Anyone into cars but not credit?
Discussion
RSK21 said:
So which of the two is right 25% with less than £500 or 28% with nowt ?
I agree that as a nation we are no doubt underprovisioned but your argument is too binary
The point about cars costing £10k and upwards does not mean people are spending that amount on a car at the expense of saving the same.
I'd ask you the same question I asked the other chap what is your proposed remedy ? The reason I ask is that I sense some of the strongly anti brigade almost want to see some form of state intervention ref car credit to save people from themselves.
Who cares, both are as bleak as each other.I agree that as a nation we are no doubt underprovisioned but your argument is too binary
The point about cars costing £10k and upwards does not mean people are spending that amount on a car at the expense of saving the same.
I'd ask you the same question I asked the other chap what is your proposed remedy ? The reason I ask is that I sense some of the strongly anti brigade almost want to see some form of state intervention ref car credit to save people from themselves.
Yes, it does, unless you are saying there is no crossover between that HUGE number of people and the HUGE number of cars sold on lease in the UK.
My proposed remedy is more stringent credit checking before allowing any sort of finance, not missing payments and having a job are not enough. You should be judged upon your situation. And having £0 in the bank despite being employed and having no credit issues is not good enough. All it takes is random redundancy and you're in s
t.okgo said:
Who cares, both are as bleak as each other.
Yes, it does, unless you are saying there is no crossover between that HUGE number of people and the HUGE number of cars sold on lease in the UK.
My proposed remedy is more stringent credit checking before allowing any sort of finance, not missing payments and having a job are not enough. You should be judged upon your situation. And having £0 in the bank despite being employed and having no credit issues is not good enough. All it takes is random redundancy and you're in st.
Yes, it does, unless you are saying there is no crossover between that HUGE number of people and the HUGE number of cars sold on lease in the UK.
My proposed remedy is more stringent credit checking before allowing any sort of finance, not missing payments and having a job are not enough. You should be judged upon your situation. And having £0 in the bank despite being employed and having no credit issues is not good enough. All it takes is random redundancy and you're in s
t.I see your point ref credit checking but as it's asset backed financing, they honestly don't care that much if you lose your job. Here and now affordability is what counts to the provider, he has no interest whatsoever in your rainy day provisions and I honestly cannot conceive of a way this could be mandated.
As for leasing vs capital price a consumer car lease by its very nature does not equate to the capital value of the asset. QED a £10k list price leased car on somebody's driveway does not mean the individual is £10k down.
RSK21 said:
I see your point ref credit checking but as it's asset backed financing, they honestly don't care that much if you lose your job. Here and now affordability is what counts to the provider, he has no interest whatsoever in your rainy day provisions and I honestly cannot conceive of a way this could be mandated.
As for leasing vs capital price a consumer car lease by its very nature does not equate to the capital value of the asset. QED a £10k list price leased car on somebody's driveway does not mean the individual is £10k down.
e21Mark said:
My 19 year old niece has a brand new Renault hatchback of some description and pays about £180 per month. When I was 19 I drove a MK3 Cortina that cost £375 I think? I don't think I knew anyone of my age that could afford a 3 year old car, let alone a new one. Is it just too easy to get credit nowadays or is it down to a sense of entitlement that many appear to display?
What sense of entitlement?Your niece has a brand new car because she earns enough money to be able to afford the monthly repayments. How do you think a "sense of entitlement" would get her a new car?
Why is the fact that she has a brand new car a problem for you? I could understand if you'd said that she was struggling to make ends meet but it would appear that you have a problem with it simply because you couldn't get one at her age.
Devil2575 said:
What sense of entitlement?
Your niece has a brand new car because she earns enough money to be able to afford the monthly repayments. How do you think a "sense of entitlement" would get her a new car?
Why is the fact that she has a brand new car a problem for you? I could understand if you'd said that she was struggling to make ends meet but it would appear that you have a problem with it simply because you couldn't get one at her age.
Really? Your niece has a brand new car because she earns enough money to be able to afford the monthly repayments. How do you think a "sense of entitlement" would get her a new car?
Why is the fact that she has a brand new car a problem for you? I could understand if you'd said that she was struggling to make ends meet but it would appear that you have a problem with it simply because you couldn't get one at her age.
I guess some people or shall I say most are just clueless and can't be helped.
On another note, Ive just let one of my properties this weekend for £2750 per month to a couple with a new M4.
Edited by Audemars on Monday 24th October 10:49
Audemars said:
Devil2575 said:
What sense of entitlement?
Your niece has a brand new car because she earns enough money to be able to afford the monthly repayments. How do you think a "sense of entitlement" would get her a new car?
Why is the fact that she has a brand new car a problem for you? I could understand if you'd said that she was struggling to make ends meet but it would appear that you have a problem with it simply because you couldn't get one at her age.
Really? Your niece has a brand new car because she earns enough money to be able to afford the monthly repayments. How do you think a "sense of entitlement" would get her a new car?
Why is the fact that she has a brand new car a problem for you? I could understand if you'd said that she was struggling to make ends meet but it would appear that you have a problem with it simply because you couldn't get one at her age.
I guess some people or shall I say most are just clueless and can't be helped.
On another note, Ive just let one of my properties this weekend for £2750 per month to a couple with a new M4.
Edited by Audemars on Monday 24th October 10:49
Im a recent (as of this week) convert to financing a car, and have taken out a PCP on a new car.
You know what, I dont care that I cant afford it outright, I dont care if someone somewhere judges me for paying a monthly cost as opposed to saving up for years to buy something crappier, what I do care is that I have a nice, reliable, modern car that gets me and my family from A to B, and to be honest whether it works out £1000 or whatever more expensive over 3 years, then I will consider it money well spent.
Ive had some used car disasters, and when I add up the little expenditures that tend to get forgotten with keeping an older car running, Ive no doubt it far exceeds the cost of new over 3 years. If it doesnt, Im at the age where the convenience of not crawling around under the car to fix some niggle is worth it anyway.
Im a massive hypocrite though, I have to admit, Ive always been the one spouting about people owning cars on finance, not buying what they can afford outright, but I have nothing but positive feeling towards it now and fully understand why people do it.
Everyone's situation is different, ten years ago I didnt mind working on an older car, I had a little more time and a little more money, so the effort and expense didnt affect me too much (remembering the expense of maintenance is never really recouped, I dont go and view a car to be told they recently replaced the serpentine belt, so they're charging me £110 extra for example).
Nowadays with kids, a house that needs work, and a busy job, I dont want to spend time or money on keeping an older car running, and every time they get a problem I curse them and end up going to a garage and paying them to fix it.
So what Im saying is, financing a car will suit some people at certain times, and I wouldnt write it off as an option, or consider people as crazy for doing it. Everyone has different priorities and means.
You know what, I dont care that I cant afford it outright, I dont care if someone somewhere judges me for paying a monthly cost as opposed to saving up for years to buy something crappier, what I do care is that I have a nice, reliable, modern car that gets me and my family from A to B, and to be honest whether it works out £1000 or whatever more expensive over 3 years, then I will consider it money well spent.
Ive had some used car disasters, and when I add up the little expenditures that tend to get forgotten with keeping an older car running, Ive no doubt it far exceeds the cost of new over 3 years. If it doesnt, Im at the age where the convenience of not crawling around under the car to fix some niggle is worth it anyway.
Im a massive hypocrite though, I have to admit, Ive always been the one spouting about people owning cars on finance, not buying what they can afford outright, but I have nothing but positive feeling towards it now and fully understand why people do it.
Everyone's situation is different, ten years ago I didnt mind working on an older car, I had a little more time and a little more money, so the effort and expense didnt affect me too much (remembering the expense of maintenance is never really recouped, I dont go and view a car to be told they recently replaced the serpentine belt, so they're charging me £110 extra for example).
Nowadays with kids, a house that needs work, and a busy job, I dont want to spend time or money on keeping an older car running, and every time they get a problem I curse them and end up going to a garage and paying them to fix it.
So what Im saying is, financing a car will suit some people at certain times, and I wouldnt write it off as an option, or consider people as crazy for doing it. Everyone has different priorities and means.
e21Mark said:
Sorry, yes it's a lease which she pays for herself and I don't begrudge her spending her money on whatever she chooses. It was more just the change in general attitudes toward finance. (and I'm just including lease for the purpose of this conversation) I understand your point about moving metal but it does seem that priorities have changed and have now, pay later is the norm.
She's not financing it. She's renting it. If it's a means to an end - allowing her to have safe reliable transport for a predictable monthly amount - then I don't see the problem personally.
If she were my daughter I'd be happier with that than sending her out every morning in some £500 s
t heap with low reliability and safety standards from maybe 15 years ago.Thunderhead said:
Im a recent (as of this week) convert to financing a car, and have taken out a PCP on a new car.
You know what, I dont care that I cant afford it outright, I dont care if someone somewhere judges me for paying a monthly cost as opposed to saving up for years to buy something crappier, what I do care is that I have a nice, reliable, modern car that gets me and my family from A to B, and to be honest whether it works out £1000 or whatever more expensive over 3 years, then I will consider it money well spent.
Ive had some used car disasters, and when I add up the little expenditures that tend to get forgotten with keeping an older car running, Ive no doubt it far exceeds the cost of new over 3 years. If it doesnt, Im at the age where the convenience of not crawling around under the car to fix some niggle is worth it anyway.
Im a massive hypocrite though, I have to admit, Ive always been the one spouting about people owning cars on finance, not buying what they can afford outright, but I have nothing but positive feeling towards it now and fully understand why people do it.
Everyone's situation is different, ten years ago I didnt mind working on an older car, I had a little more time and a little more money, so the effort and expense didnt affect me too much (remembering the expense of maintenance is never really recouped, I dont go and view a car to be told they recently replaced the serpentine belt, so they're charging me £110 extra for example).
Nowadays with kids, a house that needs work, and a busy job, I dont want to spend time or money on keeping an older car running, and every time they get a problem I curse them and end up going to a garage and paying them to fix it.
So what Im saying is, financing a car will suit some people at certain times, and I wouldnt write it off as an option, or consider people as crazy for doing it. Everyone has different priorities and means.
You forgot to mention your salary, the cost of the PCP (in real terms over the period), the make and model of the car and how long the deal is for.You know what, I dont care that I cant afford it outright, I dont care if someone somewhere judges me for paying a monthly cost as opposed to saving up for years to buy something crappier, what I do care is that I have a nice, reliable, modern car that gets me and my family from A to B, and to be honest whether it works out £1000 or whatever more expensive over 3 years, then I will consider it money well spent.
Ive had some used car disasters, and when I add up the little expenditures that tend to get forgotten with keeping an older car running, Ive no doubt it far exceeds the cost of new over 3 years. If it doesnt, Im at the age where the convenience of not crawling around under the car to fix some niggle is worth it anyway.
Im a massive hypocrite though, I have to admit, Ive always been the one spouting about people owning cars on finance, not buying what they can afford outright, but I have nothing but positive feeling towards it now and fully understand why people do it.
Everyone's situation is different, ten years ago I didnt mind working on an older car, I had a little more time and a little more money, so the effort and expense didnt affect me too much (remembering the expense of maintenance is never really recouped, I dont go and view a car to be told they recently replaced the serpentine belt, so they're charging me £110 extra for example).
Nowadays with kids, a house that needs work, and a busy job, I dont want to spend time or money on keeping an older car running, and every time they get a problem I curse them and end up going to a garage and paying them to fix it.
So what Im saying is, financing a car will suit some people at certain times, and I wouldnt write it off as an option, or consider people as crazy for doing it. Everyone has different priorities and means.
Then we can judge if you really are being a fool or not.
Audemars said:
Really?
I guess some people or shall I say most are just clueless and can't be helped.
On another note, Ive just let one of my properties this weekend for £2750 per month to a couple with a new M4.
We went through this on another thread but you never replied. The extremely low rental yields on properties in the £1-2m price bracket means that renting can often be cheaper than buying, once you factor in transaction costs, the cost of debt and equity and maintenance costs. I guess some people or shall I say most are just clueless and can't be helped.
On another note, Ive just let one of my properties this weekend for £2750 per month to a couple with a new M4.
Edited by Audemars on Monday 24th October 10:49
Now if you believe the capital growth play then it makes sense to buy, but for high-earning internationally mobile types, there's no reason not to rent.
Most of the partners in the firm I work for bring home 7 figures in an average year, but they all to a man (and they are all blokes) rent their places in London. That's partly because they have capital calls to meet but it's also because they have taken a financial decision that it works better for them.
Rick1.8t said:
Daemon, you difficult turd
Daemon, you need a brain colonic
Is there any need for that?Daemon, you need a brain colonic
It's fairly sad when your ability to form a reasoned argument is that low that you have to result to primary school level name calling to get your point across to "win" an argument with a stranger on the internet
Edited by daemon on Monday 24th October 11:10
NickCQ said:
Audemars said:
Really?
I guess some people or shall I say most are just clueless and can't be helped.
On another note, Ive just let one of my properties this weekend for £2750 per month to a couple with a new M4.
We went through this on another thread but you never replied. The extremely low rental yields on properties in the £1-2m price bracket means that renting can often be cheaper than buying, once you factor in transaction costs, the cost of debt and equity and maintenance costs. I guess some people or shall I say most are just clueless and can't be helped.
On another note, Ive just let one of my properties this weekend for £2750 per month to a couple with a new M4.
Edited by Audemars on Monday 24th October 10:49
Now if you believe the capital growth play then it makes sense to buy, but for high-earning internationally mobile types, there's no reason not to rent.
Most of the partners in the firm I work for bring home 7 figures in an average year, but they all to a man (and they are all blokes) rent their places in London. That's partly because they have capital calls to meet but it's also because they have taken a financial decision that it works better for them.
PPI given this level of financial optimising ability that prevails through every corner of our society /sarcasm
funkyrobot said:
You forgot to mention your salary, the cost of the PCP (in real terms over the period), the make and model of the car and how long the deal is for.
Then we can judge if you really are being a fool or not.
Then we can judge if you really are being a fool or not.
Probably best not to say, although since I spend more than double the car PCP cost on my bloomin train ticket a month it almost seems like a bargain.Im possibly a fool, but after my last used car experience I will at least be a happy fool, and in fool terms they're the best ones to be.
BigLion said:
It's amazing how financially astute the masses are to make such financially savvy decisions...not sure why most pretend not to understand APR, AERs and
PPI given this level of financial optimising ability that prevails through every corner of our society /sarcasm
For sure, not everyone is breaking out MS Excel to make these decisions, but some people are, and the M4 couple may have it figured out for themselves. PPI given this level of financial optimising ability that prevails through every corner of our society /sarcasm
daemon said:
And what nonsense that is.
lol. So official numbers are released and you don't believe them? But you won't believe assumption either? Which is it?Devil - unless its some kind of trick question and you have access to other funds, then I would argue having a full time job and no rainy day money isn't terribly smart.
Gassing Station | General Gassing | Top of Page | What's New | My Stuff