How was your Golf bought?

[fredgroves]

Just wondered how we are financing our beloved Golfs after it came up in another thread...

[hog_hedge]

Financed for a day for the £1000 contribution and then cash direct to finance company. I would probably lease next time though and get an S3 or something similar.

[dubber36]

Anything other than paying the dealer the full amount with either your own saved up money or the money from a bank loan is really 'bought'...is it?

[fredgroves]

Anything other than paying the dealer the full amount with either your own saved up money or the money from a bank loan is really 'bought'...is it?

Well, only PCH is contractually never yours (although you can buy it off the lease company in a separate deal).

PCP its definitely yours if you make the final balloon payment, but only if you want to.

Anyway, that's irrelevant, I'm just looking for data on these items.

[scotland67]

Cash is king. I’ve looked at pcp deals and the interest rates seem pretty steep but I can see the attraction but paying interest to me always seems to me like throwing money down the pan

[fredgroves]

Cash is king. I’ve looked at pcp deals and the interest rates seem pretty steep but I can see the attraction but paying interest to me always seems to me like throwing money down the pan

Depends if you are lucky enough to have the cash I guess!

(cue loads of people saying "if you haven't got the money then you can't afford it" but there is a difference between having the lump sum handy and having the monthlies!)

Obviously if you do have a surplus pile of cash then currently its not doing a lot for you (savings rates are poor) and you will save the interest on (whatever) finance.

Its probably still not the smartest financial deal to spend your lump sum cash on a brand new car anyway, but that's another argument

[Little Lofty]

I've seen a few similar threads on other forums and the figures never really tally with reality. Last year something like 85% of new cars were purchased using finance, forums always seem to have lots of cash rich members for some reason.

[fredgroves]

Probably because everyone here is an "enthusiast" rather than someone who just bought a car like they bought their TV or sofa!

That probably is a reflection of the wealth of the audience than anything else.

On the other hand, if you compare the totals so far of all the different types of finance vs cash...

[Guzzle]

Well if you plan on keeping it for a good few years then i'd say taking the PCP finance then paying off immediately is likely to be the best way forward.

If you swap cars often, and don't do lots of miles then it's worth considering a personal lease. Regardless of how much cash you have in the bank. This is what i've done on my last two cars now, so far no regrets.

[CHB100]

I've seen a few similar threads on other forums and the figures never really tally with reality. Last year something like 85% of new cars were purchased using finance, forums always seem to have lots of cash rich members for some reason.

Cash is actually deflating in a Building Society, might as well use it as I did to buy the wonderful R. I intend keeping it for 7/8 years maybe longer?
It may be worthwhile asking the age of owners and commitments, I'm 70 apparently! with no real commitments as such.

PS By the way, this is by far the most expensive car I've owned. Although I have had some classics in my time. All paid for with cash when I could afford. As stated above the boom in car sales is fake and like most things and only achieved on credit. I wonder for how long?