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General => General discussion => Topic started by: jnufcuk on 17 May 2012, 18:59
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Been to vw with gf to look for a new car for here, test drove the 1.2 and looking to get it on finance. So shes sorted but it got me thinking :lipsrsealed:
Tax on mine= £250
insurance renewal= £1200+++ :cry:
New polo gti
Insurance= £500
tax= not sure but doubt its £250 :lipsrsealed:
£300+ a month as i only have a small deposit to put down :sad:
Think i may got for it as in the long run it would seem a sensible idea then could always pay for it after 3 years or get another one in 3 years time :smiley:
just means no modding :wink: :angry:
I know Hurdy has one and his is a beast but i wouldnt be able to do that :grin:
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are you 21?
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Been to vw with gf to look for a new car for here, test drove the 1.2 and looking to get it on finance. So shes sorted but it got me thinking :lipsrsealed:
Tax on mine= £250
insurance renewal= £1200+++ :cry:
New polo gti
Insurance= £500
tax= not sure but doubt its £250 :lipsrsealed:
£300+ a month as i only have a small deposit to put down :sad:
Think i may got for it as in the long run it would seem a sensible idea then could always pay for it after 3 years or get another one in 3 years time :smiley:
just means no modding :wink: :angry:
I know Hurdy has one and his is a beast but i wouldnt be able to do that :grin:
This is what majorly puts me off buying a new car on finance, o and also the finance :grin:.
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are you 21?
22 mate, got a baby face :wink:
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Been to vw with gf to look for a new car for here, test drove the 1.2 and looking to get it on finance. So shes sorted but it got me thinking :lipsrsealed:
Tax on mine= £250
insurance renewal= £1200+++ :cry:
New polo gti
Insurance= £500
tax= not sure but doubt its £250 :lipsrsealed:
£300+ a month as i only have a small deposit to put down :sad:
Think i may got for it as in the long run it would seem a sensible idea then could always pay for it after 3 years or get another one in 3 years time :smiley:
just means no modding :wink: :angry:
I know Hurdy has one and his is a beast but i wouldnt be able to do that :grin:
£300 a month is a lot to have going out if your not used to it going out. Do you live at home? Rent with g/f?
Finance is never a good idea, I've done it once before....never again!
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Live at home with mum and dad. Been working it out and not going to be much worse off by the time u add up the mods I want to do the mk4 so may aswell have a brand new car with automatic box. Less tax and almost 3 times as less in insurance :lipsrsealed:
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How long are you planning on finance? If it's 3 years with a small deposit you will be looking at a lot more than £300 even at a good rate, if your thinking 5 then work out how much extra you'll have to pay in interst cos most of the time it's not worth it.
If you have it over 5 and change after 3 then you'll get less as you'll still owe loads on the loan, my advice would be get a cheaper new car, keep it for a couple of years then trade up or keep saving.
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It's over 3 years with 2k deposit it's like 340 a month.
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It's not a brand new one your looking at then? You'll be looking at quite a high mileage for it's age for that kind of money imo.
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I see where you are coming from. If you have done the maths and it works out then that would be the 'sensible' thing to do I guess. I personally hate the idea of 'leasing' a car from someone and not owning it out right. Perhaps you would be better off taking out a loan which is of a similar sort of money you'd spend on the finance and buying a slightly older car?
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Finance is a loan, just secured on the car, at the end of the finance term you own the car. Leasing is completely different.
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I have finance at £280 a month which i took over 3 years. Im about 2 years in and i regret it. Although i love the car.
When i took it out i was living at home but now i have my own place. Money isnt tight but i would rather have that money for other things.
Depends on your income i suppose. I have a higher than average income according to the other thread on money.
What im saying is, think about the future in those 3 years.
Also finance through a dealer means you pay higher prices for the car and interest.
You would be better off with a bank loan so it has lower interest. This would also mean you could buy the car privately and get better value for money.
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I have finance at £280 a month which i took over 3 years. Im about 2 years in and i regret it. Although i love the car.
When i took it out i was living at home but now i have my own place. Money isnt tight but i would rather have that money for other things.
Depends on your income i suppose. I have a higher than average income according to the other thread on money.
What im saying is, think about the future in those 3 years.
Also finance through a dealer means you pay higher prices for the car and interest.
You would be better off with a bank loan so it has lower interest. This would also mean you could buy the car privately and get better value for money.
That is what I was getting at with my earlier comment. I'm a couple of years older than you and started renting with my g/f last year, we're now in the process of buying a house.
I was considering finance again a couple of years ago, had I taken the finance out then I wouldn't have been approved for the mortgage as it's tight as it is, just something to consider.
You might be able to afford £300 a month now, but if you have to have rent/bills/council tax to pay for in a couple of years then you'll notice that amount of money!
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I have finance at £280 a month which i took over 3 years. Im about 2 years in and i regret it. Although i love the car.
When i took it out i was living at home but now i have my own place. Money isnt tight but i would rather have that money for other things.
Depends on your income i suppose. I have a higher than average income according to the other thread on money.
What im saying is, think about the future in those 3 years.
Also finance through a dealer means you pay higher prices for the car and interest.
You would be better off with a bank loan so it has lower interest. This would also mean you could buy the car privately and get better value for money.
That is what I was getting at with my earlier comment. I'm a couple of years older than you and started renting with my g/f last year, we're now in the process of buying a house.
I was considering finance again a couple of years ago, had I taken the finance out then I wouldn't have been approved for the mortgage as it's tight as it is, just something to consider.
You might be able to afford £300 a month now, but if you have to have rent/bills/council tax to pay for in a couple of years then you'll notice that amount of money!
This is exactly it.
At the time i took it out i was living at home, paying no rent to parents and taking home near on 2k a month with no bills. So £280 a month was no dramas for car finance.
Now i rent and want to buy a house but that car finance makes a massive dent in funds.
The main issue with car finance is the price you pay for the car and its depreciation. After 1 year in the 3 year finance deal what you owe will be far more than the cars worth.
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Finance is a loan, just secured on the car, at the end of the finance term you own the car. Leasing is completely different.
Been to vw with gf to look for a new car for here, test drove the 1.2 and looking to get it on finance. So shes sorted but it got me thinking :lipsrsealed:
Tax on mine= £250
insurance renewal= £1200+++ :cry:
New polo gti
Insurance= £500
tax= not sure but doubt its £250 :lipsrsealed:
£300+ a month as i only have a small deposit to put down :sad:
Think i may got for it as in the long run it would seem a sensible idea then could always pay for it after 3 years or get another one in 3 years time :smiley:
just means no modding :wink: :angry:
I know Hurdy has one and his is a beast but i wouldnt be able to do that :grin:
I thought those types of deal, highlighted above, were more of a lease type thing. Where you could either pay the car off and then own it, or give it back and get another new one from fresh on the same sort of deal.
Or I'm just mis understand the whole sitch!
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^^Yeah your confused mate, finance is a loan secured on the car, also known as hire purchase, when the term is finished you own the car.
The type of deal your talking about is a kind of lease. :wink:
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^^Yeah your confused mate, finance is a loan secured on the car, also known as hire purchase, when the term is finished you own the car.
The type of deal your talking about is a kind of lease. :wink:
Roger. Finance for the win. You don't want to get into one of those deals where you lease the car and never actually own it!
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i just looked, with a £5000 deposit, on a £19500 car, it is 36 months with £250 a month :\
10000 miles a year!
ill pass i think! :rolleyes:
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It's not a brand new one your looking at then? You'll be looking at quite a high mileage for it's age for that kind of money imo.
No brand new lol. He done it at VW. That's my other option to loan money. Need to have a lil think about it :smiley:
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The other thing is price of servicing and repairs when it's near the end of the loan , out of warranty etc etc .
I did this with a polo gti 6n2 new and the gearbox went again , right at the end out of warranty ,
Also if your thinking of keeping it more that 3 years the dealers like the four year sting, cambelt/ antifreeze / brakefluid change .
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The other thing is price of servicing and repairs when it's near the end of the loan , out of warranty etc etc .
I did this with a polo gti 6n2 new and the gearbox went again , right at the end out of warranty ,
Also if your thinking of keeping it more that 3 years the dealers like the four year sting, cambelt/ antifreeze / brakefluid change .
Nah will get rid of it after 2.5/3 years then trade it in for another one. So warranty and servicing for 3 years included. So all I need to do it put petrol in and tax and insure. Which will b a lot cheaper then my current car
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+1 on the regular finance hit, caps the amount of mortgage you can take out CONSIDERABLY!
Buying New is for the foolish luxury these days. buy used and use the dollar for fun and seeing the world THEN look at a mortgage.
or if the gf goes up the duff advance straight to option 3 :-)
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It's not a brand new one your looking at then? You'll be looking at quite a high mileage for it's age for that kind of money imo.
No brand new lol. He done it at VW. That's my other option to loan money. Need to have a lil think about it :smiley:
So it's a lease/options car then? £340pm is £12240 over 3 years plus you 2k deposit £14240, that seems a lot to "rent" a car over 3 years? Also bare in mind that your tied into the deal so if for whatever reason you can't keep up the payments they will reposes the car and you'll be left with nothing, at least if you have a loan/finance you can sell/trade the car and downsize if required but that will cost a lot more pm than you've been quoted, it's been mentioned that you'll get a better deal for a loan from the bank, this isn't always the case, i got 4% flat rate on mine from the dealer, it just takes a bit of haggling and go to different dealers, a friend of mine recently traded his Polo 1.4 se 2010 for a New Polo GTI and the offers he had ranged by around £1500 :shocked:
I hope you get it sorted and get a good deal mate just be careful and as has been said think of the future, it's taken me a long time to get into my car. :smiley:
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It's on the pcP option. Sorry haven't been very clear lol.
Looked at vrs today, 2k deposit and £300 a month for 36 months then have option of trading in or paying off and keepIng it myself.
Gti is about 10-15 more for same deal
Both deals include service for 3 years and warranty, so if I was to buy used car would need to service it, pay more tax, more insurance and pay for anything that goes wrong.
Gti has to be built as there aren't any in uk;( so would have to wait 5 months
It's a lot to think about. Either way I'll b getting rid of my car too expensive to run
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Get a spreadsheet together so you can compare ALL of the costs over the period.
Quite a bit of work, but well worthwhile to figure out the costs - don't forget to include MPG and stuff like that as well.
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Sorry to keep on, remember that although you'll be happy paying out £300 ish a month that the car will never belong to you unless you pay that baloon payment at the end, so if in 3 years time you'll be looking for a place with the missus you'll have nothing to show for the 12grand you've paid out apart from a reduced trade in against another car, imo (and feel free to tell me to shove it!) would be to aim lower than a GTI or vRS, have a loan/finance on something like an SEL that will cost about £300ish over 3 years but at least at the end you can keep the car if you need to with 0 monthly payments, or trade it against a GTI.
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Sorry to keep on, remember that although you'll be happy paying out £300 ish a month that the car will never belong to you unless you pay that baloon payment at the end, so if in 3 years time you'll be looking for a place with the missus you'll have nothing to show for the 12grand you've paid out apart from a reduced trade in against another car, imo (and feel free to tell me to shove it!) would be to aim lower than a GTI or vRS, have a loan/finance on something like an SEL that will cost about £300ish over 3 years but at least at the end you can keep the car if you need to with 0 monthly payments, or trade it against a GTI.
This is what I was trying to get at earlier in the thread... :rolleyes:
I'm with Jimble, you will never own the car unless you pay a massive lump at the end which you may not be able to get your hands on, so then it would 'just' be another new car which you again wouldn't own.
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if you have a ding or are dinged, I know my sister had a nightmare getting it sorted by an approved dealer so as not to jeapordise your agreement with VW.
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Not really fussed about owning it tbh. I've owned a couple of gtis, done the modded scene and tbh im sick of the government raping young drivers, and having to pay loads of tax on older cars and then do nothing to the roads :angry:
If u was to look at used ones it would be the case of maintaing it and I know I would end up modding so spending money I really shouldn't lol. Having a car that isn't really mine will stop me from modding it. Still b able to have some money go into savings.
I mean gf and parents are happy with me doing it, well gf is getting her own 1.2 new polo. I can't see myself moving about in next 3-4 years anyway because of the prices these days is just crazy.
Thanks for all the help guys appreciate the input. Just need to jot some figures down and go from there tbh :D
Shall keep u updated :)
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Just don't get it serviced at St albans , they are crap , and really bad aftercare ,
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Just make sure you do the math good first! :smiley:
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Here's my two cents mate.
I just cancelled my order on a new 1.2 TSI Polo with VW, a £2000 deposit and £300 a month, free insurance, free tax (£95 after first year) and free servicing for 3 years. Seemed like a really good deal.
I agreed and started the ball rolling. Bare in mind that I live with my girlfriend and we rent a place, pay food etc. so I knew all this beforehand. But when I thought about it properly, it was over £12,000 in 3 years and I wouldn't even own the car. That's a lot of money.
I could do so much with that money and that's now exactly what I'm doing. We are now going on holiday next month. I know I have money left over each month that can be used for whatever I want.
Just think about it properly.
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Here's my two cents mate.
I just cancelled my order on a new 1.2 TSI Polo with VW, a £2000 deposit and £300 a month, free insurance, free tax (£95 after first year) and free servicing for 3 years. Seemed like a really good deal.
I agreed and stared the ball rolling. Bare in mind that I live with my girlfriend and we rent a place, pay food etc. so I knew all this beforehand. But when I thought about it properly, it was over £12,000 in 3 years and I wouldn't even own the car. That's a lot of money.
I could do so much with that money and that's now exactly what I'm doing. We are now going on holiday next month. I know I have money left over each month that can be used for whatever I want.
Just think about it properly.
This! My advice....don't do it!
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Been thinking about it a bit more and I'm still going to do the finance option just not one with £300 a month :grin:
Just going to get something a bit slower aka cheaper.
Will miss the power but love the idea of having a brand new car and not having to pay for servicing or anything. Plus free insurance :wink:
Thanks for the input guys much appreciated
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i went and looked at a golf cabrolet yesterday!
retail £28.650
deposit £6500
36 month payments of £288.95
balloon payment at the end. 12.036.50!
was going over and over it in my head!
i cant justify the price! :\
id rather save another few k, and buy a newer car but not brand new!
its a big commitment!
i can afford it, and i live on my own, with the gf, i pay for everything ( mug ) but tbh the house allways comes before anything!
big desisions jon :smiley:
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If your dead set on going down the solutions lease route then i'd take the quote you've had and go to at least two more dealers, you might be surprised how much you could save.
Hope you don't regret it mate. :wink:
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Which car are you going to get instead then? Dub? :undecided:
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Pity about the GTI, it such a good car too. I must admit, if you don't fear the repayments then it isn't a bad option, but if you don't want to have such a loan over that period then a cheaper car makes sense.
I've bought new for the last 12 years and in that time have bought 10 cars. A very expensive hobby over that time but I'll be doing it all over again for the next xx years. :cool:
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Good news is I stayed with the vag range.
Bad news is I've jumped ship and joined a few others in this forum :lipsrsealed:
£2000 deposit
1.4tfsi
Dsg box
Cruise control
£250 a month
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Fabia VRs or Ibiza Cupra?
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Not another Aldi?
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Fabia VRs or Ibiza Cupra?
Close bit went for Audi a1 ( will get slated for it being a girly car but hey ho) decent power, good costs and a dsg box :) win win for me
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Girl. :grin:
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Not another Aldi?
:grin: a1 sport
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Just don't have the "sport" suspension!! Not if you like your spine anyway! :sick:
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Audi A1 :shocked:
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:embarassed:
Audi A1 :shocked:
are pish :grin: :grin:
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Surely you could still mod it, but when you give it back just remove the mods? Perhaps an air filter here, a better TIP there...Remap with a revo SPS switch :lipsrsealed:
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Fabia VRs or Ibiza Cupra?
Close bit went for Audi a1 ( will get slated for it being a girly car but hey ho) decent power, good costs and a dsg box :) win win for me
Colour?
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Fabia VRs or Ibiza Cupra?
Close bit went for Audi a1 ( will get slated for it being a girly car but hey ho) decent power, good costs and a dsg box :) win win for me
Colour?
Daytona grey if they can get hold of one otherwise white :)
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The best thing about HP (if thats what you're loking at) is that after half the term you can give it back. So get the best out of it then walk away. Obviously keep your deposit as low as possible.
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The best thing about HP (if thats what you're loking at) is that after half the term you can give it back. So get the best out of it then walk away. Obviously keep your deposit as low as possible.
No, HP or Hire Purchase is a loan through the dealer for the value of the car, your talking about a lease plan.
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Even with HP or PCP once you have paid half the total amount payable you can voluntary terminate the finance and walk away which is why it is so much better than a bank loan. Simples
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Really? :shocked: in that case i stand corrected pyranhaim, surely the monthly payments would be considerably larger though and if your planning on changing regularly why would you do that?
Surely if you've put a deposit down and are half way through the term the car will be worth slightly more than the remainder of the loan? :huh:
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You would have to put a reasonable deposit for you car to be worth more than what's outstanding after two and half years of a 5 year HP. Or buying something like a gti/scirocco/tiguan that have strong residual values.
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You would have to put a reasonable deposit for you car to be worth more than what's outstanding after two and half years of a 5 year HP. Or buying something like a gti/scirocco/tiguan that have strong residual values.
Your right i suppose, i was thinking more about a 3 year HP rather than 5 which would make a sizeable difference but i see where your coming from.