Question...if you bought your car brand new on finance
- Thread starter Mike
- Start date
I never buy new or nearly new.. Buy at the newest 4-5yrs old. Can't justify the depreciation on a new one. But then I've a mortgage to pay and a house to run/maintain too.
I'll use finance but never borrow more than half the cars value. Clio is paid for luckily (that's from selling old cars that have previously been bought on finance!) but next year when I buy my 330d I'll borrow half again and probably buy at around 6years old. The Clio will become the second car then.
Unless you've seriously deep pockets I don't see how anyone can justify the depreciation of newer cars, specially younger people - who don't even have a house!
Even when I was younger i did the same, but now I've got a house!
I'll use finance but never borrow more than half the cars value. Clio is paid for luckily (that's from selling old cars that have previously been bought on finance!) but next year when I buy my 330d I'll borrow half again and probably buy at around 6years old. The Clio will become the second car then.
Unless you've seriously deep pockets I don't see how anyone can justify the depreciation of newer cars, specially younger people - who don't even have a house!
Even when I was younger i did the same, but now I've got a house!
A2ON
Platinum Member
I brought my Silverstone new £19,999.00
Took some on 0% as may as well leave the money in the bank earning 3% or so.
I wanted a new one so i brought a new one . . . after all you cant take it with you .
As for depreciation , pfftttt it is what it is . . . If i did not want to loose money id buy a house !
Took some on 0% as may as well leave the money in the bank earning 3% or so.
I wanted a new one so i brought a new one . . . after all you cant take it with you .
As for depreciation , pfftttt it is what it is . . . If i did not want to loose money id buy a house !
I bought mine on finance at just over 9k. I'm paying back 11 but I just think of what it costs me monthly not the end figure I'll be paying. I don't know anyone my age who has a spare 10k sat in the bank to buy a car. (Im 21 btw)
in jan 2009 i brought my RB 197 brand new on finance paying £300pcm,due to being in the military i had some discount on her but i never even batted an eyelid at the price i walked in and said....i want one of these cars what can you do for me and a deal was sorted out,
at the time i was only 19 now im a little bit older(24) i look back at what ive payed on a car and what i now would pay and think it was a huge ammount of money to be spending out on a car for anybody....but in answer to your question i dont worry about it when im putting my foot down on the motorway feeling all that power instantly beneath my toes as the engine roars to life overtaking someone i just smile and breath a sigh of relief i dont drive around in a corsa
at the time i was only 19 now im a little bit older(24) i look back at what ive payed on a car and what i now would pay and think it was a huge ammount of money to be spending out on a car for anybody....but in answer to your question i dont worry about it when im putting my foot down on the motorway feeling all that power instantly beneath my toes as the engine roars to life overtaking someone i just smile and breath a sigh of relief i dont drive around in a corsa
I pay 161 a month for my 197, I am tempted to pay it all or most of it off, but I don't really notice 161 leaving the bank so don't see much point and I don't worry about it either
Well my clio was a year old 9k miles on the clock all the spec I wanted for £14,000, looked at new ones but saving like over 6k on a year old was by fair the best option, wouldn't want to think about the amount of money the previous owner lost on it and all because it's wife didn't like the ride of the cup chassis, I put down £4000 and left £10,000 on finance, pay £252 a month and then the £75 on insurance, I'm 21 and it takes around 17.5% of monthly wage, so not a lot and in my eyes it is fully worth it for all the fun I'm having and for the next few year
Gez
Moderator & South Wales Rep
It's worth every penny IMO.
Knowing its only me that's owned it and no one else has driven it/ abused it.
No shocks to be seen when going under the car lol.
And I can't stress how well I look after my cars, so buying second hand and having little dents etc eats me, going from all my cars were second hand until now.
I treated myself.
I don't smoke or drink, so it's a cheap hobby in comparison to smoking and drinking as a habit.
And my gf loves cars, she only just got rid of her 172. So it's all good
Knowing its only me that's owned it and no one else has driven it/ abused it.
No shocks to be seen when going under the car lol.
And I can't stress how well I look after my cars, so buying second hand and having little dents etc eats me, going from all my cars were second hand until now.
I treated myself.
I don't smoke or drink, so it's a cheap hobby in comparison to smoking and drinking as a habit.
And my gf loves cars, she only just got rid of her 172. So it's all good
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I bought my R27 just over a year old and paid it full outright.
I hate the idea of being tied down to money leaving my bank every month for a car. I go by 'if i can't afford it, don't but it'.
I can't ever see myself getting finance.
I hate the idea of being tied down to money leaving my bank every month for a car. I go by 'if i can't afford it, don't but it'.
I can't ever see myself getting finance.
Rogue
Platinum Member
You gonna buy your house outright then?
It isn't a case of 'if you can't afford it don't buy it'. If you can't afford it then you can't afford to.pay for it every month.
But not everyone is in the position to have the kind of money to buy it outright just laying around. Doesn't mean I can't afford it though.
It isn't a case of 'if you can't afford it don't buy it'. If you can't afford it then you can't afford to.pay for it every month.
But not everyone is in the position to have the kind of money to buy it outright just laying around. Doesn't mean I can't afford it though.
I just don't like the idea of having something in my garage that i don't 100% fully own outright.
I understand that some people don't have the money to buy one outright but this is just my opinion..
As for the house comment, i already own two flats fully outright and i'm only 23. Had my first one at 20.
Gez
Moderator & South Wales Rep
I could have bought a 197 outright if I wanted to,
They're not even expensive nowadays, the fact is some people want new cars and haven't got the extra couple of K to hand. So finance is needed. It's got nothing to do with not affording it, as said if you couldn't afford it, you wouldn't afford the finance.
So it's easier to put a big lump down, and have the rest on finance.
Low interest, happy days.
Don't see what the fuss is.
They're not even expensive nowadays, the fact is some people want new cars and haven't got the extra couple of K to hand. So finance is needed. It's got nothing to do with not affording it, as said if you couldn't afford it, you wouldn't afford the finance.
So it's easier to put a big lump down, and have the rest on finance.
Low interest, happy days.
Don't see what the fuss is.
Gez
Moderator & South Wales Rep
For example,
If I bought a 197 outright, the one I was going to buy was 2008, so it would have been out of warranty. 2 owners etc.
These are brilliant cars but do have some expensive faults; gearbox, expensive hubs etc.
If one of these broke it would be 2K for a gearbox, or if a ball joint needed replacing you have to change the whole hub, £500-600 each.
Timing belt would have been due in 12 months, another £500'ish and for some reason a 197 insurance was double what I'm paying on the 200.
With my job I rely on my car and without it I'm fubbard.
New car: 4 years warranty, 4 years servicing, full European breakdown and insurance was half the price. Anything goes wrong with the car, it goes in under warranty and I get a courtesy car.
I can go to Europe with peace of mind (already been, and going again soon)
And I'll sell the car before 4 years, so it's trouble free driving.
And for me that's worth everything
If I bought a 197 outright, the one I was going to buy was 2008, so it would have been out of warranty. 2 owners etc.
These are brilliant cars but do have some expensive faults; gearbox, expensive hubs etc.
If one of these broke it would be 2K for a gearbox, or if a ball joint needed replacing you have to change the whole hub, £500-600 each.
Timing belt would have been due in 12 months, another £500'ish and for some reason a 197 insurance was double what I'm paying on the 200.
With my job I rely on my car and without it I'm fubbard.
New car: 4 years warranty, 4 years servicing, full European breakdown and insurance was half the price. Anything goes wrong with the car, it goes in under warranty and I get a courtesy car.
I can go to Europe with peace of mind (already been, and going again soon)
And I'll sell the car before 4 years, so it's trouble free driving.
And for me that's worth everything
I understand that, hence why it is good for people like yourself, but that's what you want to do. I want to own mines outright, my car was as i said nearly a year and a half old so i had a year and a half with warranty and a year and a half without warranty, i never had any issues outside my warranty but if i did because i never had any outgoings month in month out for car finance the money was storing in the bank for repairs if i ever needed them. Which i didn't.
Different people have different ideas.
For me buying new and losing that first chunk of money as soon as you drive out of the showroom would nark me, don't get me wrong but buying new must be nice but the thought of losing that money and still having to pay for it (finance), well not for me.
How some of these young ones afford it i'm not sure but on the same token, get it now before you get on the property ladder, if the cars paid for before you start with an house you'll have both. :thumbup1:
So i looked at buying a 1 owner car, letting that person take the depreciation hit and me enjoying it ever since.
I paid cash, well hit some numbers using the debit card so it did'nt hurt so much but it was bought using some of my redundancy money but it's what i've wanted for a while so it made me happy after losing my job.
I nearly signed on the dotted line for one in 2008, using a £7k deposit and having around £5.5k on finance, would have been nice having a new one and in hindsight i'd have paid it all off now but to me it would have been a £12.5k car now worth £7k so i'd be £5.5k out, wereas now i paid £8k and if it's worth £7k i'm only £1k down.
I think thats called man logic :rofl:
For me buying new and losing that first chunk of money as soon as you drive out of the showroom would nark me, don't get me wrong but buying new must be nice but the thought of losing that money and still having to pay for it (finance), well not for me.
How some of these young ones afford it i'm not sure but on the same token, get it now before you get on the property ladder, if the cars paid for before you start with an house you'll have both. :thumbup1:
So i looked at buying a 1 owner car, letting that person take the depreciation hit and me enjoying it ever since.
I paid cash, well hit some numbers using the debit card so it did'nt hurt so much but it was bought using some of my redundancy money but it's what i've wanted for a while so it made me happy after losing my job.
I nearly signed on the dotted line for one in 2008, using a £7k deposit and having around £5.5k on finance, would have been nice having a new one and in hindsight i'd have paid it all off now but to me it would have been a £12.5k car now worth £7k so i'd be £5.5k out, wereas now i paid £8k and if it's worth £7k i'm only £1k down.
I think thats called man logic :rofl:
My finance is about £15,000 at the moment, I'm 22 and work for British Gas as a recently qualified service and repair engineer. I love cars, always have and always will and if I cannot spend my money on what I want when I am this age with no family, girlfriend moaning, mortgages to pay etc etc, when will I? When I can't remember what RON 98 smells like as I have changed too many nappies probably! It's now or never for me....I chose now and am very happy. Everyone's situation is different, I am lucky to have a regular pay check month in month out, some are not and get in a muddle with finances and what-not, aslong as your outgoings do not exceed your pay, all will be well. But thats just the way I see it.
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