| Car advice - Buy a second hand outright or new via Finance? 10:19 - Mar 17 with 10456 views | Swailsey |
Haven’t driven for 5+ years and the thought of having MOTs etc included is great. |  |
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| Car advice - Buy a second hand outright or new via Finance? on 14:07 - Mar 17 with 3990 views | Swailsey |
| Car advice - Buy a second hand outright or new via Finance? on 13:54 - Mar 17 by linhdi |
Lots of sensible advice on this thread. Do the sums carefully - anything other than interest-free or very very low would make the new option via lease or PCP unattractive.
I recently returned a lease car which I had had for 3 years, doing 40,000 miles, 4,000 more than the contract so a bit more to pay at the end. I had included all service costs, and was so grateful when, 2 months from the end of the contract, at about 37,000 miles, it needed 4 new tyres; they were comfortably legal in UK, but not legal in France, where I was heading on a trip. I was impressed by the service - Kwik fit were organised by the lease co to do the job, at home, the day after I called.
I now have gone PCP, and intend to buy my own car (pay the final amount)in 3 years' time, for a guarantee amount, and knowing its full history. |
Thanks everyone - and apologies for the accidental downvote BL. Will ponder the above.
TWTD really is a knowledge hub. | |
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| Car advice - Buy a second hand outright or new via Finance? on 14:50 - Mar 17 with 3953 views | Durovigutum |
| Car advice - Buy a second hand outright or new via Finance? on 10:23 - Mar 17 by gtsb |
Only a mug (me)or rich person buys a brand new car. You lose so much money. Buy a car that's two to three years old. You still get a good motor and you don't lose thousands. |
There is no binary right or wrong answer to this question - it really depends.
We have two cars. One bought new on a special deal on really cheap finance with a huge warranty because it was a run-out model. It's six years old now, all paid off years ago, it's not given us a whisper of problem and if we took purchase price less value now it's cost about £1k a year in depreciation. It was so cheap to buy I don't care that the kids trash it.
The second is my car, used mostly for me for work an occasional second car. I am home based so get 45p a mile from the moment I leave the house, but I must have a working car - so the dealer warranty, loan car if serviced/broken etc. is vital. I waited and got a very nice car on a special offer on lease (no deposit, all servicing for £200).
When we lived in London I said I'd never spend more than £3k on a car as it would just get trashed - if I was going further afield I'd hire one. We now live in Cambridgeshire so two cars is essential - two is perhaps double the number of buses that turn up here each day.
Generally i'd suggest that, if you can afford it and are just buying for personal use and commuting, that you buy a nearly new that is just still under main dealer/manufacturers warranty. Then if it's broken you get it sorted, if you want an extended warranty its cheaper (as you are tacking onto the end of a manufacturers warranty), but someone else has taken the near 50% depreciation hit.
If you are canny, a Kia Ceed or similar at 4 years old with a full Kia service history and <70k miles will still have three years of Kia warranty remaining but have taken a huge chunk of the depreciation hit. For me, the risk of big unexpected bills and your car off the road for ages is the biggest risk. If that's too rich, buy a petrol engined Jap car - like a Toyota Auris or Honda Civic, as to your price tag. Not exciting but reliable and unlikely to have been ragged like the vast majority of over-priced Audi's and BMW's. |  | | |
| Car advice - Buy a second hand outright or new via Finance? on 14:51 - Mar 17 with 3954 views | StirlingArcher |
| Car advice - Buy a second hand outright or new via Finance? on 11:42 - Mar 17 by Bluefish |
Let's look at this another way
Buy for 20k
Keep for 3 years and sell for 5k. Cost equals 15k plus money tied up
Same car lease for 3 years at 5k per annum. Cost 15k and money not tied up and less risk
Numbers just used for simplicity but principal stands |
you have 5k at the end of one of those scenarios
that might be the deposit on your next car or lease/finance
did you not see the bit that said if the numbers work out then do it? |  | | |
| Car advice - Buy a second hand outright or new via Finance? on 15:00 - Mar 17 with 3944 views | J2BLUE |
Second hand outright. New cars bought on finance are a mug's game. |  |
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| Car advice - Buy a second hand outright or new via Finance? on 15:25 - Mar 17 with 3935 views | Argyle_blue |
Just bought my first car for a few years. I looked into leasing / finance. Leasing is just throwing money down the drain. Financing in dealers is also a rip off. 8 - 12%. In the end I bought a 4 year old car with less than 30k miles. I paid half up front and then got a personal loan at 3% for the rest which I will pay off over 3 years. I got my car from auction and was about 4k left than what I'd have paid at a dealer but it is a bit more risky - but no is risky on such a new car - mot come with basic checks done by inspection company. My advice would be to avoid leasing and finance offered by dealers. |  | | |
| Car advice - Buy a second hand outright or new via Finance? on 15:33 - Mar 17 with 3928 views | J2BLUE |
| Car advice - Buy a second hand outright or new via Finance? on 15:25 - Mar 17 by Argyle_blue |
Just bought my first car for a few years. I looked into leasing / finance. Leasing is just throwing money down the drain. Financing in dealers is also a rip off. 8 - 12%. In the end I bought a 4 year old car with less than 30k miles. I paid half up front and then got a personal loan at 3% for the rest which I will pay off over 3 years. I got my car from auction and was about 4k left than what I'd have paid at a dealer but it is a bit more risky - but no is risky on such a new car - mot come with basic checks done by inspection company. My advice would be to avoid leasing and finance offered by dealers. |
Just to add to the options, I bought a used car on a 0% credit card. This is a good option if you are looking for a cheaper car and if you can be 100% certain you can comfortably pay it off in full before it goes up to a 16%+ interest rate. | |
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| Car advice - Buy a second hand outright or new via Finance? on 15:50 - Mar 17 with 3903 views | jeera |
| Car advice - Buy a second hand outright or new via Finance? on 15:33 - Mar 17 by J2BLUE |
Just to add to the options, I bought a used car on a 0% credit card. This is a good option if you are looking for a cheaper car and if you can be 100% certain you can comfortably pay it off in full before it goes up to a 16%+ interest rate. |
Was about to say the same.
I bought a car a couple of years ago using an 12 month interest free Barclaycard.
Nice little car for 4 grand. Divided by 12, stuck strictly to the payment each month, and voila.
Using the bank's money for free has to be an option where possible. |  |
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| Car advice - Buy a second hand outright or new via Finance? on 15:51 - Mar 17 with 3911 views | J2BLUE |
| Car advice - Buy a second hand outright or new via Finance? on 15:50 - Mar 17 by jeera |
Was about to say the same.
I bought a car a couple of years ago using an 12 month interest free Barclaycard.
Nice little car for 4 grand. Divided by 12, stuck strictly to the payment each month, and voila.
Using the bank's money for free has to be an option where possible. |
Absolutely. The car dealership charged me £64 to pay by credit card but I don't think they are allowed to do that anymore so it's a great option as long as people don't get trapped paying full interest after the initial period. | |
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| Car advice - Buy a second hand outright or new via Finance? on 15:55 - Mar 17 with 3905 views | Lord_Lucan |
| Car advice - Buy a second hand outright or new via Finance? on 13:31 - Mar 17 by fabian_illness |
Is a ‘snatch back’ a bit like a hatch back or is it a repossession? |
Seized in some capacity or another. |  |
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| Car advice - Buy a second hand outright or new via Finance? on 16:40 - Mar 17 with 3860 views | ronnyd |
| Car advice - Buy a second hand outright or new via Finance? on 11:10 - Mar 17 by WeWereZombies |
I would echo that, just bought an eight year old Skoda Octavia 4x4 from a neighbour, has been well looked after with full service history, he has even given me a folder with all the bills. But I think it depends on confidence too, and a dependable garage for servicing and MOT that you have a good rapport with.
Now all I need is for the DVLA to say that I can drive again after my head injury (which, despite eight nights hospitalisation sounds like nothing compared to the litany of assaults in Lucan's recent posts). |
Just to say and hope this doesn,t happen to you, but the guy across the road from me had a fall down the stairs last summer. Even though he,s been cleared medically, the DVLA are really taking their time in re-issuing his licence. He keeps making enquiries but all they reply is that it is being assessed. Pays to keep hassling them and good luck. |  | | |
| Car advice - Buy a second hand outright or new via Finance? on 16:45 - Mar 17 with 3856 views | connorscontract |
The half way option is to buy a car with delivery miles from a car supermarket or a ex-demo (employees company car) from a dealership. A few months old, but effectively new, and with maybe 1/3 off the price.
Or Lease and never have the hassle of trade in or selling again.
No MOTs for three years from registration on new cars. | | | |
| Car advice - Buy a second hand outright or new via Finance? on 16:58 - Mar 17 with 3832 views | Bluefish |
| Car advice - Buy a second hand outright or new via Finance? on 14:51 - Mar 17 by StirlingArcher |
you have 5k at the end of one of those scenarios
that might be the deposit on your next car or lease/finance
did you not see the bit that said if the numbers work out then do it? |
What? You honestly think that one of them leaves for 5k better off? The other option leaves you with more than that in that case |  |
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| Car advice - Buy a second hand outright or new via Finance? on 19:47 - Mar 17 with 3770 views | WeWereZombies |
| Car advice - Buy a second hand outright or new via Finance? on 16:40 - Mar 17 by ronnyd |
Just to say and hope this doesn,t happen to you, but the guy across the road from me had a fall down the stairs last summer. Even though he,s been cleared medically, the DVLA are really taking their time in re-issuing his licence. He keeps making enquiries but all they reply is that it is being assessed. Pays to keep hassling them and good luck. |
Thanks, if they don't let me drive again Plan B is to give the car to one of my offspring but it will still be a problem getting around. Your advice is very welcome. |  |
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| Car advice - Buy a second hand outright or new via Finance? on 11:44 - Mar 18 with 3680 views | StirlingArcher |
| Car advice - Buy a second hand outright or new via Finance? on 16:58 - Mar 17 by Bluefish |
What? You honestly think that one of them leaves for 5k better off? The other option leaves you with more than that in that case |
Over the course of the 5 years, unless you've put that money aside in an account, then you will probably have incorporated it into your budget - so yes, you probably WILL have SPENT less, but SAVED less?
doubtful | | | |
| Car advice - Buy a second hand outright or new via Finance? on 12:00 - Mar 18 with 3672 views | thebooks |
I'd buy secondhand, avoiding a longish-term debt. I guess the downside is higher running costs, but I don't know the ins and outs of that.
MOTs are no big deal (touch wood).
I've had two cars that are 10+ years old run with no problems (touch more wood), even churning out 10k miles a year. Go for a quality VW or Audi. |  | | |
| Car advice - Buy a second hand outright or new via Finance? on 13:22 - Mar 18 with 3653 views | SouperJim |
One thing that hasn't got much mention, regardless of which option you go for, make sure you do your homework on the make and model you buy. To make a huge sweeping generalisation, Japanese cars tend to be more reliable, German cars pretty good but other European and American marques not so much.
Websites like whatcar, honest john, parkers etc are your friend. Read reviews, don't be put off by isolated horror stories (every model of car ever sold has some) but look out for known problems. Also google the warranty direct reliability index.
If you buy a "known good" model, you'll likely get far more cost-efficient motoring than if you buy something that seems like a good deal at point of purchase, but turns out to be a dog. |  |
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| Car advice - Buy a second hand outright or new via Finance? on 14:38 - Mar 18 with 3631 views | hampstead_blue |
Going back to the OP.
My eldest son bought a Clio for £400. He's done 35000 miles in it over the last 30 months. Passed MOT's and costs him nothing to run.
If you are happy with something oldish and with a few scuffs and scars then you can get a lot for £500/£1k.
I think any car which lasts >12 months has paid for itself.
Trade-ins to main dealers or seeing loads of private sale cars. |  |
| Assumption is to make an ass out of you and me.
Those who assume they know you, when they don't are just guessing.
Those who assume and insist they know are daft and in denial.
Those who assume, insist, and deny the truth are plain stupid.
Those who assume, insist, deny the truth and tell YOU they know you (when they don't) have an IQ in the range of 35-49.
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| Car advice - Buy a second hand outright or new via Finance? on 15:42 - Mar 18 with 3606 views | Lord_Lucan |
| Car advice - Buy a second hand outright or new via Finance? on 14:38 - Mar 18 by hampstead_blue |
Going back to the OP.
My eldest son bought a Clio for £400. He's done 35000 miles in it over the last 30 months. Passed MOT's and costs him nothing to run.
If you are happy with something oldish and with a few scuffs and scars then you can get a lot for £500/£1k.
I think any car which lasts >12 months has paid for itself.
Trade-ins to main dealers or seeing loads of private sale cars. |
I have just driven my mean machine out and whilst in traffic it started pumping out toxic white smoke. I immediately thought I had a cracked cylinder head and that it was heading for the breakers yard after less than a week, I thought about this thread and how happy and cocky I had been.
I have just got back after diverting to the garage - it seems my diesel particulate filter was regenerating itself and all is well.
Back to the OP again, my mate Anton the Greek is a car salesman and he would always encourage me to look for a vehicle with a relative high mileage, he would say, and I quote "If you buy a Mini Metro you are buying a heap of sh1t, however if it has a high mileage at least you know it's a proven heap of sh1t" | |
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| Car advice - Buy a second hand outright or new via Finance? on 16:02 - Mar 18 with 3593 views | hampstead_blue |
| Car advice - Buy a second hand outright or new via Finance? on 15:42 - Mar 18 by Lord_Lucan |
I have just driven my mean machine out and whilst in traffic it started pumping out toxic white smoke. I immediately thought I had a cracked cylinder head and that it was heading for the breakers yard after less than a week, I thought about this thread and how happy and cocky I had been.
I have just got back after diverting to the garage - it seems my diesel particulate filter was regenerating itself and all is well.
Back to the OP again, my mate Anton the Greek is a car salesman and he would always encourage me to look for a vehicle with a relative high mileage, he would say, and I quote "If you buy a Mini Metro you are buying a heap of sh1t, however if it has a high mileage at least you know it's a proven heap of sh1t" |
"If you buy a Mini Metro you are buying a heap of sh1t, however if it has a high mileage at least you know it's a proven heap of sh1t"
My first car as a young soldier was a 1l metro. NOT COOL.
I used to sit behind lorries driving home. If you imagine a small black paper bag in-between two aircraft carriers, that's how I felt.
Terrifying in the wind and rain.
High mileage is a good idea. I saw a program about a VW engine Skoda having the head off. It was immaculate and had >250k miles on it. | |
| Assumption is to make an ass out of you and me.
Those who assume they know you, when they don't are just guessing.
Those who assume and insist they know are daft and in denial.
Those who assume, insist, and deny the truth are plain stupid.
Those who assume, insist, deny the truth and tell YOU they know you (when they don't) have an IQ in the range of 35-49.
| | Poll: | Best Blackpool goal |
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| Car advice - Buy a second hand outright or new via Finance? on 13:49 - Apr 14 with 3208 views | Argyle_blue |
Just had this dilemma. I bought a 5 year old car and put some money up front with a personal loan for the rest. Far cheaper than any dealer finance or lease deal. My loan is 3% compared to cheapest of 8% with dealer. Even with bonus of not etc far more expensive. The most expensive cost by far will be depreciation. Worth checking this on an online calculator before choosing your car. Good luck. | | | |
| Car advice - Buy a second hand outright or new via Finance? on 14:06 - Apr 14 with 3193 views | Swailsey |
| Car advice - Buy a second hand outright or new via Finance? on 13:49 - Apr 14 by Argyle_blue |
Just had this dilemma. I bought a 5 year old car and put some money up front with a personal loan for the rest. Far cheaper than any dealer finance or lease deal. My loan is 3% compared to cheapest of 8% with dealer. Even with bonus of not etc far more expensive. The most expensive cost by far will be depreciation. Worth checking this on an online calculator before choosing your car. Good luck. |
Thanks! | |
| Who said: "Colin Healy made Cesc Fabregas look like Colin Healy"? | We miss you TLA |
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