[zesty]

That van is costing you 20 k all in all did you say Daz

If I pay the balloon and keep it...yes(which I probably will as itll only have 15,000 miles on the clock after 5 years).itll have at least another 5 years life in it before I sell it.

And what you've done makes sense because you are doing minimal mileage.

But the original poster has a van that he does a fairly big annual mileage in, so the depreciation on his van will be greater than yours. Once a vehicle reaches 100k its value drops very quickly.

Ah spruce, you’re jumping the gun and bit there!

I bought my custom limited in January 2016 on 82,000 miles. It’s a 63 plate.

The guy before me did a lot of motorway miles, he sold fish out the back of it with one of those freezers built into the back.

It’s not had one single issue since I bought it. Mainly because it had an easy life selling fish and poodling up and down motorways.

So I’ve only done 22,000 miles on it since then. So my mileage is very low indeed. (We have another car)

So if I lease, I’ll only need a 8000 mile limit.

To be fair, I may buy another second hand one, but the newer facelift version 2019. It’s just they are still around 18-20k for a gooden. Mines gotta only be worth £6k odd. And I don’t want to spend out over 10K lump sum, especially as we are saving hard to move up the property ladder and rent our current house out as an investment.

So many options these days, but I’ll have a think for a while.

The other option is to just keep my van going. After all, it’s still going strong. Just kind of like the idea of getting shot of it while it’s still worth something....

[֍Winp®oClean֍]

If you have a good van, known history, good condition with no issues and still going like a train, like you have, and only do 8k miles per year, then you would be mad to get rid of it IMO. You would be passing on a cracking van for the benefit of someone else then draining your own pocket to fill another's!  Your current van's probably good for another Five years trouble free.
Just remember, it doesn't matter how much money you turn over, all that counts is how much of that 'you' get to keep.👍

[Stoots]

If you have a good van, known history, good condition with no issues and still going like a train, like you have, and only do 8k miles per year, then you would be mad to get rid of it IMO. You would be passing on a cracking van for the benefit of someone else then draining your own pocket to fill another's!  Your current van's probably good for another Five years trouble free.
Just remember, it doesn't matter how much money you turn over, all that counts is how much of that 'you' get to keep.👍

That's true.

Unless you count a new van as a luxury you can afford.

Some people will save all their money, others will spend it on their hobbies or house or going out on the razz etc. Someone else may not do much of those thing but enjoy having a brand new spanking van on lease.

So yeh if you have other things you want the money for it makes sense to run an older van but if you want and can afford a new one then why not.

[NWH]

What Peavey is saying is right  to a point for some though,I myself keep my vans for longer than 3-4 years and don’t want the hassle of taking everything out every few years.
I do a lot of work driving so for me personally I would spend more on a van as I’m in it a lot so I would also go for one that’s got all the extras,saying that if you already got a good N I’d stick with it until the bigger bills are on the horizon.

[Matt.]

I don’t lease as the vans as they get beat up, we have drilled holes in the floors, fitted jet washes and other bits to them so I just hp them. I am vat registered so it makes sense to lease and pay vat each month but I would rather suck the vat up in one go at the beginning,
Renault trafic new was £18,000 with apr on figure left after deposit I think am paying a few hundred over £20,000 repayments are £311 pm
2 x Peugeot partner vans same set up as trafic same deal with vat up front, on one I pay £340 pm and on other I pay £250 pm,
But that’s due to a year longer on the second Peugeot.
Once the vans are paid for an I hope to run them for approx 3 years after finance settled.
Why didn’t I lease .... we cover the whole north west and do a fair bit of miles the lads can take the vans home and use them out of work if they choose so mileage can be very high with an excess plus buy the time we would return them I reckon it would cost me more in settlement down to knocks and bashes.

[Dry Clean]

That van is costing you 20 k all in all did you say Daz

If I pay the balloon and keep it...yes(which I probably will as itll only have 15,000 miles on the clock after 5 years).itll have at least another 5 years life in it before I sell it.

I remember at the time thinking that you had paid through the nose for your new connect and now going by your figures you're not even paying the new price never mind any added interest, could you give me the name off your dealer as I want to get in on this before they go out of business. lol

[Don Kee]

we are saving hard to move up the property ladder and rent our current house out as an investment.

Are you a sole trader?

If so, sack buying a new van off and keep the one you have. The credit will count against you when going for your mortgage and you can put the money you’d save towards the house.

[zesty]

we are saving hard to move up the property ladder and rent our current house out as an investment.

Are you a sole trader?

If so, sack buying a new van off and keep the one you have. The credit will count against you when going for your mortgage and you can put the money you’d save towards the house.

True.


To be honest, it’s a bit of wanting a new van that’s had me interested.

I think I will hang onto it another couple of years. Once we’ve moved house, I will possibly treat myself to a new van.

One of the lures of leasing was putting the full monthly payment through the books, reducing my tax bill. As the current van is an asset, its only the diesel and maintenance that’s helping with reducing the tax.

Yes sole trader, with a couple of sub contractors for bigger jobs.

[jonboywalton75]

In reality after 3 years how much money have you spent including upfront payments and deductions at the end due to minor damage? Let's face it you are likely to have a few stone chips on the bumper at least.
I like the idea of it but when I ad the numbers up it puts me off up front £1,600 then £280 a month 3 years limited mileage.
I make it £11680 tax deductible I understand but then you hand the van back left with nothing and start again   

Ive had two vans over the years with Vanarama, both i supposedly had to hand back, (inspections etc)
The first i paid the balloon and through some mucking about i didnt actually own it at all but found a buyer and ended up with £500 in my pocket even after paying the balloon.
The transit custom i have now  i had on 4 years lease, i paid the balloon and sold it to a friend who 'owned' it for 24 hours then sold it to me.
I'll have it until retirement now (3 years off)
Its done 55000 miles
I did it this way as i didn't know what i would do at the end of each lease (keep or sell)
Depends on circumstances, but there's always a way around handing it back and getting hammered on repairs.

[Dry Clean]

we are saving hard to move up the property ladder and rent our current house out as an investment.

Are you a sole trader?

If so, sack buying a new van off and keep the one you have. The credit will count against you when going for your mortgage and you can put the money you’d save towards the house.

True.


To be honest, it’s a bit of wanting a new van that’s had me interested.

I think I will hang onto it another couple of years. Once we’ve moved house, I will possibly treat myself to a new van.

One of the lures of leasing was putting the full monthly payment through the books, reducing my tax bill. As the current van is an asset, its only the diesel and maintenance that’s helping with reducing the tax.

Yes sole trader, with a couple of sub contractors for bigger jobs.

Why do so many make this mistake, buying stuff that you don't need means you lose a pound instead of 30p, saving on tax is handy when you need to buy but should never even be considered as a reason to buy.

[NWH]

Didn’t anyone get a business loan this is what I did you can pay it back over the term you want,no balloons etc if I sell my van now I’ll have best part of 7-10 grand towards another.

[Dry Clean]

Didn’t anyone get a business loan this is what I did you can pay it back over the term you want,no balloons etc if I sell my van now I’ll have best part of 7-10 grand towards another.

There's no real difference, balloon payments just keep your monthly payments lower so the money you have tied up in your van wont have been paid by the guys handing theirs back.

[zesty]

we are saving hard to move up the property ladder and rent our current house out as an investment.

Are you a sole trader?

If so, sack buying a new van off and keep the one you have. The credit will count against you when going for your mortgage and you can put the money you’d save towards the house.

True.


To be honest, it’s a bit of wanting a new van that’s had me interested.

I think I will hang onto it another couple of years. Once we’ve moved house, I will possibly treat myself to a new van.

One of the lures of leasing was putting the full monthly payment through the books, reducing my tax bill. As the current van is an asset, its only the diesel and maintenance that’s helping with reducing the tax.

Yes sole trader, with a couple of sub contractors for bigger jobs.

Why do so many make this mistake, buying stuff that you don't need means you lose a pound instead of 30p, saving on tax is handy when you need to buy but should never even be considered as a reason to buy.

It’s not only about bringing the profit down to save on tax, it’s about having a brand new van.

Mine is on 104,000 miles, and yes, whilst it’ll probably do 200,000 with relative ease, it’ll then be worth nothing, meaning having to fork out a lot for a new van.

Also, it’s nice to have a new van, no hassle, good business image, and nice to be in.

My thoughts were to sell my current van, have a small lump sum to play with, but lease a new van so as not to spend all the money made on the old van. That way there is some spare cash to bank, or invest elsewhere.

There are so many options, I’ve never leased before, own a van outright, so in a healthy position.

For me, I’m turning over a fair wack, so to reduce it somewhat to save some tax and have a nice new van makes sense.

Anyway, the current thought is to keep the van a bit longer and see where we are house wise in the next year.

[KS Cleaning]

Didn’t anyone get a business loan this is what I did you can pay it back over the term you want,no balloons etc if I sell my van now I’ll have best part of 7-10 grand towards another.

No because business loans are generally more expensive than personal loans.

[NWH]

I don’t think it’s a lot more of any I can’t remember off the top of my head but it was no more than around 4%,as some ha e said although you may get offered 0% the price is inflated before hand.
I certainly would t want to be paying 20k for a connect. 

[KS Cleaning]

That van is costing you 20 k all in all did you say Daz

If I pay the balloon and keep it...yes(which I probably will as itll only have 15,000 miles on the clock after 5 years).itll have at least another 5 years life in it before I sell it.

I remember at the time thinking that you had paid through the nose for your new connect and now going by your figures you're not even paying the new price never mind any added interest, could you give me the name off your dealer as I want to get in on this before they go out of business. lol

Remember it’s a Connect that Daz has Sean, they can be had today for around 18.5K inc VAT, three years ago prob around 17.5K.

[KS Cleaning]

I don’t think it’s a lot more of any I can’t remember off the top of my head but it was no more than around 4%,as some ha e said although you may get offered 0% the price is inflated before hand.
I certainly would t want to be paying 20k for a connect.

Not always, I got £7700 off list price and 0%, that was for a Custom Sport tho which are expensive to start with,  so more room for the dealer to work with.

[Status Check]

https://www.autotrader.co.uk/classified/advert/202002077065302?model=TRANSIT%20CONNECT&radius=1500&make=FORD&colour=White&advertising-location=at_vans&body-type=Panel%20Van&onesearchad=Used&onesearchad=Nearly%20New&onesearchad=New&sort=mileage&postcode=ng125nx&page=1

[dd]

we are saving hard to move up the property ladder and rent our current house out as an investment.

Are you a sole trader?

If so, sack buying a new van off and keep the one you have. The credit will count against you when going for your mortgage and you can put the money you’d save towards the house.

True.


To be honest, it’s a bit of wanting a new van that’s had me interested.

I think I will hang onto it another couple of years. Once we’ve moved house, I will possibly treat myself to a new van.

One of the lures of leasing was putting the full monthly payment through the books, reducing my tax bill. As the current van is an asset, its only the diesel and maintenance that’s helping with reducing the tax.

Yes sole trader, with a couple of sub contractors for bigger jobs.

Why do so many make this mistake, buying stuff that you don't need means you lose a pound instead of 30p, saving on tax is handy when you need to buy but should never even be considered as a reason to buy.

It’s not only about bringing the profit down to save on tax, it’s about having a brand new van.

Mine is on 104,000 miles, and yes, whilst it’ll probably do 200,000 with relative ease, it’ll then be worth nothing, meaning having to fork out a lot for a new van.

Also, it’s nice to have a new van, no hassle, good business image, and nice to be in.

My thoughts were to sell my current van, have a small lump sum to play with, but lease a new van so as not to spend all the money made on the old van. That way there is some spare cash to bank, or invest elsewhere.

There are so many options, I’ve never leased before, own a van outright, so in a healthy position.

For me, I’m turning over a fair wack, so to reduce it somewhat to save some tax and have a nice new van makes sense.

Anyway, the current thought is to keep the van a bit longer and see where we are house wise in the next year.

I think you are looking at it the wrong way.

If you keep your current van another 3 years you are likely to lose less in depreciation than on a newer van over 3 years.

As you only do 8k a year, if your van is in good condition and you look after it it should last years. I do a similar mileage to you and bought my van new 14 years ago (now has 120k on clock), it might even last me until I retire (possibly in 3 years).

[NWH]

How much was that custom sport with the 7 k off and incl vat then.