Poll

If you know you can afford the repayments should you buy a new car on finance?

Yes.
7 (25%)
No.
20 (71.4%)
Obligatory Andywash.
1 (3.6%)

Total Members Voted: 26

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Author Topic: Buying a new car on finance:  (Read 2731 times)

Offline Jack3559

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Buying a new car on finance:
« on: 29 June 2013, 19:56 »
I have my own opinion, but I'd like to know yours.

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Offline madmanmart

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Re: Buying a new car on finance:
« Reply #1 on: 29 June 2013, 21:17 »
Pointless waste of money.
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Offline dom

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Re: Buying a new car on finance:
« Reply #2 on: 29 June 2013, 21:22 »
Quote from: madmanmart on 29 June 2013, 21:17
Pointless waste of money.

This.
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Offline Ginge 35Edition

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Re: Buying a new car on finance:
« Reply #3 on: 29 June 2013, 21:23 »
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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Offline stealthwolf

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Re: Buying a new car on finance:
« Reply #4 on: 30 June 2013, 06:33 »
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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Offline dubber36

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Re: Buying a new car on finance:
« Reply #5 on: 30 June 2013, 15:13 »
Quote from: Ginge 35Edition on 29 June 2013, 21:23
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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Offline Raffe

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Re: Buying a new car on finance:
« Reply #6 on: 30 June 2013, 18:07 »
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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Offline bobbarley

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Re: Buying a new car on finance:
« Reply #7 on: 30 June 2013, 21:11 »
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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Offline tweed

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Re: Buying a new car on finance:
« Reply #8 on: 30 June 2013, 21:57 »
Why bother?

Get a loan and get a year old car.
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Offline shepgti

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Re: Buying a new car on finance:
« Reply #9 on: 30 June 2013, 23:08 »
Quote from: tweed on 30 June 2013, 21:57
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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