Mitsubishi Outlander 2.2 DI-D 3 7 seat lease - 10k miles - 36m - total £264.01 per month / £9504.44 - gateway2lease - HotUKDeals
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Mitsubishi Outlander 2.2 DI-D 3 7 seat lease - 10k miles - 36m - total £264.01 per month / £9,504.44 - gateway2lease

£9504.44 @ gateway2lease
Edit: price increased by £5 per month (previously, and advertised as £258.32 per month / £9299.61), but recent quote noted £5 price increase. Mitsubishi Outlander 2.2 DI-D 3 lease. This is a very … Read More
damcnaught Avatar
2w, 6d agoFound 2 weeks, 6 days ago
Edit: price increased by £5 per month (previously, and advertised as £258.32 per month / £9299.61), but recent quote noted £5 price increase.

Mitsubishi Outlander 2.2 DI-D 3 lease.

This is a very low cost lease deal for a 7 seater.

10k miles per year, 36 month lease.

£719.96 inc VAT upfront + £180 inc VAT admin fee.

35x monthly payments of £239.99

Total £9,299.61 over 36m = £258.32 per month

Comes with rear parking sensors, climate control, cruise control, bluetooth.

Not an outstanding car and won't be the best fuel economy but this is a good price for a 7 seater 4x4 with fair performance.

Please post if you find better!

Why lease and not buy? Well:
- Assume new cost of this car £25k (list £28k)
- Assume value in 3 years 30k miles is £15k (see Autotrader, and assume less for private seller)
- Depreciation = £10,000
- Opportunity cost of £25k over 3 years @ 4% pa is ~£3k
- Or, if you're borrowing, factor in an extra ~£3k or so for borrowing costs

£10k depreciation + £3,000 finance cost / 36m = £361 per month, which is a lot more than £258.32 per month.

Edit: price has gone up by £5 per month based on a quote I have received.

New totals: £736.14 upfront + £180 admin fee, 35x £245.38 = £9504.44 total / £264.01 per month all in.
More From gateway2lease:
damcnaught Avatar
2w, 6d agoFound 2 weeks, 6 days ago
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Top Comments

(3)
8 Likes
Voting hot just for the math
6 Likes
Why don't you just buy a car ffs??? I've got a Metro that is still going strong after more than 14 years! PCP is pure MUGGERY imo!
6 Likes
Why is it only car deals that people on here say "you can get one cheaper second hand"?
Why not vote a new mattress cold because you got one cheaper second hand? Or Underpants or Toothbrushes or, well, everything! Comparing new to second hand on a deal site doesn't make a lot of sense to me.

All Comments

(61) Jump to unreadPost a comment
Comments/page:
Page:
#1
Nothing spectacular, but a good work horse off road, towing etc and around 50mpg, which is 10mpg better than many of its rivals.
8 Likes #2
Voting hot just for the math
#3
Saw this earlier on today. Thought it's a smashing deal.
1 Like #4
I'd like to know where you can get 4% pa on £25k
1 Like #5
crumpetman
I'd like to know where you can get 4% pa on £25k

Look up various p2p lending platforms for starters, e.g. Zopa or one of various property based platforms.

Edited By: damcnaught on Jul 03, 2017 19:50:
1 Like #6
Heat for the - Why lease and not buy? Think my next will be a lease, same for Mrs.
17 Likes #7
joeleverson
Voting hot just for the math


Maths.
#8
tonerodgers
Nothing spectacular, but a good work horse off road, towing etc and around 50mpg, which is 10mpg better than many of its rivals.

40.5mpg is more likely...
#9
TheVeryMan
Heat for the - Why lease and not buy? Think my next will be a lease, same for Mrs.


Leasing does often work out better, but it's always worth checking for your own circumstances and the specific deal you find.

Some lease deals are no better, or even worse, than borrowing money to buy a car. But good lease deals do seem like the lowest cost way of owning a new or nearly new car.
6 Likes #10
Why don't you just buy a car ffs??? I've got a Metro that is still going strong after more than 14 years! PCP is pure MUGGERY imo!
2 Likes #11
Bitbotbang
Why don't you just buy a car ffs??? I've got a Metro that is still going strong after more than 14 years! PCP is pure MUGGERY imo!


This is not PCP, but PCH. Each finance option will have its own benefits for different people. A metro won't fit my family of 6 anyway.

This gets heat from me as 7 seaters usually pricey on lease deals.
#12
crumpetman
I'd like to know where you can get 4% pa on £25k

Open a fixed rate bond in the UK with Bank of Baroda in joint name. Fund it from a single name via a cheque and use the account as the nominated account. On maturity they will send funds to the nominated account in joint name (like idiots) which will be rejected. Bank of Baroda will say its not their problem and they have discharged their obligations. They will then insist the second account holder gives permission for funds to go to a single account, which is not necessary as your original form gave authority. Refuse and insist on repayment. When they refuse, go to the Financial Ombudsman and an claim 8% interest (statutory court interest) for late payment. This will take at least one month. Let them drag it out as you get 8% interest. The Ombudsman agreed with me and awarded 8% interest on the late period. This worked out 4% interest in total! May be a little less. Remember, if a bank has over 25 complaints in a quarter the Ombudsman charges them around £600 to handle the complaint. Play the game!
Such an incompetent bank with misandric attitudes from a female manager.

4% is also available on peer to peer rates.
2 Likes #13
TheVeryMan
Heat for the - Why lease and not buy? Think my next will be a lease, same for Mrs.

Leasing the Mrs.? She wont like that, especially when the lease is up and she has to go back.
#14
m5rcc
tonerodgers
Nothing spectacular, but a good work horse off road, towing etc and around 50mpg, which is 10mpg better than many of its rivals.
40.5mpg is more likely...

I get around 54mpg from mine, however my journey is mainly motorway and I am never in a rush.
#15
£3100 a year seems a lot. for a Q7 may be alright but ....
grand duster is coming this year with 7 seats and will be under 10k so u would probably be able to lease that for less than half of that
3 Likes #16
Nearly 10 grand for 3 years driving only 10,000 miles a year at that and the car not even yours bargain NOT ! Why on earth do people pay this sort of money
3 Likes #17
iibdii
£3100 a year seems a lot. for a Q7 may be alright but ....
grand duster is coming this year with 7 seats and will be under 10k so u would probably be able to lease that for less than half of that

If £3100 / year sounds like a lot, please show other deals for similar cars (7 seaters) at a lower cost.

From a quick search, a fair spec 4x4 diesel duster already costs more to lease than this deal, so I doubt the 7 seater will cost less.

Even if it does, it's not available now, and may not be as good a car.

Leasing a Q7 costs around £7k per year, so you're only out by a little over 100%.

I'd recommend looking at car leasing web sites to get an idea of what is a good deal, and what isn't.

Edited By: damcnaught on Jul 05, 2017 00:01: Edited from the official Android app
2 Likes #18
ianjury
Nearly 10 grand for 3 years driving only 10,000 miles a year at that and the car not even yours bargain NOT ! Why on earth do people pay this sort of money

It is a lot of money, but so is owning an older car.

Depreciation can't be escaped, and older cars are not ideal for people who don't fix cars themselves, or have a friend / trusted good value garage to hand. Plus if something significant breaks out of warranty, you can end up paying as much or more for an older car than you would to lease a new one, and with a lot more hassle.

Opportunity cost is also a big reason to consider leasing. Having many thousands of pounds tied up in a car can be expensive if that money could be appreciating in good (though perhaps risky) investments.

So, a used 7 seater for £13k that's worth £7k 3 years later ends up at around £2k per year, plus potentially big bills for out of warranty repairs, and obviously it's not a new car, so will be more worn / used etc.

If I could also expect to make 50% on that £13k over the period through investments, that becomes £4,166 per year due to opportunity cost, so not a great deal.

If you can fix your own car, and have plenty of money sitting in the bank gaining no interest, then owning an older car could make a lot of sense, but many people are not in that situation.

Edited By: damcnaught on Jul 04, 2017 07:27: Edited from the official Android app
#19
ianjury
Nearly 10 grand for 3 years driving only 10,000 miles a year at that and the car not even yours bargain NOT ! Why on earth do people pay this sort of money


For the same reason that those people would otherwise be buying a new car and taking the hit on depreciation over the first 2 or three years. If the lease costs less than the depreciation then it is a good deal. If you're not in the market for a new car, it probably doesn't make sense. :{
2 Likes #20
The name is a bit silly.

Almost outlandish.
#21
Heat from me but then again I must be one of them crazy people that see's the benefits from leasing instead of running a 20year old banger!
#22
Does seem like a huge outlay for what is a very average car (and I like Mitsubishi's), but if it's the cheapest lease deal around then it's a deal i suppose if you really have to have a new car.
1 Like #23
Common.Sense
Open a fixed rate bond in the UK with Bank of Baroda in joint name. Fund it from a single name via a cheque and use the account as the nominated account. On maturity they will send funds to the nominated account in joint name (like idiots) which will be rejected. Bank of Baroda will say its not their problem and they have discharged their obligations. They will then insist the second account holder gives permission for funds to go to a single account, which is not necessary as your original form gave authority. Refuse and insist on repayment. When they refuse, go to the Financial Ombudsman and an claim 8% interest (statutory court interest) for late payment. This will take at least one month. Let them drag it out as you get 8% interest. The Ombudsman agreed with me and awarded 8% interest on the late period. This worked out 4% interest in total! May be a little less. Remember, if a bank has over 25 complaints in a quarter the Ombudsman charges them around £600 to handle the complaint. Play the game!Such an incompetent bank with misandric attitudes from a female manager.4% is also available on peer to peer rates.
? True story
#24
Just buy one two years old.
Aleksandr the Meerkat would say... Simples
#25
Great deal, and great effort at posting the description. Heat!
#26
scoff
Just buy one two years old.Aleksandr the Meerkat would say... Simples

I'd be interested to see whether that could offer better value with depreciation, finance/opportunity cost, and increased maintenance costs factored in.

Can you share how you calculated buying a 2 year old Outlander is better value than this lease deal?
6 Likes #27
Why is it only car deals that people on here say "you can get one cheaper second hand"?
Why not vote a new mattress cold because you got one cheaper second hand? Or Underpants or Toothbrushes or, well, everything! Comparing new to second hand on a deal site doesn't make a lot of sense to me.
#28
10k per year is well below the figure given as economical worthwhile in the D v P powered vehicle debates.

I wont vote either way though, because my experiences of Mitsubishi are of ultra reliability.

My 2008 Grandis hasnt had a single reliability issue or repair, not even a bulb replaced; and I have owned it since July 2009.
1 Like #29
My last Mercedes Vito van 05 plate ran for years and years and never gave me a bit of trouble bought it with 80000 miles on the clock drove it into the ground sold it with 140000 miles on the clock - not one bit of trouble

Thought about leasing a new one

Bought another newer one 12 plate with 115000 on the clock used it for 10000 miles not one bit of trouble (engine will probably blow up tomorrow)

I just dont get it

Got a 12 plate Honda CRV Ex for the missus 5 years ago with 40000 on the clock, its now done 65000 again not one bit of trouble

Someone explain to me how spending 10 grand for 3 years driving is a 'thing'
#30
Go on then. Someone has to say it....

Ahem:

Do you own it at 3 years old?
#31
monkeyhanger75
Maths.

Mathematics
#32
Bitbotbang
Why don't you just buy a car ffs??? I've got a Metro that is still going strong after more than 14 years! PCP is pure MUGGERY imo!
I think we know who the mug is here.... (annoyed)
#33
Ahah. Just after i buy an old xc90
#34
What kind of name is Rusty? You are just jealous because you lost money on a PCP! I'm selling my Metro if you want it??
2 Likes #35
gap30
My last Mercedes Vito van 05 plate ran for years and years and never gave me a bit of trouble bought it with 80000 miles on the clock drove it into the ground sold it with 140000 miles on the clock - not one bit of troubleThought about leasing a new one Bought another newer one 12 plate with 115000 on the clock used it for 10000 miles not one bit of trouble (engine will probably blow up tomorrow)I just dont get it Got a 12 plate Honda CRV Ex for the missus 5 years ago with 40000 on the clock, its now done 65000 again not one bit of troubleSomeone explain to me how spending 10 grand for 3 years driving is a 'thing'

Congratulations on your good luck with reliability - if that could be guaranteed, it'd certainly change the equation.

How much did you pay for your CRV? What was it worth 3 years later? What was the cost of finance, or opportunity cost of cash spent on it?

In answering this you might find that you know first hand what spending ten grand for three years driving feels like.

Edited By: damcnaught on Jul 04, 2017 23:50: Edited from the official Android app
#36
Common.Sense
crumpetman
I'd like to know where you can get 4% pa on £25k

Open a fixed rate bond in the UK with Bank of Baroda in joint name. Fund it from a single name via a cheque and use the account as the nominated account. On maturity they will send funds to the nominated account in joint name (like idiots) which will be rejected. Bank of Baroda will say its not their problem and they have discharged their obligations. They will then insist the second account holder gives permission for funds to go to a single account, which is not necessary as your original form gave authority. Refuse and insist on repayment. When they refuse, go to the Financial Ombudsman and an claim 8% interest (statutory court interest) for late payment. This will take at least one month. Let them drag it out as you get 8% interest. The Ombudsman agreed with me and awarded 8% interest on the late period. This worked out 4% interest in total! May be a little less. Remember, if a bank has over 25 complaints in a quarter the Ombudsman charges them around £600 to handle the complaint. Play the game!
Such an incompetent bank with misandric attitudes from a female manager.

4% is also available on peer to peer rates.


I won't give more to any indian banks, specially govt ones. Shame really!! They seem to still live in past. Had really poor experience with BOI, SBI although not tried BOB but your comments provide me with enough not to. Thanks..
#37
Bitbotbang
What kind of name is Rusty? You are just jealous because you lost money on a PCP! I'm selling my Metro if you want it??
1. You need to quote me.
2. That's kind of the point, it is usually cheaper to lease than buy (PCP).
3. As tempting as that sounds, I think I'll leave it, thanks. You enjoy that old chanky rust bucket and I will enjoy driving my nice new car every 2 years.
4. Bitbotbang sounds like how your wife explains the quality of your love life. (y)
#38
gap30
My last Mercedes Vito van 05 plate ran for years and years and never gave me a bit of trouble bought it with 80000 miles on the clock drove it into the ground sold it with 140000 miles on the clock - not one bit of trouble
Thought about leasing a new one
Bought another newer one 12 plate with 115000 on the clock used it for 10000 miles not one bit of trouble (engine will probably blow up tomorrow)
I just dont get it
Got a 12 plate Honda CRV Ex for the missus 5 years ago with 40000 on the clock, its now done 65000 again not one bit of trouble
Someone explain to me how spending 10 grand for 3 years driving is a 'thing'

Because you then drive a brand new car...
1 Like #39
I gave up trying to help people understand leasing. I'd stop bothering and wasting those finger presses and just remember that those people who do lease, understand the mechanics.

My experience is that it's people unwilling to learn that don't understand it and immediately slate it.
#40
cactusbrandy
I gave up trying to help people understand leasing. I'd stop bothering and wasting those finger presses and just remember that those people who do lease, understand the mechanics.My experience is that it's people unwilling to learn that don't understand it and immediately slate it.

I think it's a mix of those who are unwilling to learn, plus a few who genuinely don't understand the financial case for leasing.

I've tried to spell it out clearly for those who are willing to learn, and hope it helps a few.

Though indeed these efforts won't do anything for the highly mathematically challeneged or those unwilling to learn.

So far nobody who criticises leasing has posted any solid numbers backing up their position, which I think demonstrates their lack of understanding. Though so far they haven't continued to argue their case either. Perhaps some are learning.

If one person gains a slightly better understanding that could help them manage their finances in a better way, I'd say the finger presses were worthwhile.

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