| Best way to buy a car??? 11:18 - May 28 with 18184 views | AlfieMooresSon |
It seems like the youngsters just decide £300 per month or whatever and hire or lease a car that they never actually own.
The old method was to buy a quality car say 3 to 4 years old, then keep it for 3 to 7 years.
What do you do and what is the best method these days?
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| Best way to buy a car??? on 14:40 - Oct 27 with 2354 views | The_undecided |
I have done all the ways of buying cars both new and second hand, but for the last 5 years I have been leasing and quite enjoying it, now I help others online get the best deals if it's leasing they are after.
So every now and again the same questions come up of what is the best way to buy a vehicle and there is no straightforward answer to the question, there are many variables and everyone's circumstances are different.
You can never compare a £1200 vehicle you keep for 5 years and sell for £500 to a brand new leased vehicle.
Reality is you buy a second hand vehicle your taking a level of risk, especially if buying a second hand vehicle produced in recent years due to much more complex inbuilt safety systems and tech.
Many people who buy secondhand cars do not get to see the previous owner(s) so have no idea how the vehicle was cared for. I have mates who I would never buy a car from looking at the way they treat them, but some poor sod will end up having their used vehicle.
It's quite frightening how many modern vehicles have problems, especially electrical faults that can take quite some time to diagnose, the bill can quickly run into hundreds if not thousands to put right, but others have very little problems.
On the flip side leasing is a fixed monthly fee, everything is brand new so drive sensibly and on most 2 year, 16-20k mile leases you can get away with the same tyres and 1 service, no MOT needed, and brake pads, wiper blades etc should not need replacing, also your tax is paid for the duration.
The monthlies are usually cheaper than PCP and there are deals with no deposits needed, also no need to find a loan and pay interest on a depreciating asset it's all built into the fixed monthly fee. Anything go wrong with the vehicle then your covered under the manufacturers warranty, and pick the right vehicle and you may be saving quite a bit at the pump too if that's what your after.
Also if a new model comes out or suddenly the government change the goalposts with emissions it's not your worry, the leasing company take the hit on any depreciation.
So it depend what your after and how long you keep your vehicles for, alot of families like new cars because of the safety features and no sudden shock bill if the car develops a fault.
At the moment I am 4 months into a 24 month lease, the vehicle new on the road was listed as £33500, I pay £246 per month with no upfront payment or admin fees, on we buy any car at the moment the price quoted for the vehicle is £25600, but that's not my worry. | | | |
| Best way to buy a car??? on 18:35 - Oct 27 with 2300 views | Dr_Winston |
£246 to lease a car? My mortgage isn't much more than that.
This is a topic I've read with much interest as I'm currently running my first car (late learner) and am pondering the pros and cons of getting something a bit newer when the insurance costs start to come down.
I'm leaning towards a scrappage type deal as the car I have now is 13 years old. Downside is anything other than a basic model costs that much more. |  |
| Pain or damage don't end the world. Or despair, or f*cking beatings. The world ends when you're dead. Until then, you got more punishment in store. Stand it like a man... and give some back. |
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| Best way to buy a car??? on 20:00 - Oct 27 with 2263 views | The_undecided |
| Best way to buy a car??? on 18:35 - Oct 27 by Dr_Winston |
£246 to lease a car? My mortgage isn't much more than that.
This is a topic I've read with much interest as I'm currently running my first car (late learner) and am pondering the pros and cons of getting something a bit newer when the insurance costs start to come down.
I'm leaning towards a scrappage type deal as the car I have now is 13 years old. Downside is anything other than a basic model costs that much more. |
I was the same as you at first, but then having bought outright vehicles for £15k to only find them worth £6k on trade in some 3 years later it does not really matter how you get behind the wheel, drive anything half decent and fairly new your going to lose money, it's just trying to work out which method you lose the least amount.
£246 for a vehicle costing over £30k new I personally don't find excessive, yes it will never be mine but do I really want to keep hold of a depreciating asset that as it gets older starts costing me more in theory to maintain, once most vehicles hit 5 years / 80k miles major servicing items are needed such as timing belts, water pumps and the like, alignment of the wheels, bushes been there done that.
For example to borrow £10k over 3 years for a 3 year old vehicle, that will cost you approx £300pm, so after the 3 years the car is perhaps now worth £6k, it's lost £4k in depreciation plus any other service items that are needed, 3 years road tax, 3 x MOT and fingers crossed there will be no major problems that could wipe out any savings in one swoop.
Remember your driving around in £10k used vehicle, and for over £50 per month less I am driving around in a brand new £30k plus vehicle with no extra outlay or shock bills.
The £30k of my well earned is tucked away working hard getting me just shy of 5% growth per annum or £3k to put it another way, nicely offsetting my monthly lease. | | | |
| Best way to buy a car??? on 21:46 - Jan 11 with 2094 views | waynekerr55 |
| Best way to buy a car??? on 14:40 - Oct 27 by The_undecided |
I have done all the ways of buying cars both new and second hand, but for the last 5 years I have been leasing and quite enjoying it, now I help others online get the best deals if it's leasing they are after.
So every now and again the same questions come up of what is the best way to buy a vehicle and there is no straightforward answer to the question, there are many variables and everyone's circumstances are different.
You can never compare a £1200 vehicle you keep for 5 years and sell for £500 to a brand new leased vehicle.
Reality is you buy a second hand vehicle your taking a level of risk, especially if buying a second hand vehicle produced in recent years due to much more complex inbuilt safety systems and tech.
Many people who buy secondhand cars do not get to see the previous owner(s) so have no idea how the vehicle was cared for. I have mates who I would never buy a car from looking at the way they treat them, but some poor sod will end up having their used vehicle.
It's quite frightening how many modern vehicles have problems, especially electrical faults that can take quite some time to diagnose, the bill can quickly run into hundreds if not thousands to put right, but others have very little problems.
On the flip side leasing is a fixed monthly fee, everything is brand new so drive sensibly and on most 2 year, 16-20k mile leases you can get away with the same tyres and 1 service, no MOT needed, and brake pads, wiper blades etc should not need replacing, also your tax is paid for the duration.
The monthlies are usually cheaper than PCP and there are deals with no deposits needed, also no need to find a loan and pay interest on a depreciating asset it's all built into the fixed monthly fee. Anything go wrong with the vehicle then your covered under the manufacturers warranty, and pick the right vehicle and you may be saving quite a bit at the pump too if that's what your after.
Also if a new model comes out or suddenly the government change the goalposts with emissions it's not your worry, the leasing company take the hit on any depreciation.
So it depend what your after and how long you keep your vehicles for, alot of families like new cars because of the safety features and no sudden shock bill if the car develops a fault.
At the moment I am 4 months into a 24 month lease, the vehicle new on the road was listed as £33500, I pay £246 per month with no upfront payment or admin fees, on we buy any car at the moment the price quoted for the vehicle is £25600, but that's not my worry. |
This is good. All being well once I'm through my probatio ary period I'll be looking to take a car allowance, as it would be financially better than having a company car.
Out of interest would there be much difference in taking a PCP on a car that's one year old, or even 2 compared to a new model.. I think that's the route I'm going to take |  |
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| Best way to buy a car??? on 22:07 - Jan 11 with 2068 views | Oneill_77 |
| Best way to buy a car??? on 17:45 - May 28 by Cooperman |
It’s horses for courses and comes down to what motoring lifestyle you want.
I came out of a company car scheme about 15 years ago and have leased ever since. This satisfies my desire of a new car on a regular basis, allows me the vehicle brand of my choice, avoids me having a large initial cash outlay for purchase and is generally cash neutral to when I was in the car scheme.
If I was to change my outlook on any of those four points then I may have to change my strategy. In the meantime I’m halfway through my current four year contract. |
The smart thing is not succumbing to this type of superficial trap.
The image conscious wannabees are the losers in this puerile game.
Earn the right to buy. Buy what you can afford. | | | |
| Best way to buy a car??? on 23:34 - Jan 11 with 2023 views | Catullus |
I buy cars base purely on need. I don't need anything flashy or expensive to run. I don't do much mileage so it's always trade my current car in for a 3/4 year old that I again run for 5/6/7 years depending on how it goes.
Last time I got 1500 trade in on a car not worth 1k. I try to always choose a cheap to tax and insure model. Next time around it will probably be a smaller car too, a Fiesta maybe.
Truthfully, if I could manage without a car I'd just dump it, driving is an expensive pain in the behind. | |
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| Best way to buy a car??? on 07:37 - Jan 12 with 1978 views | Dr_Winston |
| Best way to buy a car??? on 23:34 - Jan 11 by Catullus |
I buy cars base purely on need. I don't need anything flashy or expensive to run. I don't do much mileage so it's always trade my current car in for a 3/4 year old that I again run for 5/6/7 years depending on how it goes.
Last time I got 1500 trade in on a car not worth 1k. I try to always choose a cheap to tax and insure model. Next time around it will probably be a smaller car too, a Fiesta maybe.
Truthfully, if I could manage without a car I'd just dump it, driving is an expensive pain in the behind. |
After 20+ years of not driving I'd be absolutely lost without mine now just over a year since I passed. Strange how things go.
It looks like I'll be doing about 6-7,000 miles a year tops, so economy is going to be a big thing for me too. If I can find something that'll do 50+ to the gallon in a low tax bracket that'll be fine. | |
| Pain or damage don't end the world. Or despair, or f*cking beatings. The world ends when you're dead. Until then, you got more punishment in store. Stand it like a man... and give some back. |
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| Best way to buy a car??? on 10:52 - Jan 12 with 1928 views | Catullus |
| Best way to buy a car??? on 07:37 - Jan 12 by Dr_Winston |
After 20+ years of not driving I'd be absolutely lost without mine now just over a year since I passed. Strange how things go.
It looks like I'll be doing about 6-7,000 miles a year tops, so economy is going to be a big thing for me too. If I can find something that'll do 50+ to the gallon in a low tax bracket that'll be fine. |
There's a bus stop right outside the front door that gets me to the shops. I need the car to get my son to school until september when he too can catch a bus. It's juts my wife to work then, will still need the car unfortunately. I'd rather bank the money and have more holidays. | |
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| Best way to buy a car??? on 09:48 - Jan 19 with 1801 views | waynekerr55 |
Bump!
I've been looking at nearly new VW Golf Match 1.0TSI.
They're retailing around 15k (approx 7.5k below brand new) and the PCP price is negligible against if I got a loan. Given that I have a car allowance that easily covers the loan price plus leaves money aside for servicing tax etc. Then is that something to consider? By the end of the loan period I have the car myself for the same amount I'd pay PCP then I assume I could trade it in and go PCP new or the same again? | |
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| Best way to buy a car??? on 16:00 - Jan 20 with 1713 views | A_Fans_Dad |
This has been a fascinating thread, at 73 with 53 years of motoring I have tried all of the above, been ther and done that as they say.
I am with The_undecided here and if you want to go PCP perhaps you should contact them.
Some things to consider.
What price do you put on peace of mind? Which is where PCP comes in (Cooperman nails that part)
Older cars are more likely to face massive bills and write off your total investment, snap a cam belt and lose the engine can lose the car.
Newer cars tend to have better everything, safety, MPG, ease of driving etc. Except keyless entry, which is less safe theftwise and more electronic goodies the more to go wrong, but you may be able to live with that.
Buying second hand you can never be sure what you get, it can be an ex write off, even a cut & shut and totally unroadworthy, get an HPI type check.
Very old cars are much easier to maintain, if you know how and are so inclined, modern cars you have to forget anything other than very basic stuff due to all the sensors and computerisation etc.
Many cars have 5 - 7 year warranty, so if you buy at 1 to 2 years old it still gives you peace of mind for a few years.
So, based on your nature (and your other halves) the choices are quite straight forward, newer = risk averse, older = riskier but can be a lot cheaper, very old = hobbiest & scrapyard spares.
But never buy new if you are worried about losing money as the losses involved in driving out of the showroom are huge compared to the depreciation of subsequent years. Unless you get a special deal, like 1/3rd off because it has been replaced by a new model etc.
What I would suggest in the case of second hand is research which makes & models have the best reputation for longevity.
Taxi drivers usually choose their cars on reliability and fuel consumption, so their make & model may be a good choice.
Don't just buy the first one you see and look at it more than once. Go for one with a FSH if you can and get an HPI or similar check.
Most people who have posted here appear to go German, personally I would favour Japanese, or for lots of spares a Ford Fiesta as they have sold a lot of them and just about every mechanic knows them.
ps not all cars are actually that new as they can sit around for many many months which is not good for them. [Post edited 20 Jan 2020 16:10]
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| Best way to buy a car??? on 10:54 - Mar 19 with 1575 views | AlfieMooresSon |
I think this is where buying your own car pays, if you've leased a car and lose your job, I assume you have to keep it or pay a massive penalty? | | | |
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