Financial advice regarding potential car purchase please

[DonkeyApple]

walm said:

Jon39 said:

How about a 4.7 Aston Martin Vantage instead?
Most people consider it to be a beautiful, timeless design.
Wonderful condition used examples can be found, for about the same money as a new 440, and even better, there has been no depreciation during the past 5 years.

Just a thought.

Honestly you don't need to tell me about the benefits of someone else taking the depreciation hit!!
I only buy cars at least 5 years old and try to own them at least 5 years to amortise the dealer margin.
e.g. Elise, Exige, GTR - all limited depreciation in my ownership.

But if both you stingy bds actually 'worked hard' for your money you'd be a lot happier pissing it away living the dream.

[walm]

DonkeyApple said:

But if both you stingy bds actually 'worked hard' for your money you'd be a lot happier pissing it away living the dream.

That's a fairer point than you might think!!
I don't feel I really deserve any money I make, so I try to hold onto it as much as I can!!

[Jon39]

DonkeyApple said:

But if both you stingy bds actually 'worked hard' for your money you'd be a lot happier pissing it away living the dream.

Unfortunately, as someone with so little relaxing time, I consider that I do work hard, both business and leisure.
It is of course debatable, how the hard part of 'worked hard' is defined.

I do not contribute very often to this Finance forum, but occasionally come up with what might hopefully be,
interesting or helpful ideas for others.

Usually it is not long before a certain type of comment is made.
I finish my discussion at that point.

Edited by Jon39 on Friday 23 December 08:44

[DonkeyApple]

walm said:

DonkeyApple said:

But if both you stingy bds actually 'worked hard' for your money you'd be a lot happier pissing it away living the dream.

That's a fairer point than you might think!!
I don't feel I really deserve any money I make, so I try to hold onto it as much as I can!!

True. But the City alternative is to actually believe that you are worth it and then wake up one day and you're driving a minicab in South End, complaining about immigrants because you've pissed away all the money you've earnt when times were good.

Generally speaking, people who do work hard tend to understand the value of money and the importance of having it so don't gonpissing it away on fripperies.

[rufusgti]

DonkeyApple said:

Generally speaking, people who do work hard tend to understand the value of money and the importance of having it so don't gonpissing it away on fripperies.

Too add to that thought, it surprises me sometimes how people who do work hard and often complain about the stresses of that, can at the same time fill their lives with the trappings of debt. Often "because they work hard for it".
Another and potentially better option would be to invest that debt money so you can work less hard. Although that's not as easy as it sounds and takes time.

Having said that, I recently came home with an old Porsche that I didn't really need. I found myself explaining to a friend that I'd "worked hard", when in fact, I just fancied it. So it's often just a flip comment that doesn't really mean much.

[DonkeyApple]

That's really it. It's just a phrase associated with man maths. I don't think I've ever heard anyone who does actually work hard use it, it's the preserve of professional consumers to try and justify their shopping. . I'm amazed they don't flick their hair back while saying it.

[Fezzaman]

I think we should all blame L'Oreal for the consumerist nature so many are now afflicted by Or their marketing department were sharp enough to discover everyone was susceptible to it to start with and exploit it...

[bad company]

There are a lot of 'arnt I clever only buying used cars' sanctimonious comments here. Yes new cars depreciate heavily, so do clothes, jewellery and electronic devices. Most stuff really.

I bought my car new in May 2014 and will change it for a new one next year. Why? Because I want to and I want the colour & spec exactly as I want.

My decision is cash or pcp.

[DonkeyApple]

bad company said:

There are a lot of 'arnt I clever only buying used cars' sanctimonious comments here. Yes new cars depreciate heavily, so do clothes, jewellery and electronic devices. Most stuff really.

I bought my car new in May 2014 and will change it for a new one next year. Why? Because I want to and I want the colour & spec exactly as I want.

My decision is cash or pcp.

If it weren't the case that the majority of Britons below retirement age were spending themselves into poverty then you would have a point about such remarks being sanctimonious. As an aside, isn't your post just you bragging that you have a pension?

[bad company]

DonkeyApple said:

If it weren't the case that the majority of Britons below retirement age were spending themselves into poverty then you would have a point about such remarks being sanctimonious. As an aside, isn't your post just you bragging that you have a pension?

I certainly didn't intend to sound like bragging. My point is that there is always someone telling us how we should or shouldn't be spending OUR money. Yes it's cheaper to run/buy an older car, it's also cheaper to buy clothes from a charity shop.

[DonkeyApple]

bad company said:

DonkeyApple said:

If it weren't the case that the majority of Britons below retirement age were spending themselves into poverty then you would have a point about such remarks being sanctimonious. As an aside, isn't your post just you bragging that you have a pension?

I certainly didn't intend to sound like bragging. My point is that there is always someone telling us how we should or shouldn't be spending OUR money. Yes it's cheaper to run/buy an older car, it's also cheaper to buy clothes from a charity shop.

There's also always someone telling us how we should spend it. Why is it on PH the case that those who counter against over spending are considered sanctimonious or a pain or whatever, while those who promote spending are left alone?

Generally with your example there is a disparity in the spend though? If someone is spending hundreds (as in a significant % of net take home) a month on clothes then they are either a professional disco mechanic or mentally ill, so I suspect it's about relative amounts. So if someone was spending 30-50% of their net take before retirement investments on anything that depreciates but isn't a car why would that be any different?

[red_slr]

Before you do anything you need to do a couple of things.

Firstly, see what the real value of your car is. Getting a PX value from a dealer who is already playing the game is not likely to be the best price you can get. If you don't want the bother of selling privately then look at we buy any car type sites (there are plenty) and see what they say.

Second, make sure the price you are getting is the best one you can get on the new car. Check Drive The Deal etc.

You will probably find that you can then go back the dealer and get a better deal.

[AndStilliRise]

TBH, I stopped reading when I noticed your username OP. Anyone who thinks like that will act like that.

[bad company]

AndStilliRise said:

TBH, I stopped reading when I noticed your username OP. Anyone who thinks like that will act like that.

HELP! My username is worse.

[L3090]

a bit of a loser said:

Hello everyone. After some financial advice please. Will try to be clear as possible.

Current car is 8 months old – owe 19.4k on finance for it. Looking at an approved used 435i. BMW have offered me 18k for current car, this is the best he can do and he "can't really" knock anything off the price of the 435i (29k).
Really wanted to go approved used from dealer as I'll get a decent warranty which is the only reason.

My salary is 39k per year this can be 60k with overtime (not guaranteed but have done this last 6 years), I have a £320pm mortgage and apart from the current car (£300pm) no other debts.
Don't really go out much nor spend on lavish holidays etc and have 12k savings in a ISA.

My question is am I at the point where I would be better off buying a 440i new as the dealer says he can give me a much lower APR and give me a significant discount from list price. Or am I at the point where I may be better to lease?

If it's relevant I do 20 miles per day with weekend blasts, I'd say no more than 8-10k miles per year

My 2 cents,

1.) Try selling your car privately or to we buy any car etc. Generally people buy from main dealers for the warranty but as your car is only 8 months old it will still benefit from the remaining warranty you had from new. If theres any scuffed wheels/ dents etc then just get thay sorted aswell so its essentially a prepped and warrantied car.

2.) Ideally you want at least £19.4k for your car as you currently have negative equity of £1,400 meaning you're gonna have to pay this just to come out of your current agreement no matter how you fund the new car. Its nice to at least not he paying to be paying to coming out of your own car.

3.) IF you are looking at new, I would explore new as the APR will be lower and as mentioned there will be discounts off the full retail price.

4.) On new there may also be deposit contributions for financing it, there contributions are only available on new cars. So aswell as the initial discount plus the deposit contributions it basically reduces the amount you're financing plus not fogetting the lower APR compared to used.

Basically go and get a quote on a new 440i.

Edited by L3090 on Wednesday 28th December 08:34

[tight fart]

Don't get me started on user names.

Pal of mine just purchased an 18 month old Bentley that was £288,000 list and has done 14,000 miles.

Paid £103,000 for it. (He's been told there's still a lot more to lose)

On the discount and finance note, how are dealers when you take out finance at a highish rate and get a great discount,
then settle the finance in the first month?

[jonny70]

tight fart said:

Don't get me started on user names.

Pal of mine just purchased an 18 month old Bentley that was £288,000 list and has done 14,000 miles.

Paid £103,000 for it. (He's been told there's still a lot more to lose)

On the discount and finance note, how are dealers when you take out finance at a highish rate and get a great discount,
then settle the finance in the first month?

That's some discount/ depreciation , was it a Musllanne ? (At almost 300k list ). Did he get a big discount ? What was asking price ?

[jonny70]

Jon39 said:

Another reason that I like new car buyers, is I always like to buy my cars when they are between 2 and 3 years old, because doing debt on depreciating assets is a mugs game. Buy a pristine, lightly used, three year old at HALF PRICE. My last one cost the original new buyer six figures. Since year four, there has been zero depreciation.

Edited by Jon39 on Wednesday 14th December 10:55

What car did u buy at half price that was 3 years old that cost the original owner 6 figures ? ( was it an Aston can they really be bought 3 years old for 50 % ?)

[tight fart]

jonny70 said:

That's some discount/ depreciation , was it a Musllanne ? (At almost 300k list ). Did he get a big discount ? What was asking price ?

Yes a Musllanne, he paid the asking price and put a £10k ish barge in part ex.

[briang9]

AndStilliRise said:

TBH, I stopped reading when I noticed your username OP. Anyone who thinks like that will act like that.

and it is the school hols as well