New Car on Finance..

Discussion in 'Waffle' started by hyperd4eva, Mar 3, 2014.

  1. hyperd4eva

    hyperd4eva H&M SCARVES

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    Hello!

    am 27 now and completely out of debt barring my DJ finance repayments.. ;).

    I am seriously thinking of getting a brand new car on finance, basically my motor is on its last legs, I got no deposit or money saved for a new motor! I have a steady job and not in danger of being fired or leaving (atm anyway)

    so, anyone got any new cars on finance? if so was it the worst decision you have ever made!? I can only see it saving me money atm.

    current spending -

    130 quid for 6 months tax
    only get about 18 mpg

    in other words Im paying a fuck load for a shit motor
     
  2. Sammy_Dodger

    Sammy_Dodger Mr Ed

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    if you're out of debt…why choose finance? You will end up paying over the odds for something.
     
  3. hyperd4eva

    hyperd4eva H&M SCARVES

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    because im so fed up of paying so much money into my motor and I am literally so shit at saving. it will take me fucking ages! plus I want a new car for ease and peace of mind! I know finance isn't the best option but its my only option for a new motor
     
  4. RUSSLA

    RUSSLA DNBF Monarch

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    don't EVER by a new car. The devalue rate is a joke. by a car a couple of years old on finance but obviously check the market for cars at the age of when you'll finish paying it off.

    an apprentice at my work basically bought a fancy Fiesta ST for what totalled 7.5k on finance, 4 years to pay it off, it'll be worth 1.5k when he's done (lots of mileage). Idiot

    - - - Updated - - -

    Dont think a new car will be less hassle, if anything they cost more to fix (depending on what warrenty you get) and are just as likely to go wrong... unless its a sleek Toyota Corrola you're going for. LOL
     
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  5. hyperd4eva

    hyperd4eva H&M SCARVES

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    Thing is though I wouldn't buy the car at the end of it, id trade it back in towards the deposit on another motor? I know cars massively decrease in value on finance. just feel like in the long run I will save so much money.

    my only other options are.. bank loan and buy second hand motor. still though.. brand new car - 3 years MOT/Warranty also I will be paying No tax!

    - - - Updated - - -

    Also Russ.. Used cars do not cover the scrapage scheme they have offered me and do not come with warranty. Also I figure if im doing finance on a used car - surely It makes sense just to bight the bullet and get a brand new one with all the cover?
     
  6. Olllie

    Olllie Bom Bom Cloud

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    I recently got a loan using http://www.zopa.com. Lowest interest rate I could find on the market and absolutely no penalties if you want to make any early repayments. The only catch is I've heard they are strict about who they approve and have a high rejection rate.

    My loan for 8K worked out at 4.5% and I've just bought a 2009 VW Golf TSI with 19,000 on the clock which looks and feels like a brand new car.

    [​IMG]

    Looks even better after giving it the Autoglym treatment over the weekend, although the black paintwork is not good for my mental health!

    - - - Updated - - -

    Or here's another option:
    http://www.dacia.co.uk/vehicles/sandero/explore/price/index.jsp
    :teeth:
     
  7. $marty

    $marty Dexcell Staff Member

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    I have a car on finance. You'll need to put a deposit down of 10% or so, Tone. They might take some money part ex for your current motor, but it'll probably be fuck all tbh.
    Most new cars these days come with a years free insurance plus my Corsa also has a lifetime warranty on it (of up to 100,000 miles).
    What sort of motor were you after?
     
  8. MAJESTIC

    MAJESTIC BishBashBosh

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    New is the way to go for sure, had mine from new over 5 years and apart from MOT the last 2 years, 4 new tires and petroleum I haven't spend a penny on it.
     
    Last edited: Mar 4, 2014
  9. hyperd4eva

    hyperd4eva H&M SCARVES

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    Looking at either fiesta ST or the Zetec S 1.0 ecoboost mate. However i'm open to suggestions!
     
  10. RUSSLA

    RUSSLA DNBF Monarch

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    You have tho, you've spent all the money that it will have depreciated by. each to their own but I think it's crazy to buy a new car unless you keep it until it dies.
     
  11. Gloxxy

    Gloxxy I SNORT COAL

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    If you're going to get a new/new used car then get a loan for it. The APR on car finance from car dealers is a joke. Your local bank should be able to sort you out a single interest rate for an £8 - 10k loan.
     
  12. MAJESTIC

    MAJESTIC BishBashBosh

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    No, no I really haven't. I bought a new car to last not sell or worry about how much it will be worth in 6 months / years.

    Like you say though, each to their own but I'd rather the security and reliability of a new car.
     
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  13. RUSSLA

    RUSSLA DNBF Monarch

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    I bought a 1989 Mk2 Golf four and half years ago for £750. Its cost me around £200 to keep it on the road each year and is now worth £3000.

    Fair enough if you like to throw money down the drain. Its just mind boggling to me.
     
    Last edited: Mar 4, 2014
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  14. Binary_UK

    Binary_UK Binary.

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    classic cars mate, the way forward.

    My mini will be worth £4500 - 5000 when finished, and will only go up in value as it gets older (As long as it is properly maintained) you do have to be a dab hand with a welder, and most stuff though lol
     
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  15. danwell

    danwell BAAAAAAAAAAAAABE WAIT

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    I have a mini for sale if you know anyone who's interested
     
  16. Binary_UK

    Binary_UK Binary.

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    details mate? I am always in search for projects and my boss was trying to buy mine recently!
     
  17. ThePapa

    ThePapa Suffragette City..

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    We need pics Dan.
     
  18. danwell

    danwell BAAAAAAAAAAAAABE WAIT

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  19. Binary_UK

    Binary_UK Binary.

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    Olllie and danwell like this.
  20. RUSSLA

    RUSSLA DNBF Monarch

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    ^ that's fooooking luverly!