Nath
Member
Registered: 3rd Apr 02
Location: MK
User status: Offline
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quote:
Originally posted by A2H GO
I think Davey has confused people who get finance with those who can't afford.
100% on the money.
So I'm to save £500 a month for 12 months and buy a £6k car which I'll keep for 3 years?
OR
I'll get a loan for £6k over 3 years @ £185.50 p/m at a cost of £6.6k? £600 over 3 years being £16 a month, and have the car today.
Portfolios EVERYWHERE!
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Nic Barnes
Member
Registered: 5th Apr 04
Location: nowhere near ginger people
User status: Offline
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Millionaires waving gold wonka tickets all up in this bitch
[Edited on 25-06-2012 by Nic Barnes]
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Neo
Member
Registered: 20th Feb 07
Location: Essex
User status: Offline
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Took finance on my old C2.
Car was £5250 - 6 months old, very low mileage. Put down a grand and agreement was pay £125~ per month for 3 years.
Got bored of the car after 8 months and had saved up a decent wedge to buy a new car. When I traded it in, Citroen gave me £5000 for the car, minus the £3250 meant that for that 8 month period I only spent £250 on the car - no new tyres, pads etc.
I then bought a car outright, brand new cash down. In hindsight (which is ace) I wish I had gone for something older and cheaper or even stuck with what I had.
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DaveyLC
Member
Registered: 8th Oct 08
Location: Berkshire
User status: Offline
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quote:
Originally posted by Ben G
quote:
Originally posted by DaveyLC
Interest + depreciation < older car maintenance
my fiesta costs me £132 a month on finance over 2 years.
i bought my puma for £2000.
the puma died, after i had spent £300 fixing it. so that's £2300 there.
most people would've probably scrapped it and got back £150 or there abouts, so that's £150 back in their pocket after shelling out £2300 to buy and maintain the car.
the fiesta would cost £3168 over the 2 years, only £868 more than the puma. it requires no MOT so that's a £100 saving at least, no need to pay for any problems that arise as it's covered by warranty and you get to drive around in a nice new car rather than a 10 year old one.
quite simple really. obviously the fiestas slow but for someone with no interest in cars it's good peace of mind motoring.
Thats because you spent £2k on a piece of shit.. Thats another whole different debate.
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DaveyLC
Member
Registered: 8th Oct 08
Location: Berkshire
User status: Offline
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quote:
Originally posted by A2H GO
quote:
Originally posted by DaveyLC
quote:
Originally posted by A2H GO
I think Davey has confused people who get finance with those who can't afford.
Well that depends on your definition of afford... If I havent got the money to buy something then I cant afford it.
Good luck with living at home for the rest of your life then.
That would be funny come back if I lived with my parents and I hadnt already pointed out earlier that mortgages are an investment.
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DaveyLC
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Registered: 8th Oct 08
Location: Berkshire
User status: Offline
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And to throw a spanner in the works.. I actually think PCP can be good if you're going to lease something cheap as hell and you get good mileage allowance and a comprehensive warranty.
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Nic Barnes
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Registered: 5th Apr 04
Location: nowhere near ginger people
User status: Offline
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Back tracking......
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Tom
Member
Registered: 3rd Apr 02
Location: Wirral, Merseyside
User status: Offline
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quote:
Originally posted by Nic Barnes
Back tracking......
Reversing!
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Sunz
Member
Registered: 12th Jan 07
Location: SE England
User status: Offline
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quote:
Originally posted by Nath
quote:
Originally posted by A2H GO
I think Davey has confused people who get finance with those who can't afford.
100% on the money.
So I'm to save £500 a month for 12 months and buy a £6k car which I'll keep for 3 years?
OR
I'll get a loan for £6k over 3 years @ £185.50 p/m at a cost of £6.6k? £600 over 3 years being £16 a month, and have the car today.
Portfolios EVERYWHERE!
This is quite interesting, the lesson here is start saving as soon as you can, rather then when it's too late and you "need" money.
So based upon that. . . .
"OR"
Start saving for a rainy day whenever you can, that way you have the best options if needed.
I can only understand getting a loan out on something you "NEED" rather then something you "WANT", seems weird to say I want this car that I don't have the cash to buy so will take out a loan to get it, I personally would look at something a bit cheaper as a car is a car, don't need to spend huge amounts to get something decent.
Indeed, all dependant on what you think is a lot or a little.
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Ben G
Member
Registered: 12th Jan 07
Location: Essex
User status: Offline
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quote:
Originally posted by DaveyLC
quote:
Originally posted by Ben G
quote:
Originally posted by DaveyLC
Interest + depreciation < older car maintenance
my fiesta costs me £132 a month on finance over 2 years.
i bought my puma for £2000.
the puma died, after i had spent £300 fixing it. so that's £2300 there.
most people would've probably scrapped it and got back £150 or there abouts, so that's £150 back in their pocket after shelling out £2300 to buy and maintain the car.
the fiesta would cost £3168 over the 2 years, only £868 more than the puma. it requires no MOT so that's a £100 saving at least, no need to pay for any problems that arise as it's covered by warranty and you get to drive around in a nice new car rather than a 10 year old one.
quite simple really. obviously the fiestas slow but for someone with no interest in cars it's good peace of mind motoring.
Thats because you spent £2k on a piece of shit.. Thats another whole different debate.
You really do think you're gods goft  blown gearbox could happen to anyone at anytime. not even worth arguing about it. i've got a mate like you, always has to have better and be better than everyone else, even if he's not.
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Ian
Site Administrator
Registered: 28th Aug 99
Location: Liverpool
User status: Online
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quote:
Originally posted by DaveyLC
I'd like to see you guy find one single example where a 3 year old car bought outright is a worse deal than a brand new car on PCP, HP or a Loan.
Are we comparing 3yo with brand new? OP isn't going brand new I don't think?
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Ian
Site Administrator
Registered: 28th Aug 99
Location: Liverpool
User status: Online
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quote:
Originally posted by DaveyLC
Thats because you spent £2k on a piece of shit.. Thats another whole different debate.
And presumably where your argument falls down - he only had £2k.
Sure if he'd have had more he could have bought a car which wasn't going to break.
But then it would depreciate?
If we took your point to its logical conclusion we'd all be walking.
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DaveyLC
Member
Registered: 8th Oct 08
Location: Berkshire
User status: Offline
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Pleanty of reliable cars out there for £2k.
It is very possible to buy the right car secondhand and lose a minimal amount of money.
Most people who borrow to buy a car and doing it because they want something nicer than what they can afford.. Yeah thats understandable but dont try and make out its better than saving.
I just seems to be a general attitude at the moment; people want everything NOW and they arent prepared to work for it.
[Edited on 25-06-2012 by DaveyLC]
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whitter45
Member
Registered: 15th Nov 02
Location: Norton
User status: Offline
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3 series is company car
1 series is on PCP for 3 years
Nothing wrong with loans PCP etc as long as the figures work out
PCP is good for a depreciating asset but there is nothing wrong in buyer an older car
People get caught out buying older cars at a cheaper costs and find running costs for parts etc that are the money pit
[Edited on 25-06-2012 by whitter45]
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John
Member
Registered: 30th Jun 03
User status: Offline
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quote:
Originally posted by DaveyLC
Most people who borrow to buy a car and doing it because they want something nicer than what they can afford
You are confusing yourself with this made up 'fact' and reality.
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spencer88
Member
Registered: 6th Oct 08
Location: cornwall
User status: Offline
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My Corsa cost £400 and has been very reliable, however I only bought it to get my finances in order.
It will be sold soon, and I will more than likely take a small loan to buy a nice car.
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Gary
Premium Member
Registered: 22nd Nov 06
Location: West Yorkshire
User status: Offline
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People borrow for a car because they don't want to save and wait, not because they cant afford.
[Edited on 25-06-2012 by Gary]
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spencer88
Member
Registered: 6th Oct 08
Location: cornwall
User status: Offline
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quote:
Originally posted by Gary
People borrow for a car because they don't want to save and wait, not because they cant afford.
[Edited on 25-06-2012 by Gary]
Exactly.
Or like some of us, people may have trouble saving. I know I used to.
I could easily afford a figure of say £100 a month for a car, but if it was just in my bank, I would spend it on beer and food.
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Ian
Site Administrator
Registered: 28th Aug 99
Location: Liverpool
User status: Online
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quote:
Originally posted by DaveyLC
Most people who borrow to buy a car and doing it because they want something nicer than what they can afford.
Most?
You got data?
I financed the Astra because I didn't want to wait to save £12k, so I'm going to end up paying £13k.
I can afford both. I'd prefer not to pay the additional grand but my propensity to purchase was still present at £13k.
I couldn't justify £20k which is why I didn't buy a new one, you might even say I couldn't afford a new one.
But I can afford the finance on a used one.
Don't get me wrong, I boggle at people who pay too much for shitters just to have them now - I even made a thread about it - but to say en mass that the majority of finance deals are taken up by people who can't afford the car they want is for me verging on incorrect.
Its just the car but it costs slightly more. The willingness to pay a bit more just to have it now and not wait.
I know it silly, I've done some very daft things, and now I have other outgoings I'm not so willing to commit to monthly payments for years to come - but I also wouldn't rule it out as a sensible option for people who are not put in a bad position by doing it.
OP wants an M3 because it'll be nice and fun, the question was whether he should borrow to get one and the answer is if you can face paying a bit more for it then sound, have a nicer car.
You know as well as I do he'd be cheaper going to a salvage auction and finding one with history, bodging on some panels and driving the same car for half the price but that isn't for everyone!
My next expensive car will probably be salvage, I do think they're a great way of owning nice cars if you know what you're doing, and I might even do it cash  but I'm also not going to get on a high horse about people who go to garages and drink tea while they're signing their lives away. In a lot of cases its not the worst way to do it.
[Edited on 25-06-2012 by Ian]
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taylorboosh
Member
Registered: 3rd Apr 07
User status: Offline
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He should deffo get an m3 though
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Ben G
Member
Registered: 12th Jan 07
Location: Essex
User status: Offline
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Only of daveylc looks over it and declares it 'not a piece of shit'. Must have a crystal ball to look into and know things are going to break 18 months later.
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Nic Barnes
Member
Registered: 5th Apr 04
Location: nowhere near ginger people
User status: Offline
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only millionaires buy m3's
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taylorboosh
Member
Registered: 3rd Apr 07
User status: Offline
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Prestige mate
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Sunz
Member
Registered: 12th Jan 07
Location: SE England
User status: Offline
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If you need a loan to buy a car then you can't afford the car but you can afford the loan. 
Is a difference.
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Ian
Site Administrator
Registered: 28th Aug 99
Location: Liverpool
User status: Online
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Is that sarcasm?
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