CAM Posted October 19, 2013 Posted October 19, 2013 My Astra is still serviceable though getting on and after looking around at cars I noticed a local garage down the road is doing one of those 0% 5 year finance deals on new Astra GTCs. Has anyone ever bought a car using these deals and did you have any hassle?
twin--turbo Posted October 19, 2013 Posted October 19, 2013 My Astra is still serviceable though getting on and after looking around at cars I noticed a local garage down the road is doing one of those 0% 5 year finance deals on new Astra GTCs. Has anyone ever bought a car using these deals and did you have any hassle? ~£5500 deposit and ~£200 a month for 5 years No thanks... Rob 1
has Posted October 19, 2013 Posted October 19, 2013 Bought an Audi on finance few months back. Shop around to get the best deal and always get the details in writing. Had a issue with my previous car where the sales guy offered extras but never had it in writing. I cancelled the finance when they wouldn't offer the deal. 1
m25man Posted October 19, 2013 Posted October 19, 2013 Have you ever paid cash for one? - You get treated like a criminal nowadays, Investigated for money laundering and all sorts. There is no such thing as a free lunch even 0% will have some limiting factors. They will want to earn near the 4.6% mark in other ways. Will you own it outright after 5 years or is there a bubble to pay? This is where these deals can bite you. According to Rob, your looking to pay £17.5k over 5 Years on this deal!! Well, we just bought a brand new Fiesta 1.6 Titanium Auto with all the toys, DAB, BT, AC, Sync, MyKey, Boy Racer ST style Body Pack well over £17.5k list and came away with it discounted to £12.5k but on Ford Finance, as it was the only way they would sell it to us that cheap! We then made one re-payment then cancelled the credit agreement (Ford Credit) and paid the balance off by debit card over the phone with no penalties. So check the finance package (carefully) get the base price down to the minimum and see what the early settlement options are on Vauxhall Finance. You may be able to do something similar with GMAC as the manufacturers own finance packages are more flexible as it all about shifting boxes where external finance is all about making money out of thin air. You can settle the original finance package on the hugely discounted car with one from elsewhere such as Zopa if it fits. Cash is still king, as long as you have some balls to take these dealers on especially at the end of the month when they have had a bad week! I have done this type of thing on the last 3 cars we bought and as a result the average cost of motoring including the depreciation and repairs has averaged just £20 pw I would secure Finance elsewhere first even if you don't actually intend to use it. Go in there all guns blazing and refuse to leave until they meet your demands. It works honest! I might even be able to off load the Fiesta next year at a profit! 2
CAM Posted October 19, 2013 Author Posted October 19, 2013 Cheers for the responses, just been down the dealership and decided it is a bad idea anyway. For one there are used GTCs a year old at almost half the price of brand new. An 09 Hyundai Coupe that has been there a while has also caught my eye at 7 grand which got as far as a test drive so I don't think I'll be dropping money on a new car seeing that.
speckytecky Posted October 19, 2013 Posted October 19, 2013 Back in the early 70s I bought one on finance and even though it wasn't a big heap of money then the payments seemed to take forever to end. Also the heap was depreciating in value every day. Wifey recently took my 19 year old car shopping and came back full of he joys having purchased one on finance. The seemingly reputable Fiat dealer promised to send the finance documents on as they couldn't print it then and there. Long and the short of it the promised paperwork never arrived and wifey went to the dealership a few months later to query why. She then received the paperwork and nearly fell through the floor when she realised what she had signed up to. £8K car is going to cost a further £3K by the time she has paid for it. I wanted to kick off about it but her indoors wouldn't.
michael2k6 Posted October 20, 2013 Posted October 20, 2013 I've had company cars, leases on PCP, HP, and financed it through the bank, and the only way I'll go in future ideally is outright purchase or HP. Stung too many times in too many ways on the others.
broc Posted October 20, 2013 Posted October 20, 2013 I think anyone wanting to buy a new no-frills car on a tight budget should take a look at Dacia, a company owned by Renault. They are very popular in mainland Europe. Prices start at just under £6k including a 3 year warranty.
twin--turbo Posted October 20, 2013 Posted October 20, 2013 I think anyone wanting to buy a new no-frills car on a tight budget should take a look at Dacia, a company owned by Renault. They are very popular in mainland Europe. Prices start at just under £6k including a 3 year warranty. Thats for the petrol, add 2.5K to the price for the diesel
broc Posted October 21, 2013 Posted October 21, 2013 Thats for the petrol, add 2.5K to the price for the diesel Not everyone wants diesel...... you need to do the sums to see if diesel is right for you.
Sunnyknight Posted October 21, 2013 Posted October 21, 2013 (edited) Merc c220 09 plate. Value - around £30,000 (at the time), Deposit - something around £5000 - £6000, Payments per month - around £600 a month for 4 years May have been a lil more, but i put about £100 - £200 on top per month when i could Edited October 21, 2013 by Sunnyknight
twin--turbo Posted October 21, 2013 Posted October 21, 2013 Not everyone wants diesel...... you need to do the sums to see if diesel is right for you. If I am doing figures I would not buy any new car, and very unlikly a one that's 2.5K more than it's petrol equiv and likly to depreciate that value very fast.
twin--turbo Posted October 21, 2013 Posted October 21, 2013 (edited) Merc c220 09 plate. Value - around £30,000 (at the time), Deposit - something around £5000 - £6000, Payments per month - around £600 a month for 4 years May have been a lil more, but i put about £100 - £200 on top per month when i could I had a C230, cost me £200. Did 1500 miles and sold it for £600. and the 09 plate is now only worth about £12K Edited October 21, 2013 by twin--turbo
Sunnyknight Posted October 21, 2013 Posted October 21, 2013 I had a C230, cost me £200. Did 1500 miles and sold it for £600. and the 09 plate is now only worth about £12K Yep i know. Looking for a project car, so i'm looking at a 07+ rx8 / veilside rx7. They're cheap, but finding a good condition with hardly any surface rust, and someone who looks after the engine is hard. If i can't find a nice one, then puh puh pump it up on the Skyline r34 gtr vspec 1 / 2 / Skyline r33 Gtr
twin--turbo Posted October 21, 2013 Posted October 21, 2013 Yep i know. Looking for a project car, so i'm looking at a 07+ rx8 / veilside rx7. They're cheap, but finding a good condition with hardly any surface rust, and someone who looks after the engine is hard. If i can't find a nice one, then puh puh pump it up on the Skyline r34 gtr vspec 1 / 2 / Skyline r33 Gtr Love a good Wankle, but I would probably go for the Skyline out of them two.... I quite like the old AE86 but they fetch silly monye for what they are, love the new GT86 but i will have to wait 12 years to get one in my price range.
Danp Posted October 21, 2013 Posted October 21, 2013 I have never bought a car on finance, cash only for me. But, I am looking at the Skoda Citygo for £100 a month with tiny deposit for my mrs to use around town.
broc Posted October 21, 2013 Posted October 21, 2013 If I am doing figures I would not buy any new car, and very unlikly a one that's 2.5K more than it's petrol equiv and likly to depreciate that value very fast. Buying new cars is not a good idea from a financial viewpoint, I agree with you there. If you want a new car with less financial pain then a budget brand like Dacia offers buyers a solution. If you lost 100% of the Dacia's value in 3 years (unlikely) the annual depreciation would be less than £3k pa. I doubt there are many newish cars you can buy with depreciation that low. The guides seem to indicate 3 year Dacia depreciation to be around 50%...... so it is likely to be around £1.5k pa. As far as diesels are concerned, modern Euro IV and V emmission regulations mean they are generally more expensive to buy, service, fuel, and repair than older engines. DPF regeneration can be problematic on cars used for short, low speed trips, not to mention other diesel related problems with turbos, EGR, DMF, piezo injectors, high pressure fuel pumps.
twin--turbo Posted October 21, 2013 Posted October 21, 2013 Buying new cars is not a good idea from a financial viewpoint, I agree with you there. If you want a new car with less financial pain then a budget brand like Dacia offers buyers a solution. If you lost 100% of the Dacia's value in 3 years (unlikely) the annual depreciation would be less than £3k pa. I doubt there are many newish cars you can buy with depreciation that low. The guides seem to indicate 3 year Dacia depreciation to be around 50%...... so it is likely to be around £1.5k pa. As far as diesels are concerned, modern Euro IV and V emmission regulations mean they are generally more expensive to buy, service, fuel, and repair than older engines. DPF regeneration can be problematic on cars used for short, low speed trips, not to mention other diesel related problems with turbos, EGR, DMF, piezo injectors, high pressure fuel pumps. Went through too much pain with a HighPresure Direct Injection Diesel to ever want to contemplatte one ever again. Make up most of the big repair work for my m8's garage. May have to swap my current car dues to possibly going from 4K Miles PA to 24K Miles PA.... I will get a MK4 1.9TD Golf or Passat Sub £1K ... Rob
happymeal Posted October 21, 2013 Posted October 21, 2013 I had a problem this year where my Rover 25 was causing more problems than it was worth. I tried searching for a car for sale nearby but the cars were either not as good as advertised, or there was something wrong with them, etc. I went to Peugeot on a Sunday just to take a look, and ended up with an 07 206 Sport 1.6 Diesel on Finance... I didn't really want a brand-new-out-the-wrapper car partly because I couldn't afford 13k for one and because new cars tend to have a few teething problems. They're not as bad or devious as some showrooms - I only had to put down £200 on the Sunday and signed up to a 4 year deal. I also traded the Rover in (was valued at a quid, but got £200 for it) - I didn't have a few grand to put down as a deposit (Was trying to move flat at the same time as well) so it was a bit more expensive than I'd like but it's covered parts wise for the next 5 years, has free breakdown and a replacement car to use, some sort of Guardex stuff splashed around to protect the car, free valeting up to 3 times a year, and there's a few other things that I can't remember right now.
nicholab Posted October 21, 2013 Posted October 21, 2013 Mr money mustache says it is a bad idea to buy depreciating consumer goods on credit!!
Iain.Faulkner Posted October 21, 2013 Posted October 21, 2013 I've only ever bought one car, and I took out a personal loan to pay for it. I knew I needed the car, I was able to shop around for the best interest rate and actually started paying off the loan before I found the car that I wanted to buy. Effectively it also made me a cash buyer so I was able to use that to my advantage....particularly at month end. 1
Rawns Posted October 21, 2013 Posted October 21, 2013 (edited) My 09 plate Pergeot 308 is on Finance. Traded in the wife's old Renault Clio and gave her my 206. Got £500 for it, plus put down £2500. I also know the chap who sold me the car so got a slightly better deal because of it. I got it when Howards Pergeot had a four years interest free offer on and only pay £146 per month. Just under 2 years left on it. Edited October 21, 2013 by Rawns
Sirbendy Posted October 21, 2013 Posted October 21, 2013 Nope. I save in a "car fund", but tend to buy older machines in cash from my current acc. One day I may use the car fund..it's about 9k at the mo. However, my £2100, haggled to £1900 89k 2 owner ex-Motability Astra is still going strong. Heh. That's now my preferred method..the last 2 Astras have been ex-motability machines. Both have had 2-3 owners max (including Motability), service history down to new wheelnuts (yes really, they have to), and full dealer servicing (again, terms of motability). The MK3 was £1600, and I haggled the MK4 down £200 with a full service, auto gearbox oil change, full valet and a tank of fuel, plus delivery from Wolvo to work in Telford. It helped the airbag light was on, and the engine warning light was on (loose plug under the seat (common), plus a duff EGR (common)). Both cleared down using the laptop. No complaints. Yes it's a 2001 machine. However, it's reliable and it was paid off by 2 months wages, 5 years ago. Ex-Motability Auctions..WELL worth it.
Hefferzzzz Posted October 21, 2013 Posted October 21, 2013 Yes, cant remember the exact details but had a car and a bike (at different times). Something like £250 and £300 a month. Hated every single moment of it, twice. Always thinking that I could be spending that money going out, entertaining ladies and having fun rather than having it tied up in a car. Also worth factoring depreciation into the monthly payments to see if it still looks good... £300 * 48 months + depreciation of £5k over same period makes it actually cost £404 per month.... Would rather put that £400 into an ISA for two years and buy a nice car outright.
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