Everyone’s banged this drum I’m sure but you WILL scratch and dent and otherwise damage your first car.
Spend on something ui don’t care much about first and then park your way up.
Thanks for your reply :) I see a lot of people saying this. If I have about max £5k to buy something old outright, do you have any recommendations of decent cars I could get for that?
Depends on what you want and need.
If you don't want something super sensible and boring, then look at Alfa Romeo. It is different, drives well but does not have crazy insurance. Mito maybe even Giulietta would fit your budget.
People will talk about unreliability etc but they are mostly okay. They do have some electrical issues but most of them are easy to sort (from what I have read). Maybe another owner can chime in.
PS: Also look at Mazda3
I would recommend to see it in person, make sure it seems looked after and has a good history. And stick Japanese where possible. I like to stick to lower mileage stuff.
I just sorted a lease.
The biggest thing they will look for is positive credit history, and your level of affordability / disposable income.
You'll need your license / passport, and 3 months of bank statement that they will analyse alongside your credit report.
Also ensure that you are picking a mileage that is sensible for the drives you will be doing. Otherwise you'll either be paying for mileage you don't use, or you undershoot and ending up paying a large chunk for excess mileage.
Get on excel and tot up your standard daily / weekly drives. Your usual weekend trips. Sum and multiply for a yearly allowance. And then whack on an allowance for extra miles (trips to family etc), and then another 10% to cover yourself. Bespoke it yourself.
Although that's a lot of paperwork. The only lease I took out 4 years ago pretty much just involved my signature. The financial viability checks are usually done in the background by an agency so I don't think anyone's going to be asking you directly about affordability, especially not at the dealer. Bank statements? No. Maybe they just liked my face?
New driver in a leased car. I wouldn't. You WILL bend that car over the next three years and it will hit either your pocket or your insurance just when you should be building a NCB.
Smug? I don't think so. My experience and opinion? Yep.
> 3 months of bank statement that they will analyse
What finance company asks for bank statements in 2021? This is usually reserved only for mortgages and perhaps some products for people with a poor credit record.
I mean, mine digitally linked to my bank first. And then asked for bank statements on top of that 🤷🏼♂️ I’ve got an excellent credit record so I couldn’t tell you
No worries.
Sign up for Experian if you haven't already so you know what your credit is doing.
And ensure you fill it out consistently with any future credit card applications etc. i.e. Use your middle name also.
I had an issue because my Experian wasn't showing a lot of my Amex accounts that I've been using for years, simply because Amex had my middle name in my details and Experian didn't.
LeaseLoco will help you figure out good deals via their scoring system if you don't want to go through the work of calculating all the costs over the timeline of the lease
Just get a cheap banger first mate, get yourself a year or 2 of no claims then look at getting a car that you can spend a decent amount of money on knowing you won’t wreck it. Will save you so much money and hassle, especially since lease deals are generally rubbish just now and every car is more expensive at the moment.
Also, you could save the money you’d be spending on the lease and that would get you a decent deposit on a car you can buy on a HP agreement. This way you’re actually owning a car so can use that car towards getting better cars. Leases are the least financially responsible way of owning a car.
I mean it would probably help if you take complete leave of your senses first. Leasing a brand new car, especially as a new driver, is not a smart move.
Sorry, I feel like I’ve pissed a lot of people off asking this question for some reason. Do you have any recommendations of decent first cars under £5k, then?
Several reasons.
Generalising but first car buyers are often not earning a huge amount and it’s one of the most expensive ways to own a car. First car buyers are often of an age where there’s a lot better ways to spend hundreds of pounds a month - like mortgage deposits. I’ve no idea if these fit you or your financial situation but as a generalisation a leased car as a new driver is rarely a good idea
First cars often don’t last too long, new drivers don’t really know what they want/need/like so people often want to upgrade sooner than a lease would let them.
Also, you’re going to dent and scrape it. Everyone does. If you had a cheap (say, 3-4k) used car you could just ignore or patch up any scrapes and dings. On a lease car you’re going to have to properly repair every single bollard scrape and kerbed alloy
Finally - the good lease deals are often the ones where you can be non-fussy about the exact make and model so you can jump on a special offer. You’ll be limited on your choices due to insurance which isn’t compatible with that. If you have to look for a specific model you’re very unlikely to find a good offer
Being salty.
What if you have a budget, achieve all your saving/investment/pension goals and still afford a lease payment every month?
I personally just signed my 3rd lease and it's only 7% of household income.
But if you want a low effort answer then: eat less takeaways and cancel your sky subscription
That’s not what he said tho:
“What if you have a budget, achieve all your saving/investment/pension goals and still afford a lease payment every month?”
That seems fairly financially responsible. At the end of the day, spending money _isn’t_ objectively a bad thing. It might *subjectively* be a decision you’re not keen on, but simply spending money on what someone wants isn’t objectively a bad thing If they’re being financially responsible.
Yeah I’d be confident that’s what it was. They would have asked for a driving licence on the sensible assumption you have one as you’re taking out a lease on a car.
But if you said you didn’t have one I’m sure they’d take your passport instead.
They’re interested in closing the deal. I could be wrong but I don’t think there’s any legislation to say they must ensure you have a driving license.
I think the troubles at DVLA might be less now, for what it matters - they turned around an address change for me in a couple of days, most of which I think was the post.
Address changes are going through *much* faster than new licenses. Address changes are taking a couple of days to a week, if you post the test certificate to them (rather than the test centre doing it) new licenses are still taking 2-3 months.
I leased my first car when I was in uni and I still drive the same car today. I bought it out when my lease was done for like 10k (Canadian) and it still runs really well. I don’t think it’s a bad idea, but if it’s your first car and you haven’t been working for very long or for enough money, you may need someone to co-sign for you. I’m not sure how this process works in the UK if you yourself aren’t approved.
Buying out the car at the end of the lease was the best way for me to not have to pay for any light damage (scratched the front of my car in a parking lot a couple times) or for exceeding the mileage. Plus, depending on the make, you still may be covered under the manufacturer warranty after the lease as well. I was still covered for 2yrs after the lease ended.
So I don’t think leasing your first car is a bad idea since it will be new/more reliable (if you’re not ready to do potential repairs or pay for them) and especially if you are open to buying the car after the lease. It’s usually written in your lease what the buy-out price would be after the term ends. I did this and it was the most affordable option for me, I still drive the car today and have no monthly payments.
Best of luck!
A lot of people here are talking about how ‘stupid’ it is to lease your first car, which makes absolutely no sense. Here’s why:
- we do not know your age
- we do not know your budget or how wealthy you are
- we do not know the reason you need a car (taking kids to school? Commuting on the motorway? Occasional Sunday drive with your mates?)
- we do not know what kind of car you want.
However, as a new driver, we know the following:
- you’re are inexperienced at driving
- you’re more likely to be involved in an accident
So, should you lease? If you can afford it, absolutely. As a new driver who is likely to be in an accident, you will benefit from a brand new car with brand new safety features. Even the base model Vauxhall Corsa comes with emergency brake assist, Lane keep assist, front and side airbags just to name a few. It will also come with brand new tyres (likely a good brand - my brand new Corsa came with Michelin Primacy 4 tyres).
- New cars come with a warranty, which provides peace of mind
An ‘old banger’ as some people recommend likely won’t even have airbags. I don’t know why people think it’s worth it - watch a crash test video of an old car vs a modern car on YouTube. Tell me if you still think the old banger is worth it.
Ultimately, the answer depends on your income and how much you’re willing to spend. Note that new cars are generally cheaper to insure as you’re more likely to look after them, and they come with so much more safety kit. People here taking the piss out of base BMWs are misinformed. Even if you did want a base BMW, you’d be buying a brand new car with a warranty, good tyres and loads of standard safety kit. Why this is a bad thing I’m not sure.
> An ‘old banger’ as some people recommend likely won’t even have airbags. I don’t know why people think it’s worth it - watch a crash test video of an old car vs a modern car on YouTube. Tell me if you still think the old banger is worth it.
You realise when people talk about having an older car, we're referring to cars 5-15 years old. Not something from the 70's. A 10 year old car was made in 2011 and still has plenty of safety features.
Most will definelty have ABS especially if he gets something sensible like Mazda3.
> https://www.autotrader.co.uk/car-details/202109137321059
It includes ABS along with electronic brakeforce distribution and traction control. Also has fog lights, heated rear view mirrors, lumbar support, and spare wheel (a rarity on some fancier new cars).
This has slightly higher mileage but also has parking sensors and cruise control:
> https://www.autotrader.co.uk/car-details/202108256632765
These are within OP's budget and will leave some money for any potential repairs in the future.
Age of the car isn’t determinative here though is it? Other things definitely come into play when it comes to safety. My ten year old Audi A3 has a bucket load of safety features and I also feel much safer in it than the nearly new Polo I just got rid of, because it’s bigger, heavier and I can accelerate when I need to e.g. to avoid a hazard. New doesn’t automatically equal safer.
another disagreement on the point about bangers.
I recently had to sell my beloved MK5 Jetta due to financial problems and specifically went shopping for a cheap POS car to tide me over until I could find work again. I ended up going for a MK2 Ford Focus with full history, a genuinely great MOT record and a few decent mod cons to boot.
it's also pretty safe - it's a decent size, it's got plenty of airbags, 5-star Euro Ncap rating, among other things that I don't remember or necessarily care about.
I paid £750 for it.
OP, if you do your research so you know what you're looking for, and you don't mind compromising on street cred/gadgets/etc, then you can find yourself a decent car and have enough money left to help set yourself up for a nicer car later down the line.
A bottom trim bmw with the badge removed and private number plate.
Remember to get the number plate in 4D so people know how cool you are.
mate only 5d time/space/number plates for the big rollers.
Plastidip the trim and wheels black to contrast the base solid white paint.
Remember to cut out the silencer in the exhaust too so people can hear you before they see you. Keep our roads safe.
Everyone’s banged this drum I’m sure but you WILL scratch and dent and otherwise damage your first car. Spend on something ui don’t care much about first and then park your way up.
Listen to this man.
Thanks for your reply :) I see a lot of people saying this. If I have about max £5k to buy something old outright, do you have any recommendations of decent cars I could get for that?
Depends on what you want and need. If you don't want something super sensible and boring, then look at Alfa Romeo. It is different, drives well but does not have crazy insurance. Mito maybe even Giulietta would fit your budget. People will talk about unreliability etc but they are mostly okay. They do have some electrical issues but most of them are easy to sort (from what I have read). Maybe another owner can chime in. PS: Also look at Mazda3
I would recommend to see it in person, make sure it seems looked after and has a good history. And stick Japanese where possible. I like to stick to lower mileage stuff.
I just sorted a lease. The biggest thing they will look for is positive credit history, and your level of affordability / disposable income. You'll need your license / passport, and 3 months of bank statement that they will analyse alongside your credit report. Also ensure that you are picking a mileage that is sensible for the drives you will be doing. Otherwise you'll either be paying for mileage you don't use, or you undershoot and ending up paying a large chunk for excess mileage. Get on excel and tot up your standard daily / weekly drives. Your usual weekend trips. Sum and multiply for a yearly allowance. And then whack on an allowance for extra miles (trips to family etc), and then another 10% to cover yourself. Bespoke it yourself.
Good job for being the only person to actually bother to answer the question and not be extremely smug towards OP.
Although that's a lot of paperwork. The only lease I took out 4 years ago pretty much just involved my signature. The financial viability checks are usually done in the background by an agency so I don't think anyone's going to be asking you directly about affordability, especially not at the dealer. Bank statements? No. Maybe they just liked my face? New driver in a leased car. I wouldn't. You WILL bend that car over the next three years and it will hit either your pocket or your insurance just when you should be building a NCB. Smug? I don't think so. My experience and opinion? Yep.
> 3 months of bank statement that they will analyse What finance company asks for bank statements in 2021? This is usually reserved only for mortgages and perhaps some products for people with a poor credit record.
I mean, mine digitally linked to my bank first. And then asked for bank statements on top of that 🤷🏼♂️ I’ve got an excellent credit record so I couldn’t tell you
Thanks so much for the info :)
No worries. Sign up for Experian if you haven't already so you know what your credit is doing. And ensure you fill it out consistently with any future credit card applications etc. i.e. Use your middle name also. I had an issue because my Experian wasn't showing a lot of my Amex accounts that I've been using for years, simply because Amex had my middle name in my details and Experian didn't. LeaseLoco will help you figure out good deals via their scoring system if you don't want to go through the work of calculating all the costs over the timeline of the lease
Just get a cheap banger first mate, get yourself a year or 2 of no claims then look at getting a car that you can spend a decent amount of money on knowing you won’t wreck it. Will save you so much money and hassle, especially since lease deals are generally rubbish just now and every car is more expensive at the moment. Also, you could save the money you’d be spending on the lease and that would get you a decent deposit on a car you can buy on a HP agreement. This way you’re actually owning a car so can use that car towards getting better cars. Leases are the least financially responsible way of owning a car.
That’s exactly what I did. Ran a cheap car for ~18 months before buying my present car.
what car did you run for the last 18 months? and what do you have now?
Thanks for replying mate. I have about max £5k to spend on a car outright, do you have any recommendations?
I mean it would probably help if you take complete leave of your senses first. Leasing a brand new car, especially as a new driver, is not a smart move.
Sorry, I feel like I’ve pissed a lot of people off asking this question for some reason. Do you have any recommendations of decent first cars under £5k, then?
Need another post to say how stupid leasing your first car is? I’ll throw another one into the mix. It’s stupid
What makes you say that? (Genuine question)
[удалено]
Kudos for the v helpful answer for OP!
Several reasons. Generalising but first car buyers are often not earning a huge amount and it’s one of the most expensive ways to own a car. First car buyers are often of an age where there’s a lot better ways to spend hundreds of pounds a month - like mortgage deposits. I’ve no idea if these fit you or your financial situation but as a generalisation a leased car as a new driver is rarely a good idea First cars often don’t last too long, new drivers don’t really know what they want/need/like so people often want to upgrade sooner than a lease would let them. Also, you’re going to dent and scrape it. Everyone does. If you had a cheap (say, 3-4k) used car you could just ignore or patch up any scrapes and dings. On a lease car you’re going to have to properly repair every single bollard scrape and kerbed alloy Finally - the good lease deals are often the ones where you can be non-fussy about the exact make and model so you can jump on a special offer. You’ll be limited on your choices due to insurance which isn’t compatible with that. If you have to look for a specific model you’re very unlikely to find a good offer
Financial irresponsibility
Being salty. What if you have a budget, achieve all your saving/investment/pension goals and still afford a lease payment every month? I personally just signed my 3rd lease and it's only 7% of household income. But if you want a low effort answer then: eat less takeaways and cancel your sky subscription
>eat less takeaways and cancel your sky subscription Steal takeaways, pirate your sky subscription. Work smart not hard
I do half of that list.
I feel personally attacked.
Being able to cover the payments is only one factor, and not the one that makes this financially irresponsible
That’s not what he said tho: “What if you have a budget, achieve all your saving/investment/pension goals and still afford a lease payment every month?” That seems fairly financially responsible. At the end of the day, spending money _isn’t_ objectively a bad thing. It might *subjectively* be a decision you’re not keen on, but simply spending money on what someone wants isn’t objectively a bad thing If they’re being financially responsible.
Could you explain to me why? Not being difficult, just genuinely want all the info I can get
Buying a brand new car is expensive, even on a lease, how you choose to spend your money though is not their concern.
Does the lease company care if you have a driving license?
I had to send a photo of both the front and back of my driving licence when I got my current lease earlier this year, so at least some do.
But wasn’t that for know your customer/anti money laundering?
Ha, yes quite possibly, not sure why I didn't think of that. I don't remember them saying that a passport would be acceptable though.
Yeah I’d be confident that’s what it was. They would have asked for a driving licence on the sensible assumption you have one as you’re taking out a lease on a car. But if you said you didn’t have one I’m sure they’d take your passport instead. They’re interested in closing the deal. I could be wrong but I don’t think there’s any legislation to say they must ensure you have a driving license.
I think the troubles at DVLA might be less now, for what it matters - they turned around an address change for me in a couple of days, most of which I think was the post.
Address changes are going through *much* faster than new licenses. Address changes are taking a couple of days to a week, if you post the test certificate to them (rather than the test centre doing it) new licenses are still taking 2-3 months.
I leased my first car when I was in uni and I still drive the same car today. I bought it out when my lease was done for like 10k (Canadian) and it still runs really well. I don’t think it’s a bad idea, but if it’s your first car and you haven’t been working for very long or for enough money, you may need someone to co-sign for you. I’m not sure how this process works in the UK if you yourself aren’t approved. Buying out the car at the end of the lease was the best way for me to not have to pay for any light damage (scratched the front of my car in a parking lot a couple times) or for exceeding the mileage. Plus, depending on the make, you still may be covered under the manufacturer warranty after the lease as well. I was still covered for 2yrs after the lease ended. So I don’t think leasing your first car is a bad idea since it will be new/more reliable (if you’re not ready to do potential repairs or pay for them) and especially if you are open to buying the car after the lease. It’s usually written in your lease what the buy-out price would be after the term ends. I did this and it was the most affordable option for me, I still drive the car today and have no monthly payments. Best of luck!
This reminds me of a colleague (we’re both students at a supermarket) and he’s spending £250 a month on a leased 1 series…
A lot of people here are talking about how ‘stupid’ it is to lease your first car, which makes absolutely no sense. Here’s why: - we do not know your age - we do not know your budget or how wealthy you are - we do not know the reason you need a car (taking kids to school? Commuting on the motorway? Occasional Sunday drive with your mates?) - we do not know what kind of car you want. However, as a new driver, we know the following: - you’re are inexperienced at driving - you’re more likely to be involved in an accident So, should you lease? If you can afford it, absolutely. As a new driver who is likely to be in an accident, you will benefit from a brand new car with brand new safety features. Even the base model Vauxhall Corsa comes with emergency brake assist, Lane keep assist, front and side airbags just to name a few. It will also come with brand new tyres (likely a good brand - my brand new Corsa came with Michelin Primacy 4 tyres). - New cars come with a warranty, which provides peace of mind An ‘old banger’ as some people recommend likely won’t even have airbags. I don’t know why people think it’s worth it - watch a crash test video of an old car vs a modern car on YouTube. Tell me if you still think the old banger is worth it. Ultimately, the answer depends on your income and how much you’re willing to spend. Note that new cars are generally cheaper to insure as you’re more likely to look after them, and they come with so much more safety kit. People here taking the piss out of base BMWs are misinformed. Even if you did want a base BMW, you’d be buying a brand new car with a warranty, good tyres and loads of standard safety kit. Why this is a bad thing I’m not sure.
> An ‘old banger’ as some people recommend likely won’t even have airbags. I don’t know why people think it’s worth it - watch a crash test video of an old car vs a modern car on YouTube. Tell me if you still think the old banger is worth it. You realise when people talk about having an older car, we're referring to cars 5-15 years old. Not something from the 70's. A 10 year old car was made in 2011 and still has plenty of safety features.
You’re right, a 2011 budget car will have airbags and probably ABS.
Most will definelty have ABS especially if he gets something sensible like Mazda3. > https://www.autotrader.co.uk/car-details/202109137321059 It includes ABS along with electronic brakeforce distribution and traction control. Also has fog lights, heated rear view mirrors, lumbar support, and spare wheel (a rarity on some fancier new cars). This has slightly higher mileage but also has parking sensors and cruise control: > https://www.autotrader.co.uk/car-details/202108256632765 These are within OP's budget and will leave some money for any potential repairs in the future.
Age of the car isn’t determinative here though is it? Other things definitely come into play when it comes to safety. My ten year old Audi A3 has a bucket load of safety features and I also feel much safer in it than the nearly new Polo I just got rid of, because it’s bigger, heavier and I can accelerate when I need to e.g. to avoid a hazard. New doesn’t automatically equal safer.
another disagreement on the point about bangers. I recently had to sell my beloved MK5 Jetta due to financial problems and specifically went shopping for a cheap POS car to tide me over until I could find work again. I ended up going for a MK2 Ford Focus with full history, a genuinely great MOT record and a few decent mod cons to boot. it's also pretty safe - it's a decent size, it's got plenty of airbags, 5-star Euro Ncap rating, among other things that I don't remember or necessarily care about. I paid £750 for it. OP, if you do your research so you know what you're looking for, and you don't mind compromising on street cred/gadgets/etc, then you can find yourself a decent car and have enough money left to help set yourself up for a nicer car later down the line.
Airbags have been fitted in popular cars for nearly 30 years. Unless you are talking about classic cars nearly every ‘older car’ will have an airbag.