Leasing a Used Car in the UK

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

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.

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

Great video Jim

Good vid Jim 👍👍

Do some comparisons then Jim👍

👍👍👍 Once again Thanks Jim

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%.

Thank you . And your health is your wealth 😊

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!

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 😱😱😱

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.

👍👍👍👍

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

Why is PCP a bad product? I've had a few, made equity on trade in and used that as the deposit on the next one. I have an EV now. I expect neg equity and the car shall be returned at the end of the term if that is the case, just like a lease deal. I would not refinance the balloon. What am I missing?

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

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

✌❤

What are those funny stalk things next to the wheel?!

They need to be deleted ASAP....

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.

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 <£500 for the first payment.

Good to see the recent review of GAP insurance. I thought that was a brilliant explanation. I'd always take out GAP on a lease car as it's too much risk to be left possibly nursing a £6k bill after year 2 if it was a total loss.

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.

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.

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