Guys,
I'm looking for some informed and sound advice based on peoples experience of lease deals v own a car.
Apologies in advance for the long post - but I think background & detail is important.
Here's the scenario: I currently have a 2007 petrol BMW* 525i (3.0) which is paid off this month so I own it outright. The BMW so far is totaly reliable, powerful, petrol and does 34 - 36mpg, I get 26p/mile for business use.
There are some very tempting lease/hire deals on new mercs out there from leasing companies- Class saloons and estates for under £300, C class coupes and E class saloon for around £300 (diesels, personal contract hire inc VAT, no maintenance).
I'm considering going for a c-class c250 cdi amg auto on a 24 month contract, (6+23 x £302, total rentals approx £8758) or e-class 220 cdi SE auto for approx 6+23 x £289.
My thinking is as follows and heres where I need a sanity check:
1) Sell my BMW and have £8k - £10k in the bank, use / invest / squander on other things.
Absolutely nothing wrong with BMW - its a fantastic car, but has no warranty, so if anything does go wrong, I have to pay for it. Not looking at BMW deals as they are significantly higher than merc!
and
2) Lease hire a new merc diesel, its brand new (never had one) in warranty for lease period, should be 40+mpg (although only 18p/mile from work). at end of lease find another deposit and start again.
or
3) Trade in BMW for nearly new merc, finance balance (higher monthly payments) but have an asset at the end to trade in again once merc is out of warranty?
Which is the sensible money route?
* I moved to BMW after a bad experience with a 05 Merc C200 CDi sport estate - turbo & injectors failed, MPG was dire at 34mpg, it was slow and unreliable... not the best experience....
I'm looking for some informed and sound advice based on peoples experience of lease deals v own a car.
Apologies in advance for the long post - but I think background & detail is important.
Here's the scenario: I currently have a 2007 petrol BMW* 525i (3.0) which is paid off this month so I own it outright. The BMW so far is totaly reliable, powerful, petrol and does 34 - 36mpg, I get 26p/mile for business use.
There are some very tempting lease/hire deals on new mercs out there from leasing companies- Class saloons and estates for under £300, C class coupes and E class saloon for around £300 (diesels, personal contract hire inc VAT, no maintenance).
I'm considering going for a c-class c250 cdi amg auto on a 24 month contract, (6+23 x £302, total rentals approx £8758) or e-class 220 cdi SE auto for approx 6+23 x £289.
My thinking is as follows and heres where I need a sanity check:
1) Sell my BMW and have £8k - £10k in the bank, use / invest / squander on other things.
Absolutely nothing wrong with BMW - its a fantastic car, but has no warranty, so if anything does go wrong, I have to pay for it. Not looking at BMW deals as they are significantly higher than merc!
and
2) Lease hire a new merc diesel, its brand new (never had one) in warranty for lease period, should be 40+mpg (although only 18p/mile from work). at end of lease find another deposit and start again.
or
3) Trade in BMW for nearly new merc, finance balance (higher monthly payments) but have an asset at the end to trade in again once merc is out of warranty?
Which is the sensible money route?
* I moved to BMW after a bad experience with a 05 Merc C200 CDi sport estate - turbo & injectors failed, MPG was dire at 34mpg, it was slow and unreliable... not the best experience....