View Full Version : In debt for a car?
Just pondering really as to what other people do. I know there are a few members on here with some nice expensive cars.
Do you save up for them or get finance/loans?
I basically about to turn debt free for the first time since i was 17 and really dont want to lumber myself with more debt for a car, but on the other hand wouldnt mind something proper to drive for a change.
Half of me is tempted to just go to a main dealers and buy something brand new and the other half is thinking if i got a loan for that amount could buy something couple of years old but much better marque.
Just cant decide what to do, if i try to save the money to buy a car i will probably end up using it for a deposit for another house.
I'm really not keen on finance/loans any more, I would much rather pay cash that I had saved. But if you got good a good APR and can afford to pay it back without any problems each month then by all means go for a new car with some form of credit. Just make sure your covered by some form of insurance if the worst was to happen and you lost your job or whatever.
brainsnova
09-04-10, 02:08 PM
save up and pay cash, theres nothing worse than a loan hanging over and buying brand new is a good way to lose a few ££££ after the first year :thumb:
Yeah thats the thing my expenses for my work car would cover any finance i would get just cant imagine being tied down for another 3-5 years, i see other people driving nice cars and think how the fook do you afford them!
If you want a new house then I would probably go for that rather than a car as you get a lot more from a house than you do from a car. But if you are happy where you are and your savings can cover a car then avoid being tied down with something that you could end up getting fed up of and pay cash. Down side is how long it would take to build your savings back up to be able to afford a house when the time comes.
I have a house anyhow just agree would rather put my money into bricks as there better investment so i know if i get a large chunk of cash i would do that and therefore not have a nice car lol.
I dont want a new house just if i get offered one i would buy it lol
see other people driving nice cars and think how the fook do you afford them!
cos were all in mega debt lol, get a house, it is much better than a nice motor,
As said i have a flat of my own and a house with the wife anyhow, just want to be one of these people on homes under the hammer and have 87 lol
So your being greedy lol
But in all honesty if the house is an investment rather than somewhere to live then on this occasion I would probably go for the car then start saving again for another house. At least you will then have the car for a few years and if you pay cash then you can do as you please with it at any point plus you won't be tempted by a car again for a while so can get on with just saving for a house.
i see other people driving nice cars and think how the fook do you afford them!
I lad i went to school has not long bought one of them posh new Merc saloon things (2.2engine, god knows what model) hes had a few nice cars (EP3 Civic Type R, Newer shape Vec etc) an got a 2007 year 1300cc supercharged jet ski....
Stupid mugs finanaced upto the hilt driving around posing with all this flash gear that aint even his lol lol
For me, because i have a shiote credit rating, I have no choice but to own outright everything I own. Even my Blackberry is a hacked PayG as I cant get a contract phone lol
go buy a lexus ls400, £600 plus. cheap and pimp and un bustable...:thumb:
I wouldnt buy a brand new car for the depreciation on its own. WHo wants to lose 20% off the value of their car just for filling out a registration document???
skyinsurance
09-04-10, 05:37 PM
In my opinion, only someone with more money than sense buys a brand new car... I just dont get it.. what buy something that loses ££££ as soon as you drive it off the forecourt?!
It's amazing what cars you can get for under £2k, why spend any more?
InIt's amazing what cars you can get for under £2k, why spend any more?
Amen!!
If you up the bracket a bit more to say £5k, you can get some monster motors. RX7's, Evo 4/5's, plenty classic Saph Cosworth's, late model Impreza's.
If your not bothered about driving Ex Salvage then your onto a proper winner :thumb: Escort Cosworth unrecorded salvage currently for sale on the internet at £8k. 2007 Astra VXR's for similiar on Cat D.
Southie
09-04-10, 05:53 PM
Ben what type of car are you looking to buy new? If you've got the money buy an exdemo you'll still get the warranty and won't lose the forecourt rip-off.
As Olly said there's plenty of decent motors out there now especially due to the car tax has gone up vastly for some high end petrol guzzlers.
I much prefer to save up and buy cash.Its mainly because i hate stuff coming out of my bank account/wage so i just wait until what ever i want i can buy outright.
im on this nova forum...that proves i cant save for ****...plus i got my loan :( although i picked up my audi for £250 so i cant complain
CoolTiger
09-04-10, 06:15 PM
i took loan out to pay insurance in one hit, as it was £100 cheaper a month than paying insurance monthly
I never get people that do this. If you cant afford it don't have it. Its the best rule in life.
I had an ex years ago, her family wanted to go to Disney world on holiday, so they took a 10grand loan out... 10 funking grand to go on holiday!?
I'd rather stay at home and drive a 20year old car and be debt free.
Saloony
09-04-10, 06:33 PM
Work like a basturd and buy what ever i want. Wont ever buy new, but wont buy old now unless its something really worth having. Not only that you respect something more when you've gone to all that trouble and handed over a bulk load.
Work like a basturd and buy what ever i want.
Fcukin ay it!
Nutshell lol can close thread now lol
Sorry never meant brand spanking as no i would never do that. been looking at a focus rs ex demo or possibly M3 something along that ilk, Dont mind the 2005 evo's (have no idea what they are eg 5,6,7).
Or 2006/7 530d
dj_wudgey
09-04-10, 07:01 PM
id go get a loan and buy a older model astra vxr!!
Yeah have considered them but i would want a burg!
Yeah have considered them but i would want a burg!
Not worth the hype IMO
Funny, a friend (girl) just told me she's buying a 8grand mini on credit.
A girl that only works part time... Good start.
Not worth the hype IMO
I like white cars lol and thats the main reason lol
dj_wudgey
09-04-10, 07:07 PM
Yeah have considered them but i would want a burg!
yea they are nice like!! go get one on finance then lol
TBH if it was for something like that i would just save the cash.
I like white cars lol and thats the main reason lol
You could easily get an early RXV and respray it for less than the over inflated prices burg's are going for :)
TBH not checked the prices of them, i know the price for the standard ones.
There nice dont know if there worth the money full stop.
dj_wudgey
09-04-10, 07:11 PM
id just go get a arden blue vxr a older one save a few bob you can allways change the suspension and bits and bobs any way!!
TBH not checked the prices of them, i know the price for the standard ones.
There nice dont know if there worth the money full stop.
As Mike said, you can pick up cat D's for 6K. Ive seen burgs going for £16K
Ive not seen any repaired Cat D's for that amount, seen some hit ones doing that and by the time the cost of repair it not worth buying a whacked one.
Ive not seen any repaired Cat D's for that amount, seen some hit ones doing that and by the time the cost of repair it not worth buying a whacked one.
Is compared to a burg though lol
I dont know if you reckon you can get a burg for 10k, buy a hit one for say 6, transport getting it back, sourcing parts, panelling it up, painting it, tax mot and logbook its going to owe you £8k so for the £2k you get a llimited edition which will be worth more to resale in years to come.
I dont know if you reckon you can get a burg for 10k
no, i typo'd above lol, I meant 16K
NOVA-KID-93
09-04-10, 07:23 PM
Ben what type of car are you looking to buy new? If you've got the money buy an exdemo you'll still get the warranty and won't lose the forecourt rip off.
A mate of mine always has new cars, most/all of them paid for at once, no finance or whatever afaik He bought a brand new VW Eos when they first came out and sold it for a Scirrocco when they came out, the Eos lost him thousands when he got rid but he bought the Scirrocco as a year old (was early registered being a demo car) demo car and if he was to get rid now he would probs get what he paid there abouts, probs a small depreciation but nothing like the thousands he lost on the Eos :)
I say save up and get something a couple of years old, then its your car and you wont be in debt or lose loads if/when you came to sell it :thumb:
Why is there no option for Work damm hard for it?
My evos fully paid and i modify it with the money from my job. lol
Saloony
09-04-10, 07:30 PM
Why is there no option for Work damm hard for it?
My evos fully paid and i modify it with the money from my job. lol
:thumb:
Why is there no option for Work damm hard for it?
My evos fully paid and i modify it with the money from my job. lol
Thats savings then lol.
Im not worried about running costs of anything as said i get paid them.
krobinson
09-04-10, 07:40 PM
Everyone you see driving nice new car's are on finance. Expecially people in X5's etc etc.
If you want say a new Astra VXR, you've two options.
Save £300 a month for 5 years and buy it cash.
Or
Pay £330 a month finance and have it now, and for the next 5 years.
Keith
krobinson
09-04-10, 07:42 PM
Why is there no option for Work damm hard for it?
My evos fully paid and i modify it with the money from my job. lol
It's not a 20k car though.
Ben's talking about new cars 15-20k.
peester
09-04-10, 07:44 PM
amen
Ahhh, i couldnt be arsed going through 5 pages.
Tbh i wouldnt entertain a 15k car... far too much money wrapped up in a car which will basically be lost. Evo was 7k so i guess thats half his budget, sorry ben. I'll get my coat now.
I have had a look at the 2005/6 evo's and they are about £12k which is dooable but need to find out a lot more about them as only ever hear horror stories.
Only ever had finance once for a car, never again though. Savings foe me now!
Used a loan to top up my funds for the celica, as I fancied something nice, and didn't want to buy a sh!tty golf or astra which would fall apart in a few years time. Wanted something that I would want to keep, which I have.
Almost debt free, my problem was I kept dipping into it to do other stuff. Certainly would NOT buy through a car finance deal (the loan was a flexible one off jobber not secured on anything), wouldn't even entertain the thought of buying a new car. £5-7k would also be my top budget for a car too, unless I had a windfall that allowed me to buy something worthy of spending more, i.e. classic american.
As said i have a flat of my own and a house with the wife anyhow, just want to be one of these people on homes under the hammer and have 87 lol
I remember seeing on a few weeks ago where a Yorkshireman bought a flat above a funeral parlour; spent £300 on paint and sold the place for a £20k profit lol
Funny, a friend (girl) just told me she's buying a 8grand mini on credit.
A girl that only works part time... Good start.
So much for the credit crunch!
discoinferno
09-04-10, 08:57 PM
i save and buy all things up front for the nova if i have not got the cash in the bank then the car waits, there are far more important things in life than getting into debt over a car i have an x reg vectra that cost me 900 quid i couldnt give a **** what people think tbh its does me for what i need and thats all i want
novaguy08
09-04-10, 09:07 PM
Im with the savings.
Get them in a good account and leave them alone, set up a standing order to go off to the saving as you may well end up forgetting about it and saving more then you expect!
As your debt free stick with that! with the way banks are behaving you dont want to end up getting yourself into debt, miss a payment and BAM huge charge that you have to repay! (currently being charged £6 a DAY for being over my OD limit!)
Just remember, if you save you have no interest to pay (even though your not really getting any interest paid at the moment!) its the best way to go!
Jon_nova1
09-04-10, 10:07 PM
I once got a car on finance....it ended up in flames....
by the way, i must recommend the new seat ibiza, it is the new nova!
lee-loon
10-04-10, 03:17 PM
lol at every one saving up money go buy a new car, nothing wrong with finance as long as you can afford the monthly payments and you have still got the car at the end of the finance.
I would never buy a car on finance personally.... The sales guys earn more commision off finance packages than they do selling the cars sometimes. I have however had personal bank loans in the past to top me up for some quite expensive cars Ive owned. Generally this way the rates are much better etc. Hard earned cash has to be the best way forward though both mine and the missus's cars are all bought and paid for and I wouldnt have it any other way. The mortgage is enough for me! As said by Benn its much better to buy when you can afford it rather than finance yourself to the hilt. I know there's plenty who dont have the patience and want things now but they pay for it too! ;)
Nick.
the only thing i plan to borrow money for in the next few years is a house, everything else is paid for by overtime/savings
Cash myself but I don't look disparagingly at finance.
If cars are ones 'thing' then why not? Some people spent £100 a week 'down the boozer', others buy questionable medicaments from the street corner. If you can afford it and have an exit route then meh
i think this is down to personal preference. its not all about the money, generally, i know people with silly amounts of cash and they finance their cars because it makes sense and they can pay for them off of their interest. also the deals you can get nowdays are pretty good, decent monthly payments and then just swap it in as a deposit in 4 years and get a new one but continue paying the same price. i think for me im going to wait till im 25 and my insurance isnt insane than finance a new car and have my projects on the side. at the moment it wouldnt be worth it as id be paying more for insurance per month than the car, plus i hate being in debt, even a tenner!
brainsnova
11-04-10, 01:20 PM
the way i see it if you dont have the cash then technically you cant afford it.
personally i would never finance anything. The only thing that i owe on is my mortgage and even that should be all but gone within 7 years hopefully.
The last cars i bought were my 05 vectra elite and the 07 focus titanium. the focus was 6 months old upon purchase and we paid 9k for it. not bad considering it was 16/17k 6 months earlier lol
Cash is where its at, you buy it, you own it, end of story.
dj_wudgey
11-04-10, 03:00 PM
the way i see it if you dont have the cash then technically you cant afford it.
me two mate but then i struggle to save aswell lol
stay debt free, pay cash for anything you buy. nothing worse than paying off debt. i'm in that position just now after buying a garage and having a few rare parts come up that i couldnt resist buying. I want out of it as soon as possible. Unless you're an idiot who doesnt think, debt plays havoc at the back of your mind IME. saving isnt that hard either, just takes a bit of will power.
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