| Best way to buy a car??? 11:18 - May 28 with 17891 views | AlfieMooresSon |
It seems like the youngsters just decide £300 per month or whatever and hire or lease a car that they never actually own.
The old method was to buy a quality car say 3 to 4 years old, then keep it for 3 to 7 years.
What do you do and what is the best method these days?
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| Best way to buy a car??? on 11:20 - May 28 with 9198 views | LeonWasGod |
I still plump for the second approach. Someone else can pay for the biggest chunk of depreciation. |  | | |
| Best way to buy a car??? on 11:23 - May 28 with 9184 views | AlfieMooresSon |
| Best way to buy a car??? on 11:20 - May 28 by LeonWasGod |
I still plump for the second approach. Someone else can pay for the biggest chunk of depreciation. |
Agreed seems to work for me, but youngsters these days have a totally different approach and seem to be stretching themselves too far?
Mind you that's what my Dad used to say about every house I bought! | | | |
| Best way to buy a car??? on 11:53 - May 28 with 9127 views | JFSwan |
Its all image and wanting to look rich , whilst remaining increasingly poor.
Me, I buy modestly cheap 2nd hand and have disposable money at the end of the month. | | | |
| Best way to buy a car??? on 11:56 - May 28 with 9119 views | Vincent_Vega |
I got an old VW TDI (2004) 155k on the clock FSH bought it for £600 last year
It's a bloody fab motor, just had MOT and it flew through.
Plenty of grunt, practical, good MPG what's not to like?
Yes on closer inspection it has a few scratches and no its no pu55y magnet (can you say that these days?) and a passenger speaker is blown which I'm in the process of fixing but apart from that it's tip top. I highly recommend it for a decent runaround/workhorse and there's a few out there if you look, then again I'm in my mid 30's so maybe I'm not in the bracket your talking about.
What gets me is from an environmental POV. How come it's more environmentally friendly to scrap said VW and buy a brand new Hybrid or electric motor. These new cars have rare minerals which would test a chemistry professors knowledge of the periodic table and they have to be mined from exotic places which are then shipped for refinement and assembly in some factory in Asia or Eastern Europe then shipped to the forecourt? And that's before you use it! New cars are just not worth it in my opinion. [Post edited 28 May 2019 11:58]
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| Boycott Shampoo......Demand Real Poo!!! |
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| Best way to buy a car??? on 12:02 - May 28 with 9104 views | MrSwerve |
| Best way to buy a car??? on 11:23 - May 28 by AlfieMooresSon |
Agreed seems to work for me, but youngsters these days have a totally different approach and seem to be stretching themselves too far?
Mind you that's what my Dad used to say about every house I bought! |
I think it’s like a phone contract to ‘kids’ now. Short term thinking, but dey do look propa lit in dey Audi A3 tho. |  |
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| Best way to buy a car??? on 12:39 - May 28 with 8998 views | WandererJack |
Leasing is cheaper than buying a new car every few years. Also it's fixed cost - no tax to pay, no unexpected bills for repairs.
Cheapest way is always buy second hand and run it into the ground but if you want a new car or like to change your car every couple of years, leasing is great. |  | | |
| Best way to buy a car??? on 12:59 - May 28 with 8934 views | BLAZE |
I'd always bought second hand until around 4 years back. I had just bought my own place and had a fairly well paid job with quite a bit of spare income at the end of each month so decided to buy new on finance. It was £356 a month and I just looked at it like another monthly bill. It was nice to own new and the thought of trouble free motoring was great, especially as my previous car had cost me a fortune (turbo trouble). It was my plan to keep the car for 3 or 4 years, then switch it out for a new model, again on finance
Anyway, I became ill and had to move back to Swansea. I was them lumped with a car costing me £356 a month that I barely used. I could just about afford to keep it going, but the amount of money it was costing for little use began to really bother me. At just 18 months old the car was obviously in negative equity, so in the end I had to bite the bullet and pay £3.5k to end the finance early and hand the car back
Moral? It's all about your mind set. Finance doesn't make sense financially, but if you view it as another monthly expense on top of mortgage, etc. and you can afford it, then it is nice to own new. No maintenance concerns, no MOT concerns, no real worries over buying a dud, no trouble having to sell the car on again if you're exchanging it for something new etc. The smart thing to do though is to save up and buy second hand... That's what I'll be doing in the future |  | | |
| Best way to buy a car??? on 13:14 - May 28 with 8898 views | dickythorpe |
Is insurance included in the lease price? |  | | |
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| Best way to buy a car??? on 13:46 - May 28 with 8819 views | Alberto_Swinglehurst |
| Best way to buy a car??? on 12:59 - May 28 by BLAZE |
I'd always bought second hand until around 4 years back. I had just bought my own place and had a fairly well paid job with quite a bit of spare income at the end of each month so decided to buy new on finance. It was £356 a month and I just looked at it like another monthly bill. It was nice to own new and the thought of trouble free motoring was great, especially as my previous car had cost me a fortune (turbo trouble). It was my plan to keep the car for 3 or 4 years, then switch it out for a new model, again on finance
Anyway, I became ill and had to move back to Swansea. I was them lumped with a car costing me £356 a month that I barely used. I could just about afford to keep it going, but the amount of money it was costing for little use began to really bother me. At just 18 months old the car was obviously in negative equity, so in the end I had to bite the bullet and pay £3.5k to end the finance early and hand the car back
Moral? It's all about your mind set. Finance doesn't make sense financially, but if you view it as another monthly expense on top of mortgage, etc. and you can afford it, then it is nice to own new. No maintenance concerns, no MOT concerns, no real worries over buying a dud, no trouble having to sell the car on again if you're exchanging it for something new etc. The smart thing to do though is to save up and buy second hand... That's what I'll be doing in the future |
Won't you be back to square one again then though having to fork out if something goes wrong?
Leasing makes a great deal of sense. | | | |
| Best way to buy a car??? on 13:51 - May 28 with 8807 views | AlfieMooresSon |
| Best way to buy a car??? on 12:59 - May 28 by BLAZE |
I'd always bought second hand until around 4 years back. I had just bought my own place and had a fairly well paid job with quite a bit of spare income at the end of each month so decided to buy new on finance. It was £356 a month and I just looked at it like another monthly bill. It was nice to own new and the thought of trouble free motoring was great, especially as my previous car had cost me a fortune (turbo trouble). It was my plan to keep the car for 3 or 4 years, then switch it out for a new model, again on finance
Anyway, I became ill and had to move back to Swansea. I was them lumped with a car costing me £356 a month that I barely used. I could just about afford to keep it going, but the amount of money it was costing for little use began to really bother me. At just 18 months old the car was obviously in negative equity, so in the end I had to bite the bullet and pay £3.5k to end the finance early and hand the car back
Moral? It's all about your mind set. Finance doesn't make sense financially, but if you view it as another monthly expense on top of mortgage, etc. and you can afford it, then it is nice to own new. No maintenance concerns, no MOT concerns, no real worries over buying a dud, no trouble having to sell the car on again if you're exchanging it for something new etc. The smart thing to do though is to save up and buy second hand... That's what I'll be doing in the future |
Sorry about that sounds like a tough time, but you've learned from it and maybe a few reading this forum will!
I hope everything is better now and you're back on the up.
Realistically I have always thought of a car as an essential luxury and learned fairly young that a house is an asset and a car is a liability, once I got my head around that I worked on the cheapest way to drive a tidy car, which is buy a 4-year-old and keep for 3 to 5 years, I still think that is the cheapest way, ill stick to that for now.
I would imagine the electric car switch is going to increase the depreciation from now on, which is also a factor especially for anyone buying new! [Post edited 28 May 2019 14:34]
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| Best way to buy a car??? on 14:00 - May 28 with 8792 views | WandererJack |
| Best way to buy a car??? on 13:14 - May 28 by dickythorpe |
Is insurance included in the lease price? |
No you have to source your own insurance but tax is covered by lender. | | | |
| Best way to buy a car??? on 14:24 - May 28 with 8754 views | Vincent_Vega |
| Best way to buy a car??? on 13:46 - May 28 by Alberto_Swinglehurst |
Won't you be back to square one again then though having to fork out if something goes wrong?
Leasing makes a great deal of sense. |
I can do a bit of DIY on cars (Service, Brakes, belts etc.) but if something major happens, scrap the car and get another one. The amount I'm paying on them If I buy a new one every year (say £1,000 but it won't be that) it's still cheaper then a £350 a MONTH (£4200 per annum) even if you factor in tyres and insurance it's still much cheaper than leasing.
It depends on what you're after but for me it works and I cannot get the idea of paying 4 to 5k a year to have the honour of driving a car only to hand it back after 3-4 years with all the fines and penalties that usually incur. Like I said each to his/her own. | |
| Boycott Shampoo......Demand Real Poo!!! |
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| Best way to buy a car??? on 14:38 - May 28 with 8722 views | AlfieMooresSon |
| Best way to buy a car??? on 11:53 - May 28 by JFSwan |
Its all image and wanting to look rich , whilst remaining increasingly poor.
Me, I buy modestly cheap 2nd hand and have disposable money at the end of the month. |
Yes, I agree image is everything, a lot of them don't go out like we used to, just once a fortnight to somewhere they perceive posh, they take loads of Instagram photos, trying to look like Towie millionaires, then beans on toast for two more weeks. [Post edited 28 May 2019 14:39]
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| Best way to buy a car??? on 15:04 - May 28 with 8679 views | BLAZE |
| Best way to buy a car??? on 14:24 - May 28 by Vincent_Vega |
I can do a bit of DIY on cars (Service, Brakes, belts etc.) but if something major happens, scrap the car and get another one. The amount I'm paying on them If I buy a new one every year (say £1,000 but it won't be that) it's still cheaper then a £350 a MONTH (£4200 per annum) even if you factor in tyres and insurance it's still much cheaper than leasing.
It depends on what you're after but for me it works and I cannot get the idea of paying 4 to 5k a year to have the honour of driving a car only to hand it back after 3-4 years with all the fines and penalties that usually incur. Like I said each to his/her own. |
Depends what you're after though doesn't it? A grand a year average wouldn't have got me the model and spec I was after, but it's obviously a better approach if you're not too fussed what you're driving
I'm not trying to justify finance though. I look back and think £350 a month was crazy, my mortgage was only £340, I just think people who take it out maybe have a different mindset towards motoring than the more old fashioned approach of saving up a big lump and buying second hand and running it into the ground
I don't know much about leasing, but a quick search suggests it's a better option than finance, unless there's more to it than I'm aware of | | | |
| Best way to buy a car??? on 16:15 - May 28 with 8533 views | Al_Bundy |
Buy a car 2 to 3 years old with decent residual values which should give you a car 50% off the showroom price which you can also trade in a current car against. You can get really low bank loans which beat a lot of car finance offerings. Look for manufactures which have ne models released which slashes prices of current models.
Leasing gives you a new car without the servicing costs but tied in for 2/3/4 or 5 years without any tangible asset at the end of the term unless you take the balloon price which isn't often attractive.
Also leasing penalises high mileage users unless you factor in and increase the 20K mileage per annum celling upfront which ups you monthly payments. | | | |
| Best way to buy a car??? on 17:45 - May 28 with 8443 views | Cooperman |
It’s horses for courses and comes down to what motoring lifestyle you want.
I came out of a company car scheme about 15 years ago and have leased ever since. This satisfies my desire of a new car on a regular basis, allows me the vehicle brand of my choice, avoids me having a large initial cash outlay for purchase and is generally cash neutral to when I was in the car scheme.
If I was to change my outlook on any of those four points then I may have to change my strategy. In the meantime I’m halfway through my current four year contract. |  |
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| Best way to buy a car??? on 17:59 - May 28 with 8413 views | Al_Bundy |
| Best way to buy a car??? on 17:45 - May 28 by Cooperman |
It’s horses for courses and comes down to what motoring lifestyle you want.
I came out of a company car scheme about 15 years ago and have leased ever since. This satisfies my desire of a new car on a regular basis, allows me the vehicle brand of my choice, avoids me having a large initial cash outlay for purchase and is generally cash neutral to when I was in the car scheme.
If I was to change my outlook on any of those four points then I may have to change my strategy. In the meantime I’m halfway through my current four year contract. |
I'd me surprised if anyone takes a company car option these days. | | | |
| Best way to buy a car??? on 18:06 - May 28 with 8396 views | Cooperman |
| Best way to buy a car??? on 17:59 - May 28 by Al_Bundy |
I'd me surprised if anyone takes a company car option these days. |
Generally limited to those with a long commute or who want a very low tax burden achieved through driving a PHEV. | |
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| Best way to buy a car??? on 18:34 - May 28 with 8346 views | monmouth |
Apparently stats show that it’s best to buy at 4 year old and sell at 7 and repeat if you want best balance of depreciation vs repair on a tidy car (3 or 5 series type of thing). Not sure about that as with all this tech shit on cars they will break long before 7 years, so I can see that equation changing fast. |  |
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| Best way to buy a car??? on 20:26 - May 28 with 8222 views | Al_Bundy |
| Best way to buy a car??? on 18:34 - May 28 by monmouth |
Apparently stats show that it’s best to buy at 4 year old and sell at 7 and repeat if you want best balance of depreciation vs repair on a tidy car (3 or 5 series type of thing). Not sure about that as with all this tech shit on cars they will break long before 7 years, so I can see that equation changing fast. |
Got a 3 series last Sept 64 plate 40k on the clock £16k.. looking to keep it until 2022 when hopefully electric car become more functionally ownership wise. | | | |
| Best way to buy a car??? on 20:48 - May 28 with 8159 views | Neath_Jack |
I can't get my head around people leasing new cars, f*ck that, it's never yours.
If i want a different car, I'll save until i can pay for it up front, have done for as long as i can remember. |  |
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| Best way to buy a car??? on 20:54 - May 28 with 8140 views | Cooperman |
| Best way to buy a car??? on 20:48 - May 28 by Neath_Jack |
I can't get my head around people leasing new cars, f*ck that, it's never yours.
If i want a different car, I'll save until i can pay for it up front, have done for as long as i can remember. |
More often than not there is an option to buy at the end of the lease period. I've come partucularly close to pulling the trigger on one occasion. | |
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| Best way to buy a car??? on 20:57 - May 28 with 8119 views | monmouth |
| Best way to buy a car??? on 20:54 - May 28 by Cooperman |
More often than not there is an option to buy at the end of the lease period. I've come partucularly close to pulling the trigger on one occasion. |
That’s interesting. Do they onfirm that at the start or is it all down to Russian roulette at the end? I assume the price is all about negotiation at the end? | |
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| Best way to buy a car??? on 21:08 - May 28 with 8091 views | Neath_Jack |
| Best way to buy a car??? on 20:54 - May 28 by Cooperman |
More often than not there is an option to buy at the end of the lease period. I've come partucularly close to pulling the trigger on one occasion. |
Yeah i know, loads in work buy through that PCP thing, and they've all tried convincing me to do it. I cannot for the life of me get my head around doing it though. Hate owing anyone money for anything. | |
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| Best way to buy a car??? on 21:14 - May 28 with 8064 views | Cooperman |
| Best way to buy a car??? on 20:57 - May 28 by monmouth |
That’s interesting. Do they onfirm that at the start or is it all down to Russian roulette at the end? I assume the price is all about negotiation at the end? |
Option to buy is confirmed at start of contract but price is not as it is of course subject to mileage and other factors.
Quotes I've had at end of lease added to what I have paid over 36 months have been there or thereabouts with the OTRP of the vehicle (not lower but up to a grand / £1500 more); that's basically amounting to 0% finance over the lease term but of course you need the capital to now buy the car. I put this healthy condition down to the fact that the leasing company had a decent deal on the car in the first place (my last few have been with Audi finance which adds weight to my theory).
For the last car I waved farewell to I traced it through an auction (in Westbury - the guy collecting the car told me where and when it would be auctioned). My curiosity was then killing me so I attempted to join that auction online but had to be registered as a trader - I failed at this. However I was able to determine that the car was sold to someone in Southampton so about a week later I did an Autotrader search for the car and found it on the forecourt of a second hand dealer - it sold within 2 days on a listed price that was £300 less than I was quoted by Nationwide Vehicle Contracts. | |
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