That's it for me , I'm out.

[si_c]

But people have to have the latest and best motor. Some folk are happy to pay £500-£700 a month on a lease to 'get to work'.

Our 'salary sacrifice' car scheme at work, where it seems a good deal, all maintenance and insurance thrown in, folk have not considered the impact on their pension contributions - their pay is less, so the employer is not contributing. Roughly, that £500 lease is losing people £120 a month in employers' pension contributions - over £4k in 3 years. Given that most of the staff 'opting' for the scheme are more 'mature' and higher earners generally, that's a big chunk off your pension at a time when it's 'maxing out' on your 'average salary'.

Salary sacrifice is possibly the worst way to go.

Assuming that £120 per month over a term of 5 years, you've lost £7000ish in pension contributions over that time, which doesn't sound too bad, but if in your 40s you'll lose roughly £40k of pension, if in your £20s that escalates to £200+k of pension. Assuming 8% growth over the term, which is probably fair.

That's a very expensive car.

Edit to add: If someone entering the workforce now did salary sacrifice at £120 lost pension contributions monthly (assuming no wage growth) then they would lose around half a million in pension balance at retirement.

 

[presta]

The newest car I ever had was the last one, my Accord was 2y 9m old when I bought it for £8.5k with 30k on the clock. That was about a 30% discount for a car that was still as good as new (and lasted me for another 150k trouble-free miles), which I reckon is about optimum value for money.

I’ll just hire as and when I feel necessary.

I've been tempted on occasion, but what always puts me off is the thought of turning up to collect it and finding there's not enough room in it.

it's all one vast game of one up manship driven by Social media influencers

There's always been status competition, since time immemorial, but technology is producing so many new gimmicks that the treadmill is going faster and faster, with everyone having to run faster to keep up with it. The global economy is like one giant conveyor belt with people digging resources out of one hole in the ground at one end, and people dumping resources in another at the other end, with the objective of every politician on the planet to make the conveyor go 2% faster every year.

Beware the fork tongued snake oil salesman , they tell you what you want to hear...

The golden rule for buying anything is if you want to know something about it, never ask the person who's selling it.

Rust proofed it, as it has next to no rust at all and want to keep it that way.

The only place my Accord developed rust was where it had been crash damaged, it sprouted where the new paint met the old at the bottom edge of the rear window. Annoying really, as it wasn't my fault.

Probably not the best start to life for your pride and joy, especially back then when proper "running in" was considered quite important for the engine.

I watched the test drivers thrashing new Fiestas at the end of the production line at Dagenham once, I thought they were going to jump them clean out of the rollers.

 

[cougie uk]

Indeed. I'd like an electric version of my Skoda Fabia estate, they simply don't exist (yet)

I want an Electric Yeti. I'd love that.

 

[vickster]

I want an Electric Yeti. I'd love that.

Kia Soul closeish?

 

[ebikeerwidnes]

The buying public have themselves to blame.

They've been exploiting bank loans, then HP, and now ever more creative ways to possess a car they could not ordinarily afford, PCP and leasing being the latest wheezes.

Because people are not buying the cars themselves - the PCP finance or lease company does this - they are onky interested in the monthly payment, leaving manufacturers free to screw the prices Northwards beyond the point tpwhere the few actual private "buyers" can rarely afford.

I mean, sheet, some of the monthly payments on fairly mundane vehicles are more than my old mortgage, yet the schmucks are happy to pay and then while on the way to the airport use their £90 a month mobile phones to complain on Facebook how they can't afford o save for a house deposit.

I agree

I looked at the lease option when we bought the new (to us) car about 6 months ago and worked out the "cost per year" and it was just silly money when you worked it all out

my wife's son gets his car through the NHS staff scheme and always seems to get a big Range Rover sized EV - I reckon that if he got a smaller used car they could pay the mortage off much sooner if they worked it all out

but what do I know??

 

[Drago]

Mrs D has given in now. She's on some lease thing for civil servants in the education sector. MG ZS EV Trophy Long Range for £230 a month, all-inclusive, 20,000 mile mileage limit is so daftly inexpensive it would have been difficult to turn down.

I'd rather buy, but at those prices (and with a model thst depreciates quite heavily) I can stomach my pride and let her rent it.

She still has the C70 vert for sunny day driving, and being female and blonde it works better for her than it does me.

 

[grldtnr]

But is it a special enhanced deal for public sector workers, probably Joe public couldn't get the 'deal'.
My main objection to these 'lend leader / PCP deals , is once your hooked , wriggling on the line of easy payments. They've got your money and your locked into a brand loyalty with than dealer, with punitive penalties on mileage , servicing, and condition of the vehicle at the end of the term.
You then have to 'trade' it in for the same brand, with an agreed final payment ,or just hand in the keys and walk away.......with nothing, i.r they emptied your pockets and you get nothing for what you have been driving for the last 3 yrs.
And they are the victors, a sellable vehicle at little costs to them.
Nah, stick with brass in pocket, if you can afford it ,buy it outright,
They don't want your cash in hand they want the interest from you.

 

[a.twiddler]

Wherever you go, it's mostly about the finance, be it cars, double glazing, somewhere to live. It's just a commodity that has a finance deal as the major income for someone else attached to it.

 

[si_c]

But is it a special enhanced deal for public sector workers, probably Joe public couldn't get the 'deal'.
My main objection to these 'lend leader / PCP deals , is once your hooked , wriggling on the line of easy payments. They've got your money and your locked into a brand loyalty with than dealer, with punitive penalties on mileage , servicing, and condition of the vehicle at the end of the term.
You then have to 'trade' it in for the same brand, with an agreed final payment ,or just hand in the keys and walk away.......with nothing, i.r they emptied your pockets and you get nothing for what you have been driving for the last 3 yrs.
And they are the victors, a sellable vehicle at little costs to them.
Nah, stick with brass in pocket, if you can afford it ,buy it outright,
They don't want your cash in hand they want the interest from you.

Not really no, but they are salary sacrifice which means the monthly payments are lower, so it feels cheaper, or you can get a more expensive car for the same money.

And yes, once you are hooked into a lease type deal they are harder to get out of, barring the up front payments being expensive.

 

[Gunk]

I'd rather buy, but at those prices (and with a model thst depreciates quite heavily) I can stomach my pride and let her rent it.

I feel the same, picked up our Cupra Born (a £44,000 car) for £1000 down and less than £350 a month for 12000 miles a year and 24 months, why on earth would you buy one.

 

[Jenkins]

I feel the same, picked up our Cupra Born (a £44,000 car) for £1000 down and less than £350 a month for 12000 miles a year and 24 months, why on earth would you buy one.

Just out of interest, afetr 24 months and £9,400 what are you left with?

 

[Gunk]

Just out of interest, afetr 24 months and £9,400 what are you left with?

Nothing as it’s a lease, but the deprecation would be far more. My six year old used BMW lost more than that over 2 years plus I had over £2000 in garage bills and annoying things going wrong. For fixed costs and peace of mind IMO leasing is the way to go.

 

[Jenkins]

Nothing as it’s a lease, but the deprecation would be far more. My used 6 year old BMW lost more than that over 2 years plus I had over £2000 in garage bills.

If it works for you then fine, but I'd be looking to pay a bit more for a decent 2nd hand car to own, but then my price range is significantly lower then yours.