Leasing a Used Car in the UK

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5 ай бұрын

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Leasing a Used Car in the UK
THis is a very common question, especially from those new to the channel. They see these great new car leasing prices and assume that it'll be significantly cheaper to lease a used car. Here are my thoughts on leasing a used car.
Lease new, buy used works for me, especially in the current climate with car prices sinking like a stone.
#carleasing #usedcars #carfinance
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Important : This channel tries to deliver honest advice for real people. Remember that I am not a financial advisor or car finance professional and am therefore not qualified to give any kind of financial advice, views shown here are purely my own but you must make your own financial decisions. Always seek professional advice before entering a finance arrangement of any kind and seriously consider your financial position and the long-term affordability of any deal that you may enter into.
All music used in this video is written, recorded, and produced by me.
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Пікірлер: 102

@DefinitelyNotAGuru 5 ай бұрын

😊 𝘽𝙐𝙔 𝙈𝙔 𝘽𝙊𝙊𝙆 𝙃𝙀𝙍𝙀 : amzn.to/3HMF9eH

@davidvondadelszen6063 5 ай бұрын

Great book!

@DefinitelyNotAGuru 5 ай бұрын

@@davidvondadelszen6063 thanks 🙏

@bordersw1239 5 ай бұрын

Here’s an example why to be careful. MG4 secondhand approved, £20k PCP £2k deposit, 48 months 10k miles £332 per month. Brand new same car, same terms £26k car, £332 per month,just option to purchase was £800 more. Difference - 2nd hand car APR 14.9% New - APR 2.9%.

@DefinitelyNotAGuru 5 ай бұрын

👍

@Rob-ml3sp 5 ай бұрын

Another great video, and my go to channel for up-to-date news on leasing cars and how the market is changing at an incredible pace.

@DefinitelyNotAGuru 5 ай бұрын

Cheers Rob, top man!

@dylanwilliams3336 5 ай бұрын

Great honest opinion, thanks

@DefinitelyNotAGuru 5 ай бұрын

Thanks for watching!

@Paytonatorz 5 ай бұрын

Great useful video as always. Love your see as it is approach. I tend to be a buy used person. I have wondered about leasing used. But your opinion on this makes sense. Thanks again

@DefinitelyNotAGuru 5 ай бұрын

Thank you

@williamfence566 5 ай бұрын

looking at leasing as I've never leased , always bought outright second hand nearly new but prices are that high now I might as well take advantage of the deals available. Always great advice

@DefinitelyNotAGuru 5 ай бұрын

Best of luck!

@alangravy27 5 ай бұрын

Sound advice as always. No value in leasing used unless it is way cheaper than new. I do agree with the comments if you are to buy outright, many cars are better buys after a year but finance is often much cheaper on new. Compare the numbers carefully.

@DefinitelyNotAGuru 5 ай бұрын

👍

@robinhood007 5 ай бұрын

Really good video too by the way. Thanks.

@DefinitelyNotAGuru 5 ай бұрын

Thanks 🙏

@mikadavies660 5 ай бұрын

As always solid advice.... especially reading between the lines, EVs having dropped so much....they might be the best used buys.

@DefinitelyNotAGuru 5 ай бұрын

Yes, maybe!

@Pete.Ty1 5 ай бұрын

👍👍👍 Once again Thanks Jim

@DefinitelyNotAGuru 5 ай бұрын

Cheers Pal 👍

@brianiswrong 5 ай бұрын

My two penith worth. Buy a used car with cash or a personal bank loan, lowest high street APR. then at least you can sell at any time if needs must.

@DefinitelyNotAGuru 5 ай бұрын

👍

@tbrasc0 23 күн бұрын

100%

@belmont22tss 5 ай бұрын

Great video Jim

@DefinitelyNotAGuru 5 ай бұрын

Thanks 👍

@stevey-nwas1230 5 ай бұрын

Great advice 👌👌

@DefinitelyNotAGuru 5 ай бұрын

Glad it was helpful!

@andrewjones5570 5 ай бұрын

Good vid Jim 👍👍

@DefinitelyNotAGuru 5 ай бұрын

Cheers Andy 👍

@rimmerblues1586 5 ай бұрын

I think for some people they want a used model as they may not like the new models coming out and may not have any choice but to try the finance route to get it, however used APRs are so varied but usually high so maybe it's best to get new if they still make it as they have low APR. Maybe time to do another updated video on the differing finance options, Jim. Hope you've had good sessions down the gym - keep at it!

@DefinitelyNotAGuru 5 ай бұрын

Cheers buddy. I might just do that 👍

@PropertyAtAuction 21 күн бұрын

Great advice

@DefinitelyNotAGuru 21 күн бұрын

👍👍

@DavidBoreham-kk9dx 5 ай бұрын

Great advice as usual Jim I can't imagine getting a better deal than the one with the Peugeot 408 from yesterday's vid shop the deal people not the specific car cheers Jim hope your still breathing after the torture session 😱😱😱

@DefinitelyNotAGuru 5 ай бұрын

Haha, just about! 👍

@clewis5220 5 ай бұрын

Love your book Jim and love the idea of Jim driving to Gym, emissions free!

@DefinitelyNotAGuru 5 ай бұрын

Not quite, I had spicy chicken last night

@andyarmstrong1175 3 ай бұрын

Blimey that gym's miles away! Just think how fit you would get if you jogged or ran there and back? 😊👍

@DefinitelyNotAGuru 3 ай бұрын

😂👍

@hughrobertson-payne914 Күн бұрын

Just found this. Plain speaking and great advice. I'm in the market for a 'new' car and had considered leasing used. But why would you? Lease new or buy used if you want/need something flasher than you can afford to lease. Makes perfect sense. Now just need to convince myself I should lease a new Skoda/Peugeot etc rather than buy a used BMW/Merc, lol....

@hughrobertson-payne914 Күн бұрын

Have just bought your book as well btw, look forward to reading it 👌

@DefinitelyNotAGuru Күн бұрын

Thanks Hugh!

@DefinitelyNotAGuru Күн бұрын

You're my new faviourite person

@hughrobertson-payne914 Күн бұрын

@@DefinitelyNotAGuru 😂

@hughrobertson-payne914 Күн бұрын

@@DefinitelyNotAGuru I’ve been driving myself mad trying to get my head around the ridiculous prices of used cars now, I don’t know how buyers justify the cost compared to pre COVID times. I think I’ll relax, lower my sights a little and have an open minded look for a good leasing deal..

@robsmith1a 5 ай бұрын

Nothing beats buying a good used car that has depreciated for value but this probably only applies if you don't have to use finance. I bought an 62 reg SLK in 2020 for £11K. It's only lost about £4k since or about £90 per month. So far servicing at an independent has averaged £300 per year and other than that £200 on a pair of tyres.. I don't do many miles so a new car would be a waste for me. Insurance is generally cheaper on old cars too.

@DefinitelyNotAGuru 5 ай бұрын

Obviously much depends on reliability, repair bills and costs of major servicing items etc but yes, there are bargains to be had, especially if you’ve got a bit of luck on your side 👍

@darrenroberts6376 5 ай бұрын

My brother picked up a new pre registered car on lease with delivery miles a few days before the new reg came out. It worked out £70 cheaper per month just because it looked 6 months older.

@DefinitelyNotAGuru 5 ай бұрын

Awesome 👍

@Superman-nn4nw 5 ай бұрын

Did you say you’re going to see Jim? lol

@DefinitelyNotAGuru 5 ай бұрын

No Gym, he's an evil barsteward

@errollgordon3080 5 ай бұрын

Thank you . And your health is your wealth 😊

@DefinitelyNotAGuru 5 ай бұрын

👍👍

@bordersw1239 5 ай бұрын

I’ve bought my last 2 cars through PCP, both were 2 years old, manufacturer approved, low mileage, one year manufacturer warranty plus extendable at the end of each year. They were half the cost of new and I paid off the PCP at the end. Doesn’t mean I will do it again without careful calculations!

@DefinitelyNotAGuru 5 ай бұрын

👍

@BDX55 5 ай бұрын

With tyres, every lease car I’ve had they have stipulated that only like for like tyres could be put on there so no cheap tyres.

@DefinitelyNotAGuru 5 ай бұрын

I’ve had around 30 personally and on fleet and have always sent them back with one or two odd budgets. Never had an issue, nor have I ever seen that stipulation. Our last car couple of personal cars were leased from VW Financial Services, they simply said “tyres must be legal” that’s what I’m used to with others to be fair (I mainly used Arval on my old company fleet).

@clewis5220 5 ай бұрын

Morally I just couldn’t fit replacement cheap budget tyres anyway Jim sorry

@DefinitelyNotAGuru 5 ай бұрын

@@clewis5220 good for you 😁

@user..Aa..Bb.. 5 ай бұрын

I only lease high value cars. I can drive around in something amazing for a low monthly and not worry about depreciation and faults. (Low monthly compared to the actual value of the car and new car have some great offers) If you are looking at a small value car Buy it nearly new or few year old. Bank Loan it or car company finance to buy outright with no balloon. Check overall payment and apr. And at the end the car is yours and you may still have value in it.

@DefinitelyNotAGuru 5 ай бұрын

👍

@snubbii9276 5 ай бұрын

Leasing a used car is entirely down to the make/model and could make good sense for shorter terms on premium makes which are usually exorbitantly high for new. Like you say need a good spreadsheet, the bottom line there is always a value for your yearly motoring (new, used, lease, PCP etc) and trying to minimize it is a juggling act versus how much you tie to having the shiniest thing on the street. Am currently doing the sums.

@DefinitelyNotAGuru 5 ай бұрын

I've personally never seen a used car lease that makes sense when you consider the variables that simply don't exist with a new car lease. For the money you need to put into a used car lease usually you could often add a feew grand and buy the car outright.

@VintageLynx 5 ай бұрын

@DefinitelyNotAGuru There are so many good quality used cars under 20 years old that are (if you get put a little effort in) as reliable as a new one. And fully worth buying outright for less than the deposit on many used leases. Of course you will be so far behind the Jones's that will have them laughing, but look after it (not 'run it into the ground') and you can have years of cheap, reliable motoring.

@mrlv8126 5 ай бұрын

For me a brand new Audi A3 with the spec l what is around 6k cheaper over a 3 year term when you add it all up..compared to leasing.. That includes deposit and dealer and manufacture contribution…

@DefinitelyNotAGuru 5 ай бұрын

@@mrlv8126 as I said in this video and countless others, if you want a very specific car it might not be the best way to go, if you’re open to a great deal you might just find one. I’ve seen an A6 for less than a base A3 in the past

@DefinitelyNotAGuru 5 ай бұрын

@@VintageLynx my point here is if you want a used car, just buy it.

@Randomthingszs 5 ай бұрын

How did you buy the tesla boss? Pcp? I have got mine on pcp. Looking forward in hearing back form you

@DefinitelyNotAGuru 5 ай бұрын

I did a video on it, my business bought it and paid cash, it’s now my company car. It was very tax efficient. I’d have leased it had circumstances been different. I don’t like PCP.

@robinhood007 5 ай бұрын

Good luck going to the gym. I need to do that too.

@DefinitelyNotAGuru 5 ай бұрын

You can do it!

@wintersun398 5 ай бұрын

I know a lot of the cheap looking deals are actually quite a considerable chunk of cash up front. For transparency, imo, it should be 1 month upfront. Then you can see the true cost of the monthly lease. First thing I do when I go to a lease site is either set it to 1 month or

@DefinitelyNotAGuru 5 ай бұрын

@neilpatterson1357 5 ай бұрын

Well done on going to the gym. Hardest bit is starting

@DefinitelyNotAGuru 5 ай бұрын

👍👍👍

@volt8684 5 ай бұрын

My tip is buy a non turbo petrol manual car for up to 3k and keep till dead. Pick carefully. Am 65 done all my life. Old man was a garage owner sales and repairs. Told me never to waste money on cars. Latest one is berlingo petrol paid £2200 7 yrs ago at 60k. Had virtually zero problems. Now 17 yrs old and drives perfectly. When it doesnt it will be going. Was ex motability, purchased then by owner and had a very gentle life. IAM a pensioner and these new cars are off the park for me. My dad also taught me diy mechanics within reason. My worry is the age of cars Now is technically too hard for me. However if I had the money I would have a nice car😂

@bosz4222 5 ай бұрын

Unfortunately, ULEZ has now killed this idea..

@DefinitelyNotAGuru 5 ай бұрын

whatever suits your budget and floats your boat is fine by me

@chrishart8548 5 ай бұрын

Cars now are technically to much for any normal person now. I'm getting my company car delivered soon. If it goes wrong I'm glad someone else will be footing the bill. Owning any car now is far to risky

@Dentos19 5 ай бұрын

Do some comparisons then Jim👍

@DefinitelyNotAGuru 5 ай бұрын

Yes 👍

@iaing9028 2 ай бұрын

I agree that leasing a 2nd hand car is pointless as the rates are far higher & the deals aren’t cheap enough, but comparing leasing to PCP, if you want to get out of the lease early, this is impossible without paying a hefty fee usually the remaining lease payments. With a PCP it’s much easier to change cars or sell it part way through as it’s just HP with a deferred final payment, if your car is worth much more than the GFV you can usually make money on this rather than just handing the car back. As a consumer you have more financial rights using a PCP compared to a lease. Personally myself I would just buy a 2nd hand car, I don’t like having a date in the future where I’m forced to make a decision on my car, I’ll change it when I want to!

@DefinitelyNotAGuru 2 ай бұрын

A lease exit is generally 50% of the remaining payments - I'd never suggest entering into any finance agreement that you intend to break however. The money you "make" is generally smoke and mirrors as you've very often paid far more by leasing the car via PCP than PCH in the first place. Lots of videos explaining this on my channel.

@iainglennon6118 2 ай бұрын

⁠@@DefinitelyNotAGuru 0:30 0:31 My friend had a Hyundai i800 on PCP, the actual value was £2500 more than the GFV, he sold it on Auto Trader, the buyer paid him the money & paid the finance off online before taking the car. He was £2500 better off than handing it back.

@DefinitelyNotAGuru 2 ай бұрын

And how much extra had he paid before that by doing a PCP??? Probably much more than the £2500 he "made". It sometimes works in a rising market, right now is the opposite however.

@iainglennon6118 2 ай бұрын

@@DefinitelyNotAGuru Well maybe that’s correct, but I don’t know the figures. I’m not a fan of leasing or PCP, I prefer to buy a car & keep it until I don’t want it anymore. I have better things to spend my money on such as holidays.

@dan19752008 2 ай бұрын

My argument with this is why not lease a 6 month old Toyota with a 10 year warranty?

@DefinitelyNotAGuru 2 ай бұрын

Because the used lease would generally cost more than leasing a new one so why on gods earth would anyone do that?

@user-pi8bd8hl1b 3 ай бұрын

🎯 Key Takeaways for quick navigation: 00:00 *🚗 Leasing a used car can be advantageous due to benefits like manufacturer's warranty, fresh tires, and lower monthly costs.* 01:23 *💰 Leasing allows access to new cars at potentially lower costs compared to buying outright or using other financing options.* 03:13 *🛠️ Consider financing options when buying a used car, such as personal loans or hire purchase, instead of solely relying on dealer finance or PCP.* 04:20 *💸 When planning to keep a car for a long time and run it into the ground, buying a used car might be more cost-effective despite potential maintenance and repair expenses.* 04:35 *🤔 Leasing a used car might not make financial sense due to high monthly costs compared to new cars, limited warranty coverage, and potential maintenance expenses.* Made with HARPA AI

@DefinitelyNotAGuru 3 ай бұрын

Is this an ad for your AI tool?

@no-oneman.4140 5 ай бұрын

I've lost thousands over the years because I change my cars every two years. Depreciation is such a killer. Never got my head around who decides what the prices should be, don't believe it's the public, suspect the whole trade is like a cartel. My 'better' half has an old Suzuki that she's had for twelve years, never misses a beat. She has the right idea. I'm a mug.

@DefinitelyNotAGuru 5 ай бұрын

Leasing is a way of having your cake and eating it, if you choose your deals wisely.