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Best way to buy a car??? on 22:47 - May 28 by Cooperman
Taking Lifey's example...
In 4 years that car will be worth about £6k so there's £11k lost against the initial investment. It also has to be taxed and MOT'd for four years whereas lease vehicles don't need this extra outlay - that won't be far off a grand. I'd be tempted to have the timing belt or chain changed very soon after purchase of my second hand executive car but failing that it will still have to be done within the four year period of ownership. If I'm having it done with a reputable dealer then it will be costly. In terms of day to day motoring, 6 or 7 year old cars break down more frequently than something brand new and now there is no warranty to fall back on. 3-Series E90 body control modules, compressors and valve covers gaskets are expensive to change and the car won't drive without them. You therefore have to factor a potential hefty repair bill into the equation. Lastly servicing, my new lease car on a three year lease is only likely to require an oil change in that time whereas the second hand car will at some point require filter changes, transmission oil changes if it's auto, new tyres possibly upon buying the car, pads and discs changes etc etc. So in all likelihood there isn't much change out of £16k at the end of four years by going down this route. The attraction of the leasing route over your suggestion is that I don't have to make the initial outlay and I get to keep the money in my bank, plus I know the next three or four years of motoring are going to be hassle free. Each to their own, as I said above it comes down to preference for motoring and management of finances.
The last car I bought was £9,500 3 years old, I've had it for five years which is longer than normal, and can sell in September when 9 years old for £3,000 plus.
Minimal outlay, cheap service, £100 every 15 months or so, and tyres brakes etc, so really only depreciation £1300 a year, no problems breakdowns ever, I think Mazda or Honda are the best for buying cheap at 3 years and sellling at six to nine years.
So probably cheaper than leasing a better car, but it's not new but I don't care as I had loads of new company cars in the past.
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Best way to buy a car??? on 19:09 - May 30 with 3001 views
Best way to buy a car??? on 19:06 - May 30 by AlfieMooresSon
The last car I bought was £9,500 3 years old, I've had it for five years which is longer than normal, and can sell in September when 9 years old for £3,000 plus.
Minimal outlay, cheap service, £100 every 15 months or so, and tyres brakes etc, so really only depreciation £1300 a year, no problems breakdowns ever, I think Mazda or Honda are the best for buying cheap at 3 years and sellling at six to nine years.
So probably cheaper than leasing a better car, but it's not new but I don't care as I had loads of new company cars in the past.
Leasing is probably good for a one off to get a nice New car without the worry, but over the long term more expensive, but as has been said you do get a brand new car, which is worth it to some.
Good replies and decent thread, with loads opinions and no infighting, maybe let's ignore the football and Brexit for a bit!
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Best way to buy a car??? on 19:18 - May 30 with 2990 views
Best way to buy a car??? on 19:09 - May 30 by AlfieMooresSon
Leasing is probably good for a one off to get a nice New car without the worry, but over the long term more expensive, but as has been said you do get a brand new car, which is worth it to some.
Good replies and decent thread, with loads opinions and no infighting, maybe let's ignore the football and Brexit for a bit!
How is it more expensive in the long term?
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Best way to buy a car??? on 20:44 - May 30 with 2958 views
As others have already said it depends what you want from a car. Buying a high spec car that's over 3 years old has been a good option & I've done it myself a few times but it's changing. With the increasing complexity of new cars anyone buying a second hand top spec BMW or the like in a few years time that's out of warranty could face massive bills. With all the sensors/radar detection used in collision avoidance, lane departure warning systems & park assist then good luck replacing them when they start failing. As for cars with hybrid technology don't even go there...
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Best way to buy a car??? on 18:10 - May 31 with 2876 views
I disagree. I'd like you to substantiate your statement?
I think a lot depends on how much mileage you do, whether you are not fussed on having a new car every 3/4 years and, obviously, if you can afford paying £300 a month continuously throughout your lifetime of driving. I bought a nice VW Golf from Motorpoint 6 years ago, it was 10 months old with under 10k on the clock and cost £15K, new it would have been £23K. I part exchanged another car for £5K and financed the remaining £10K over 3 years at about £330 a month, so, in effect the car cost me just under 17 grand. My Mrs drives the car which has only done 39K miles and is in excellent condition, over the past 3 years the car has cost very little, annual service, MOT, tax and one change of tyres. I had the car valued earlier this year and was offered £7 K for it. If I had paid £300 a month lease of the past 6 years I would have paid out £21,600 and nothing to show for it.
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Best way to buy a car??? on 20:11 - May 31 with 2824 views
Best way to buy a car??? on 19:54 - May 31 by lifelong
I think a lot depends on how much mileage you do, whether you are not fussed on having a new car every 3/4 years and, obviously, if you can afford paying £300 a month continuously throughout your lifetime of driving. I bought a nice VW Golf from Motorpoint 6 years ago, it was 10 months old with under 10k on the clock and cost £15K, new it would have been £23K. I part exchanged another car for £5K and financed the remaining £10K over 3 years at about £330 a month, so, in effect the car cost me just under 17 grand. My Mrs drives the car which has only done 39K miles and is in excellent condition, over the past 3 years the car has cost very little, annual service, MOT, tax and one change of tyres. I had the car valued earlier this year and was offered £7 K for it. If I had paid £300 a month lease of the past 6 years I would have paid out £21,600 and nothing to show for it.
£300? That’s a high estimate of the cost of a lease. Try £250. Add in to that the cost of tyres is paid for, as is the MoT.
£300? That’s a high estimate of the cost of a lease. Try £250. Add in to that the cost of tyres is paid for, as is the MoT.
Less than what you’ve paid?
Ok, £250 makes it £18K but I still have £7k equity in the car, also, there is every possibility that the car will last at least another 6 years which will be another 18 grand I won’t have to pay.
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Best way to buy a car??? on 21:43 - May 31 with 2786 views
Best way to buy a car??? on 20:17 - May 31 by lifelong
Ok, £250 makes it £18K but I still have £7k equity in the car, also, there is every possibility that the car will last at least another 6 years which will be another 18 grand I won’t have to pay.
Don’t forget to subtract any tyres, tax and MoT out of that. Of course there’s also the real possibility of a more substantial outlay if something goes wrong too.
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Best way to buy a car??? on 11:09 - Jun 1 with 2722 views
Best way to buy a car??? on 19:09 - May 30 by AlfieMooresSon
Leasing is probably good for a one off to get a nice New car without the worry, but over the long term more expensive, but as has been said you do get a brand new car, which is worth it to some.
Good replies and decent thread, with loads opinions and no infighting, maybe let's ignore the football and Brexit for a bit!
I think that's the best summary.
I've always said that cars are dreams. And to know about cars, to know about dreams, you have to know about women.
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Best way to buy a car??? on 11:01 - Jun 2 with 2605 views
Best way to buy a car??? on 20:44 - May 30 by grabsplatter
As others have already said it depends what you want from a car. Buying a high spec car that's over 3 years old has been a good option & I've done it myself a few times but it's changing. With the increasing complexity of new cars anyone buying a second hand top spec BMW or the like in a few years time that's out of warranty could face massive bills. With all the sensors/radar detection used in collision avoidance, lane departure warning systems & park assist then good luck replacing them when they start failing. As for cars with hybrid technology don't even go there...
You are absolutely spot on mate,Repairs to cars these days, or should I say replacement units cost a fortune
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Best way to buy a car??? on 11:17 - Jun 2 with 2596 views
I've never bought a car on finance. Only reason being if I have a bump I'm worried I'll be shafted hard. Currently 24 years of age and driving around in a 2012 seat exeo. Paid 5000 for the thing, and is pretty much an Audi A4 with all the bells and whistles and is really economic to take me back and forth from uni. People younger than me who fork out 300-500 quid per month for a car are just doing it for the badge.
Best way to buy a car??? on 20:44 - May 30 by grabsplatter
As others have already said it depends what you want from a car. Buying a high spec car that's over 3 years old has been a good option & I've done it myself a few times but it's changing. With the increasing complexity of new cars anyone buying a second hand top spec BMW or the like in a few years time that's out of warranty could face massive bills. With all the sensors/radar detection used in collision avoidance, lane departure warning systems & park assist then good luck replacing them when they start failing. As for cars with hybrid technology don't even go there...
We have 2 cars, one is a 3 year old Focus which we bought brand new, a member of the family worked for Fords back in the day so I can access the employee discount scheme. I bought it new, saved a fair chunk and on top of that they were giving discounts for finance and which was 0% interest, so we went down the PCP route. Our second car is a 3 year old Toyota which I bought when it was 12months and at a big discount to the list price. It’s had a couple of things go wrong under warranty, the BMW made engine needed a new valve and the electronic parking brake actuator packed in, if the car had been out of warranty each of those jobs would have cost well over a grand to get fixed. I have to say the Toyota garage have been brilliant in sorting things out and I’ve had courtesy cars etc.
My son has an 10year old car, it’s a lot simpler to sort out and my mate who’s a mechanic will do the servicing.
[Post edited 2 Jun 2019 14:44]
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Best way to buy a car??? on 21:54 - Jun 2 with 2503 views
Best way to buy a car??? on 10:06 - May 30 by fbreath
Normally you pay X amount up front as your first payment and then X equal amount after that dependent on the lease term.
For example a 3 year lease would be 1 + 35 the first payment being equal to say 6 or 9 times the monthly cost then 35 equal payments. The higher the first payment the lower the monthly cost.
So if your monthly cost was £200 with 6 months initial payment you would pay 1 x £1200 and 35 x £200.
Some companies charge an admin fee so best to add that into the total term cost when comparing quotes.
There is absolutely no benefit whatsoever in the overall price of leasing by paying 9 months in advance .
It is totally unnecessary just go for 1-35 or 1-48. If you can't get that kind of deal then shop around.
PROUD RECIPIENT OF THE THIRD PLANET SWANS LIFETIME ACHIEVEMENT AWARD.
"Per ardua ad astra"
Best way to buy a car??? on 11:20 - May 28 by LeonWasGod
I still plump for the second approach. Someone else can pay for the biggest chunk of depreciation.
Same here. I have never had a brand new car and never will, unless I win the lottery. Apart from the depreciation, any problems with the car will have been sorted by the first owner.
Best way to buy a car??? on 10:35 - May 30 by Darran
I bought a Bentley Continental from new about four years ago it’s awesome. I’ve been thinking about putting it for a Bentayga though because the grandkids are growing and we need more room. The Bentayga’s look magnificent.
That Maybach must have been a bugger to get in and out of.
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Best way to buy a car??? on 13:38 - Oct 26 with 1878 views
Best way to buy a car??? on 10:59 - Oct 26 by Catullus
Same here. I have never had a brand new car and never will, unless I win the lottery. Apart from the depreciation, any problems with the car will have been sorted by the first owner.
Had a few new ones because the old man worked for Ford and we got a big discount which off set the depreciation, but I wouldn’t go new again. The only disadvantage with buying used is one it’s out of warranty repairs can be expensive. Was talking to someone recently who picked up a £3k bill on his BMW for a brake issue.
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Best way to buy a car??? on 20:29 - Oct 26 with 1827 views
Best way to buy a car??? on 22:08 - May 28 by lifelong
You can pick up a nice BMW 318 Sport in Motorpoint for £17k, 2 years old with less than 10k on the clock.. cost 30 grand new.
Motorpoint are a good bet although they now seem to have less stock when I look on line. They will give you sh!t part ex imho. Worse than WBAC.com. I bought a 4 month old Kia Ceed GTline off them for £13.5. It only had 3.5k on the clock. The car was £21k brand new. That was 3.5 years ago. Went for Kia because of the 7 years warranty. The crooks at WBAC.com will still give me £8.7k for it which is not bad IMHO. Hoping to buy a new Kia part ex next and pop a bit extra on top for a deposit in a finance deal. If the rates are low. Its is a mugs game whatever. They get you all ways.
You have mission in life to hold out your hand,
To help the other guy out,
Help your fellow man.
Stan Ridgway
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