Car renting vs buying-financial perspective

varghesejim
varghesejim Posts: 151 Forumite
in Motoring
We already have a small car and thinking of buying a bigger one for long trips, more luggage etc. I am wondering is there any financial sense in buying a second bigger car for family against renting

For an SUV like tiguan monthly PCP payment in 420 pounds with 1000 pounds deposit.

So for the first year cost is 1000+5000 +250(service) + 100(tax)=6350
Corresponding years 5350

Renting a SUV/MPV is around 250-300 per whole week or 80 pounds max per day

Assuming 3 whole weeks family trips(750 pounds). Then if we have to take the car for some odd days-20 days*80 = 1600

So renting is 2350

Added advantage with renting is we could just rent whichever vehicle we want. For example we might need a 9 seater for a trip with grand parents, a luxury car to show off etc. Still the price wont reach 5350

Why do anyone need to buy a car? Especially a second car? Have a cheap small car and rent other cars according to need?

We have to exclude desire to own a car from the equation
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Comments

  • Nobbie1967
    Nobbie1967 Posts: 1,470 Forumite
    Name Dropper First Post First Anniversary Combo Breaker
    If both parents commute by car then it makes sense for one of the cars to be the family wagon and the other just for commuting. Many couples do different things and each want transport that is flexible. If you don't, great, you seem to have made a sensible financial decision.
  • forgotmyname
    forgotmyname Posts: 32,545 Forumite
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    Buy a roofbox or trailer? Costs a fraction of your above figures.
    Censorship Reigns Supreme in Troll City...

  • EssexExile
    EssexExile Posts: 6,130 Forumite
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    Planning is the only problem I can see. I can just jump in the bigger car & take whoever I want wherever i want. As opposed to deciding in advance what I need to do then phoning around the local car hire companies to see if they've got anything suitable.
    Tall, dark & handsome. Well two out of three ain't bad.
  • varghesejim
    varghesejim Posts: 151 Forumite
    forgotmyname wrote: »
    Buy a roofbox or trailer? Costs a fraction of your above figures.

    In certain situations yes. But the comfort of a large car is a factor in long trips
  • varghesejim
    varghesejim Posts: 151 Forumite
    EssexExile wrote: »
    Planning is the only problem I can see. I can just jump in the bigger car & take whoever I want wherever i want. As opposed to deciding in advance what I need to do then phoning around the local car hire companies to see if they've got anything suitable.

    Good point. In my case I have one in 10 mins walking distance and they are a big chain, so availability is usually not an issue. Planning - yes
  • thescouselander
    thescouselander Posts: 5,542 Forumite
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    I think you're over estimating the cost of a Tiguan there by about 100%
  • forgotmyname
    forgotmyname Posts: 32,545 Forumite
    First Anniversary Name Dropper First Post
    varghesejim wrote: »
    In certain situations yes. But the comfort of a large car is a factor in long trips


    Not really, little ones got a KA and the seats are excellent for a blast up the motorway. I would have no issues driving for several hours where my mums Golf is so uncomfortable that within 20 minutes i have twinges in my back.
    Censorship Reigns Supreme in Troll City...

  • varghesejim
    varghesejim Posts: 151 Forumite
    thescouselander wrote: »
    I think you're over estimating the cost of a Tiguan there by about 100%


    Prices are for new cars, for used car prices will be cheaper.

    keep in mind rental cars are usually less than 2 years old(enterprise rent a car is less than a year mostly). Assuming buying a two year old tiguan prices will still be greater than rental
  • varghesejim
    varghesejim Posts: 151 Forumite
    forgotmyname wrote: »
    Not really, little ones got a KA and the seats are excellent for a blast up the motorway. I would have no issues driving for several hours where my mums Golf is so uncomfortable that within 20 minutes i have twinges in my back.

    That golf must have some issues. The effect is more in the back seat.
  • fiisch
    fiisch Posts: 509 Forumite
    First Anniversary Name Dropper First Post
    varghesejim wrote: »
    Prices are for new cars, for used car prices will be cheaper.

    keep in mind rental cars are usually less than 2 years old(enterprise rent a car is less than a year mostly). Assuming buying a two year old tiguan prices will still be greater than rental


    There are lease deals on the Tiguan for significantly less than you're describing - Tiguan leases start around £220 / month with 9 month deposit....
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