Old, cheap hot hatch or expensive new one?
Discussion
Hi all,
I have a major hot hatch itch that I'm looking to scratch. I test drove a new Fiesta ST yesterday and it was absolutely fantastic. However, it is also roughly £13,000 to buy it. A PCP deal would still require dropping a £5,000 deposit.
Alternatively, I could pick up an old renaultsport for around about £3,000 - 10 years older, approximately 90,000 miles. Won't look or feel as good, be as nice to be in, but saves me north of £10,000 in the long run.
Has anyone been in a similar situation before and if so did they buy the cheaper option and find that was enough for them, or were they back going for the more expensive one six months down the line? Usually in life I'm happy to fork out the extra for top level gear but then again, these decisions aren't usually over 5 figure sums of cash.
I'll only be doing around 4,000 miles a year in whatever I buy so hopefully the famous... questionable reliability... of the older renaultsport wouldn't be such an issue?
I have a major hot hatch itch that I'm looking to scratch. I test drove a new Fiesta ST yesterday and it was absolutely fantastic. However, it is also roughly £13,000 to buy it. A PCP deal would still require dropping a £5,000 deposit.
Alternatively, I could pick up an old renaultsport for around about £3,000 - 10 years older, approximately 90,000 miles. Won't look or feel as good, be as nice to be in, but saves me north of £10,000 in the long run.
Has anyone been in a similar situation before and if so did they buy the cheaper option and find that was enough for them, or were they back going for the more expensive one six months down the line? Usually in life I'm happy to fork out the extra for top level gear but then again, these decisions aren't usually over 5 figure sums of cash.
I'll only be doing around 4,000 miles a year in whatever I buy so hopefully the famous... questionable reliability... of the older renaultsport wouldn't be such an issue?
1. Can you comfortably afford the monthly repayments?
2. Should something less than ideal happen with your job / income source - would it cause you a problem? Although given you're putting in a relatively large deposit compared with the value of the car, I would think this wouldn't cause a massive issue.
If yes and no and you'd rather drive the ST, then I would go for the ST.
2. Should something less than ideal happen with your job / income source - would it cause you a problem? Although given you're putting in a relatively large deposit compared with the value of the car, I would think this wouldn't cause a massive issue.
If yes and no and you'd rather drive the ST, then I would go for the ST.
Well, if you have an older car, inevitably it will need money spent on it, things will go wrong - same in new cars but new cars have a warranty, so someone else is footing the bill. That said, weigh it up; the amount you'll be spending on repairs and maintenance is very, very unlikely to cost you the same per month as the repayments on the new Fiesta.
Don't think only of the deposit, after paying the deposit and the monthly repayment, will you have enough money at the end of the finance term to pay the final big sum off and own the car, or will you get pulled into trading the car for another new one, entering what is effectively a lease for life cycle? Personally I'd go for an older used car, let someone else take that big hit of the first few years depreciation.
How much is £10,000 to you? To some people it's nothing, to others it's a house deposit or once upon a time, enough money to send a child to uni.
Don't think only of the deposit, after paying the deposit and the monthly repayment, will you have enough money at the end of the finance term to pay the final big sum off and own the car, or will you get pulled into trading the car for another new one, entering what is effectively a lease for life cycle? Personally I'd go for an older used car, let someone else take that big hit of the first few years depreciation.
How much is £10,000 to you? To some people it's nothing, to others it's a house deposit or once upon a time, enough money to send a child to uni.
Very very approx, my experience has been that the difference between new cars on pcp and older ones on loan fiancé is the initial deposit (sort of includes differences in servicing costs, lease versus own then sell, etc). But buying slightly cheaper and outright is the best of all, financially.
But vits not just a financial decision - one life, live it, etc. just ensure you can afford your toys and enjoyment having paid for the basics first!
But vits not just a financial decision - one life, live it, etc. just ensure you can afford your toys and enjoyment having paid for the basics first!
Very very approx, my experience has been that the difference between new cars on pcp and older ones on loan fiancé is the initial deposit (sort of includes differences in servicing costs, lease versus own then sell, etc). But buying slightly cheaper and outright is the best of all, financially.
But vits not just a financial decision - one life, live it, etc. just ensure you can afford your toys and enjoyment having paid for the basics first!
But vits not just a financial decision - one life, live it, etc. just ensure you can afford your toys and enjoyment having paid for the basics first!
Thanks gentlemen/ladies. I can afford the repayments on the more expensive ST but it's a case of just because I 'can' doesn't mean I necessarily 'should', if all I'm looking for is something fun and powerful - I have a mortgage but no kids so I guess there is always money better spent - mortgage over payments, spoiling the missus, savings etc. Dull but true!
I guess the thing to do will be to jump in some of these older renaultsports/type Rs and see what the difference is. Won't be as nice but, although I'm in a pretty good position in life, £10,000 is a lot of cash to me haha
I guess the thing to do will be to jump in some of these older renaultsports/type Rs and see what the difference is. Won't be as nice but, although I'm in a pretty good position in life, £10,000 is a lot of cash to me haha
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