Ginny I Know you won’t and cannot get any private lease better than the scheme as mbo don’t pay vat on the purchase of the car.
I decided to buy on hp rather than a pcp contract or lease and yes I am paying more but if you then take into account a 3k ap for example after discounting the gcb every 3 years. As I have never extended past 3 years in 11 years of using the scheme as your paying the same as you would for another new car. I have never addded any extras either. Ap’s for me are getting to high to justify leasing via the scheme now.
A 3k ap is £83.33 a month on top of the allowance, which is currently £279.5 a month(£64.50 a week which will rise each year) so a total of £362.83 a month combined.
The allowance over 5 years is a minimum of £16,770 + (1 /3 of 25k =£8,333 min value of car in 5 years) Total is £25,103
Car i bought was almost 25k, I put 2.5k down and lucky for me and one reason i went for it when i did was they was offering 0% so I’m saving at least 3 or 4k in interest.
I am paying about £395 a month for the car and insurance and after 5 years I will have an asset worth at least 1/3 of the car, depends on the mileage i do and that’s another reason, right now it’s the lowest it’s ever been, Half of what i was doing before which was 12/15k a year.
I’m gonna phone them soon and take out the service plan which is around £25 a month so £420 a month.
I plan to keep the car for longer than 5 years as in 5 years I predict i would of done only 25k/30k miles.
So it depends how you look at it, for me that’s affordable and I found a car that maybe i would not look at on the scheme but for me it works and I am liking it more and more each day.
No cars perfect imo but it’s exactly what we need and an auto, if was a manual I would maybe buy used but on an auto I’d prefer new.
Yes I’ll have to pay for some wear and tear items but overall the service plan covers most stuff especilly if you doing less mileage as i am. When 5 years is up I can decide what to do, keep it for longer. Which I probally will as most new cars are pretty good for 1o years after that they start to need more and more parts changing and with goverment polices for 2030/2035 and how that effects the scheme and the cars on offer. I might never rejoin.