[Closed] Leasing multiple cars?

Leases will have to be in different names and they'll credit check each.

Very difficult (but apparently not impossible) to have one person with two leased cars. So I'd plan on having one each.

Just look out for early termination. You'll be committed to the original lease term, even if your circumstances change. So not totally flexible. Likewise, mileage can be expensive if you go over, but not necessarily e.g. 3p per mile works out at £30 per 1,000 miles. 15p per mile makes that £150. Varies by car and finance company. Caveat emptor (or lessee emptor).

I'd try and avoid them both ending at the same time.

But overall, if fixed cost is important, it can be the way to go.

I'll ask my brother in law....

geordiemick00

Member
I’ll ask my brother in law….

😆 🙂

One in either name is fine, and I would start them at different times (runabout in the missus name first).

Mileage wise two cars with 8k PA limit should more than cover our needs as we barely ever top 10k with one at present...

Two New ICE cars? You, sir, are worse than Hitler. Won’t somebody think of the eco-weenies?

Caveat emptor (or lessee emptor)

Caveat lessee. If you really must.

Two New ICE cars? You, sir, are worse than Hitler. Won’t somebody think of the eco-weenies?

Have you seen the cost of leccy cars? Apparently its going to be the upper middleclasses saving the world first.

Anyone taken up a servicing plan on a lease? That's another option I like the idea of just for smoothing out costs...

able to hand one or both cars back if circumstances change

This definitely is *not* the case with most leases. Expect to pay between 50 and 100% of remaining lease payments if you hand back early.

Look at something like evezy if you do want that kind of flexibility.

edit: realise you may have meant just relative flexibility when the end of a 2 year (or whatever) term comes around.

We're on our third 2 year lease. It's worked well for us but then there's been good deals come up around the time we need to look for the next, and cost-wise the best way is just to go with what's cheap at the time. If you start to get too set on a particular car/trim/engine or want to spec lots of options it can look very expensive indeed.

I keep expecting at the end of each for the cheap deals to have dried up but just now there's silly cheap deals on the VW eGolf that would suit us nicely.

I leased my last car and considered 2 but rulled it out for several reasons

-stuck with 2 cars or huge fees if circumstances change
-you are left with 0 equity at the end of the lease so easy to get stuck in lease loop.
-2! New ICE cars, you may as well douse a baby polar bear in petrol and set fire to it.
-it is actually far cheaper to buy a 3 year old car and run for 5-7 years. And you still have choices at the end

Have you seen the cost of leccy cars? Apparently its going to be the upper middleclasses saving the world first.

I thought that was a requirement to be on here?

You mean you don’t have £550k cash to invest for a year?

The advantage of a shitbox is you can treat it as such - a lease car needs to be handed back in good condition. If you abuse your cars you'd need to factor bodywork/interior repairs into the deal.

-it is actually far cheaper to buy a 3 year old car and run for 5-7 years. And you still have choices at the end

Where are you finding these cheap 3-year old motors?

Where are you finding these cheap 3-year old motors?

^^^This! 🙂

With the demise of private sales it seems car dealers have a tighter stranglehold on the market.

And monthly payments will be higher on a 3 year old car as most dealers don't do PCPs on them so you are into straight HP.

Where are you finding these cheap 3-year old motors?

Arnold Clark.

As much as I despise the very brand, who have a virtual monopoly on car sales in this part of the world, they have a seemingly endless supply of 3 year old cars that no one else can get anywhere near matching for price.

I assume they have deals with lease companies / car hire places / motability providers to  take all their returns in bulk.

And monthly payments will be higher on a 3 year old car as most dealers don’t do PCPs on them so you are into straight HP.

Whats dealerships not doing PCP got to do with it? There is a wide world of finance out there, plenty of loan companies that will do PCP on older cars.

My 3yr old 3 series is on PCP with a 3rd party company.

We have had 2 cars on lease, worked for us no probs. Bought one of the cars at the end of the lease agreement saving us money compared to what we could get it for from a garage + we got maintenance included to the end of yr 4.

You can get some really good deals if you wait and shop around.

Don’t just look at cheap cars. Example a Fiat Abarth 500 may well be as cheap to lease as a bottom of the range standard 500

My 3yr old 3 series is on PCP with a 3rd party company.

Why would you want to pay for the maintenance on someone else’s car though? At least leasing a new car maintenance isn’t an issue

you are left with 0 equity at the end of the lease so easy to get stuck in lease loop.

I can't help thinking that "equity" (in an always depreciating asset) is a bit of a myth these days, the only person I know who manages to play that game in any way successfully is one of our contractors, an empty-nester who likes driving brand new, higher spec' Audis, He's basically got rolling finance, never keeps a car more than about 24 months and has the bi-annual shenanigans of offloading his current car and negotiating a deal on the next one with the dealership... And guess who was eyeing up Lease deals with me yesterday?

I'm still in two minds, I do think a 36 month lease on an auto runabout primarily for the missus for under £150 (inc servicing) is actually a bloody good deal and that can be done, buying the equivalent car new would cost us a lot more, buying a used one might pan out well or could end in tears... As for Leasing a slightly bigger car as "mine" for longer mileage journeys Vs playing Banganomics, I'm sort of on the fence, I don't mind doing an oil change or the odd little bit of work but I'm not keen on spending my weekends under the bonnet anymore TBH, and I'm not keen on footing a big bill when it fails an MOT. Shiny new things with a warranty are drawing me in...

I suppose I could do it the other way round, I hunt down a cheap used little auto as the local runabout and then look for a 24 month lease deals on a family car (to put in my name) similar considerations would come into play of course, I suppose the runabout is more likely to pick up carpark scuffs and get abused by the kids so perhaps that's the better option, but used little Autos seem to command an odd premium (they did last time we looked).

I do see some sort of leasing in our future, perhaps jumping straight into two lease deals straight away is a bit too much...

Why would you want to pay for the maintenance on someone else’s car though? At least leasing a new car maintenance isn’t an issue

Erm but it is though, lease cars you are responsible for maintenance. You can purchase maintenance packs to cover it.

With PCP I have the choice of owning the car at the end or trading it in for something else with any equity, so its in my interest if I so choose to maintain the car perfectly or not. You can't do that on lease but you still have to maintain it or face bills at the end.

My understanding is that a lease is not flexible in terms of a change in circumstances and handing back. Neither is a PCP particularly but slightly more flexible in that respect.

I, personally wouldn’t have two cars on lease in 1 household. Nor would I have 2 on PCP for that matter. My wife and I have generally always bought 3 year old cars with a small deposit and unsecured personal loan not linked to the car in any way. My current car is PCP but it’s the 1st and last time I will ever get a new motor. Yes the warranty is nice but it’s still off the road when it breaks, and my experience has been arguing with dealerships and general aggro when doing warranty claims and arguing the toss with someone. Would rather just pay the local indie if it goes wrong.

I’ll be buying mine this month at the end of PCP as I do actually have £3-4K equity in the motor (lowish miles, good colour/spec/engine etc) so makes sense. But even in this relatively good position I’d still have been better off with a slightly older motor and bank loan. As long as you put a few grand down and buy sensibly after 12-24 months you could sell the car and have a chunk of cash for your next motor.

I’ve never had a problem finding good 2nd hand 3 year old cars. I’ve had to travel far and wide to pick them up mind, but they are out there. Wife’s 320i was about half what it cost new with 20k on clock - barely run in.

Now that I’ve said all of that I’m sure the engine on my wife’s car will implode this evening and we’ll be facing a £7k repair bill!!

See, that's my concern. Isn't three years old about the time you start seeing expensive servicing bills like timing belts? Suddenly being landed with a servicing bill of a grand makes it somewhat less attractive a proposition. Or am I worrying about nothing?

I think the 320i is a timing chain, even if it’s a belt it’s still a way off at 28,000 miles and 4 years. I should caveat the above by saying I have a very good local indie who I trust implicitly.