Paying for a car

bclark

cyclonebri1 wrote: »

Might seem patronising but it doesn't matter, it's what I do.

Pay for the car in cash.
Never borrow for a car.
If you don't think you can afford it, you probably can't
Owing money on a car is the worst poss debt you can have.

Sorry but it is a moneysaving forum:money::money::money:

As someone who frequents this moneysaving forum then how can you possibly say that owing money on a Car is the worst possible debt? That seems a very strange statement to me. At the end of the day at least you have an asset that the debt is attached to which you could sell.

Surely Credit cards, many personal loans, expensive pay day loans, unauthorised overdrafts, expensive catalogue payments to name just a few, are all far worse debts that you can have?

I would have to say that in the grand scheme of debt, owing money on a Car is actually one of the better forms of debt to have.

getcarter

Petree wrote: »

More importantly, what car are you getting?

I'm getting a citroen berlingo - very dog friendly!

Last car a Citreon C1 - not so dog friendly!

cyclonebri1

bclark wrote: »

As someone who frequents this moneysaving forum then how can you possibly say that owing money on a Car is the worst possible debt? That seems a very strange statement to me. At the end of the day at least you have an asset that the debt is attached to which you could sell.

Surely Credit cards, many personal loans, expensive pay day loans, unauthorised overdrafts, expensive catalogue payments to name just a few, are all far worse debts that you can have?

I would have to say that in the grand scheme of debt, owing money on a Car is actually one of the better forms of debt to have.

Because it's the greatest liability you can have and devalues quicker than almost anything else on the planet. It is at risk from anyone who takes a shine to it, is envious of it, or just darn right delinquent. It is always at risk from accidental and intensional loss.

I didn't say it was the right way or the only way, simply my view and the way I finance cars, and don't forget it is often the credit cards and personnal loans that you mention that are used to buy a car

Point of view only, we all think differently;)

flyingscotno1

bclark wrote: »

As someone who frequents this moneysaving forum then how can you possibly say that owing money on a Car is the worst possible debt? That seems a very strange statement to me. At the end of the day at least you have an asset that the debt is attached to which you could sell.

Surely Credit cards, many personal loans, expensive pay day loans, unauthorised overdrafts, expensive catalogue payments to name just a few, are all far worse debts that you can have?

I would have to say that in the grand scheme of debt, owing money on a Car is actually one of the better forms of debt to have.

In the grand scheme of things owning a car loan is better than some other debt, like spending mad on material things on credit cards. The thing, like any debt, is not overstreching and a car- whilst depreciating - can be an asset and sold on easily than say a 4 year old laptop.

The last car I bought was nearly new- so had the big first year hit. It's still going to lose some money of course- but over the balance of the bank loan I would have paid just about £200 more interest than I would if I took it out of my ISA.

Whilst cars are always at risk- everything in life is the same! Insurances cover most issues and help you out.

cyclonebri1

flyingscotno1 wrote: »

Whilst cars are always at risk- everything in life is the same! Insurances cover most issues and help you out.

But you have admit your car is more likely to be written off than your house?, and most people spend more on their car insurance than the house cover. You have to ask "why?"

In the simplest terms If I had something hanging round my neck that I did not own I would sooner it be property, or say shares etc, than a car

Of couse interest on interest for an unpaid loan has to be worse, but that wasn't the original issue

flyingscotno1

cyclonebri1 wrote: »

But you have admit your car is more likely to be written off than your house?, and most people spend more on their car insurance than the house cover. You have to ask "why?"

In the simplest terms If I had something hanging round my neck that I did not own I would sooner it be property, or say shares etc, than a car

Of couse interest on interest for an unpaid loan has to be worse, but that wasn't the original issue

But I can't buy shares or a house without a job and the job needs the car!

Whilst your car is more likely to be written off that is because property is valued so highly and houses aren't on wheels being controlled by humans! £2K flood damage in a house is going to be economical to repair- £2k flood damage in a car is more likely to be close to value depending on age/model!

bclark

cyclonebri1 wrote: »

Because it's the greatest liability you can have and devalues quicker than almost anything else on the planet. It is at risk from anyone who takes a shine to it, is envious of it, or just darn right delinquent. It is always at risk from accidental and intensional loss.

I didn't say it was the right way or the only way, simply my view and the way I finance cars, and don't forget it is often the credit cards and personnal loans that you mention that are used to buy a car

Point of view only, we all think differently;)

What you seem to be arguing is that a Car is not a good investment, thats probably true but it doesn't back up what you say about a car loan being the worst sort of debt.

Even if you bought a brand new Car with cash you would still lose money through depreciation. You could also say that most of the country has lost more on their houses in the last year than they will on their next ten Cars put together.

getcarter

Anyway............

any love for my new car?

vaio

love for a car? a berlingo?

:rotfl::rotfl::rotfl:


ETA: enjoy it and don't forget to use credit card to pay some of the cost and get your s75 cover


.

Petree

Lot's of love, i used the have the van version at work lol!

Enjoy it however you wish to pay for it