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Is your car on finance?
lone wolfs howl
Posts: 62 Forum Member
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As per thread title, plus state details of the vehicle.
I've got a mid 90's Toyota that I use for work which I own outright. It owes me absolutely nothing and never breaks down, but I've considered purchasing another car to use at the weekend. The thought however of purchasing a car on finance makes me feel a bit dirty, plus I'm of the opinion that people who 'buy' cars on finance are a bit fake and pretentious.
I've got a mid 90's Toyota that I use for work which I own outright. It owes me absolutely nothing and never breaks down, but I've considered purchasing another car to use at the weekend. The thought however of purchasing a car on finance makes me feel a bit dirty, plus I'm of the opinion that people who 'buy' cars on finance are a bit fake and pretentious.
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I feel the same, but a financed car makes me feel dirtier. Actually they both make me feel as dirty as each other.
If you have the cash then pay cash and save the hp interest, if not take finance. Or dont buy a new car.
So I'll never buy with finance again, I always buy second hand cars worth £1000 or less and I never have any big issues with it.
Luckily, the world isnt full of pretentious nob ends though and many people have no choice but to buy their cars with finance.
I have a newish van that is in finance but driving 50k a year, I do need something that is reliable and cheap to fuel. If it lets me down, I potentailly lose my days pay.
Id like a new or nearly new car too, and in the past, probably would of used finance for it.
At the moment we have a ten year old hatchback.... bought for £1700 with 69k on it. Its cost us £300 to get through first MOT and then another £500 for second MOT but had a full service, cambelt changed and brakes looked at. Last month, new tyres at £280 (good ones).
So, to date, other than fuel, VED and insurance, the car has cost £1700 (purchase), repairs/tyres £1040 = £2740 for two years of ownership.
A new car, similar size would cost us £300 a month ish on HP for 3 years, so £3600 a year.
Like for like.... thats our car at £2740 for two years or £7200 for two years of HP.
The cars never failed to start and although the mpg isnt the best (petrol automatic), its still far cheaper than the HP option.
What would we of got, other than snob value from a new car?
I suppose so. However, the difference is that for most people, saving up for a house is difficult and a poor economic choice, as house values always tend to inflate (away from the rate of savings).
However, the value of cars always deflates (unless it's a classic), and it is easy to save for them, and buying them with cash is cheaper in the long-run.
I've never bought a car on finance. I just buy them when the old one becomes economically unviable (i.e. costs more to maintain than its value), and then budget about 30% of savings towards it.
Blimey...what make of car was it that it was shagged at 3 years old??:o Remind me not to buy one of those!
It wasn't a brand new car, but it wasn't old either.
That's a shame. My first car was a Peugeot 205 and I loved it - a great little car!
How plebian, a 10 year old car, why would you admit to owning that ?
I'd rather sell the kids for vivisection than be seen in a hatchback, let alone a 10 year old one.
We own 2 cars out right, a Zafira (Wifes) bought from new and a Peugeot (mine) 2nd hand, Both were cash buys, We've never bought anything on finance, dont intend to either.
People who do are hardly Fake and Pretentious, Sometimes its the only way they can get a car if they get it on the drip.
Brilliant....laughing so hard I can't get up off the floor!!
Due for a change shortly, not sure what tondo next.. Not really in a rush