How to pay for a car ?
Discussion
Never looked at finance and a bit confused.
Use the following hypotheticals please in your explanation.
Wanted car, 2006ish porsche 997 c2s £38k
cash monies £20k
income after all outgoings inc car tax, insurance etc, 11k/year
Self employed (not looking to save money on tax etc in this discussion but can be used for different payment options)
Whats the best way to buy said car ? Obviously the best choice might be to wait untill you have £38k in cash (and car depreciates to less than this) but then again all your cash is in a car and not free to be invested or put into your business.
Feel free to link me to somewhere that tells me all I need to know, I couldnt find one on google...
Cheers
Use the following hypotheticals please in your explanation.
Wanted car, 2006ish porsche 997 c2s £38k
cash monies £20k
income after all outgoings inc car tax, insurance etc, 11k/year
Self employed (not looking to save money on tax etc in this discussion but can be used for different payment options)
Whats the best way to buy said car ? Obviously the best choice might be to wait untill you have £38k in cash (and car depreciates to less than this) but then again all your cash is in a car and not free to be invested or put into your business.
Feel free to link me to somewhere that tells me all I need to know, I couldnt find one on google...
Cheers
The simple answer is HP. £20k deposit and £18k financed over however many months you want at the cheapest APR you can find.
Car is yours when paid up.
Or PCP which is the same as above, but with massive end payment (balloon it's called) but monthly payments are substantially less. Pay baloon and keep car or hand car back and owe nothing - but also don't own car.
Car is yours when paid up.
Or PCP which is the same as above, but with massive end payment (balloon it's called) but monthly payments are substantially less. Pay baloon and keep car or hand car back and owe nothing - but also don't own car.
Given you only have 11k after all the expected outgoings, personally I would go for a cheaper car. You never know (especially with Pork) when a bill will arrive.
Therefore why not get 20k's worth of 996 - lots of nice cars around at that price. Or the better answer is get 20k's worth of 993 and insulate yourself from any depreciation whatsoever
Therefore why not get 20k's worth of 996 - lots of nice cars around at that price. Or the better answer is get 20k's worth of 993 and insulate yourself from any depreciation whatsoever
I would say HP would be the best bet on that sort of amount, PCP you will get stung with a 'balloon' payment, however depends if you want to keep the car long term or not.
However, this being PH, using any sort of 'finance' is devils work and puts you one rung up the ladder than a sex-offender........
However, this being PH, using any sort of 'finance' is devils work and puts you one rung up the ladder than a sex-offender........
MidlandDan84 said:
I would say HP would be the best bet on that sort of amount, PCP you will get stung with a 'balloon' payment, however depends if you want to keep the car long term or not.
However, this being PH, using any sort of 'finance' is devils work and puts you one rung up the ladder than a sex-offender........
Yep. And it's purely ignorance, too, which annoys me no end.However, this being PH, using any sort of 'finance' is devils work and puts you one rung up the ladder than a sex-offender........
MidlandDan84 said:
I would say HP would be the best bet on that sort of amount, PCP you will get stung with a 'balloon' payment, however depends if you want to keep the car long term or not.
However, this being PH, using any sort of 'finance' is devils work and puts you one rung up the ladder than a sex-offender........
Jeeze, things have improved. Last time I checked sex offenders were treated better.However, this being PH, using any sort of 'finance' is devils work and puts you one rung up the ladder than a sex-offender........
hornetrider said:
Given you only have 11k after all the expected outgoings, personally I would go for a cheaper car. You never know (especially with Pork) when a bill will arrive.
Therefore why not get 20k's worth of 996 - lots of nice cars around at that price. Or the better answer is get 20k's worth of 993 and insulate yourself from any depreciation whatsoever
^^^^^^^^^Therefore why not get 20k's worth of 996 - lots of nice cars around at that price. Or the better answer is get 20k's worth of 993 and insulate yourself from any depreciation whatsoever
What he said.
hornetrider said:
I wouldn't advise through the business, you'll get clobbered for all manner of costly taxes (especially on a 911). Most efficient way (I believe) of funding business use is paying your business mileage at PPM.
(Caveat - it is for me, anyway)
Not if you're a sole trader/partnership.(Caveat - it is for me, anyway)
As you say for LTD company.
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