Motoring Wheels

[Moriath]

If you want the latest thing, so your curtain twitching neighbours think you're rich, then go the contract route. But really, if you want to know the cheapest way to buy a car, it's with cash, second hand.

Yeah i always look at six months to a year old to get mine.

 

[old.user4556]

If you want the latest thing, so your curtain twitching neighbours think you're rich, then go the contract route. But really, if you want to know the cheapest way to buy a car, it's with cash, second hand.

The answer is really "it depends", and I don't necessarily agree that second hand + cash is always cheapest. The sales people have an incentive to sell you a finance deal and will normally (same as Edmond) put in a dealer contribution and / or a manufacturer finance contribution as well. The total cost ownership may actually be less by the time discounts are applied depending on how long the finance is and how long you intend to keep the car. The type of car and the amount of depreciation it's expected to do also factors in. OF course, you all know this.

If you're in the lease market (as I am), then the lease companies will have specific deals with manufacturers - a £30,000 Audi costs much more per month than a Volvo that costs £30,000 because Volvo are subsidising the dealers to get people through the door. This is why there are so many Golf Rs out there - widely publicised, hugely discounted VW deals - why the fuck sink your own money into one when you can rent one for three years for £LOL-WHAT per month?!

Just depends.

 

[Scouse]

Just depends.

You're renting tho. No?

 

[Tom]

Well it depends how much you want to spend. I came to the realisation a few years ago that while cars are very nice, most of the time they sit there doing nothing. And while they do nothing they still cost you money. So I decided I'd just own what I have for longer and treat it as a tool, rather than an object of desire. It's still a nice car which I enjoy driving, but for me there are more fulfilling ways to spend my money these days. I'll never buy a brand new car, there's just no point.

 

[Raven]

If the payments are less then the depreciation over 3 years (or whatever) which generally they are the there is no reason not to lease.

You have pretty much lost the equivalent of any deposit as soon as you drive a new car off the forecourt anyway.

30k car at £300 a month (numbers pulled out of thin air) will cost you a little over 10k over 3 years I doubt many 30k (new) cars sell for 20k after 3 years and however many 10s of thousands of miles on the clock.

 

[old.user4556]

You're renting tho. No?

Yep. As I said it depends - if you want to actually own it, then it's not for you. If you want to run it (for example) 5+ or even 10+ years, then you'd look to find a second hand bargain and negotiate hard.

If a Golf R is £32000 RRP, and you rent it for £160 a month over 36 months, it'd be like selling it for £26,240 and walking away.

Well it depends how much you want to spend. I came to the realisation a few years ago that while cars are very nice, most of the time they sit there doing nothing. And while they do nothing they still cost you money. So I decided I'd just own what I have for longer and treat it as a tool, rather than an object of desire. It's still a nice car which I enjoy driving, but for me there are more fulfilling ways to spend my money these days.

Absolutely mate - my dad buys a reasonably new (12-18 months) car cash, runs it for 10 years or more.

 

[old.user4556]

Actually thought of you Tom when I saw this a few weeks back - BMW 760Li: Spotted | PistonHeads

In 2005, would have cost you £100,000

In 2015, will cost you £10,000.

 

[Edmond]

If a Golf R is £32000 RRP, and you rent it for £160 a month over 36 months, it'd be like selling it for £26,240 and walking away.

£160 would be nice, but its nearer £450pm over 3 yrs with a £5000 deposit (no point giving anymore than that) then chop it an start again, pay it off or walk away with nothing

 

[old.user4556]

£160 would be nice, but its nearer £450pm over 3 yrs with a £5000 deposit (no point giving anymore than that) then chop it an start again, pay it off or walk away with nothing

Fuck that. You'll never see that £5000 again.

 

[Job]

If the payments are less then the depreciation over 3 years (or whatever) which generally they are the there is no reason not to lease.

You have pretty much lost the equivalent of any deposit as soon as you drive a new car off the forecourt anyway.

30k car at £300 a month (numbers pulled out of thin air) will cost you a little over 10k over 3 years I doubt many 30k (new) cars sell for 20k after 3 years and however many 10s of thousands of miles on the clock.

Yup, everyones getting into personal.contract hire, two lads I know worked out their battered vans were costing them as much as leasing, when you take everything into account, which obviously you do.
One lads swapped a 5 year old transit for a brand spanking L200, no repairs, no worries.

 

[Edmond]

Fuck that. You'll never see that £5000 again.

Exactly, that's why you don't give them anymore than that as a deposit, there's no point

 

[Moriath]

The way i use cars theres no point leasing as i do less than seven k miles a year. In fact my current car i had for two years and done just over ten k. So i keep it longer than three years and not be paying anything for it.

 

[Tom]

Actually thought of you Tom when I saw this a few weeks back - BMW 760Li: Spotted | PistonHeads

In 2005, would have cost you £100,000

In 2015, will cost you £10,000.

On LPG that would be very affordable to run.

 

[Raven]

The way i use cars theres no point leasing as i do less than seven k miles a year. In fact my current car i had for two years and done just over ten k. So i keep it longer than three years and not be paying anything for it.

Well, low mileage is even more reason to lease. How old is your car? 3 years, 5? Once its 6, 7, 8 it will be worth about 5k tops, sold at auction to a taxi firm or an amazon driver.

Buying new is fine if you plan on putting 100k+ on it and binning it imo. My wife's old Micra was from new and she got her money out of it. 9k new I think and she had it 10 years.

 

[Job]

You can lease a Rangy Sport for 2K down and 650 amonth.

 

[DaGaffer]

Only problems with leases are the overage costs if you do more miles than expected, and how they routinely try to screw you on wear and tear when you give it back. And the whole changing country thing - that wasn't great from a lease pov.

 

[Edmond]

I've had my old car for 10yrs, it cost me £5000 (got it at trade at the time, should have been £7500) its a very low mileage excellent condition Focus ST170 and its still worth £2500.

I am at a point where i can afford to do it and i wanted to treat myself. I think of the money i have saved by not changing it every 3 yrs, so that's why i'm doing it and buying new.

 

[dysfunction]

Yes I bought my Astra for around 7000 and it's lasted me 10 years so far. Its done 70,000 miles.
I'm looking to get a "nearly new" car like a BMW or Audi. I have been looking at "Car Giant" but all they seems to have are diesels and I want petrol.

I would love to buy brand new but I think you get much better value for money if its just a year old and done very small no of miles.

 

[Moriath]

Well, low mileage is even more reason to lease. How old is your car? 3 years, 5? Once its 6, 7, 8 it will be worth about 5k tops, sold at auction to a taxi firm or an amazon driver.

Buying new is fine if you plan on putting 100k+ on it and binning it imo. My wife's old Micra was from new and she got her money out of it. 9k new I think and she had it 10 years.

Why lease. Means that im paying a monthly amount despite not using it. I can forseeabley keep it for 10 years at this milage without much going wrong.

I did lease once and they were a riht pita at what was and wasnt fair wear and tear. And also on tyre changes. Too many hoops to jump through for me. I own it i can do what i like.