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Out of context: Reply #72124

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  • microkorg0

    Fuck sake! Had some cash up to buy a car, now it's pretty much going to get wiped out thanks to work needed on roof, garden to be finished and building work. Was just going to trade current car in and pay cash for the remaining full wack.

    Now I'm considering doing one of those schemes where you pay a fixed amount for a new car each month, do it for 3 years, then either pay the difference to own it or just switch up for a new one and start the scheme again.

    Anyone here do this type of scheme? Talk me in/out of it.
    You could be talking like £4-500 a month so up to £6k a year. Which is the kind of depreciation you'd get on a new car over 3 years but certainly not the kind of money you'd be pissing away buying a used car that was like 3 years old and still had warranty.

    Or can just do finance to break down the cash amount difference from my trade in. But it's like 12% interest. So on 10k it's £1200 extra!

    microkorg 0Permalink
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    • I do the monthly payments thing, after years of having cars always break down, it was great to be able to switch the engine on and it just work.PhanLo
    • You'll probably get an ok deal at the moment too.PhanLo
    • I guess its just something you have to jump into and just do eh? Always liked owning a car as its an asset you have and can sell if you need money.microkorg
    • My parents both do the monthly payment thing. Ive never seen the advantage as it's a lot a month. But I guess the reliability thing is big and some deals youmicrokorg
    • get any work needed doing included.microkorg
    • Buy the cheapest, most reliable, highest MPG car you can get. Anything else is just burning money to get from A to B while stroking your ego.shapesalad
    • With interest rates where they are, spending 12% interest on a car is a terrible financial decision! Don’t do that!
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    • 12%?! oof.section_014
    • Buy the most reliable, highest MPG car you afford with cash. Change oil yourself regularly. Drive it until it’s dead, fixing only the minimum things.
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    • Or, if you absolutely must finance, find the car you want and then call a few banks to get rates on a loan or line of credit! 12% in this market is way too high
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    • I don’t know UK, but in America you only finance at a car lot or dealership if your credit rating sucks and you have no other choice. It’s a last resort.
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    • shapesalad ftwbezoar
    • Oh, I like my cars too much to get anything with sensible MPG ;)
      Looked online and seems most are 8% actually my bad.      microkorg
    • Can do minor things on cars but nothing like changing oil, dont have time for that with young kids, work and DIY in house.microkorg
    • theres a few places that are offering 0% interest on cars, delivered and 2 years warranty. Why buy a brand new one?Ianbolton
    • Sorry, had this page open since this morning on a tab and didn't realise all these responses!Ianbolton
    • what shapesalad saidcassiellux
    • 12%?!?! WTF! Is that normal in the UK or are you at a used car lot or what??!zarkonite
    • That being said, I did a balloon payment on my last car. 1/3 upfront, 1/3 monthly and 1/3 balloon payment, we had the money just left it to collect interestzarkonite
    • as investment cash. There's no harm in adding a few Ks to your total cost if you have your roof to fix...zarkonite
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