Leasing? Finance? Roulette? What?
Discussion
The thing about being interested in cars, is that people tend to ask you all sorts of car related things and then wonder why you have no clue what they are talking about...
A very good friend of mine asked me this morning what the best route getting a decent, sporty car would be, as he has just had a pay rise. He's telling me he now has a "spare" £350 per month and a few grand in the bank as a deposit, so he wants my advice on the best lease or PCP or similar to get something fun.
I absolutely haven't got a clue, I've never leased or PCD'd a car - I thought he'd be better off with the best rate loan he could find (rather than car finance) to add to the few thousand quid he's got - and then buy something outright with the cash.
Have I given him awful advice?
I just looked on a leasing website and found a 5.0 V8 Mustang for £500 a month, which surprised me, to be honest. I thought leasing was really for new cars and sensible cars at that.
I think pretty much everything is leased nowadays. I'm in the minority (10%) who pays for it all upfront. Higher end cars such as Rolls Royces and Ferraris/Lambos are probably even higher than 90% all leased/financed.
Edit: problem is that your friend thinks that because he has a pay rise, it should get spunked on financing a brand new car. Tell him to look at used, far far better value for money.
There's an underlying theme developing in this country whereby people believe that when they want to change their car, they must lease or finance a brand new shiny car as opposed to being seen in something slightly older. Does my nut in.
Edit: problem is that your friend thinks that because he has a pay rise, it should get spunked on financing a brand new car. Tell him to look at used, far far better value for money.
There's an underlying theme developing in this country whereby people believe that when they want to change their car, they must lease or finance a brand new shiny car as opposed to being seen in something slightly older. Does my nut in.
Edited by Muddle238 on Monday 17th April 17:46
Muddle238 said:
I think pretty much everything is leased nowadays. I'm in the minority (10%) who pays for it all upfront. Higher end cars such as Rolls Royces and Ferraris/Lambos are probably even higher than 90% all leased/financed.
Edit: problem is that your friend thinks that because he has a pay rise, it should get spunked on financing a brand new car. Tell him to look at used, far far better value for money.
There's an underlying theme developing in this country whereby people believe that when they want to change their car, they must lease or finance a brand new shiny car as opposed to being seen in something slightly older. Does my nut in
Why would it do your nut in? Edit: problem is that your friend thinks that because he has a pay rise, it should get spunked on financing a brand new car. Tell him to look at used, far far better value for money.
There's an underlying theme developing in this country whereby people believe that when they want to change their car, they must lease or finance a brand new shiny car as opposed to being seen in something slightly older. Does my nut in
Not everyone has your priorities
Someone once did your nut in by buying your used car when it was new. What a nutcase.
Muddle238 said:
I think pretty much everything is leased nowadays. I'm in the minority (10%) who pays for it all upfront. Higher end cars such as Rolls Royces and Ferraris/Lambos are probably even higher than 90% all leased/financed.
Edit: problem is that your friend thinks that because he has a pay rise, it should get spunked on financing a brand new car. Tell him to look at used, far far better value for money.
There's an underlying theme developing in this country whereby people believe that when they want to change their car, they must lease or finance a brand new shiny car as opposed to being seen in something slightly older. Does my nut in.
You have been hanging around with Datum for far too long... Edit: problem is that your friend thinks that because he has a pay rise, it should get spunked on financing a brand new car. Tell him to look at used, far far better value for money.
There's an underlying theme developing in this country whereby people believe that when they want to change their car, they must lease or finance a brand new shiny car as opposed to being seen in something slightly older. Does my nut in.
Edited by Muddle238 on Monday 17th April 17:46
Anyway - I will have a guess and say the thread will go to 22 pages (at 20ppp)
It depends - on how long he's wanting to keep it, how many miles he's planning doing, whether he'll want to modify it in anyway, etc.
Leasing can make sense - as long as he realises that at the end of the contract term he won't own the car (unless he makes the balloon payment) and won't have any collateral.
Personally, I'd go with a bank-loan or save up and buy outright (even if that means buying something older/cheaper), but we're all different.
Leasing can make sense - as long as he realises that at the end of the contract term he won't own the car (unless he makes the balloon payment) and won't have any collateral.
Personally, I'd go with a bank-loan or save up and buy outright (even if that means buying something older/cheaper), but we're all different.
talksthetorque said:
Why would it do your nut in?
Not everyone has your priorities
Someone once did your nut in by buying your used car when it was new. What a nutcase.
It does my nut in because it extends beyond cars and into most aspects of people's materialistic lives. Phones, cars, TVs, stereo systems, furniture etc. Not everyone has your priorities
Someone once did your nut in by buying your used car when it was new. What a nutcase.
Constant borrowing can't be good for the economy - see 2008, and that affects everybody. And for what, so that people can have shiny new things all the time? It's sad that people don't seem to value their possessions, instead of looking after them or fixing them when they get broken, they just throw it away and finance something else new. In another thread on here recently, somebody made the excellent comment that people know the price of everything but the value of nothing. The throwaway culture I guess.
Sterillium said:
Yup, I totally get where you are coming from - I've never even considered leasing which is why I know so little about it.
I'm just not convinced £350 a month plus a few thousand deposit would amount to much.
Tell him to increase his mortgage repayments and stick with what he's got.I'm just not convinced £350 a month plus a few thousand deposit would amount to much.
Bill said:
4 years @ £277.99 = £13,343 
jhonn said:
Muddle238 said:
It does my nut in because it extends beyond cars and into most aspects of people's materialistic lives. Phones, cars, TVs, stereo systems, furniture etc.
Houses too. If someone can afford to service the debt (for whatever they're buying) I don't see the issue.
VGTICE said:
Yes because as we all know people are allowed to buy things using debt because they can afford them, like houses. Can you remind us what happened in 2007/2008?
If people could have paid their loans then it wouldn't have happened. Bringing this back on-topic to the OP's post - if his friend is confident he can afford the terms and the deal is right, then why not?
Having finance, or a loan/lease isn't necessarily a bad thing.
jhonn said:
Bringing this back on-topic to the OP's post - if his friend is confident he can afford the terms and the deal is right, then why not?
Having finance, or a loan/lease isn't necessarily a bad thing.
Absolutely. And as he's had to ask the OP I assume he's not much of a petrolhead and isn't really up for something interesting and secondhand.Having finance, or a loan/lease isn't necessarily a bad thing.
Muddle238 said:
It does my nut in because it extends beyond cars and into most aspects of people's materialistic lives. Phones, cars, TVs, stereo systems, furniture etc.
Constant borrowing can't be good for the economy - see 2008, and that affects everybody. And for what, so that people can have shiny new things all the time? It's sad that people don't seem to value their possessions, instead of looking after them or fixing them when they get broken, they just throw it away and finance something else new. In another thread on here recently, somebody made the excellent comment that people know the price of everything but the value of nothing. The throwaway culture I guess.
Sorry, I just can't understand how the way other people live their lives affects you at all, try not being so concerned with others and you might get more pleasure out of your own life.Constant borrowing can't be good for the economy - see 2008, and that affects everybody. And for what, so that people can have shiny new things all the time? It's sad that people don't seem to value their possessions, instead of looking after them or fixing them when they get broken, they just throw it away and finance something else new. In another thread on here recently, somebody made the excellent comment that people know the price of everything but the value of nothing. The throwaway culture I guess.
jhonn said:
VGTICE said:
Yes because as we all know people are allowed to buy things using debt because they can afford them, like houses. Can you remind us what happened in 2007/2008?
If people could have paid their loans then it wouldn't have happened. Gassing Station | Car Buying | Top of Page | What's New | My Stuff