Leasing

All Range Rover Velar related discussions
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RasTreviso
Posts: 30
Joined: Fri Jul 17, 2020 9:44 am
Location: Italy

Leasing

Post by RasTreviso » Sat Jul 18, 2020 9:39 am

Dear Forum,

I have finally chosen to go ahead with the Range Rover Velar R-Dynamic D300 HSE (many options) - on leasing.

Total price (key in hand) is 102.000 EUR, however below is based on 92.000 EUR valuation (after discount).

Offered terms (Italy):

3 year warranty
Non-refundable deposit : 19.800 EUR
Monthly payment: 1.160 EUR
Value after 3 years: 43.500 EUR



When I read other threads here (seems to be mostly from UK?), it seems that your leasing deals are less than half of this.

Any thoughts?

Thanks!

// Ras

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JimH
Posts: 22
Joined: Sun Feb 23, 2020 7:09 pm
Location: Norwich, UK

Re: Leasing

Post by JimH » Sun Jul 19, 2020 12:39 pm

The fact that you quote a value after 3 years leads me to believe you may be looking at what is called a PCP (Personal Contract Purchase) in the UK.

With a standard lease in the UK, you pay an initial payment (maybe 3 or 6 months of the monthly amount) at the start, then a monthly payment for the agreed term. There's also an agreed maximum mileage. You never own the vehicle (and never have the option to) and you simply hand it back at the end of the term. There are pre-agreed rates for excess mileage, damage, etc. that may be incurred when handed back. The agreement is fixed term, and is difficult/expensive to terminate early in most cases.

With a PCP there's a deposit, monthly payment, and a "balloon" amount due at the end. The agreement can be settled at any time and the vehicle is then owned outright. If settled early (in the UK at least, under consumer law) there is a legal basis for an interest rebate based on the length of the term used/remaining. At the end of the term, you can choose to
1. Hand the vehicle back (charges similar to a lease may apply for excess mileage and condition) or;
2. Pay the "balloon" amount and own the vehicle or;
3. If there's any value left in the vehicle over the final agreed "balloon" figure, trade in for a replacement car using this as the deposit - dealers will deal with settling the old agreement and starting a new one.

Hope this helps to ensure you're comparing like with like, although your purchase price seems quite a bit higher than the same car would be in the UK, even allowing for exchange rates.......
MY2019.5 D240 SE R Dynamic - Firenze Red, Body Colour roof with fixed panoramic glass and black rails, 21" Style 5047G dark grey with diamond cut finish wheels, Heated windscreen and steering wheel, Adaptive Dynamics, Front fog lights, Privacy glass

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