Can't decide between wafting banger or new cheap lease..
Discussion
I've been debating spending about £2,000 on something to use as a daily. I was wanting to buy something like an old 525i but know that over say 4 years it'll cost me a fair few quid in maintenance, petrol, and so forth.
I just noticed that Seat have an offer on at the moment where you can lease a new Ibiza with lots of options on it (cruise, climate, etc) for £199 deposit and £199 a month over four years.
Just working out even the initial savings (insurance about half the price it would be for the BMW, road tax half the price), plus the far less frequent trips to the garage for repairs and what I would hope would be significant fuel economy improvement.. surely leasing the Ibiza would make far more financial sense?
I've never had a new car before. Never even come close to a new car in fact. But just thinking about the numbers, I think the new car might actually make most sense? I can certainly afford the monthly payments so that's not the issue.. I guess it's the fear of being tied into a four year contract going forward?
Hmm.. what to do!
I just noticed that Seat have an offer on at the moment where you can lease a new Ibiza with lots of options on it (cruise, climate, etc) for £199 deposit and £199 a month over four years.
Just working out even the initial savings (insurance about half the price it would be for the BMW, road tax half the price), plus the far less frequent trips to the garage for repairs and what I would hope would be significant fuel economy improvement.. surely leasing the Ibiza would make far more financial sense?
I've never had a new car before. Never even come close to a new car in fact. But just thinking about the numbers, I think the new car might actually make most sense? I can certainly afford the monthly payments so that's not the issue.. I guess it's the fear of being tied into a four year contract going forward?
Hmm.. what to do!
As good as that offer sounds, I am guessing it is a PCP, so it might be working checking the mileage limitation. It could be set at 6k PA to allow for the £199 a month, as the car (depending on condition) will be easier to sell on with low miles. But if you're doing 12k the monthly repayment will reflect the extra mileage/wear and tear/future value
Having only ever owned 10+ year old cars, I'm just a bit bored of having to take the cars to garages for repairs - and have no space or inclination to work on the car myself on the driveway.
And the idea here is to have the least amount of outgoings so I can plough money into my Corrado VR6 weekend car....
And the idea here is to have the least amount of outgoings so I can plough money into my Corrado VR6 weekend car....
Even so...
My issue with these is - once that 'new car' things worn off, your left with 3.5 years of paying out for something which is boooooooring and ultimately a cheap car. Thats a loooong time to be paying for something you dont desire.
Change your mind on your £2k BMW next month? Sell it, buy something else.
As for The Wafting Banger - I'm repeatedably amused at people calling £2000 cars 'bangers'.
Bangers are £400 cars counting down till their last MOT. £2000 gets you all manner of perfectly fine, very desireable cars.
My issue with these is - once that 'new car' things worn off, your left with 3.5 years of paying out for something which is boooooooring and ultimately a cheap car. Thats a loooong time to be paying for something you dont desire.
Change your mind on your £2k BMW next month? Sell it, buy something else.
As for The Wafting Banger - I'm repeatedably amused at people calling £2000 cars 'bangers'.
Bangers are £400 cars counting down till their last MOT. £2000 gets you all manner of perfectly fine, very desireable cars.
Apologies. Was using the "banger" analogy to fit in here where folks are tooling around in much more expensive metal 
Make no mistake, £2000 is a lot of money to me.
I think your points make sense and as you say once the new car novelty wears off, it accept it will be a dull drive... but as I also say, it won't be my only car and I will still have something fun for the weekends / summer.
I am tempted to pop over to the Seat dealership though for a look around and a test drive. As I say, the general dissatisfaction with regular trips to fix broken components and the annual fear of the MOT has just started to get to me this past year, especially with losing lots of money on the last few old cars I've sold. And if I spend £2,000 on an old BMW there's nothing to say I won't have some catastrophic component failure a matter of months after buying it, and be back to square one..
Make no mistake, £2000 is a lot of money to me. I think your points make sense and as you say once the new car novelty wears off, it accept it will be a dull drive... but as I also say, it won't be my only car and I will still have something fun for the weekends / summer.
I am tempted to pop over to the Seat dealership though for a look around and a test drive. As I say, the general dissatisfaction with regular trips to fix broken components and the annual fear of the MOT has just started to get to me this past year, especially with losing lots of money on the last few old cars I've sold. And if I spend £2,000 on an old BMW there's nothing to say I won't have some catastrophic component failure a matter of months after buying it, and be back to square one..
Chicane-UK said:
Having only ever owned 10+ year old cars, I'm just a bit bored of having to take the cars to garages for repairs - and have no space or inclination to work on the car myself on the driveway.
And the idea here is to have the least amount of outgoings so I can plough money into my Corrado VR6 weekend car....
Went through the same decision process when we got a Smart. Was fed up of the little niggles on cars that were being used purely to get to work an back. We took a 2 year PCP (10k per year limit) out on a new Smart CDi for £92 per month (I think we put £1k deposit down). It's not the most exciting car but then not much is in nose to tail traffic so that is of minimal concern. And the idea here is to have the least amount of outgoings so I can plough money into my Corrado VR6 weekend car....
I was like you in that I never dreamt of buying a new car as I've always said that the depreciation will cost far more than the repairs on an older car but with some of these lease and PCP deals, that isn't necessarily the case. I'd imagine that it is theoretically possible to run a cheaper car but it is nice knowing that anything that goes wrong is not going to cost me a penny. It also qualifies for free road tax (and congestion charge free not that I've taken advantage) and typically returns 60-70 mpg. Insurance is buttons as you would expect. Other than throw away bangers, it is by some margin the cheapest car I've run and yet is the only one that has been bought new.
Should have added that I would have been quite uncomfortable to committing to four years. Three maybe but four is quite a long time.
Edited by Gad-Westy on Tuesday 26th July 14:12
Go and test drive the £10k Seat.
Then this, the most reliable car in the world iirc. Not a bad wafter either.
http://www.autotrader.co.uk/classified/advert/2010...
Then this, the most reliable car in the world iirc. Not a bad wafter either.
http://www.autotrader.co.uk/classified/advert/2010...
r1ch said:
I'd go with the wafting banger. I'd rather not be tied into a contract.
Ive been thinking of an e39 5 series or leggy e46 3 series. But i dont know anything about bmw's and wonder if it will cost too much in maintenance and end up being false economy.
Bought my E46 330 Touring in october last year for £2200. Since then, its had close on £2000 spent on it. Now in fairness I clearly bought a lemon but you can see that big bills can add up.Ive been thinking of an e39 5 series or leggy e46 3 series. But i dont know anything about bmw's and wonder if it will cost too much in maintenance and end up being false economy.
ETA to add. My dad's E39 is also at an age where bills can just arrive from nowhere. Bushes, balljoints, exhaust, water pump, radiator etc... These things can add up fast if you're unlucky enough to get a few problems at once.
Edited by Gad-Westy on Tuesday 26th July 15:05
Gad-Westy said:
r1ch said:
I'd go with the wafting banger. I'd rather not be tied into a contract.
Ive been thinking of an e39 5 series or leggy e46 3 series. But i dont know anything about bmw's and wonder if it will cost too much in maintenance and end up being false economy.
Bought my E46 330 Touring in october last year for £2200. Since then, its had close on £2000 spent on it. Now in fairness I clearly bought a lemon but you can see that big bills can add up.Ive been thinking of an e39 5 series or leggy e46 3 series. But i dont know anything about bmw's and wonder if it will cost too much in maintenance and end up being false economy.
My old daily Merc estate needed several expensive jobs doing in the space of 16 months ownership and even though I loved it, that began to grate. ALL the springs snapped, there were various leaks, brakes needed doing, etc.. what was supposed to be yet another great money spinner ended up being a bit of a pit.
I think I've just had enough of it and do fancy trying new for a while.
Ibizahoo2 said:
i dont get peoples apparent aversion to contracts?
your not tied in, i had my SEAT ibiza for 20 months out of 36 and got bored so walked into skoda and bought a fabia vrs, they took my SEAT, cleared the finance and i walk out with another brand new car for no extra money job done...
I think its more to do with a scenario where you lost your job for example. You may no longer be able to pay for the car and it may be worth less than you owe on finance. At that point an old fully paid up barge on the drive might be more appealing.your not tied in, i had my SEAT ibiza for 20 months out of 36 and got bored so walked into skoda and bought a fabia vrs, they took my SEAT, cleared the finance and i walk out with another brand new car for no extra money job done...
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