Leasing question

[r-designbob]

All you that have private leasing over 3 years.
What will/do you do at the end of the lease period?

This'll be the first time of leasing for me, and I am thinking when the 3 years are up, and assuming I'm still in love with the car
I might get further credit on the remaining cost.

Is this wise do you think?
what are others doing/have done?

[XC60KEV]

Thats a tough one and a bit of crystal ball gazing required....

In my humble opinion no matter how much you like a car 3 years is a long time. To take out finance to purchase car outright after 3 years may be a false ecconomy depending on your own circumstances. If you are not near retirement age ifor example in 3 years you have to ask yourself how often will you change my car throughout your life, what the monthly cost is and how would you like driving a new car. If you do like changing your car frequently then leasing is probably the way to go until you are content. You may not own the car but you never have to wait that long for a new one and the fixed cost leasing is always better for budgeting.

It would be great to think your MY11 XC60 will still put a grin on your face in 3 years time but so might the MY14 XC60 (R-design with some super performing hydrogen cell power plant with no road tax - nice, who knows )

[Jack_of_all]

this is my 2 lease car. had a Jeep Grand Cherry before.

although i liked that i wanted a change and fell for the XC60.

we were offered the jeep at book value (trade in price) which was very good, but i didnt fancy the idea. They collected the jeep and handed me the keys to the XC. Jeep was driven straight to the local car auction, i have no idea what they got for it.

not sure what i will do at the end of 3 years on the XC, but as i tend to change my car every three years then it is likley we will do the same again.

I like leasing...as far as i'm concerned i know I never own the car, i dont have to give anyone a lump sum deposit and i am only paying for the deprecation on a monthy basis, so good on the pocket.
plus the neighbours think i'm loaded !

[adambsmith]

I leased my two previous cars over three years.

For the XC60 though we went the PCP route to take advantage of 4.9% interest then on offer from Volvo.

I think we were sold on the fact that with leasing you have no chance of getting anything back and also that the costs for us were high as we do 20K a year. Also, I had a bad experience with Honda who wanted to charge for 'damage' to the car on its return - they wanted £200 for stone chips on the bonnet which I successfully argued was wear and tear (of course) and I only ended up paying for a badly scuffed alloy which I was happy to pay. I didn't want those arguments again on return of this car.

So we made a small deposit on the XC60, pay what we are happy with each month and maybe, just maybe, we'll have some decent equity in the car at the end of 3 years to have another (but higher than previously) deposit for the next new motor. I think we have a balloon payment of £8,750 at the end. Hopefully our XC60 will be worth more than that and the difference will be than put straight into the next car probably on another PCP.

[155mph]

It depends on how I feel about the car. If it turns out to be a complete lemon, then I will hand back to Volvo and walk away. If it runs fault-free, I may decide to pay the balloon payment and keep it. Watch this space.

[r-designbob]

Thanks guys.

I tended to keep my cars for quite a while previous to this and I couldn't decide whether to lease or buy at first.

Anyway I have gone for the lease option now.
I guess it's a suck it and see situation.

Perhaps an all song & dancing XC60 will be available in 3 years, one that will make you a cuppa while your driving

[XC60KEV]

Originally Posted by 155mph

It depends on how I feel about the car. If it turns out to be a complete lemon, then I will hand back to Volvo and walk away. If it runs fault-free, I may decide to pay the balloon payment and keep it. Watch this space.

155MPH, just checked out your photos. Dark exterior and tints looks great with light interior - well nice.

[NewVolvo]

I have also gone the way of a 3 yrs lease on my XC60. First time btw so we will see what happens after the final payment and any extra charges in terms of damage etc.

However, I will not keep the car. As mentioned, there will be new engines, technology and models and the fact that Volvo may not be my first choice due to costs, as leasing, you do indeed pay the depreciation monthly and Volvo's are not the best when it comes to that.... just look at the S80... it has terrible residual values and is very expensive to lease no matter how good and comfortable it is.