Buy or lease a C63 Saloon

[DazNich]

Hi,

Currently looking to get into a C63 and there are some bargains out there on the used market, under £30k gets me into a 59 plate with 30k on the clock, with around £5k deposit I'm looking at £500 a month with no balloon. Car is mine at the end of the term.

However I could lease a brand new C63 with the new MCT gearbox for not much difference, looking at £6k down and then £525 a month over 2 years.

Suppose I have to work out if I'd like to keep it for more than 2 years, but going off my past record I probably wouldn't.

Never had good history with making money on cars, I usually end up selling them, clearing the finance and walking away with hardly anything in my pocket, leasing seems like the best option?

 

[aquanaut]

Yes, go for the lease, facelift C63 is much better. Do a search on here for C63 lease deals. Plenty of info! And welcome to the forum

 

[Dryce]

You need to do your sums.

The lease is presumably 9+23 at £525 - so £16800. So you spend that over 2 years and have nothing.

The other deal is presumably £5K plus 48 months at £500. So you spend £17K over 2 years and still owe £12K on a car which is worth what? If it's worth more than the outsnading £12K - eg. £15K then you've notionally saved £3K. If it's worth less tha £12K then it will have cost more if you choose to terminate the deal.

Also bear in mind that the lease may include VED and the car comes with new tyres and a full warranty for the period you run it.

However if the lease is a contract hire deal then watch out for the potential lack of flexibility should your circumstances change.

Also note that adding factory options to a contract hire deal may be disproportionately expensive unless they are bumndled - whereas on a used car they may work out cheaper. So if specific options are important to you then that could shift the balance.

Looking at it simplistically I think the lease on the new one looks more attractive on those numbers.

 

[wemorgan]

Unless it's 0% APR I doubt it's 48 months, but more likely 60 months. Plus what's the financial risk of owning a C63 outside of warranty. Which makes the lease look even better value.

 

[DazNich]

Sorry the figures were a rough benchmark from deals I'd spotted online, the PCP was over 60 months and the car would be owned outright.

I think a lease seems like a better option, or I might see what deals MB can do on purchasing a car directly from them.

 

[C60three]

Check out nicheconversions.com they have a saloon in stock for £410 + vat p/m 24 months