Leasing Car... Worthy or Not

[hash737]

Old model cultus would be best bet or prestine condition 1000cc 2012 model alto. I wouldn't recommend liana.

Whenever it comes to used car i always recommend pay top dollar but buy prestine condition car rather buying cheap and spend your days at workshop. Highly recommend 1000cc 2012 alto. I have kept it i bought it 26k km driven and loved it. It used to give me 14 km/l inside city with ac. All car asks is love. Its a great car in this budget.

[shahbaz496.sk56]

Orrr.... May be a Cultus 2008 EFI...???

[khurem]

Well leasing has a lot of benefits for someone not having the budget. But as someone else pointed out earlier, it is not the right time to lease as interest rates are very high. you will get it at 18% at best from any bank, be it conventional or Islamic. Just to compare that with few years back, the rate was around 10% which means that the installment amount was a lot lower.

Anyways, rather than buying a useless car, you can still go for leasing at the current rate to get the car you want to buy, but then do these 3 things:
- Increase the down payment portion - to keep the loan amount as small as possible. This will greatly reduce the interest amount.
- Get the loan for a shorter tenor, say 3 years so that you don't get locked at the high interest rate for long.
- Get floating rate financing, instead of fixed rate.

[imran747]

If you are an employee of any bank, then you shouldnt be asking on a forum from random people. You should be building a relation with your manager who will get a depreciated under 5 year old vehicle from the bank at below market price on 3 year installments and just buy that. Bank managers get vehicle at depreciated rate after 3-5 years, only condition is that it cannot be transferred to any one for 3 years and installment has to be paid to bank (not lump sum).

[imran747]

Fully agreed, with @khurem and @hash737, try to buy with what you have or save some more amount but prices are going to increase, have peace of mind and buy what you can afford, cultus seems a good option for you, its a proven model on Pakistan roads, easy maintenance and support. dont get trapped in lease, it is a path for regret and horror...

[shahbaz496.sk56]

Thanks for all your suggestions.
I think.. Yes a 2008 EFI Cultus will be a better option...

[qwertypoiu]

I don't know why is everyone against leasing a car, there is nothing wrong with lease.
You can lease minimum 5 year old used car go for it.

[shahbaz496.sk56]

Bro... Can I get a 4 years old cultus. Like 2015 Model... That round about 10 lacs... And If i give 6 lacs in advance... Remaining 4 lacs in installments.... Will it be a better idea ???????

[aliaamir0335]

no

[sleeper]

2015 ki cultus is already in its 5th year in 2019....bank wont accept this case.

[pwuser153692987238]

Go fr 1st generation vitz...

[imran747]

Based on op's question, having 7 lac in hand why would anyone advice him to pay 10+ for an old car? instead everyone has sincerely advised along with logics and options, instead of one liners give him a complete solution

[shahbaz496.sk56]

Yeppp..
M still waiting for the right answer

[sastheayubian]

People will give you different ideas. I bought a crap Vitz due to limited budget and I regretted for a whole 2 years. Sold it recently. I have 5 lakh in cash now. And I am going to lease from MCB bank where I work as a trainee in Paediatrics. I have decided to lease Alto 2015 JDM used which cost about 1.1 million rupees. Before going to the bank please make sure you have calculated all your interest and stuff. and don't come under pressure and make the best decision suited for you.you can calculate via this link.

https://www.pakwheels.com/car-finance/

So the idea is if you have cash on hand, make sure you select high downpayment and then leasing for 2 years. It will make the interest much less. I have found that leasing for 4-5 years will at least cost you 6-7 lakh extra so stick with 2-year leasing program. I hope this reply can befit you. I only wish someone gave me this idea 2 years before I bought the crappy Vitz.

[shahbaz496.sk56]

A guy also told me that I should extend my budget and should go for 2000 model vitz. I disagreed him in one second without even thinking..

[qwertypoiu]

Do you have money to buy a car? Answer is NO
Buy a crap car and always keep going to mechanics?

Simple solution is get it financed from Bank, you will get asset right away and doesn't matter if you pay 4/7 lacs on top.

In todays day you cannot save and buy a car. You have 7 today the car you want is 11 tomorrow you will have 11 car you want will be 15..

Your pay is 50k then make installment 10k or what ever is easy for you, it depends on your expenses over all.

I would recommend you stop considering used trashed cars and buy a brand new one.
Opt for brand new suzuki alto 1.5 million, give 7 down payment rest pay for 5 years installments.

[shahbaz496.sk56]

You are right bro
But can't get a car with 10k installment.
Minimum installment for alto is 20k.
With 7 advance and 5 years plan

[asifkidwai1]

Why leased a car just get personal loan, that way you will be open to sale your car whenever needed, also instalment will be less than car financing as insurance is mandatory with car financing so instalment on personal loan will be 3 4k less than leasing....

[qwertypoiu]

^^ this is very nice suggestion

[jklodhi]

Car finance or lease is a good option as one can have new car and can keep it trouble free for 4-5 years. This option becomes good when one doesn't have the required amount , has a steady cash flow and don't have time for mechanics on weekends.

Those who buy , don't calculate future amount as over the period of 5 years , the new car price would be close to the amount you have paid. So loss is not that much when you sale it after 5 years.