Buying a car: finance or not finance

[eek]

not all of us have got clients who'll let you work from home in an emergency. For some, its a case of no-show at office = no billing. Could be expensive.... thus you need a car that you can rely on at least....

[Sasmode] Clearly you're no good. All my clients let me work from home when its convenient otherwise work isn't done on time. [/Sasmode]

[psychocandy]

Not sure I'd go as low as 2k, but definately would never buy a new car. Why take the hit on the depreciation. Let another person do that and pick it up once its 3 years old. Ive got a Mondeo diesel on a 55 plate. I got it when it was about 2.5 years old for £6.5k. Its had no repairs other than normal wear stuff like tyres and the like. I got it on 39k miles and its currently on 104k. Its probably due a big repair now - it pumps out tons of black tulip as it accelerates - If (when) it comes along I'm tempted to pay it since I know my cars history, which is something I can't say for a 2k replacement

Got a very nice Merc A class for the wife for £1700. 50K, immaculate condition.

Before you call me a tightarse - much better than the £400 matiz she used to have....

[wikramasingha]

Got a very nice Merc A class for the wife for £1700. 50K, immaculate condition.

Before you call me a tightarse - much better than the £400 matiz she used to have....

I used to have the Chevrolet Matiz.

[tranceporter]

Go buy yourself a nice used car. Plenty of them in the market. No point in buying a new car because the price drops like a lead pigeon in the first 3 years. Besides, I do contracting so that I can have more fun in life, which I could not have on permie salary. I do not believe in "saving for a rainy day" all the time, because you can never predict what's gonna happen next. To put this into perspective, I have a Mazda 6 MPS as a daily runner with 86k on the clock (was 39 when I bought it 3 years ago), and a supercharged VXR8 i use on weekends. Needless to say, I will be selling the VXR8 and MPS in 5-6 months, and go for something like a turbocharged 2.8 V6, but that's only after I have had enough "fun". I work to live, not live to work.

[northernladuk]

This reserve isn't company money is it???

[kingcook]

I always finance my cars. However I always hand them back worth significantly less than I owe as I do >40K miles per year. With HP you can hand the item back once you have paid half the agreement total with no questions asked as long you have taken reasonable care of the goods. I'm on my 5th car doing this.

Sounds interesting. Is this for brand new cars only, or my preferred option of buying a used car?

[Gibbon]

Sounds interesting. Is this for brand new cars only, or my preferred option of buying a used car?

Used, tend to buy in 7-9K region 500 down and over 4 years. Hand back at 2 years.

[psychocandy]

Used, tend to buy in 7-9K region 500 down and over 4 years. Hand back at 2 years.

Doesn't mileage come into it though? Or am I thinking of the plans where there's a balloon payment at the end?

Is this pure HP? Got any links for how to finance this....

[Paddy]

Got a very nice Merc A class for the wife for £1700. 50K, immaculate condition.

Before you call me a tightarse - much better than the £400 matiz she used to have....

I budget to get the cam belt changed unless there is absolute proof it has been recently done. I bought a second car just to run around London . A 10 yo Diesel Fiesta for £550. I wanted it to last three months. I did nothing to it (not even a cam belt or wiper blade) and did not even bother to change the oil as I was going to scrap it. 12k and two years on it is still going, not a drop of oil added, no top-up for the rad, passed MOT. The tyres are near end of life so it is going in a few weeks.

[Gibbon]

Doesn't mileage come into it though? Or am I thinking of the plans where there's a balloon payment at the end?

Is this pure HP? Got any links for how to finance this....

I use Car People, browse for a few weeks and buy when I see the right car. Straight HP, been with Black Horse the last three times, no mileage restriction, but must keep serviced as part of reasonable care etc. Small dents etc are ok when >100k. Check the termination rights in the small print.

It does put a VT (voluntary termination) marker on your credit rating but not a downgrading of it as it's a right not a default etc.

It is only worth while if you're doing >25Kish a year though.