Question...if you bought your car brand new on finance

Mike

Mike

Gestapo
Platinum Member
Does having that amount of debt on a car at your age bother you???

I was talking to a good friend earlier about this, and he cannot believe that youngsters would go and buy one of these cars brand new on Finance. Especially as £20k would be prolly how much some might have on finance!!!

Aimed at younger members really, but anyone can answer it :smile: :smile:
 
I paid £8,500 for Nicole, of which £8,000 was finance.

I think the total cost once Tax, Interest etc. was added came to around £11,000. Of which I've paid around £6,500 now.

I don't see it as out and out debt as I can always give the car back and write the money off should things go seriously tits up. I did price up a brand new 200 on straight finance (not PCP) and that worked out at around £400/month, which I just could not justify as I was also offered a 3 year old 350Z with all the bells and whistles for the same price. I think as long as the individual can justify the expense then that is all that matters. Responsible borrowing.

I pay £235/month for Nicole. I've spent the money I saved on the finance on fuel and parts instead!!! :smiley:
 
Not at all, I've got mine over 2 years so my payments are high, interest is low and it's about 10% of my monthly income
 
I bought a 2 year old 200 as I felt I'd be wasting soo much on a brand new one, 11k with 18k miles, a brand new one in the same spec was 16k I'd imagine the guy would have got 9k for it from renault when he put it back, that's 7k in two years ouch!
 
Got 3 kids so 2 car payments and running cost are insignificant in comparison.

Clio is done in march and i can start saving for an A110-50

:jump1:
 
toop182 said:
I bought a 2 year old 200 as I felt I'd be wasting soo much on a brand new one, 11k with 18k miles, a brand new one in the same spec was 16k I'd imagine the guy would have got 9k for it from renault when he put it back, that's 7k in two years ouch!
Click to expand...

Have to admit I cringe at the residuals on mine but then I think of how much fun I've had with it and continue to have as well as the buzz it gives me every time I go out in it. Worth every penny imho.
 
Been there done that on numerous occasions

Still do it these days in my mid 30s

Why?

Costs me the same to run them as it did the ex strife per month but at least I can enjoy these two

At the end of the day, If its what you've earned and spending some on what you enjoy it's a no brainer.

The biggest problem these days is that your disposable cash probably won't be enough to get you on the property ladder, so where else do you use it
 
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MikeH197 said:
The biggest problem these days is that your disposable cash probably won't be enough to get you on the property ladder, so where else do you use it
Click to expand...

Exactly our situation as we pay ~£500/month in childcare on top of the usual bills.

I spend my money on cars, motorbillia and now I'm starting on watches. Missus spends hers on Laboutins and various rare/collectible Vodka's. :thumbup:
 
I'm oldish, sorry! I'm 43.

Looking back, I'd buy a cheap 182 and save for a house!! Or at least save for a 197 and then save for a house!!

I can afford a new 200 (I actually did buy one) but now run a 2003 TT V6 and the wife has just bought a 197. I like my cars, but spend the extra cash on pub meals and weekends away and before anyone takes the p**s I weigh 11 stone!!

I reckon your priorities change as you get older, when I was in my teens I bought c**p car after c**p car, should've got a loan and bought something better! But, better wouldn't be borrowing £12k, it would be more £3/4k.

Sure this won't help!

Ianboom.
 
I've always been a petrol goon,
But buying older cars and spending
££££ fixing and tuning them, I'd had enough of the un-reliability
And needing a car everyday, it made more sense to buy new and a car that didn't need modifying and affecting the reliability.
I've been all over Europe in the 200 and plan on going again soon with no second thought, I've never taken the other cars as I didn't trust them enough.

I love every mile in the 200, can properly enjoy driving everywhere and anywhere.

I bought new for piece of mind, the Rs is a car that gets abused and I didn't want to buy someone's problems.

Gez
 
Sometimes its cheaper to buy brand new......(these are examples)

Second hand car for example 10k, you have to pay either pay the 10 grand or get a loan and pay 11,500k (inc interest) for example plus MOT's servicing, repairs, maintenace etc etc would be £400 a month over maybe 5 years.

Brand new £15000 car, deposit of £2000, balance of £13000. Get a PCP contract for 3 years, agree the mileage you will be doing on average of 12000 a year, and you get final settlement value of the car which will roughly be £7500-£8000 for when you take the car back in 3 years time (2 years less than a 5 year bank loan). The balance between new sale and final settlemant value is £6000, so you actually only pay £7000 to drive a new car worth £15000 which is £138 (£2000 deposit and £5000 over 3 years) per month ish (these are rough figures btw). Also no MOT's, sometimes servicing included, etc etc.

So, even though some people have a £15,000 car, they might not actually have a £15,000 car.....................sorry that was well boring, I had to wake myself up twice whilst typing that
 
Mine was brand new took it on over 3 years with a good deposit down I pay 340 a month with no final fee, good deal For myself as the spec and price I got it for and I don't thInk of that amount cOming out tbh as my jobs comission based my sales pay for my car :smile:
 
TBH, provided you get a decent deal and say 0% then changing every 2 or 3 years isn't that bad.

It is the initial hit you have to take. It's not how much the car is after that or how much you are getting off or getting back.

It is the cost to change figure that counts.
 
i bought mine for about 11k, paying around just under 300 a month IIRC, the thing is, i can easily afford that, insurence on the other hand, is £3500 a year, which i save monthly to pay in one hit..
being a landscaper i have to save in the summer, as alot of are work drys up in the winter.
but at the end of the day, what else would i spend my money on? i dont have a house, im lucky enough to not pay rent, or any other outgoings... i love my clio, so IMO its worth evrey penny.

im 20 :smile:
 
3500 insurance per year? Holy crap. I pay 170 per month... And thats euros

I got my clio on finance too, as keeping the twingo i owned before would have been nearly equally expensive (various issues, belt due etc...) So i traded it in for 5500, negotiated the price of the clio from 29000 to 22400 and thats now 230 € per month. Plus insurance thats 400€ per month which is about 350£
 
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