How much do you pay per month for your car?
Discussion
chrispmartha said:
I would suspect the majority of new car buyers that buy on PCP or finance care about depreciation, rightly or wrongly a lot of people look at a cost per month to buy a car, its an outgoing, so they will look at it that their car costs £200 per month, not £20,000, and then they will ship it in for a new model in 3 years hopefully with a bit of equity in it.
It's just the modern world, I'm nt sure why it seems to upset so many people on here.
Probably this. I'd reckon that the vast majority of the population don't really care. A car is just another expense and the prospect of a new car every 3 or 4 years for a reasonable monthly payment makes sense. Warranty, peace of mind and having a fresh car etc has it's own value beyond the actual figures involved.It's just the modern world, I'm nt sure why it seems to upset so many people on here.
Certainly nearly new or even shedding has it's own virtues but many people just don't want that. I really don't see what the fuss is about. I reckon a decent PCP deal on a Fiesta or suchlike probably makes sense for alot of folk.
It's down to how you view finance. I live in a smaller house than my income in exchange for not having a mortgage. I prefer to have an older car and not make monthly payments, I could easily afford a new one on finance. I don't think anyone makes or loses money worse than the other, the last few years my cars have cost me very little so I'm slightly in credit but I'm sure that won't last forever.
chrispmartha said:
NerveAgent said:
The monthly interest on my mortgage is less than every lease deal posted in here :-) Should be paid off by the time I'm 33, it great how much you can over pay when you don't have massive monthly commitments.
Being pedantic Lease cars don't have interest on them ;-)You're not the average person, most people have a mortgage over 25 years and the interest on that is astronomical.
FWIW I don't need to overpay as I don't have a mortgage ;-)
£272 per month for mine so far! I could have an eco-box for that amount
http://www.pistonheads.com/members/showcar.asp?car...
http://www.pistonheads.com/members/showcar.asp?car...
SuperPav said:
FYI the car itself is utter feces, compared to a Prius I had before it. But the electric drive train is utterly fantastic with quite addictive throttle response and futuristic whiny sounds... Getting privilege parking and free charging helps to sweeten the deal.
First EV I had driven so nothing to compare it against but yes, drive train fantastic and surprising turn of speed.Quality IMO was very good and it all felt pretty solid.
It honestly changed how I drove and I found the commute (60 miles each way) much less stressful than in my normal car
Welshbeef said:
Hol said:
Look it it from his viewpoint:
£290 amonth into a 4 year loan would provide him a used £6k car, that he would need to sell on for more than £4k in two years to pay off the remainder of the loan and also cover that two years worth of MOT's and servicing.
£290x48= £13,920£290 amonth into a 4 year loan would provide him a used £6k car, that he would need to sell on for more than £4k in two years to pay off the remainder of the loan and also cover that two years worth of MOT's and servicing.
Let's say £3-4k of that is interest which is way overstating it
So £10-11k
I used 48 months as way of reducing the ongoing cost of the loan but allow him to sell the car halfway through, but youre right he could get a £10k car, not 6k as I did 290 x 24..
The reality is he would be paying the same amount for two years in both scenarios:
but in one he has a used car he needs to sell to pay off the loan after two years, in the other he has a newer car for two years.
NerveAgent said:
Hol said:
Actually, that should read, the problem with buying any new car.. is depreciation.
One third of the cars purchase cost in the first year of ownership, is a rough rule of thumb.
Hence, preowned one year old cars with nearly two years warrantly remaining are such good value compared to brand new.
No one is disputing that new cars depreciate, the point is that finance deals enable people to buy cars that are newer than they can afford hence they are paying more depreciation than they would if they didnt finance. That applies to nearly new as well.One third of the cars purchase cost in the first year of ownership, is a rough rule of thumb.
Hence, preowned one year old cars with nearly two years warrantly remaining are such good value compared to brand new.
Hol said:
The comparison was againts a 2year lease 2 years ownership and not a 4year lease.
I used 48 months as way of reducing the ongoing cost of the loan but allow him to sell the car halfway through, but youre right he could get a £10k car, not 6k as I did 290 x 24..
The reality is he would be paying the same amount for two years in both scenarios:
but in one he has a used car he needs to sell to pay off the loan after two years, in the other he has a newer car for two years.
Ok let's say he buy a £2-3k really good example of a Renault Sport 172. Within a year easily he would have bought it outright. Heck you can pick them up for £1.5k perfectly usable versions so 5 months. I used 48 months as way of reducing the ongoing cost of the loan but allow him to sell the car halfway through, but youre right he could get a £10k car, not 6k as I did 290 x 24..
The reality is he would be paying the same amount for two years in both scenarios:
but in one he has a used car he needs to sell to pay off the loan after two years, in the other he has a newer car for two years.
He could/anyone could then use it for 2 years and the money he'd save c£5k he could buy a few more of them with that saving even if his original example failed and was scrapped
Welshbeef said:
Ok let's say he buy a £2-3k really good example of a Renault Sport 172. Within a year easily he would have bought it outright. Heck you can pick them up for £1.5k perfectly usable versions so 5 months.
He could/anyone could then use it for 2 years and the money he'd save c£5k he could buy a few more of them with that saving even if his original example failed and was scrapped
Well quite, he could also have bought a car for £500 that would last him the whole two years.He could/anyone could then use it for 2 years and the money he'd save c£5k he could buy a few more of them with that saving even if his original example failed and was scrapped
The point being the person Leasing is paying (a premium) to run a brand new car hassle free for 2 years
Edited by chrispmartha on Friday 6th March 11:15
chrispmartha said:
Well quite, he could also have bought a car for £500 that would last him the whole two years.
The point being the person Leasing is paying (a premium) to run a brand new car hassle free for 2 years
True but then why even compare to a £6k used car. Or compare to anything but brand new. The point being the person Leasing is paying (a premium) to run a brand new car hassle free for 2 years
Edited by chrispmartha on Friday 6th March 11:15
Choosing a 172 as a great car and pretty nippy
I don't owe anything on our 3
Insurance is about £100 a month for all 3, expensive as eldest is on the insurance for the C1, otherwise would be about £70 a month.
Tax comes to about seventy quid.
An MOT £35 * 3 times in a year
Oil changes I do myself once a year, about £90 covers all three, 3 * filters = £15, oil about seventy quid plus some sump washers.
Brakes, tyres, exhausts, filters, plugs as and when needed, not very often as don't do many miles, buy off the internet and fit myself.
Polish and cleaning stuff, £3 a month maybe ?
Depreciation is quite low, 350Z still worth what I paid for it, citroen maybe £50 a month, galaxy about £75
I reckon about £350 a month on car expenses, including depreciation to run all three
Insurance is about £100 a month for all 3, expensive as eldest is on the insurance for the C1, otherwise would be about £70 a month.
Tax comes to about seventy quid.
An MOT £35 * 3 times in a year
Oil changes I do myself once a year, about £90 covers all three, 3 * filters = £15, oil about seventy quid plus some sump washers.
Brakes, tyres, exhausts, filters, plugs as and when needed, not very often as don't do many miles, buy off the internet and fit myself.
Polish and cleaning stuff, £3 a month maybe ?
Depreciation is quite low, 350Z still worth what I paid for it, citroen maybe £50 a month, galaxy about £75
I reckon about £350 a month on car expenses, including depreciation to run all three
jimi said:
simoid said:
You have a loan, HP or lease for £0 per month? Where do I sign?
chrispmartha said:
I would say unless someone has bought you the car and pain the VED thats impossible.
I work for Mercedes-Benz, the car is provided as part of my work - no charge other than the fuel I put in it.
J4CKO said:
I don't owe anything on our 3
Insurance is about £100 a month for all 3, expensive as eldest is on the insurance for the C1, otherwise would be about £70 a month.
Tax comes to about seventy quid.
An MOT £35 * 3 times in a year
Oil changes I do myself once a year, about £90 covers all three, 3 * filters = £15, oil about seventy quid plus some sump washers.
Brakes, tyres, exhausts, filters, plugs as and when needed, not very often as don't do many miles, buy off the internet and fit myself.
Polish and cleaning stuff, £3 a month maybe ?
Depreciation is quite low, 350Z still worth what I paid for it, citroen maybe £50 a month, galaxy about £75
I reckon about £350 a month on car expenses, including depreciation to run all three
Would a 350z vert be worth the same 18 odd months after purchasing it? Really?Insurance is about £100 a month for all 3, expensive as eldest is on the insurance for the C1, otherwise would be about £70 a month.
Tax comes to about seventy quid.
An MOT £35 * 3 times in a year
Oil changes I do myself once a year, about £90 covers all three, 3 * filters = £15, oil about seventy quid plus some sump washers.
Brakes, tyres, exhausts, filters, plugs as and when needed, not very often as don't do many miles, buy off the internet and fit myself.
Polish and cleaning stuff, £3 a month maybe ?
Depreciation is quite low, 350Z still worth what I paid for it, citroen maybe £50 a month, galaxy about £75
I reckon about £350 a month on car expenses, including depreciation to run all three
I'm very surprised that there hasn't been a huge uproar of people replying to this topic saying something along the lines of "it's none of your business". Just nice to see everyone being comfortable discussing to fellow petrolheads about how much they pay for their pride and joy. I don't see the issue myself but each to their own.
I pay £288.16 inc VAT per month for my Scirocco on a personal lease for 3 years
I pay £288.16 inc VAT per month for my Scirocco on a personal lease for 3 years
pork911 said:
Storer said:
Remember that many top earners can more than cover the interest charge on the car from the capital value invested in one way or another.
Therefore it makes sense to finance the car especially if they trade as a company (I have a lady client that trades as her own name with Ltd on the end).
while this can be true, the vast majority of those who in normal conversation claim it is what they are doing are full of sTherefore it makes sense to finance the car especially if they trade as a company (I have a lady client that trades as her own name with Ltd on the end).
tAnd reminds of the millions of people who buy SUVs because they live at the end of a narrow, hilly lane where it snows as much as Siberia.
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