 190 auto. Not many about so draws some looks, plenty of equipment and a nice place to be inside. It's not what you'd call fun to drive and is completely at home on the motorway with ACC but it ticks all the boxes for me and will do me until March 2022 when I'll be looking again. I pay £322 a month with £322 down 12k a year.