Lease deals v keep current car - advice please

[Paddcomp]

I've been following this thread with interest. I'm in s similar position to the OP, my C220CDI is still giving good service but as I'm moving to a new job that comes with a car allowance it got me thinking.

The C220CDI has only done 36K and is on a 06 plate, so I don't do many miles which isn't likely to change. The W203 has never coughed in 5 years, so would be a good keeper.

I've been looking at lease deals for C250CDI Sport Est or a E220CDI Exec SE on a 3+35 and 10K pa. This is giving me options around £325-350 per month.

This gives me the same dilemma as the OP, do I want to spend £13K over 3 years to move from a 06 plate to a 62 or 13 plate car. I originally wanted a C or E 350CDI to make the change worthwhile, but this was outside the budget.

So the age old question, spend the cash on a shiny new thing or keep the money to spend on something else? I can't change my mind once I've leased a car, but I can if the W203 develops a problem.

 

[Deleted member 37751]

I must say SPXs fuel economy figures are better than I have seen - best I have got is 47 mpg by cruising below 60mph but life is too short. I get about 42 at a steady 70, 35 at 85-90 (on the autobahn).

There you go mate;

 

[pjs]

OP, simply work out the cost to you over the timescale of the potential lease and work out your financial position at the end versus your other two options. Thats what I did a year ago and ended up leasing on a 3+23 deal. If I were you, get your cash from the BMW, lease a merc (you'll be no worse off on a monthly basis than running the bmw - probably save a bob or two, avoid unexpected costs, and be in a new car that wont need servicing or tyres for ages). Then spunk the cash, or invest it for the duration of the lease so you have plenty options when the lease runs out.

Goes without saying that a lease isn't for everyone, but for me by far the cheapest way to run a nice new merc over two years. It would depreciate far more imho.

 

[recardo]

update from OP:
some great advice and opinions - thanks guys. I'm probably erring on the side of keeping the BMW for a bit longer and ploughing the cash saved into the mortgage.
I'm still tempted by some these deals, but someone questioned whether a 4 pot diesel would be satisfactory? possibly not after a petrol 6 pot that can do 35mpg. I still think leasing is a viable way to get into a new merc for 2 years as per PJS's post above though....

I've also downloaded a p87 form to reclaim the tax relief on business mileage. I'd say approx 5k of my 12k pa is business, so that could be a few hundred quid once I work it out and back date to 2010!
I wasnt sure I could do this as I get a car allowance too, but that doesnt seem to make any difference.

 

[Rory]

I wasnt sure I could do this as I get a car allowance too, but that doesnt seem to make any difference.

Correct.

 

[amg_Charged]

update from OP:
some great advice and opinions - thanks guys. I'm probably erring on the side of keeping the BMW for a bit longer and ploughing the cash saved into the mortgage.
I'm still tempted by some these deals, but someone questioned whether a 4 pot diesel would be satisfactory? possibly not after a petrol 6 pot that can do 35mpg. I still think leasing is a viable way to get into a new merc for 2 years as per PJS's post above though....

I've also downloaded a p87 form to reclaim the tax relief on business mileage. I'd say approx 5k of my 12k pa is business, so that could be a few hundred quid once I work it out and back date to 2010!
I wasnt sure I could do this as I get a car allowance too, but that doesnt seem to make any difference.

Why don't you sell the BMW, put down a large deposit to bring the monthly payments down, any excess money you get via mileage allowance etc, stick in the bank, also I would do a 3 year deal.