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Buy or lease?

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  • 19-06-2008 1:21pm
    #1
    Just The One
    Closed Accounts Posts: 595 ✭✭✭


    I am looking at getting a new car. If I buy, I will be looking to spend about €8,500 on a second hand car. I was thinking also about leasing a new car but dont know enough about the process. Is there a system whereby I can lease a new car and upgrade it every two years? Is it worth it?
    any advice is appreciated.


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    #2
    blackbox
    Registered Users Posts: 4,326 ✭✭✭blackbox


    I don't think the lease companies will deal with private customers, only businesses.

    Businesses lease cars to avoid capital expenditure, but the total cost has to be higher than buying a car yourself - otherwise how would the lease companies make their profits.

    Also, changing your car every two years is a very expensive way to go.


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    #3
    Leprechaun77
    Registered Users Posts: 498 ✭✭Leprechaun77


    I believe you can lease privately but the costs are very high compared to buying outright. The 2 year lease would completely shaft you as the price of the lease takes account of many factors, most notably depreciation. Most caompany cars are 3-4 year leases to keep the expenditure down.


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    #4
    R.O.R
    Registered Users Posts: 12,685 ✭✭✭✭R.O.R


    LeasePlan used to offer an online quotation system for personal leasing, but it looks like they've taken it away. Was never very succesful anyway.

    2 year lease would be ridiculous on anything half decent, and there is no point doing it over a longer term if you don't plan on keeping the car that long. You'd get shafted with early return penalties (standard is 50% of the outstanding rentals).


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    #5
    scab-e
    Closed Accounts Posts: 47 ✭scab-e


    Just The One wrote: »
    I am looking at getting a new car. If I buy, I will be looking to spend about €8,500 on a second hand car. I was thinking also about leasing a new car but dont know enough about the process. Is there a system whereby I can lease a new car and upgrade it every two years? Is it worth it?
    any advice is appreciated.
    I lease a car. The cost is about €17 per thousand per month for a 3 year lease. At the end of this time, I give the car back. It is basically the same as renting. The cost works out the same as the interest and the depreciation over the period, so it should be equivalent to buying with a loan or paying cash and losing the interest you could have earned on your capital.

    At the end of the lease period I will lease another new car.


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    #6
    rebel.ranter
    Registered Users Posts: 3,570 ✭✭✭rebel.ranter


    scab-e wrote: »
    I lease a car. The cost is about €17 per thousand per month for a 3 year lease.

    Does that include maintenance & tyres etc.?


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    #7
    Zube
    Closed Accounts Posts: 1,502 ✭✭✭Zube


    rebel.ranter wrote: »
    Does that include maintenance & tyres etc.?

    No way, it's already cheap as chips.


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    #8
    rebel.ranter
    Registered Users Posts: 3,570 ✭✭✭rebel.ranter


    Zube wrote: »
    No way, it's already cheap as chips.

    Still I have to ask.


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    #9
    scab-e
    Closed Accounts Posts: 47 ✭scab-e


    rebel.ranter wrote: »
    Does that include maintenance & tyres etc.?
    No I have to pay these costs (not much for a new small car plus the car is under guarantee)


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    #10
    legalbird12
    Closed Accounts Posts: 64 ✭✭legalbird12


    Whats the name of the lease company? I would be interested in going down this route


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    #11
    scab-e
    Closed Accounts Posts: 47 ✭scab-e


    legalbird12 wrote: »
    Whats the name of the lease company? I would be interested in going down this route
    Friends first. There are lots of companies offering leasing. I previously used Bank of Ireland.

    The cost of a lease is linked to the expected depreciation so you will pay more to lease an Alfa than a BMW of the same retail price.


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    #12
    rebel.ranter
    Registered Users Posts: 3,570 ✭✭✭rebel.ranter


    scab-e wrote: »
    ....... you will pay more to lease an Alfa than a BMW of the same retail price.

    That is very interesting. Thanks for the info, not in the market right now to lease but maybe in the future. Do you have the same choice of car/spec as you do when buying?


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    #13
    scab-e
    Closed Accounts Posts: 47 ✭scab-e


    I would imagine so but I don't know because I've always just leased whatever they have on the forecourt


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