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Value means different things to different people – especially when it comes to cars. For some, it’s about a low price; for others, it’s about getting more kit for your cash.
Value doesn’t always mean cheap, either. The people at Dacia are always keen to stress what good value their cars are – not that they’re cheap. “Cheap” is a dirty word to car makers, apparently; it, quite literally, cheapens the brand.
Regular readers will know that I’m a fan of leasing when it comes to new cars, especially EVs. When you do the maths, it usually works out cheaper than a PCP deal. Leasing also protects you from depreciation – you simply hand the car back at the end of the term (which you can also do on a PCP, of course).
According to Leasing.com, the average lease costs around £283 per month, with a deposit of £3,396. Over a two-year term, that comes to roughly £9,905.
The current Fowler family car is a Vauxhall Grandland, which we’re leasing for two years with a 5,000-mile annual limit – more than enough for our needs. With an arrangement fee of £349.99, an initial rental of £2,265.96 (equivalent to 12 months up front), and 23 monthly payments of £188.83, the total cost over two years will be £6,959.04.
A year ago, our Grandland had a list price of £38,255. It’s cheaper now thanks to the government’s Electric Car Grant, but a year-old example on a Vauxhall forecourt would still cost around £27,000. In reality, I’d get far less than that if I were selling privately after a year – which shows that, in my case, leasing has worked out cheaper than buying and taking the hit on depreciation.
Scanning leasing websites is one of my favourite pastimes – there’s not much on the telly these days anyway. It’s great intel on what’s being pushed, by whom, and which manufacturers are most desperate to hit their targets.
The Vauxhall Frontera remains king of the bargain deals, with a well-specced model available on similar terms to my lease for a total of £4,479 over two years, on a car that costs £26,395.
Even the fancy new Renault 4 can be yours for a total lease cost of £5,528.95, while a larger, family-friendly Leapmotor B10 will set you back £7,257.10 over two years.
Tempting as those deals are, none quite stack up to what I think is Britain’s best-value new car right now. At the time of writing, you could be running a Tesla Model 3 Rear Wheel Drive – a car I rate very highly, with a list price of £37,990 – for just £295 a month.
Yes, that’s a higher monthly outlay than the sub-£200 deals, but the Tesla requires just one month’s deposit (£295), plus a £200 arrangement fee (I’ve never understood why that’s always extra). That brings the total two-year cost to £7,575 – just £318 more than the £31,430 Leapmotor B10.
In my view, the rear-drive Model 3 is one of the best electric cars you can buy, which makes this a sensational deal. You also get an 8,000-mile annual allowance, compared with the 5,000-mile limit on some of the cheaper offers.
Of course, a Tesla isn’t for everyone, and £295 a month is still out of reach for many. But it does highlight the strength of the deals currently available – and the value of leasing.
You can probably tell I’m a fan. If you’ve spotted a better deal, do let me know – just click the button below to email me.
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