Buying a new car -methods ??

[neil]

Hi folks,
As an old git I am used to buying new cars vis credit. Garage is trying to convince me that other methods may be better where you have a future value allotted to your car and the opportunity to buy another new car; get a loan to pay off balance; or simply hand the car back (when I am considered to doddery to safely drive)
What do you guys think -pcp etc?

 

[Mr. Charts]

It's probably much cheaper to get a bank loan and buy a 12 to 18 month old car with it having shopped around the main dealers for the best deal and getting a guarantee with it, something like Ford Direct.
Although I haven't used them personally, also have a look at http://www.drivethedeal.com/
Richard

 

[bustech]

Noting wrong with a Norfolk country bus.
Mind you have not seen or caught one in 20 plus years.

 

[Mr. Charts]

Neil,
Also the best times for deals with main dealers are in February and August before the new reg., just before Christmas when they are keen to sell anything, just before new models come in, and for used cars later September when they want to unload traded in stock.
Richard

 

[Mr. Charts]

PS Hope I'm not trying to tell a grandpa how to suck eggs ! Sorry if I am !
Richard

 

[0007]

I'm looking at leasing/contract hire etc -- which sounds a bit like some of the schemes you've been offered(non-business model) for my next motor -- anyone had experience of this? The economics are reasonably easy to work out but the one area that seems to have " dodgy" potential is the return after the leasing period when some companies appear to make their profits by classifying fair wear and tear as chargeable damage.

 

[BeginnerJoe]

Whatever the scheme, you will end up losing. Best to not buy new because within 3 years it's worth only 3k or less on any insurance write off. If you must buy new, get a small car with small engine for 7k cash.

 

[Mr. Charts]

This is the one BJ suggests.......

 

[0007]

Whatever the scheme, you will end up losing. Best to not buy new because within 3 years it's worth only 3k or less on any insurance write off. If you must buy new, get a small car with small engine for 7k cash.

Mmmmm.... you're quite right but small underpowered cars are no fun. The reason I trade is so that I can treat myself to a fun car - Mini Cooper S at present. I suppose I could always settle for a new pair of shoes instead

 

[BeginnerJoe]

Mmmmm.... you're quite right but small underpowered cars are no fun. The reason I trade is so that I can treat myself to a fun car - Mini Cooper S at present. I suppose I could always settle for a new pair of shoes instead

I don't know about you, the road tax on my 10 year old old-banger will overtake my insurance costs soon. Large engine is a road to loose not least from the speeding and passing red-light fines.

 

[VielGeld]

What I do is buy two (used) cars -- one for the summer, and one for the winter. The latter is a reliable Honda 4x4, and the former a (Japanese) sports car. In the used market you should be able to nab either of these in very good condition for $2.5k or less and they'll be good for years.

I also have my bike on the side as main transport during the summer, with the car being for whatever a bike isn't suited for. I save a heck of a lot on gas.

But if you're adamant about buying new-ish, then Mr. Charts' idea is best.

 

[malaguti]

I'm looking at leasing/contract hire etc -- which sounds a bit like some of the schemes you've been offered(non-business model) for my next motor -- anyone had experience of this? The economics are reasonably easy to work out but the one area that seems to have " dodgy" potential is the return after the leasing period when some companies appear to make their profits by classifying fair wear and tear as chargeable damage.

this is how i always used to get my cars. Its worked for me for quite some years now. I also have my own business so there are some tax benefits but not a great deal. a couple years in and i just want a new model. This can work in exactly the same way for you Neil. I've just done that for a VW Touareg. I will hand it back in a couple of years time, or if i really love still then, so be it I'll buy it off them.
For me these sorts of ownership, for someone who wants to change their motor every few years and gets bored very quickly its ideal
leasing..wow you can get some really cheap deals these days. depends what the fleets have
anyway, good luck

Hey BJ, great to see you back again!

 

[neil]

PS Hope I'm not trying to tell a grandpa how to suck eggs ! Sorry if I am !
Richard

Much obliged for your suggestions Richard - food for thought

 

[neil]

This is the one BJ suggests.......

foot in that car

BJ is clearly diminutive, however, I couldn't get my wallet into that car

 

[pboyles]

Hi folks,
As an old git I am used to buying new cars vis credit. Garage is trying to convince me that other methods may be better where you have a future value allotted to your car and the opportunity to buy another new car; get a loan to pay off balance; or simply hand the car back (when I am considered to doddery to safely drive)
What do you guys think -pcp etc?

Here you go Neil, you can get one off this fella with your 3k a week Dax profits.

http://m.bbc.co.uk/news/technology-24662263

 

[Hilary Hughes]

Not about the purchasing but you might want to listen to this podcast about an all battery car.

Click on show 63.

http://www.saddsa.co.uk/dipod/


Probably not as much fun as you'd like but as a driving instructor I love this stuff.

The site is nothing to do with me, btw, just in case anyone thinks I'm fishing for site hits ;-)

Hilary.

 

[neil]

What I do is buy two (used) cars -- one for the summer, and one for the winter. The latter is a reliable Honda 4x4, and the former a (Japanese) sports car. In the used market you should be able to nab either of these in very good condition for $2.5k or less and they'll be good for years.

I also have my bike on the side as main transport during the summer, with the car being for whatever a bike isn't suited for. I save a heck of a lot on gas.

But if you're adamant about buying new-ish, then Mr. Charts' idea is best.

Just found out about personal leasing via "Which" magazine. Never own the car and must be wary of setting yearly mileage target properly. But get a new car every so often - bit like cheaper car hire. Will check this out in more detail also.

 

[Liquid validity]

Leasing companies and explanation:
http://www.moneysupermarket.com/car-leasing/

 

[Hilary Hughes]

Just out of interest, I have looked into this sort of thing on several occasions and still come to the conclusion that it's cheaper to buy.

Depends on your pocket, of course.

Hilary

 

[mike.]

The idea is to keep the deposit and monthly payments as low as possible, on a personal leasing deal remember the lease company has to buy the car and also make their profit on top of that, plus if its a personal contract and not a business there is vat to add on. On a pcp deal from a dealer you own the car, and even if its a 4 year deal the car can still be traded against a new one after 1,2 or 3 years, it all depends on its value at the time ( condition,milage etc ) on the deal you get, I know most of the higher end dealers like bmw mercedes etc like to gain and keep customers and often offer some great pcp deals, go down and sit with the sales manager and negotiate a deal, don't just go off their web site prices.

They like to sell cars, lots of them, and prices can often move quite considerably in your favour.