Dazed & Confused...but in a rush! Please help
Discussion
I find threads like this terrifying and exactly the reason why people get themselves into such issues with finance.
Going into a PCH on a heavily depreciating car with a minimal deposit is the worst possible situation. I would suggest that you will have no positive equity in the vehicle until well into year 3, if at all, and how do you intend to pay the final balloon payment if it is actually worth you doing so based on the market value of the car?
If you're determined to get a new car then for £1500 and £300 a month there are plenty of decent lease deals around, just bank the £100 a month extra you would have paid for the jeep and then in 2 years time there's you first payment for the next lease.
Whatever you do FFS don't rush the decision, the last thing you want is to put yourself in £20k+ worth of debt for a very average car then regret it in 6 months and TBH I think the salesman has seen you coming a mile off.
On a personal not I'm almost 6.5" and currently drive an A6 Avant and got to say I'm surprised you think you need something bigger as there are very few cars that offer more space. Regularly have mine 5 up with 3 lanky teenagers in the back and never had an issue.
Going into a PCH on a heavily depreciating car with a minimal deposit is the worst possible situation. I would suggest that you will have no positive equity in the vehicle until well into year 3, if at all, and how do you intend to pay the final balloon payment if it is actually worth you doing so based on the market value of the car?
If you're determined to get a new car then for £1500 and £300 a month there are plenty of decent lease deals around, just bank the £100 a month extra you would have paid for the jeep and then in 2 years time there's you first payment for the next lease.
Whatever you do FFS don't rush the decision, the last thing you want is to put yourself in £20k+ worth of debt for a very average car then regret it in 6 months and TBH I think the salesman has seen you coming a mile off.
On a personal not I'm almost 6.5" and currently drive an A6 Avant and got to say I'm surprised you think you need something bigger as there are very few cars that offer more space. Regularly have mine 5 up with 3 lanky teenagers in the back and never had an issue.
Whatever you do don't rent a big 1.6 120bhp car for 4 years at £400+ a month, you'll be back here in 6 months wanting to kill yourself.
Get a personal loan for <8k over 2-3 years (<£300 pcm), add your £1600 and buy something like this.
https://www.autotrader.co.uk/classified/advert/201...
You'll own it at the end of the 2-3 years and owe nothing.
Get a personal loan for <8k over 2-3 years (<£300 pcm), add your £1600 and buy something like this.
https://www.autotrader.co.uk/classified/advert/201...
You'll own it at the end of the 2-3 years and owe nothing.
Ahbefive said:
I'd suggest a personal loan and a 2nd hand car.
Dependant on credit rating I would agree.Leasing does have its securities of having a nice car in warranty, but having nothing to show after a few years of payments scares me!
I've always gone second hand as there is a lot more attractive metal available within my relatively small car budget.
£15k personal loan is less than £300 per month for 5 years (if that is how long you want to keep the car).
Buy the car you want and retain the flexibility that if your circumstances change you can sell the car and clear the loan rather than buy a new Jeep that'll end up costing you £20K+ in payments and be worth about £1500 at the end of 5 years, that is the definition of financial suicide!
I really hope you are not a Math's teacher ...
Buy the car you want and retain the flexibility that if your circumstances change you can sell the car and clear the loan rather than buy a new Jeep that'll end up costing you £20K+ in payments and be worth about £1500 at the end of 5 years, that is the definition of financial suicide!
I really hope you are not a Math's teacher ...
Lord.Vader said:
£15k personal loan is less than £300 per month for 5 years (if that is how long you want to keep the car).
Buy the car you want and retain the flexibility that if your circumstances change you can sell the car and clear the loan rather than buy a new Jeep that'll end up costing you £20K+ in payments and be worth about £1500 at the end of 5 years, that is the definition of financial suicide
OP, this is by far the best advice on here.Buy the car you want and retain the flexibility that if your circumstances change you can sell the car and clear the loan rather than buy a new Jeep that'll end up costing you £20K+ in payments and be worth about £1500 at the end of 5 years, that is the definition of financial suicide
To take a £15k loan (at c3% from somebody like Sainsbury’s - moneysupermarket has a good comparison) and you’ll have £16.5k to spend on a car.
As others have said if looking for SUV’s estates and at your height I’d be looking at volvos:
XC60 or V90 should fit the bill (latter possibly slightly out of budget)
If it must be new the Skoda deal linked on the last page looks good (if only a PCP), £300 down and £300 a month for what is a good size, decent car.
Consider spending £1500 or less on a large shed to buy you breathing room to decide what you want to do?
Even if you get it wrong and buy something that only lasts 6 months and you can't recoup any of the purchase price reselling, that's still less expensive than making a bad decision on buying something new, either in the sense of which car or the mechanism through which you purchase it.
Even if you get it wrong and buy something that only lasts 6 months and you can't recoup any of the purchase price reselling, that's still less expensive than making a bad decision on buying something new, either in the sense of which car or the mechanism through which you purchase it.
DiscoStu82 said:
But lease deals leave you with no deposit at the end do they? Are there certain used cars that hold their value better...?
Neither does a PCP or HP, you simply build equity in the car through, generally, higher payments and a final balloon payment; which if you choose not to make you simply hope that the GFV leaves you with enough equity to use towards your next car, generally tying you in to a cycle with the same manufacturer.a 2 or 3 year lease at under 25% of te car is generally considered a good deal, do not forget on HP / PCP you are funding the depreciation as well as trying to build equity (which could be negative), a lease is a simple long term rental where you walk away at the end.
Final option is just to take a loan and buy cash, as I said above, £15k with your £1500 as a float to deal with any potential issues.
Personally, I wouldn't touch PCP / HP (I'd use a loan as nearly always a lower % rate), but I would lease for 2 or 3 years or whatever the warranty / no MOT period is.
I'd go for a small loan, £6,500 over three years will cost £200 per month with a high street bank and if it's your own bank then typically the whole process from application to the money going in your account should only take a week.
That will give you £8k which can get a very nice car with most of the depreciation already taken car of. I wouldn't worry about higher mileage so long as it's been serviced and is of a decent enough make. After three years you'll appreciate the extra £200 a month in your pocket, that's a decent holiday every year. If worried about the age you can always spend a few hundred quid and stick a private plate on it.
My car was £16k with 28k on the clock and despite being a 2013 year it is still loaded with modern tech (far more than the overpriced 2015 BMW 330d I had previously leased). It's in mint condition inside and out and to buy it new today at the same spec costs £38k. There is no way in my mind that I would be getting £22k worth of extra value from buying a new one, nor will I ever spend £22k on repairs, even if the engine blows up.
Each to their own though, many like to have a new car and there's no problem with that. But I think circumstances and common sense should always take priority. Seriously, pop £8k into Autotrader and tick a few desired boxes but be realistic with the age and mileage.
That will give you £8k which can get a very nice car with most of the depreciation already taken car of. I wouldn't worry about higher mileage so long as it's been serviced and is of a decent enough make. After three years you'll appreciate the extra £200 a month in your pocket, that's a decent holiday every year. If worried about the age you can always spend a few hundred quid and stick a private plate on it.
My car was £16k with 28k on the clock and despite being a 2013 year it is still loaded with modern tech (far more than the overpriced 2015 BMW 330d I had previously leased). It's in mint condition inside and out and to buy it new today at the same spec costs £38k. There is no way in my mind that I would be getting £22k worth of extra value from buying a new one, nor will I ever spend £22k on repairs, even if the engine blows up.
Each to their own though, many like to have a new car and there's no problem with that. But I think circumstances and common sense should always take priority. Seriously, pop £8k into Autotrader and tick a few desired boxes but be realistic with the age and mileage.
+1 to the above it seems to make the most sense but I'd say a lone for £7500.00 as it'll land you a large estate:
A6 S Line
https://www.autotrader.co.uk/classified/advert/201...
https://www.autotrader.co.uk/classified/advert/201...
https://www.autotrader.co.uk/classified/advert/201...
E220/250
https://www.autotrader.co.uk/classified/advert/201...
https://www.autotrader.co.uk/classified/advert/201...
Skoda Superb
https://www.autotrader.co.uk/classified/advert/201...
https://www.autotrader.co.uk/classified/advert/201...
V70 D5
https://www.autotrader.co.uk/classified/advert/201...
https://www.autotrader.co.uk/classified/advert/201...
https://www.autotrader.co.uk/classified/advert/201...
One car that will suit your needs & still keep you in an estate looking vehicle is the Mercedes R class long wheelbase, the only downside is it's looks:
https://www.autotrader.co.uk/classified/advert/201...
https://www.autotrader.co.uk/classified/advert/201...
Failing that if you need a bigger car than an A6 Avant you should get an S Max:
Titanium X Sport
https://www.autotrader.co.uk/classified/advert/201...
Titanium
https://www.autotrader.co.uk/classified/advert/201...
https://www.autotrader.co.uk/classified/advert/201...
A6 S Line
https://www.autotrader.co.uk/classified/advert/201...
https://www.autotrader.co.uk/classified/advert/201...
https://www.autotrader.co.uk/classified/advert/201...
E220/250
https://www.autotrader.co.uk/classified/advert/201...
https://www.autotrader.co.uk/classified/advert/201...
Skoda Superb
https://www.autotrader.co.uk/classified/advert/201...
https://www.autotrader.co.uk/classified/advert/201...
V70 D5
https://www.autotrader.co.uk/classified/advert/201...
https://www.autotrader.co.uk/classified/advert/201...
https://www.autotrader.co.uk/classified/advert/201...
One car that will suit your needs & still keep you in an estate looking vehicle is the Mercedes R class long wheelbase, the only downside is it's looks:
https://www.autotrader.co.uk/classified/advert/201...
https://www.autotrader.co.uk/classified/advert/201...
Failing that if you need a bigger car than an A6 Avant you should get an S Max:
Titanium X Sport
https://www.autotrader.co.uk/classified/advert/201...
Titanium
https://www.autotrader.co.uk/classified/advert/201...
https://www.autotrader.co.uk/classified/advert/201...
I know I keep saying it but thank you all for your help.
Thanks very much for all your specific suggestions, some of them seem great.
Just a few things to note:
- I’m not AT ALL precious about a new car or the mileage. Don’t get me wrong - I’ve come out of a lovely Audi so the nicer the car the better (obviously) but it really is not my priority.
My priorities are:
- Size (at least as big as my “dead” Audi A6 Avant)
- The most viable option financially (I am very inexperienced when it comes to cars - so depreciation and PCP, PCH, PH, personal loan etc. are all pretty foreign to me)
- I paid £400 p/m for my A6 but put down £3500 as a deposit (p/x Audi A4). I now only have £1600 as a deposit and no more (leftover after insurance paid off my finance)
- I’d prefer to not pay £400 p/m if possible but could possibly if the deal was right.
What cars are good options? One previous post spoke about getting the right make...what would be the right make? Are there certain cars that hold their price better?
Thanks very much for all your specific suggestions, some of them seem great.
Just a few things to note:
- I’m not AT ALL precious about a new car or the mileage. Don’t get me wrong - I’ve come out of a lovely Audi so the nicer the car the better (obviously) but it really is not my priority.
My priorities are:
- Size (at least as big as my “dead” Audi A6 Avant)
- The most viable option financially (I am very inexperienced when it comes to cars - so depreciation and PCP, PCH, PH, personal loan etc. are all pretty foreign to me)
- I paid £400 p/m for my A6 but put down £3500 as a deposit (p/x Audi A4). I now only have £1600 as a deposit and no more (leftover after insurance paid off my finance)
- I’d prefer to not pay £400 p/m if possible but could possibly if the deal was right.
What cars are good options? One previous post spoke about getting the right make...what would be the right make? Are there certain cars that hold their price better?
DiscoStu82 said:
So what are my other options?
Would I not have the Jeep to part-ex at some stage when I need to change...?
Bottom line is the following:
https://www.ebay.co.uk/itm/2007-Volvo-V70-2-4D-Geartronic-2007MY-SE/382657533295?hash=item59182a956f:g:XdEAAOSwopRYZ7Ff:rk:9Would I not have the Jeep to part-ex at some stage when I need to change...?
Bottom line is the following:
- I have £1500 to play with
- I need a biggish car (Bigger than an A6 Avant)
- I presume PCP is a better option than leasing as at the end of the deal I have something to part-ex. (If I’m wrong about that please let me know)
f:0...and sack off the monthly payments.
There are dozens of similar cars for similar money - my point is you don't have to lock yourself into monthly payments. Get on eBay, have a search around for something not too far away for 1600 quid or less and see what's around. The V70 is a personal favourite of mine after I bought one for £470 a year ago and it's been brilliant - just take someone who knows what they're doing if you're not that confident yourself 
So if cars aren't your thing, then I am guessing you want big, worry free and simple finance.
To me that points naturally to cars such as the; Ford Mondeo estate, Skoda Superb estate, Vauxhall Insignia estate or maybe a Peugeot 508 estate. i don't think Toyota do the Avensis anymore but depending on when they stopped it might fit in to one of the following categories:
You go:
PCP via carwow, drive the deal or something get one with the money you have down and the £400 a month for 3 years (before MOT), hope that you have some positive equity to roll over or that circumstances have changed you like the car and you can afford likely a £15k plus balloon (maybe personal loan at this point).
PCH via one of the many leasing companies with a special offer, again the money you have down, target £300 a month and be disciplined at putting £100 a month in to a savings account get a 2 year lease have £2,400 at the end to pay for damage and next deposit.
Personal loan, get a reasonable mileage approved used off a dealer forecourt for around £15k a 4 year term and about £400 a month. Treat it nice and hope it doesn't throw a wobble.
All of the above can screw up, all have risk of another smash etc but provide a new or relatively new car for worry free motoring.
If you want the least risk from loss if you smash it again, take the money you have, tie yourself to a loan of about £4.8k (1 year risk 12 x £400) roll the dice and get a used example from somewhere and probably have 1 - 2 years worry free motoring.
To me that points naturally to cars such as the; Ford Mondeo estate, Skoda Superb estate, Vauxhall Insignia estate or maybe a Peugeot 508 estate. i don't think Toyota do the Avensis anymore but depending on when they stopped it might fit in to one of the following categories:
You go:
PCP via carwow, drive the deal or something get one with the money you have down and the £400 a month for 3 years (before MOT), hope that you have some positive equity to roll over or that circumstances have changed you like the car and you can afford likely a £15k plus balloon (maybe personal loan at this point).
PCH via one of the many leasing companies with a special offer, again the money you have down, target £300 a month and be disciplined at putting £100 a month in to a savings account get a 2 year lease have £2,400 at the end to pay for damage and next deposit.
Personal loan, get a reasonable mileage approved used off a dealer forecourt for around £15k a 4 year term and about £400 a month. Treat it nice and hope it doesn't throw a wobble.
All of the above can screw up, all have risk of another smash etc but provide a new or relatively new car for worry free motoring.
If you want the least risk from loss if you smash it again, take the money you have, tie yourself to a loan of about £4.8k (1 year risk 12 x £400) roll the dice and get a used example from somewhere and probably have 1 - 2 years worry free motoring.
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