Isn't that when the lease company takes the car away, auctions it and the shortfall (plus penalty charges) are still owed by the lease policy holder?
All this is driving down the prices of 2nd hand cars. Some real bargains to be hand.
To be honest, 10 year old cars are far better value for money then new. Ive had 2 new cars and id never do it again, the amount lost in depreciation I just can't ever justify even if I was a lottery winner. For me i'll always choose something atleast 2-3 year old and depreciated by more than 50% from original purchase price..... Doing this means I can afford a top spec large motor rather than a mid spec small to medium sized motor.
And then I decide to own it for longer, unless I kill it before time like I did my Focus...
