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Joined: Oct 2011
Posts: 1,961
Forum Addict
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Forum Addict
Joined: Oct 2011
Posts: 1,961 |
All depends on you. How much do you want to spend, how much can you afford ? A car should be very low on the list of expenditure when you are making a budget.I think the very fact that you are asking points to a fairly tight budget and remember that getting the car is only the first step to buying and keeping it on the road in a decent condition.
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Joined: Mar 2010
Posts: 3,902
Forum Guardian
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Forum Guardian
Joined: Mar 2010
Posts: 3,902 |
Always think ahead when buying a car: the repayments/ the tax/ the insurance and of course the repairs all very well paying the finance rates but it's the extras after that you need to think about
ALWAYS REMEMBER BIG BROTHER IS WATCHING YOU:::::::: Have a nice day and an even better one tomorrow
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Joined: Dec 2003
Posts: 5,683
Wiki Guide
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Wiki Guide
Joined: Dec 2003
Posts: 5,683 |
Don't get a newish car on finance - the reasons why you shouldn't are obvious.
Just deal with having an older, cheaper car, it's not the end of the world, and it's no worse than having a 2 year old bog spec model you are still paying off.
As an example, a mate bought a brand new Tigra in 2006 - she paid it off over 6 years. By the time she had paid it off, it was worth a quarter of the final value. The final deposit had to be paid also - who wants to pay 2 grand+ on a car they're now bored with (now that it isn't new)
In that time, she went without money just so she could do the whole new car status thing to impress the neighbours.
TL:DR - nobody cares about your 2 year old Punto. Paying finance over 5 years hurts. Buy a £500 used car instead.
"C20 LET bang"
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Joined: Nov 2011
Posts: 1,925
Forum Addict
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Forum Addict
Joined: Nov 2011
Posts: 1,925 |
for a used car: bank loan.
that's what i did for my car. that way it's YOURS and you can sell it if you ever need to etc, on finance you can't technically sell it because it doesn't actually belong to you, it belongs to whoever the finance company is.
i got a £4k bank loan over 4 years at £90 a month through my bank (hsbc) meaning overall i'm paying £4300-ish so £300 interest over 4 years on 4k is actually quite good compared to what other options are available.
the finance on it through Lookers came to nearly £6k over 4 years... which was scandalous.
in context: i'm 25 (was 24 when i took out the loan) didn't have anything to secure it against just told them i was buying a car, but i could have bought anything! i've previously defaulted on a mobile phone contract meaning some debt collectors got involved and blah blah and a couple of other minor things so my credit history isn't spotless but i still got a decent loan etc so you should be able to as well.
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Joined: Dec 2010
Posts: 2,283 Likes: 3
Forum Master
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Forum Master
Joined: Dec 2010
Posts: 2,283 Likes: 3 |
Last car I bought that was of a high value I bought on the credit card, then arranged a bank loan to pay off the card. That way I got a bit of extra protection on the credit card.
Totally agree about car finance. When I was buying said car, from Evans Halshaw in Wigan, the promised to match or beat the figure from Tesco bank. They did, if you didn't include the initial payment, final payment, arrangement fee for setting up the finance and possibly even a fee at the end. It added about £500 to the total.
Their sweetener was "well, we'll fill the car up with fuel".
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Joined: Aug 2005
Posts: 16,345 Likes: 1
Wiki Master
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Wiki Master
Joined: Aug 2005
Posts: 16,345 Likes: 1 |
for a used car: bank loan.
that's what i did for my car. that way it's YOURS and you can sell it if you ever need to etc, on finance you can't technically sell it because it doesn't actually belong to you, it belongs to whoever the finance company is.
i got a £4k bank loan over 4 years at £90 a month through my bank (hsbc) meaning overall i'm paying £4300-ish so £300 interest over 4 years on 4k is actually quite good compared to what other options are available.
the finance on it through Lookers came to nearly £6k over 4 years... which was scandalous.
in context: i'm 25 (was 24 when i took out the loan) didn't have anything to secure it against just told them i was buying a car, but i could have bought anything! i've previously defaulted on a mobile phone contract meaning some debt collectors got involved and blah blah and a couple of other minor things so my credit history isn't spotless but i still got a decent loan etc so you should be able to as well. This, the sensible option. Only £300 interest over 4 years and as a bonus you don't get told who can and cannot service your car 
![[Linked Image]](https://www.wikiwirral.co.uk/forums/ubbthreads.php/ubb/download/Number/13143/filename/sig.jpg) ![[Linked Image]](https://www.wikiwirral.co.uk/forums/ubbthreads.php/ubb/download/Number/13362/filename/rant0000.gif) Putin khuilo
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Joined: May 2004
Posts: 273
Addict
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Addict
Joined: May 2004
Posts: 273 |
Yep that ^^^^^
Or buy a car for £500 ive had loads of old cars most of my life.
This year i bought an XFR Jaguar from a private seller for a good price.He had bought it new and paid a FORTUNE in monthly payments.I had been saving for a while and know that when i sell it next year i shouldnt lose too much if anything at all..
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