Our X is now 5 years old. We paid £71k for it in 2017, if I put it on Autotrader for £50k it'll be the cheapest 6 seater X without crazy miles by a good margin.
The cost of depreciation works out ar roughly £330/month. This is partly because a brand new X (even if you could order one) is heading towards £100k in base spec, and with inflation projected for 7% this year prices are only going to go one way.
We are keeping our X longterm (8years at least - which is only 3 years away!!). Right it costs us pretty much nothing to own and keep on the road.
It's the same with our 7 year old Lexus IS300H. Paid £31k for it in 2015, currently worth £17k, the depreciation works out at just £170/month. My wife would love to replace it with a S/3, but financially its not even close to been viable, so the Lexus is staying potentially for another 7 years easily.
If you MUST have a new car every 2-3 years leasing seems to make sense, but does any one really NEED a new car every few years? Keeping a car longterm works out far cheaper most of the time.
However for full disclosure we are about to spend 40% the purchase price of our house on a new double height kitchen......I know for a FACT no one needs a double height kitchen, so we all find our own ways to justify wasting money .
The cost of depreciation works out ar roughly £330/month. This is partly because a brand new X (even if you could order one) is heading towards £100k in base spec, and with inflation projected for 7% this year prices are only going to go one way.
We are keeping our X longterm (8years at least - which is only 3 years away!!). Right it costs us pretty much nothing to own and keep on the road.
It's the same with our 7 year old Lexus IS300H. Paid £31k for it in 2015, currently worth £17k, the depreciation works out at just £170/month. My wife would love to replace it with a S/3, but financially its not even close to been viable, so the Lexus is staying potentially for another 7 years easily.
If you MUST have a new car every 2-3 years leasing seems to make sense, but does any one really NEED a new car every few years? Keeping a car longterm works out far cheaper most of the time.
However for full disclosure we are about to spend 40% the purchase price of our house on a new double height kitchen......I know for a FACT no one needs a double height kitchen, so we all find our own ways to justify wasting money .
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