Best way to own for 1yr??
Discussion
Like most PH'ers, I find myself drawn to the classifieds within a year of owning a new (to me) car.
Fast forward and the cost of depreciation, trader profit and markets deciding anything small and diesel is good, means I take a whacking hit on equity in the car.
Looking at the options of purchase(Cash buy vs finance vs pcp vs lease vs something else?), what are the experiences or thoughts on the most economic way of changing vehicles every year?
The car has to run everyday as its my main transport for work, so bargain sheds don't always tick the box.
Neither do I have £50k+ to splash on a newer in-demand vehicle that I can speculate and lose minimal money on in 12months.
Thoughts?
Fast forward and the cost of depreciation, trader profit and markets deciding anything small and diesel is good, means I take a whacking hit on equity in the car.
Looking at the options of purchase(Cash buy vs finance vs pcp vs lease vs something else?), what are the experiences or thoughts on the most economic way of changing vehicles every year?
The car has to run everyday as its my main transport for work, so bargain sheds don't always tick the box.
Neither do I have £50k+ to splash on a newer in-demand vehicle that I can speculate and lose minimal money on in 12months.
Thoughts?
I bought my wife's car at auction 5 years ago and we could have easily sold it for zero depreciation 12 months later privately.
However, PH suggests bargains are not as readily available at auction these days. I've recently spoken to BCA as the wife needs a new car and we're looking like paying a £650 buyers premium on the cars she's interested in, which ain't great.
Another option is to make everyone you know aware that you'll buy cars at better than Part Ex price. I also did this for a snotter - a friend of the family was swapping cars and had no intention of selling privately, so I offered him the part ex he'd been offered and a few drinks. Ran the car for 6 months and then sold privately for a small profit.
However, PH suggests bargains are not as readily available at auction these days. I've recently spoken to BCA as the wife needs a new car and we're looking like paying a £650 buyers premium on the cars she's interested in, which ain't great.
Another option is to make everyone you know aware that you'll buy cars at better than Part Ex price. I also did this for a snotter - a friend of the family was swapping cars and had no intention of selling privately, so I offered him the part ex he'd been offered and a few drinks. Ran the car for 6 months and then sold privately for a small profit.
JQ said:
Another option is to make everyone you know aware that you'll buy cars at better than Part Ex price. I also did this for a snotter - a friend of the family was swapping cars and had no intention of selling privately, so I offered him the part ex he'd been offered and a few drinks. Ran the car for 6 months and then sold privately for a small profit.
I've just done this my dad was changing and the dealer offered him a very low px price so I took it for the same price I could sell it privately tomorrow for more. A very good way to avoid depreciation. I also had 2 years with a mk1 mx5 with virtually no depreciation there are many threads on similar cars that have all but finished depreciating they aren't all 20 years old either.
I bought a Leon from BCA about 18 months ago then managed to sell the same car on to WBAC after owning it for a year getting all my money back. All it cost me were the running costs during this time.
Doesn't need to be from auction though, you just need to do a bit of savvy buying. Private is fine if you can negotiate a good deal. Values of older performance cars tends to be quite flat so you could probably buy and sell at the same sort of price without too much difficulty, again its just the running costs you've got to look out for.
Doesn't need to be from auction though, you just need to do a bit of savvy buying. Private is fine if you can negotiate a good deal. Values of older performance cars tends to be quite flat so you could probably buy and sell at the same sort of price without too much difficulty, again its just the running costs you've got to look out for.
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