Yes, Rene, you’re right but I did add that in mentally to the decision making process – even though I haven’t actually made a decision yet. I currently have maximum no claims bonus so my current insurance is £30 a month and that’s for fully comp with all the extras like legal cover and breakdown etc. And my car tax is £155 a year. So add those up for 3 years it’s around £1500. Then even adding on another £1500 for MOT’s, services and repairs (which is WAY over what it would likely cost me) that still means that I’ve paid £10k out and will have nothing to show for it at the end. It’s like renting instead of paying a mortgage. If I was going to buy the car at the end of the lease then it would make sense for us because all we would’ve done is buy a new car and paid for it over 3 years plus a lump sum which added together will have saved us some money off the original purchase price.
I’ve also just seen a rather worrying statement of the Motability section of the dealership website which says that at the end of your lease you will NOT be given the option to buy your vehicle. I wasn’t aware that the dealership was able to stop you buying your vehicle if you choose to! Here’s a link to it https://www.stoneacre.co.uk/motability-can-i-buy-my-motability-car