GolfGTIforum.co.uk
General => General discussion => Topic started by: Jack3559 on 29 June 2013, 19:56
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I have my own opinion, but I'd like to know yours.
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Pointless waste of money.
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Pointless waste of money.
This.
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Three year change cycle works for me, why tie your capital up in the car? Do you think businesses spend 100k on plant, of course not they finance it, same deal as far as I'm concerned!
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Depends on what you want to do. I originally planned to change the car every three years on PCP but I fell in love with the MK5 and wasn't impressed with the MK6. Ended up paying off the balloon payment and the entire thing worked out more expensive than if I'd took out a loan.
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Three year change cycle works for me, why tie your capital up in the car? Do you think businesses spend 100k on plant, of course not they finance it, same deal as far as I'm concerned!
That's all well and good when the business is buying something that is going to earn them money. If you pay £1000 a month to finance a digger and it earns you £5000 a month, then that make financial sense. Borrowing money and paying interest on a private car that is only going to depreciate just makes the car more expensive.
I do appreciate that the vast majority of people driving round in (I won't say owning) new cars have them on the drip, but for me, I prefer to know that all I have is mine.
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If you can justify the additional costs associated with finance above and beyond the horrific depreciation new cars suffer from.
Personally I would never buy a new car either with cash or finance.
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I had a new car many many moons ago. It was nice having a new shiny shiny car, but it lost about 55% of it's value in about 4 years!
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Why bother?
Get a loan and get a year old car.
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Why bother?
Get a loan and get a year old car.
agreed, buy a year old and take less of a hit on depreciation
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Why bother?
Get a loan and get a year old car.
agreed, buy a year old and take less of a hit on depreciation
As above.
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Why bother?
Get a loan and get a year old car.
I took out a loan and bought a 4year old rocco. With all the optional extras that it came with, I would have paid almost double for it, had I have bought straight out of the showroom in '09 :shocked:
Initial depreciation on cars is ridiculous!! Wait a couple years and lap up the bargains! :cool:
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I could have paid off the national debt in what I've paid on new car loans over many years :smiley:
I appreciate that it is a complete waste of money especially with the dreaded new car depreciation. But I have never entered into a finance agreement for something I can't comfortably afford the monthlies on, so I don't see what the problem is.
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It's how much you value that new car experience.
I bought our current GTi at 2yo with only 8k miles saving over 30% on list price, we have a private plate on the car and the condition was as new so who mows if its brand new or not.
personally I can't justify the first year losses so this is an acceptable compromise for me to own a nearly new car whilst not losing my shirt over it.
It is a very personal thing though and if we didn't have the people buying the new cars in the first place there would never be any secondhand cars to do deals on!
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The thing is with the whole PCP thing is mods. I don't think I'd ever do that just because I culdn't modify it! :undecided:
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Absolutely not.
It would be better to take a bank loan to buy the car with if absolutely necessary.
Reason being then the car is clear of finance. If you get in the sh!t you can sell it quickly and easily. Ok what you sell it for may not cover the whole loan but better than being stuck with finance bills to pay and a car you can't sell.
My partner bought one on finance then got made redundant. We had to take out a loan to pay off the finance in order to sell the car. Obviously having been made redundant he couldn't get a good loan.
He was made redundant over 18 months ago and we are still trying to pay the loan off. He has recently found a new job, but I'm having to work every weekend I can and life basically sucks all because of his stupid 'need' for a new car.
You do not know what the future holds, maybe you can afford the payments today, but what about tomorrow or next month or next year?
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If you can afford it you can afford it but lets face it cars are not assets unless they are old classics they all lose money no matter what you do to them.
I was looking at some R Scirocco's the other day & considering someone of them started at 39k new i was amazed by the price they are down to now, even a year old one !