Tying up cash in a car for short term???
Discussion
So to date, most expensive car purchase has been about 12K and below, had one PCP a while back and mostly always owned my own cars
Currently, im in a position where im making some good money, its not going to be forever but ideally im putting it to good use and looking to purchase a second property and hopefully pay off mortgage or at least have a small mortgage out of it
Also looking to treat myself to potential of driving some cars i have always admired but looking for advice from anybody who has done similar. Cars im interested in obtaining are Audi RS4(B7) RS6(C5&6) BMW M3(E46&E90) BMW M5(F10) amongst others but what i want to know is, what is the best way to get into these cars at this age and price point?
Basically im looking around 20-30K for the M5/RS6, possibly owning it for around 1yr and then move it on to try another, but is the only way to achieve this to buy and sell each individual car? Ideally, i dont want to tie up 30K in a car then have to deal with selling etc when time comes, so would PCP or PCH be better alternatives? Would it be possible to change after a year on PCP/PCH? Any advice appreciated
Currently, im in a position where im making some good money, its not going to be forever but ideally im putting it to good use and looking to purchase a second property and hopefully pay off mortgage or at least have a small mortgage out of it
Also looking to treat myself to potential of driving some cars i have always admired but looking for advice from anybody who has done similar. Cars im interested in obtaining are Audi RS4(B7) RS6(C5&6) BMW M3(E46&E90) BMW M5(F10) amongst others but what i want to know is, what is the best way to get into these cars at this age and price point?
Basically im looking around 20-30K for the M5/RS6, possibly owning it for around 1yr and then move it on to try another, but is the only way to achieve this to buy and sell each individual car? Ideally, i dont want to tie up 30K in a car then have to deal with selling etc when time comes, so would PCP or PCH be better alternatives? Would it be possible to change after a year on PCP/PCH? Any advice appreciated
Don't finance deals vary according to car age? If so, are any available for the age of car you want? Also, if you have the cash available you need to look at the total cost for the time you have the car. Purchase outright and you have loss if interest and depreciation to consider, PCP would include the interest charges for the money etc.
KevinCamaroSS said:
Don't finance deals vary according to car age? If so, are any available for the age of car you want? Also, if you have the cash available you need to look at the total cost for the time you have the car. Purchase outright and you have loss if interest and depreciation to consider, PCP would include the interest charges for the money etc.
True, forgot to mention that most of these are now outwith finance deals due to age, only other way would be a personal loan i suppose or cash is king! Best start saving i suppose!It's quite difficult to get the cars you've mentioned on a competitive PCH deal.
If you're happy to wait you could probably get an Audi S4 for about £10k-£11k over 2 years. Pretty sure I remember the Alfa 4C being a similar price for 2 years. Both on a PCH.
I'd wait and pounce on a good PCH deal when it comes along for an exotic car. The added benefit being it's brand new/under warranty and you can save/invest your capital elsewhere.
If you're happy to wait you could probably get an Audi S4 for about £10k-£11k over 2 years. Pretty sure I remember the Alfa 4C being a similar price for 2 years. Both on a PCH.
I'd wait and pounce on a good PCH deal when it comes along for an exotic car. The added benefit being it's brand new/under warranty and you can save/invest your capital elsewhere.
Think generally any PCP / PCH / lease is minimum 2 years.
Your best bet would probably be getting a bank loan, much lower interest. Buying the car outright and paying the loan back monthly as if it were car finance. Only ballache you have here is that you would have to sell it at the end. Though with nicer cars like you mention this is a bit easier than having to deal with all the knobbers that are in the sub £5k bracket and there will be a load of specialist dealers interested in them.
Just be aware of the massive running costs of these cars and if possible try and get some warranty. Friend of mine is a BMW tech at the local dealer and they had a guy who had bought a used F10 somewhere else bring it in and it needed a new engine and gearbox, luckily he had warranty as the bill for fixing it was north of £30k! which was about 75% of the purchase price!
Your best bet would probably be getting a bank loan, much lower interest. Buying the car outright and paying the loan back monthly as if it were car finance. Only ballache you have here is that you would have to sell it at the end. Though with nicer cars like you mention this is a bit easier than having to deal with all the knobbers that are in the sub £5k bracket and there will be a load of specialist dealers interested in them.
Just be aware of the massive running costs of these cars and if possible try and get some warranty. Friend of mine is a BMW tech at the local dealer and they had a guy who had bought a used F10 somewhere else bring it in and it needed a new engine and gearbox, luckily he had warranty as the bill for fixing it was north of £30k! which was about 75% of the purchase price!
RB Will said:
Think generally any PCP / PCH / lease is minimum 2 years.
Your best bet would probably be getting a bank loan, much lower interest. Buying the car outright and paying the loan back monthly as if it were car finance. Only ballache you have here is that you would have to sell it at the end. Though with nicer cars like you mention this is a bit easier than having to deal with all the knobbers that are in the sub £5k bracket and there will be a load of specialist dealers interested in them.
Just be aware of the massive running costs of these cars and if possible try and get some warranty. Friend of mine is a BMW tech at the local dealer and they had a guy who had bought a used F10 somewhere else bring it in and it needed a new engine and gearbox, luckily he had warranty as the bill for fixing it was north of £30k! which was about 75% of the purchase price!
Ouch! I have saw people speak of warranty with BMW when running few year old M5 etc, is this just an extended manufacturer affair and how do you arrange it, specialist or any main dealer offer them? If i do consider M5 territory i'd rather this for peace of mind i thinkYour best bet would probably be getting a bank loan, much lower interest. Buying the car outright and paying the loan back monthly as if it were car finance. Only ballache you have here is that you would have to sell it at the end. Though with nicer cars like you mention this is a bit easier than having to deal with all the knobbers that are in the sub £5k bracket and there will be a load of specialist dealers interested in them.
Just be aware of the massive running costs of these cars and if possible try and get some warranty. Friend of mine is a BMW tech at the local dealer and they had a guy who had bought a used F10 somewhere else bring it in and it needed a new engine and gearbox, luckily he had warranty as the bill for fixing it was north of £30k! which was about 75% of the purchase price!
foxmeister said:
Ouch! I have saw people speak of warranty with BMW when running few year old M5 etc, is this just an extended manufacturer affair and how do you arrange it, specialist or any main dealer offer them? If i do consider M5 territory i'd rather this for peace of mind i think
I believe you can arrange it through an official BMW dealer. I think you have to take the car in for them to inspect it and it’s history and they will either offer you a certain level of cover or adjust price of warranty accordingly. Don’t quote me on that though.Gassing Station | Car Buying | Top of Page | What's New | My Stuff