Practical Experience on Lease Cars

[Captain Jack]

Thinking of leasing a car, but just wondered about the practicalities at the end of the contract when you return the car. Do the lease company stiff you for every tiny scratch on the paintwork and present you with a "making good" bill of £5k or do they take a pragmatic view that the car isn't going to be perfect after two or three years on the road and as long as you return it in good order for its age are reasonably cool about it.

I assume as with most contracts, the likelihood of getting your three months' deposit back is virtually nil anyway.

[Bagpuss]

g/f leased a car, treated it like sh1t, clutch was fooked, scuffed all the wheels. Paid £60 for a valet, came up a treat. Hnaded back no worries.

I'd be more worried about the premiums for going over 10k per year

[Phoenix]

Of course if you buy the car at the end...it doesn't matter if you have gone over the Mileage limit....and you tend to look after the car little more

[AtW]

Only fools will buy ex-leased car because those who drive them will treat it like sh1t, that's why ex-leased cars are so cheap, though they look okay. The main issue with leasers is milage - they will totally take you to the cleaners if you exceed milage.

[Captain Jack]

Thanks fellas, that's put my mind at ease somewhat. I was worried that returning the car at the end of the lease was simply an invitation to charge random amounts to your credit card for imaginary problems. Yes, it's very important to be honest with yourself about your likely mileage as the excess rates start at 5p/mile!!

[Bagpuss]

Thanks fellas, that's put my mind at ease somewhat. I was worried that returning the car at the end of the lease was simply an invitation to charge random amounts to your credit card for imaginary problems. Yes, it's very important to be honest with yourself about your likely mileage as the excess rates start at 5p/mile!!

I guess it depends who you leased it from, wouldn't bother with any of those characters who's deals arrive via uninvited faxes

[Phoenix]

Only fools will buy ex-leased car because those who drive them will treat it like sh1t, that's why ex-leased cars are so cheap, though they look okay. The main issue with leasers is milage - they will totally take you to the cleaners if you exceed milage.

You twat!....I wouldn't buy a car someone else had leased/owned.
I was on about owning/leasing from new.................

[Captain Jack]

You twat!....I wouldn't buy a car someone else had leased/owned.
I was on about owning/leasing from new.................

Indeed, Phoenix.

I'm going to be the one doing the leasing, AtW. I don't care what the lease company does with the car when I give it back as long as they don't try and stiff me for every tiny scratch on the paintwork.

My general philosophy is that you lease depreciating assets (e.g. cars) and buy appreciating assets (e.g. houses).

[Darren@UptonAccountants]

Cars

Leased a car for a couple of years, went a couple of thousand over but had no probs when they came to get it back....if you treat it like cr@p they'll bill you for the repairs, treat it like your own and it costs you nothing.

[Doddy.]

Leasing

Captain Jack - There is no deposit to be returned. You pay (usually) 3 months x your monthly payment as your first payment, and then 11 payments (for 12 months lease) 23 for two years and so on. At the end you hand the car back. You only pay more if: You have exceeded the agreed mileage or the car is damaged. If you think that you will exceed the standard 10k miles per year, then it is cheaper for you to pay 'up front' for miles than to pay at the end. As far as damage goes, you will be charged for damage or excess wear and tear over and above what would be expected for a car of the age yours will be when you send it back. Anything that arises from this is a specific bill, not a retention of anything you have paid. Bear in mind that leasing - as I do - is a good way of getting yourself a good car cheap - monthly payments are based on the cost of the car over the lease period - ie how much is lost in depreciation - not the cost of the car. It is cheaper to lease a BMW 320d SE than to lease a Vectra.Higher residuals means cheaper payments. Look around the net and play off one supplier with another.
Oh, and a final thought - Most odometers these days are digital and can be 'adjusted' using a laptop and bespoke software. This is usually cheaper than paying excess miles. Not that I can vouch for this personally.....