Advice needed on car lease or PCP

Very little difference between the two types I believe but
most dealers seem to go for the PCP version nowadays. I run my car that way and am quite happy with the system. You get a new car every three years, don’t have to pay a deposit (well I didn’t but my son did, not quite sure why), and don’t have to worry about MOTs or repairs as it’s unlikely anything will go wrong in a car that young.
Small garages don’t like the system as it does them out of work
So if you can afford it, enjoy your worry-free motoring!
Be careful if the dealer tries to sell you ‘gap insurance’ which is definitely not needed for the first year and can usually be obtained cheaper elsewhere.

Oldbutstilluseful

In my mid 70’s I need a new car. The only way I can afford a new one is either by lease or PCP. I have test driven the car I would like and the garage has given me the terms for PCP. However, I’m not bothered about owning a car as, realistically, I don’t know how many more driving years I have left.

Leasing seems the best and cheapest option, but I don’t know anyone who has gone down this route. Advice would be very much appreciated.

I too am-in a similar position, and looking towards PCP, more research needed though.

Kate54

Very little difference between the two types I believe but
most dealers seem to go for the PCP version nowadays. I run my car that way and am quite happy with the system. You get a new car every three years, don’t have to pay a deposit (well I didn’t but my son did, not quite sure why), and don’t have to worry about MOTs or repairs as it’s unlikely anything will go wrong in a car that young.
Small garages don’t like the system as it does them out of work
So if you can afford it, enjoy your worry-free motoring!
Be careful if the dealer tries to sell you ‘gap insurance’ which is definitely not needed for the first year and can usually be obtained cheaper elsewhere.

Thank you for the insight.

I have had several by PCP, in fact I'm in the process of getting another new car end of this month.
I have always re-traded in for a new one, or as with this car, and my last PCP at end of the contract, I have purchased it and sold on.
My current car my friend has bought off me, she's got a bargain as low mileage, full service history and brilliant condition.
The garage like most px would make a good profit on resale.
New cars do loose money but, I personally think I haven't lost that much and enjoy a new car every 3 or 4 years. Its not the satisfaction of having a new registration (which some folk like) as I have my own plates.
All you need is a service when the car tells you.

There are some excellent used cars, in the market but of you really want new this is the cheapest option.
I am sure you will get lots of thoughts on this, fores and against.

Enjoy what ever you decide.
I'm getting another Audi A1 automatic, lovely little car.

Lins52, good to know I’m not alone.

Thank you Kate54. I was interested to know you didn’t pay a deposit as I’ve now spoken to a 3 garages and they all wanted an upfront payment with PCP. Also the monthly payment was considerably more than with leasing. I would really like to know any downsides to leasing which I might miss.

Sounds good Visgirl. The Audi is too low for me, otherwise....
After testing several cars, I’ve plumped for a Seat Arona automatic.

Five years ago my eldest daughter, who is very savvy was persuaded to go along the PCP route when she was looking for a replacement car. She did a great deal of research and crunched the numbers before agreeing.

For her, it works brilliantly. She needs a car that is always trustworthy, so the newer the better. She earns a good salary so can easily afford the monthly payment. Kept the first one for the statutory three years, then when changing it out upped her monthly payment and has got a lovely BMW. she will have this for a further year and then change again. However, she always has enough money in her bank accounts to be able to fully pay for the car should the need ever arise.

Problems can be caused when people have a serious change (downward) in their income. What may seem to be an easily met monthly payment can then send them spiralling into serious debt.

I do think, if I was younger, I would like this PCP scheme - but do your own financial check prior to entering into any agreement, and having decided the maximum you can afford each month, do not be talked into a higher amount by the salesmen for a more expensive car.

Thank you Franbern.

Lots of useful information here on this site

www.whatcar.com/car-leasing/leasing-guide/whats-the-best-type-of-personal-car-lease-for-me/

Hi there, I have a pcp with mini. I get a great deal and it includes servicing.
This link will provide all the pros and cons.

www.google.co.uk/url?sa=t&rct=j&q=&esrc=s&source=web&cd=&ved=2ahUKEwjb-cD6mbzwAhX6XRUIHU71AQ4QFjAAegQIAxAD&url=https%3A%2F%2Fwww.moneyshake.com%2Fcar-leasing-guides%2Fpersonal-leasing%2Fleasing-vs-pcp&usg=AOvVaw1MtpdU7VwT8OmuOPttkckd

I’ve had4 cars on PCP now. Works well for me. I get a new car every 3/4 years. No worries about MOT. Often low tax. I previously had car loans so it’s really the same cost for me. I think of it as renting a car! Good luck. Btw I’ve got a Skoda and it’s brilliant. I had to be persuaded as my inner snob got in the way but I’ve never regretted it. Good luck.

Very useful links and helpful information, thanks to all. Now to settle down to research.. sigh!

Hope I didn’t mislead about not paying a deposit ! I’m pretty sure I didn’t but perhaps pay more every month instead. And I don’t own it at the end but I think there’s an option to buy. It’s complex. I deal with Peugeot who make it seem a bit more straightforward.

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