In my job I can always tell the people who bought their cars on finance, it's the same ones with 30 year old boilers that haven't seen a service in years. It's all about keeping up appearances with the neighbours.
I'm looking to purchase a new Golf GTi but it would have to be on finance because as a twenty year old I can't afford to splash out on £25k+ cars
Why does it need to be new? As a 20 year old male (?), already in a very high cost insurance group, aren't you better off getting a little runaround and investing in a new and expensive car (if you must) when you've built up some experience, confidence and no-claims bonus?
I hope this doesn't sound snarky, it isn't meant to be, I just think it'd be a mistake for you to go down this route
In my job I can always tell the people who bought their cars on finance, it's the same ones with 30 year old boilers that haven't seen a service in years. It's all about keeping up appearances with the neighbours.
I have a colleague who has just purchased a Nissan GTR on finance, he also owns his home which was only built 2 years ago. Go figure. Although he has got 0% finance.
Why does it need to be new? As a 20 year old male (?), already in a very high cost insurance group, aren't you better off getting a little runaround and investing in a new and expensive car (if you must) when you've built up some experience, confidence and no-claims bonus?
I hope this doesn't sound snarky, it isn't meant to be, I just think it'd be a mistake for you to go down this route
It doesn't "need" to be new, he just wants a new car. Simples.
An it definately won't be a mistake, those sexy 20 year old young lady's/men will just love his new Golf GTI. Ohhhhh I remember the days
I've had several second hand cars (VERY second hand ) and never spent anywhere near £200 a year in parts, including for MOTs.
I was querying being able to spend only £200 in total on the same vehicle over six years. That's a bit different to £200 per year. Frankly, I find £200 a year difficult to believe, unless you are changing the vehicle quite frequently or doing very low mileage.
Take tyres, for example. You get, what, 30,000 miles out of a set of tyres that costs c£150. That is 0.5p/mile - £50 a year on its own, if you do the bog standard 10,000 miles. An MoT is about £40 if nothing needs fixing. There's half your budget gone before you even think about oil, filters, brake pads, bulbs, fuses, shocks etc. Then what about any major components that need replacing? A cam belt say?
Why does it need to be new? As a 20 year old male (?), already in a very high cost insurance group, aren't you better off getting a little runaround and investing in a new and expensive car (if you must) when you've built up some experience, confidence and no-claims bonus?
I hope this doesn't sound snarky, it isn't meant to be, I just think it'd be a mistake for you to go down this route
I totally understand what you're saying. My insurance (male) is pretty cheap (three years no claims), my Polo costs £398 to insure for a year and if I went for a new Golf GTi it would cost me an extra £400 to swap over, however, an older Golf even a year old and the insurance companies want £3k:o
Don't get me wrong I don't need a new car, but I'm in a very stable job and passed all my qualifications this year with awesome results, I kind of just want to treat myself but have something useful too lol.
I was querying being able to spend only £200 in total on the same vehicle over six years. That's a bit different to £200 per year. Frankly, I find £200 a year difficult to believe, unless you are changing the vehicle quite frequently or doing very low mileage.
Take tyres, for example. You get, what, 30,000 miles out of a set of tyres that costs c£150. That is 0.5p/mile - £50 a year on its own, if you do the bog standard 10,000 miles. An MoT is about £40 if nothing needs fixing. There's half your budget gone before you even think about oil, filters, brake pads, bulbs, fuses, shocks etc. Then what about any major components that need replacing? A cam belt say?
Sure, but I was responding to you saying you had never spent less than £200 per YEAR on repairs. I do agree you'd be lucky to spend only £200 over a six year period.
Personally I don't count the £40 MOT cost as a parts cost, only any actual parts that need to be changed to pass the MOT.
I totally understand what you're saying. My insurance (male) is pretty cheap (three years no claims), my Polo costs £398 to insure for a year and if I went for a new Golf GTi it would cost me an extra £400 to swap over, however, an older Golf even a year old and the insurance companies want £3k:o
Don't get me wrong I don't need a new car, but I'm in a very stable job and passed all my qualifications this year with awesome results, I kind of just want to treat myself but have something useful too lol.
Well then I have no useful advice because I don't know about the finance options, but well done on your qualifications and enjoy the car
Well then I have no useful advice because I don't know about the finance options, but well done on your qualifications and enjoy the car
Haha. I won't buy it straight away need to save a deposit first;-) According to VW's website if I chose a decent specification it's about £350 a month, which isn't too bad.
Oh, and thanks the qualifications were hardwork but it's all paid off now:)
Low miles can be a curse. Lots of components (anything rubber for a start) perish with lack of use, friction-based stuff siezes and, moreover, older drivers tend to use cars for short runs, and labour them at low revs -- none of which are things I'd be happy with.
They can occasionally be a good deal but I think that approach is playing with fire to be honest.
Highish-mileage, not very old Japanese petrol-engined cars with full dealer service history is where I like to be. I've always found that age kills cars far more effectively than use.
Writing as the owner of a small car repair business I have to say I disagree!
NEGLECT is the main thing that kills cars!!
I pay by bank loan for our main car....I paid cash (£500 as a non-runner) for my runabout car that I use instead of my van....which I paid for by bank loan for business reasons.
I currently do not owe a penny on any vehicle I own.
I totally understand what you're saying. My insurance (male) is pretty cheap (three years no claims), my Polo costs £398 to insure for a year and if I went for a new Golf GTi it would cost me an extra £400 to swap over, however, an older Golf even a year old and the insurance companies want £3k
Don't get me wrong I don't need a new car, but I'm in a very stable job and passed all my qualifications this year with awesome results, I kind of just want to treat myself but have something useful too lol.
Sorry, are you saying that the same make and model of car but a year older than a new one, increases the insurance premium by over £2,000?
What happens when you get to the end of year one and have to re-insure? Surely your one-year old vehicle will then also cost you an additional £2,000 to insure if the same logic still applies.
Are you sure you have understood the quotes correctly?
Sorry, are you saying that the same make and model of car but a year older than a new one, increases the insurance premium by over £2,000?
That's exactly what I'm saying:o I phoned my insurance company and asked them and it's because people with older cars (not that a year is old) thrash them and thus are more likely to break/crash the thing whereas when it's new you tend to find the driver is more careful. I know why we have insurance but for the same model car to have £2k insurance differences is stupid especially when it's a year old it's still new in my eyes.
EDIT: Saw your edit. I guess in a year it would be a standard renewal so the price point would change but I don't know what to, and yeah I understood them correctly because I phoned them to query it.
That's exactly what I'm saying:o I phoned my insurance company and asked them and it's because people with older cars (not that a year is old) thrash them and thus are more likely to break/crash the thing whereas when it's new you tend to find the driver is more careful. I know why we have insurance but for the same model car to have £2k insurance differences is stupid especially when it's a year old it's still new in my eyes.
So what are you going to do in a year's time when you have to re-insure?
So what are you going to do in a year's time when you have to re-insure?
Check the prices. This time my insurance went from £1200 down to £398 so I guess that come renewal it will probably stay similar and if not I'll change company.
I should add that £2k was staying with my insurance company I'm sure it would be different elsewhere.
Not quite sure how you worked that one out. I've just looked outside of my window and there is definitely a car on my drive. Just checked the V5 and that confirms it is registered to me as well......
In effect I'm renting the car and paying the depreciation. If I purchased the car I would still lose the depreciation.
As I said in my original post it might not suit everyone, including you by the sounds of it, but it works for me.
Surely its just a matter of personal preference. Some buy cars. Sone holidays. Some spend their money on entertainment or watching sport.
If you have the cash then pay cash and save the hp interest, if not take finance. Or dont buy a new car.
This is what I think.Buying a car is sometimes done through the head,but more often than not-it's done through the heart.
You can have an accountants head on.Or you can just go for it.Because you can afford it.Because you want to.:cool:
Comments
Why does it need to be new? As a 20 year old male (?), already in a very high cost insurance group, aren't you better off getting a little runaround and investing in a new and expensive car (if you must) when you've built up some experience, confidence and no-claims bonus?
I hope this doesn't sound snarky, it isn't meant to be, I just think it'd be a mistake for you to go down this route
I have a colleague who has just purchased a Nissan GTR on finance, he also owns his home which was only built 2 years ago. Go figure. Although he has got 0% finance.
It doesn't "need" to be new, he just wants a new car. Simples.
An it definately won't be a mistake, those sexy 20 year old young lady's/men will just love his new Golf GTI. Ohhhhh I remember the days
I was querying being able to spend only £200 in total on the same vehicle over six years. That's a bit different to £200 per year. Frankly, I find £200 a year difficult to believe, unless you are changing the vehicle quite frequently or doing very low mileage.
Take tyres, for example. You get, what, 30,000 miles out of a set of tyres that costs c£150. That is 0.5p/mile - £50 a year on its own, if you do the bog standard 10,000 miles. An MoT is about £40 if nothing needs fixing. There's half your budget gone before you even think about oil, filters, brake pads, bulbs, fuses, shocks etc. Then what about any major components that need replacing? A cam belt say?
I totally understand what you're saying. My insurance (male) is pretty cheap (three years no claims), my Polo costs £398 to insure for a year and if I went for a new Golf GTi it would cost me an extra £400 to swap over, however, an older Golf even a year old and the insurance companies want £3k:o
Don't get me wrong I don't need a new car, but I'm in a very stable job and passed all my qualifications this year with awesome results, I kind of just want to treat myself but have something useful too lol.
Sure, but I was responding to you saying you had never spent less than £200 per YEAR on repairs. I do agree you'd be lucky to spend only £200 over a six year period.
Personally I don't count the £40 MOT cost as a parts cost, only any actual parts that need to be changed to pass the MOT.
Well then I have no useful advice because I don't know about the finance options, but well done on your qualifications and enjoy the car
Haha. I won't buy it straight away need to save a deposit first;-) According to VW's website if I chose a decent specification it's about £350 a month, which isn't too bad.
Oh, and thanks the qualifications were hardwork but it's all paid off now:)
Writing as the owner of a small car repair business I have to say I disagree!
NEGLECT is the main thing that kills cars!!
I pay by bank loan for our main car....I paid cash (£500 as a non-runner) for my runabout car that I use instead of my van....which I paid for by bank loan for business reasons.
I currently do not owe a penny on any vehicle I own.
Sorry, are you saying that the same make and model of car but a year older than a new one, increases the insurance premium by over £2,000?
What happens when you get to the end of year one and have to re-insure? Surely your one-year old vehicle will then also cost you an additional £2,000 to insure if the same logic still applies.
Are you sure you have understood the quotes correctly?
That's exactly what I'm saying:o I phoned my insurance company and asked them and it's because people with older cars (not that a year is old) thrash them and thus are more likely to break/crash the thing whereas when it's new you tend to find the driver is more careful. I know why we have insurance but for the same model car to have £2k insurance differences is stupid especially when it's a year old it's still new in my eyes.
EDIT: Saw your edit. I guess in a year it would be a standard renewal so the price point would change but I don't know what to, and yeah I understood them correctly because I phoned them to query it.
So what are you going to do in a year's time when you have to re-insure?
Check the prices. This time my insurance went from £1200 down to £398 so I guess that come renewal it will probably stay similar and if not I'll change company.
I should add that £2k was staying with my insurance company I'm sure it would be different elsewhere.
Not quite sure how you worked that one out. I've just looked outside of my window and there is definitely a car on my drive. Just checked the V5 and that confirms it is registered to me as well......
In effect I'm renting the car and paying the depreciation. If I purchased the car I would still lose the depreciation.
As I said in my original post it might not suit everyone, including you by the sounds of it, but it works for me.
This is what I think.Buying a car is sometimes done through the head,but more often than not-it's done through the heart.
You can have an accountants head on.Or you can just go for it.Because you can afford it.Because you want to.:cool: