Leasing a Used Car in the UK
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Published 2024-01-04
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
All Comments (21)
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Hereโs an example why to be careful. MG4 secondhand approved, ยฃ20k PCP ยฃ2k deposit, 48 months 10k miles ยฃ332 per month. Brand new same car, same terms ยฃ26k car, ยฃ332 per month,just option to purchase was ยฃ800 more. Difference - 2nd hand car APR 14.9% New - APR 2.9%.
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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.
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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.
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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.
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Great honest opinion, thanks
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Really good video too by the way. Thanks.
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๐๐๐ Once again Thanks Jim
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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
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As always solid advice.... especially reading between the lines, EVs having dropped so much....they might be the best used buys.
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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
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Good vid Jim ๐๐
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Great advice ๐๐
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Great video Jim
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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!
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Great advice
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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.
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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 ๐ฑ๐ฑ๐ฑ
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Love your book Jim and love the idea of Jim driving to Gym, emissions free!
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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 ยฃ11K. It's only lost about ยฃ4k since or about ยฃ90 per month. So far servicing at an independent has averaged ยฃ300 per year and other than that ยฃ200 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.
