I have emailed a couple of leasing co.s for pricing for the mondeo estate. I have asked to add on a few options (well, about £2300 pounds worth of extras!). I have had one quote back and it is nearly £3k over the 2 years than the standard version. Adds about £110 + VAt per month.
Is this normal? It would seem the options arent very cost effective! I suppose the comment that the extras dont add anything to the value of car, but make it easier to sell comes to mind.
If you are interested, the options i had are:
bluetooth phone link
parking sensors
the adaptive suspension (as recommended by HJ)
Metallic paint
heated seats
blinds
sunroof.
i would have thought the first four were beneficial and the last three are because i want them - always said if i bought a car it would have heated seats and i want a sunroof again. Great on a summers evening. Blinds being the least important.
i might have to revise my options list.
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When I leased a BMW from lex, it was cheaper with metallic paint. The rest normally just get depreciated over the term of your lease in my experience, regardless of any value they add at the end.
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i can understand that options being options that i would have to pay a large proportion of the cost or even all of the cost, but £700 on top i dont get. I have checked and he says that is correct.
Will wait for other quotes.
Any suggesitions on good leasing co.s? I have emailed DSG as well and i am awaiting response.
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I agree they're trying to charge you £700 too much. Definately recommend shopping around.
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Leasing is all about residual value of the car. All options with the exception of Met paint are considered zero residual in the eyes of the leasing company. So although £2.3k worth of options shouldn't be cost £3k. It will cost you an extra £2.3k.
I.E. Let's assume that whatever car you choose will be worth 50% of it's purchase price after 3 years, scenario 1, you choose a £20000 car and add £4000 worh of options, therefore a £24k car. Residual value is 50% of list, BUT WITHOUT OPTIONS, therefore it's worth £10k (50% of £20k). Therefore you finance on the £24k (purchase price) less the residual (£10k), therefore finance on £14k.
Scenario 2, you choose a car worth £26k but no options (£2000 MORE than scenario 1). At end of three years car is worth £26k x 50%, therefore £13k. Therefore you finance on list price £26k minus the residual £13k, therefore you only finance on£13k. That means you get a £2000 more expensive car for a lower monthly rental.
I have simplified matters here but I'm sure you get the idea. ALWAYS go for the best model you can with the fewest options to get the best bang for buck from lease companies.
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As others have said, most options have a zero residual from a leasing companies perspective. In addition, they'll also be charging you a finance rate on the addition £2,300 of options...depending on term of lease and interest rate this could add up to £700 I suppose...
Peter
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Although saying Residuals are not affected by options on cars have no value over simplifies matters.
A Jaguar/Merc/BMW with cloth seats and non-metallic paint will have much less value at sale time than leather and a nice metallic.
Leasing the model 1 or 2 up from the one you think of may be less expensive in £££s per month than taking a base model and loading "your extras".
Mondeo - the car of the OP is he talking the currently availablke or the new model post June 07? Current models have BIG Discounts should be cheap per month even allowing for the poorer residuals.
If current model best plan is to lease a low milegae / delivery mileage 6 mth old car for 30 months rather than a new car for 36 months.
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My lease company are certainly not doing any deals on the 'old' shape mondeo!!! Again, due to residuals, the mondeo was more expensive to lease than a bmw 320d and the car I chose, an S-Max/
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i am looking at the june model. Not doing anything until i get a drive of one though.
i have never leased before, but was expecting to foot the cost for some of the options. Some of it i do find odd. For example, if i went for an E class and specified it in white without leather, the residuals would be shot. Add metallic paint in a decent colour and leather and i pay for all of that? odd.
I get the point about the models and reducing the options added. Unfortunately the mondeo has quite an options list and as it would be my first "new" car, i wanted to specify it my way. The higher spec doesnt add the options i want.
The sensible thing to do would be to go for a 3 year lease rather than 2 - and try to pay for the options in a lump rather than pay their interest charges. Im just not sure i like the idea of being tied in for 3 years.
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Metallic generally does reduce the lease cost.
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