Finance

[PDK]

Last car I bought was cash, and it seemed a lot harder saving it back up to replace the amount I took out, than when I had a car on finance and paid the monthly installment.

 

[Cossers]

Funnily I seen an m4 in inchcape, 4K down, 599x24 and a final of 23k, that’s not actually that bad but I couldn’t just hand it back, id prob pay the end payment, 8k a year just to hand it back and start again, that would do my head in, my wife has her car on hp, paid off in a few months, she is going to keep it for a couple of years now, if you don’t mind running around in an older car for a bit, a two or three year break with just the normal running costs is a nice thing too.

There’s no wrong either way, just different types of ownership I suppose.

 

[PeteM]

I like to think your mortgage/rent should run in parallel with you car cost with a hefty weighting towards the roof over your head

Funnily I seen an m4 in inchcape, 4K down, 599x24 and a final of 23k, that’s not actually that bad but I couldn’t just hand it back, id prob pay the end payment, 8k a year just to hand it back and start again, that would do my head in, my wife has her car on hp, paid off in a few months, she is going to keep it for a couple of years now, if you don’t mind running around in an older car for a bit, a two or three year break with just the normal running costs is a nice thing too.

There’s no wrong either way, just different types of ownership I suppose.

I’d want to be earning 100k a year or more
To be dishing out that sort of cash per month for a car.

But as mentioned above , different horses enjoy different courses of dinner

 

[WSM]

I like to think your mortgage/rent should run in parallel with you car cost with a hefty weighting towards the roof over your head

 

[Cossers]

I like to think your mortgage/rent should run in parallel with you car cost with a hefty weighting towards the roof over your head



I’d want to be earning 100k a year or more
To be dishing out that sort of cash per month for a car.

But as mentioned above , different horses enjoy different courses of dinner

I’d put plenty on it that there are a lot on a lot less paying that and more.

 

[andy9eleven]

Also seems to be a bit of a Northern Ireland thing to have a new shiny car (or a young premium car with 120k miles!). And has been like this for years. Go to England and you see a much wider variety of cars and older cars than you do here. I barely remember the last time I saw a Focus or even more so a Mondeo on the road over here. Seems to be all German or Korean in my typical areas.

 

[Rocko]

I wish I could pay close to my mortgage out on a car.

16 years to go then I'm leasing an RS6. I will be 53.

 

[WSM]

I wish I could pay close to my mortgage out on a car.

Same.

 

[Rocko]

Same.

You still renting that room in Ballybeen?

 

[Terry]

I’m trying to do a deal to get a bigger and better recovery truck at the minute and am falling flat on my face, it’s under 10k and will take the business to the next level and open me up for heavier work, yet my own bank chased me as it’s a business loan ( I’m done with them lol ) hitting the credit union today

The thing is I have perfect credit, I’m not in any debt and if I want I can go and get a brand new car 30k on finance without any hesitations, you work to pay the car we’re as the truck is working to pay itself plus the business is starting to get serious work, if I get my way I will have enough money we’re I won’t need banks or loans in the future

So yes I’m really pissed of at the minute lol

Ps I sold my golf recently for £5500 and it was a long time advertised, was near getting a friend to set up finance for the new owner but an old school person come along with the cash, so hold out some people are still old school

If you fire me a pm with your email address, I can pass you on some details of a reputable business who would be worth a phone call re the finance / business

 

[PeteM]

I wish I could pay close to my mortgage out on a car.

16 years to go then I'm leasing an RS6. I will be 53.

I’ll be driving this Passat till they ban diesels

 

[Deezer-D]

I think a thread for car finance as others have mentioned would be a great resource on here.
I’ve used most methods available to buy a car but the method chosen was largely dictated by my age (how daft I was) and my financial position at the time.
No one ever explained the options to me and I really just went with what I could pay every month. As I get older I realise the monthly isn’t the most important thing. I’ve leased, personal loan, finance and cash outright and each have their merits but it could be handy if someone was wanting to buy a car they could come into a thread, post the details and get advice.

 

[andy9eleven]

The other thing to bear in mind in calculations is the servicing/maintenance costs. While oil change intervals have increased to stupid miles nowadays, there's no escaping that tyre and brake costs can be severe on new big wheeled cars. You can still get maintenance packages on lease cars which can work out rather well when you factor in the costs of a 19" or bigger tyre. Plus with lease you don't have to worry about selling the thing and dealing with idiots at the end.

If lease cost over the term is < or = depreciation (+ maintenance) then lease wins imo. Seems silly to put your money into depreciating assets.

I know a few people who have pissed away small inheritances just because they wanted a fancier car to commute to their office in. Such a waste.

 

[gixermark]

this is a great thread lads......

@Chris_702 what is the thinking behind the sale or return thing ?

i don't use (need) a car daily as i work from home, i think that's one of the reasons i wouldn't be keen financing (whatever the option) a vehicle that was sitting a lot of the time (seems a waste) I get the guys that want a nice car - with the latest tech. etc if you sit in the thing every day..plus need a totally reliable car. if my car broke down it would just be a hassle... but i could just expense a taxi to the airport (for work) and everything else woudl be a nuisance rather than anything big,

i'd love something like an RS6, but just cant justify the huge $$ for one... nor do i 'need' it !! i will have to tick the 911 box at some stage, but again.... i know i would park it most of the time

my old V8 X5 is worth less than 3K so the worst exposure on it is what i paid for it less scrap value !! now the M3 has gone, i will have a 'nice' car again at some stage, i just struggle to justify either tying up the cash - or paying high monthly on something not needed.

meantime........ given this is a finance thread, my goal is just to hit the mortgage hard !! as others have eluded to here... if you had no mortgage, you could at least to yourself !! justify throwing more money at a silly car (man maths)

 

[Darragh]

If you fire me a pm with your email address, I can pass you on some details of a reputable business who would be worth a phone call re the finance / business

I’ll know on Thursday how my plans have went, failing that I’ll give your friend a shout , cheers

 

[Ghisallo]

I’ve heard of people being turned down for mortgages because of having costly finance deals on cars, but I really need to get my head around how it all works otherwise I’ll be stuck for life driving second hand cars that cost no more than £15k

 

[NickR]

I’ve heard of people being turned down for mortgages because of having costly finance deals on cars, but I really need to get my head around how it all works otherwise I’ll be stuck for life driving second hand cars that cost no more than £15k

What I was told is that if you take HP/PCP, the full amount of the agreement shows on your credit file (ie 40k car will show as that amount of credit). A lease will only show the amount of the term (ie 24months x £200 = £4800). That’s why you may get refused, it would be down to affordability and he amount of your available credit you are using compared to your income etc.

 

[Crispy Rice]

Another reason to take finance is tax, having to pay the income tax on your 100k car purchase would fairly sting.

 

[greyfloppyhat]

I’m not paying my car off, I’m paying to use it

Well put

 

[Shannonsir]

If you had a crystal ball and could look ahead and the worst should happen that you will get struck down with a god awful illness that doesn't give you the ability to drive any longer in X years , say the time it took to save for a car you really wanted, or you could have that car now for a monthly payment+ a little interest - baring in mind the money you might save would equal the payments.. what would you do?.
Nobody is guaranteed tomorrow or next week , month or year, if you want it go get it within your means of course. YOLO. No matter sort of agreement you enter theres always a way out . You can't reverse time.

 

[WSM]

Earning money is easier than buying time

 

[gixermark]

i'd VERY happily earn less and have more time off... or better still work a 3 day week.... even 4 day week would be nice....

woudl also be nice to totally switch off on what little leave i do get.... technology is great, but being accessible every/anywhere at any time has its price too

 

[gizmo98]

I personally don’t get the lease/pcp thing,not for me
I had HP once on a car about 20 years ago and swore NEVER again
Last four cars were in the £6000-£7000 range and I wouldn’t pay anymore for one
I’d happily drive about in a 1k car and have the money sitting in the bank

 

[Cossers]

very Intresting thread this has turned out to be! At the end of the day nobody knows what is round the corner but being on the safer side, as long as pensions etc are sorted and on track I suppose there is no right or wrong answer to this one!

 

[andy9eleven]

Earning money is easier than buying time

And spending money is easier than earning money!