USED Car Leasing | Is it worth it?

USED Car Leasing | Is it worth it?
I'm often asked about my thoughts on used car leasing and have often disregarded it as I haven't personally seen the value in leasing a used car when you compare it to leasing a new car. I took a deeper dive into the subject and here are my thoughts - just ask yourself, why lease a used car?

Whilst leasing a used car is not for me, perhaps it is for you so, as always, do some research and do what you think is best in your situation.

🚗🚗𝙈𝙔 𝙇𝙄𝙉𝙆𝙎🚗🚗

​‌💙❤️️𝗖𝗵𝗮𝗻𝗻𝗲𝗹 𝗦𝗽𝗼𝗻𝘀𝗼𝗿𝘀​❤️️​‌💙

🔥🔥𝘼𝙁𝙁𝙄𝙇𝙄𝘼𝙏𝙀 𝙇𝙄𝙉𝙆𝙎🔥🔥

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 and the long-term affordability of any deal that you may enter into.

All music used in this video is written, recorded, and produced by me.

𝙋𝙡𝙚𝙖𝙨𝙚 𝙡𝙞𝙠𝙚 𝙖𝙣𝙙 𝙨𝙪𝙗𝙨𝙘𝙧𝙞𝙗𝙚! ;)

[jockster]

Great subject, always wondered about this . Many thanks for your efforts 👍

[timlv]

This is an interesting topic Jim and one I’ve always thought might offer cost effective motoring given that the depreciation that makes up a substantial portion of the new car leasing cost should, in theory, by significantly less. The logic would suggest that anyway. There’s clearly no compelling evidence to suggest it’s viable for the consumer and the supplier market or lack thereof would seem to endorse it. An interesting topic nevertheless.

[Brinslade]

Very useful video, as I have too looked at the idea of leasing a secondhand car. Your video bears out my own findings that this is a not cost effective.

[h.bsfaithfulservant]

Thanks for showing me that it doesn’t make financial sense Jim 👌 It’s not surprising that not a lot of companies do used car leasing: their deals need to make sense for consumers, but they don’t seem to. 🙄🤔

[richfixescars]

Good one Jim, as expected no benefit unless you can't get a new one I guess.
Have you seen some of the overpriced Porsche Boxsters? Main dealers are asking £20k over list to beat the waiting list, but on their PCP the final payment is still the old residual based on list price, so the deal is mega expensive, that's got to be against FCA rules?

[alanmachin]

I would always prefer to just buy a car and then either trade it in or dispose of it myself. I ordered a BMW i4 m50 in January for delivery in June, because the wiring loom was manufactured in Ukraine I have not even been given a build date. I managed buy one but paid over list price for it. When the car I ordered arrives I will be able to sell it for more than I pay for it.

[timcollins]

The closest we got to used car lease satisfaction was through a Brand main dealer/ UK group, i.e Volvo used on lease, however it's pot luck & given we've been quoted 12-18 months for new - could be worth a punt. Not sure you'll save much money though 🤔

[funkyx]

Hiya, stumbled across your channel, I was wondering if there's any great deals on short term caravan tow car deals you've come across?

[rivermoon]

Hi again Jim, Ive check the leaseloco. I'm still confused with the 9months upfront Initial pay, 3 year term and after monthly payment. Ive read the FAQs about it and try to calculate. Its kinda expensive I think in total? Can you enlighten me please? Especially the upfront " initial pay"

[matteoatalanta]

I’m quite surprised really. Why would you pay more for a used car? Doesn’t make any sense does it? Maybe you are right: it’s a kind of ‘new market’ with no competition at all so prices are still a bit..ridiculous! I personally think that the subscription model vs leasing offers the best value for money. And all the flexibility you need. ONTO, as you explained in one of your previous video, has brilliant and in stock deals tbf.

[cabottaxi]

Noticed that some of the dealers are greedy with their second hand valuations of cars which are under 2 years old .
I'm itching to change my low mileage 7 year old BMW but refuse to pay the silly prices.
Second hand X1 2020/2021 asking £35 / £36k for a car that can be had new for £40k .
Toyota CHR GR Sport 2.0 and some of them wanting the same price as the new ones.
Not coming out of my bank account
Think a lot of the dealers are going to get their fingers burned with their inflated priced stock especially coming into the quieter winter months with bills rising.

Another cheeky tactic i've seen are dealers offering cut price in stock cars discounted but small print states only if you buy on their inflated finance terms.
Might wait until Xmas when no one wants them and go and buy a convertable Z4 the week before the big day.

[andyrobertshaw]

It was debatably worth leasing a used car when Cazoo did leases.
Not least because they included all running costs apart from petrol, and they had very low penalties for early termination.

[dan]

I'm surprised by those numbers, leasing a new car with a 5 or 7 year warranty still makes the most sense to me.

[davrak]

Would be worth discussing lease Vs cash purchase depreciation

[charliemorris]

I can't argue with the numbers you've shown here, but for some people, leasing a used car is simply an affordable way of running a car. I'm on my second PCP with a used car, because I couldn't afford the equivalent new version. Your video is comparing new v used, but that was never an option for me, or many like me. So I could buy a banger that's 7+ years old for cash, or PCP a 2-4 year old car. That's where the used PCP stands out. I get something much newer and nicer with less miles and wear and tear, than if I hunted down the back of my sofa and cobbled all my cash together. And before someone says it, getting PCP finance is much easier than a bank loan (for good or bad).

[stuartkennedy]

Definitely better with a new car. That was a big difference imagine the difference with a more expensive car.

[declanbrady]

I suspect this may be aimed at the sub prime market i. e. People with poor credit histories. Usually sub prime finance results in very high car prices and extortionate finance rates. Unfortunately this is the only way into a car for some people....

[darrenwallis]

Doesn’t make sense to me - got the calculator out, that’s just under £12k over 3 years - which is what 3 year old corsas are going for on Auto Trader - just get a bank loan, pay a bit more in interest k and you’ll own the car outright instead of handing back at the end of the lease…

[jdmguy]

£302 per month for a used Corsa?! Is it April fools day or something..

[Irvysan]

I saw lots of people asking about this topic, I assume they thought you were missing a trick on used lease deals? Hopefully this will put it to bed. Also how is it going counting your millions in affiliate payments? /s 😂