V60 r design pro - lease or buy

[Cmdee]

Hello All,

Long time lurker, thought I'd ask the good people of volvoforums advice.
I'm a high mileage driver (30k per annum) Really want a v60 D4 r design pro auto but wondering what the best way to do it is.
Choices are: A)Buy, keep for 3 years or B) lease for 3 years.
Deals I've been offered £33k (drive the deal)to buy or circa £21k over 3 years to lease.

What would you do?

Appreciate any comments

[Teilo1979]

I’d buy it, keep for 3 and then sell if you don’t like/want to keep it after that or indeed change before.
The resale value will need to be 12k or less in 3years time to make the cost of the lease worth it.
I would just like to have options at the end of the 3 years.

For what it’s worth, I’ve never leased/pcp’d a vehicle so there may be benefits I’m missing but £21k is a lot of cash to have nothing to show for it.

Terry.

[Cmdee]

Thanks Terry,

That's the problem though, will the resale value be anything like £12k @ 3 years old and 90k miles 🤔

I agree though, it is a lot with nothing to show. A company car allowance softens the blow a little.

[green van man]

What are the milage excess charages likely to be?

Have known lads have to use the wife's car for work as their millage allowance was used and the costs high.

My car my choice milage doesnot matter, lease car it's another factor to be taken into account.

Paul.

[XC90Mk1]

Originally Posted by Cmdee

Hello All,

Long time lurker, thought I'd ask the good people of volvoforums advice.
I'm a high mileage driver (30k per annum) Really want a v60 D4 r design pro auto but wondering what the best way to do it is.
Choices are: A)Buy, keep for 3 years or B) lease for 3 years.
Deals I've been offered £33k (drive the deal)to buy or circa £21k over 3 years to lease.

What would you do?

Appreciate any comments

I have always bought (used from main dealer). At the end of 3 years if you want rid you can however I have never done this as at the end of 3 years I am always in a car that’s completly reliable, runs really well and basically has so little depreciation that you can do a further 3 years for 5k depreciation rather than another car that depreciated 20,000 quid.

You can have a lot of repairs done for 20k!

[roundyuk]

I am on 18k a year in a V60 Momentum Pro, 2.5k cash, and some renewal money got me into it, my V40 that was just over 2 yrs old had negative equity. I am paying 390 a month which includes servicing.

In four years it should have 72k miles, would I want to be in a position of trying to part ex it and the value it probably won’t have, no, would I want to sell private and muck around no...

Take the sales pitch of any equity left with a pinch of salt, manufacturers are flooding the markets with cars these days and residuals are in the real world crap, but Volvo are giving very good residuals on their PCP plans for the V60.

Depends on your approach, I drive fairly high miles, I reley on my car, being payment driven for peace of mind suits me; maybe not for you.

I don’t buy into the world of dropping 10 large on a car and still paying 500 quid a month for something like an XC90, well, probably because I can’t afford that. But all the “nothing to show for it at the end” is only semi valid, because at the end of the day you’re only financing part of the value, so why would you have something to show. You’re paying for th portion of value whilst you own it, if you “want something to show” finance it all!

[Teilo1979]

Originally Posted by Cmdee

Thanks Terry,

That's the problem though, will the resale value be anything like £12k @ 3 years old and 90k miles 🤔

I agree though, it is a lot with nothing to show. A company car allowance softens the blow a little.

The residual value is always a tricky one, especially with a new model.
looking at the previous model V60 when they were 3 years old with circa 90k then I'd say yes, 12k could be expected.

[Cmdee]

Thanks, interesting takes from all.

I suppose it what works for me.

Wish I did a lower mileage but that seems unlikely to change anytime soon.

[Pitvar]

Worth doing a monthly cost for loan and also lease I think. So take a Volvo PCP if it gets you a really good price and then pay it off after two weeks with a 3% or 4% loan if that reduces your payments (upto £30k its 3.3% with First Direct)

Compare that monthly cost to a lease (and remember to spread any upfront payment over the term - i.e.a £2400 initial payment adds £100 per month to the true cost over 24 months).

Doing that on some £35k cars at the moment leave me thinking if I can get say 15% off list the five year loan at 3.3% looks better than a 3 year lease with nothing at the end of it - and that's at 20k miles per annum.

Plus my current car is three years old this April and I could easily keep it for another 2 because I specced it from new - previously I've changed every two years or so.

One thing to watch for is a lease I think includes road tax so you'd have to add that back in too.

[SignumGB]

Having moved away from company cars, I have always bought 2nd hand from a main dealer. I don't like the idea of leasing a car. It's never yours and you have to spend all the cash on a deposit etc. At least if you buy, it's yours and can keep it for years if you enjoy it. I am hoping I can keep my XC70 going for a while as they aren't made anymore and one day will be a Volvo classic!