young marmalade

pitkin2020

mikey72 wrote: »

Could be, would you be able to afford a new car at 17, with a 5 year loan. I know I didn't.

I thought you had to be 18 to enter into a credit agreement.

Edit from the website
Finance is subject to status. Applicants for finance must be a minimum of 18 years old and UK resident.
An application or a guarantee from a parent with an established credit history stands a greater chance of acceptance.
However, there is nothing to stop the agreement being in the name of a parent with the payments being made by the young driver.

mikey72

Sounds worse by the minute, I'm not buying my kids a new car. I won't buy myself one.

Cool_Username

hartcjhart wrote: »

why Spam,I have often posted about the 'marmalade' group and have nothing to do with them

Probably because this was the original poster's very first post.

[Deleted User]

So if you are young and wanting to drive you're a marmalade??

Inactive

hartcjhart wrote: »

why Spam,I have often posted about the 'marmalade' group and have nothing to do with them

You are not a one post poster are you?

Kilty_2

It sticks a reduced 1st year insurance premium into a finance agreement for an inflated list price car - I dont see what the attraction is.

Even if a 17 year old can afford to buy a new car then they can do so at a reduced price from a dealer and bear the brunt of that 1st year insurance policy. 2nd and 3rd years are a lot cheaper.

It's very poor value, IMO.

newfoundglory

I've heard of Young Marmalade - and I had a look at their website when looking for new cars.

They have had quite a bit of press attention in the past, but i'm not entirely convinced that the scheme is actually saving money and I will explain to you why.

They sell both new and 'nearly new' cars. You decide which. But you cant see the car before buying it!

The insurance has mileage restrictions. Think it was something like 7 or 8k miles per year.

You select the car you want from the list and then enter your age. First years insurance is included in the price, but has extra added on top depending on your age and postcode and car chosen (i'm 25 and most cars didn't have extra added for insurance, more powerful ones had an extra £600 iirc)

In the end, I discovered that going directly to a dealer though a discount website and then using an insurance comparison website was several thousand £ cheaper then using young marmalade. Plus, you can see the car before you decide to buy it!

But maybe thats just my age... maybe for 18 year olds where fully comp insurance is £3000 or more, there might be savings to be had. But remember, if you do buy a new car on credit rather then paying it all up front you will also need GAP insurance in case of a write off. And thats even more again....

hartcjhart

newfoundglory wrote: »

I've heard of Young Marmalade - and I had a look at their website when looking for new cars.

They have had quite a bit of press attention in the past, but i'm not entirely convinced that the scheme is actually saving money and I will explain to you why.

They sell both new and 'nearly new' cars. You decide which. But you cant see the car before buying it!

The insurance has mileage restrictions. Think it was something like 7 or 8k miles per year.

You select the car you want from the list and then enter your age. First years insurance is included in the price, but has extra added on top depending on your age and postcode and car chosen (i'm 25 and most cars didn't have extra added for insurance, more powerful ones had an extra £600 iirc)

In the end, I discovered that going directly to a dealer though a discount website and then using an insurance comparison website was several thousand £ cheaper then using young marmalade. Plus, you can see the car before you decide to buy it!

But maybe thats just my age... maybe for 18 year olds where fully comp insurance is £3000 or more, there might be savings to be had. But remember, if you do buy a new car on credit rather then paying it all up front you will also need GAP insurance in case of a write off. And thats even more again....

yes agree, I suppose it's horses for courses,the better value side of the company is the 'provisional marmalde' for the learner insurance

jones51

So I was told to phone Young Maramalade to get my 19 year old son an unbelievable quote for a new or newish car with fully comp insurance. He has a Saxo and the cheapest FC insurance quote was with Crosby insurance and underwriiten by Aviva (£1,900). I called YM and completed their finance forms, I was given a choice of a new car or one from their stock list. I chose a C1 2008 3 door as this was the cheapest for insurance and road tax.

YM failed to call me back so I telephoned them a 2nd time, left my details and waited. A week later I called again and left my details again. A week later I gave them one last chance.

• They called me back with the following quote: C1 2008 3 door
• 5 year lease term
• £133 per month for 60 months
• £3725 up front FC insurance premium
• 35% NCB discount for each year from year 2

So thats a 2008 3 door Citroen C1 costing over 60 months:

£7,980 for the car plus
FC insurance £3,725 Y1 + £2421.25 Y2 + £1,573.81 Y3 + £1022.97 Y4 + £664.93 Y5

Total over a 60 month period £17,387.96 (confirmed by Young Marmalade)

When I spoke to YM they basically said take it or leave it!!

His T reg Saxo with 45k on the clock cost £500. Crosby FC insurance £1900 per annum.

I also looked at Auto trader for a similar C1 with less miles on the clock. £4400 the average price and LV quoted mt £2200 for FC insurance.

YM must be helping youngsters somewhere otherwise they would be out of business.

My son has his Pass plus, no convictions or points and nothing that would beef up any quote.

Try YM but before committing yourself do your sums and source the deal yourself.:eek:

yulfie

jones51 wrote: »

So I was told to phone Young Maramalade to get my 19 year old son an unbelievable quote for a new or newish car with fully comp insurance. He has a Saxo and the cheapest FC insurance quote was with Crosby insurance and underwriiten by Aviva (£1,900). I called YM and completed their finance forms, I was given a choice of a new car or one from their stock list. I chose a C1 2008 3 door as this was the cheapest for insurance and road tax.

YM failed to call me back so I telephoned them a 2nd time, left my details and waited. A week later I called again and left my details again. A week later I gave them one last chance.

• They called me back with the following quote: C1 2008 3 door
• 5 year lease term
• £133 per month for 60 months
• £3725 up front FC insurance premium
• 35% NCB discount for each year from year 2

So thats a 2008 3 door Citroen C1 costing over 60 months:

£7,980 for the car plus
FC insurance £3,725 Y1 + £2421.25 Y2 + £1,573.81 Y3 + £1022.97 Y4 + £664.93 Y5

Total over a 60 month period £17,387.96 (confirmed by Young Marmalade)

When I spoke to YM they basically said take it or leave it!!

His T reg Saxo with 45k on the clock cost £500. Crosby FC insurance £1900 per annum.

I also looked at Auto trader for a similar C1 with less miles on the clock. £4400 the average price and LV quoted mt £2200 for FC insurance.

YM must be helping youngsters somewhere otherwise they would be out of business.

My son has his Pass plus, no convictions or points and nothing that would beef up any quote.

Try YM but before committing yourself do your sums and source the deal yourself.:eek:

I am connected with Young Marmalade and thank you for the comments, they are much appreciated. The occasional check on what is being said is very useful.

There are two factors that have caused us issues over the last 2 years or so have been increasing insurance premiums and an increase in the cost of nearly new smallish cars. This has left us having to focus on the deals that we can do which are beneficial to the customer. These tend to be the cases where young drivers are facing premiums in excess of £5,000 in the open market and that is happening more and more for 17 and 18 year olds.

We can absorb much of the first year cost through a deal on a new car and this stacks up against the first year cost of a 5 year old car with traditional insurance but not in all cases.

The other factor that comes into the equation is where parents are trying to find a way of getting their offspring into a safer car. We are in a much better position with new cars as we have some very good support terms from manufacturers which we can use to help the overall transaction.

Older drivers, even aged 19 can often secure much better rates in the open market, especially with NCB, Pass Plus and a good driving record.

Given the quotes that you have had and the other options availablae to you, there is no logical reason to buy a car through Young Marmalade and we do recognise that the service we provide will not be right for all individual circumstances.

The idea behind the website is to allow you to quickly establish if the figures work for you. I am a little confused as to why you went to the time and effort of filling out a finance application form just to get a quote for the car and insurance cost when this information was available on the website. Perhaps we should be a little clearer here

As you will appreciate I cannot say too much without the response sounding like an advert, although Martin does reinforce your comments in his positive assessment of Young Marmalade in that you should do the sums very carefully.

Anyway, thanks for the comments, although I think AVOID is a little harsh as there are several thousand customers who have happily bought cars and insurance through the scheme. There are also tens of thousands of young drivers that have taken up the learner driver insurance to help them get some practice ahead of their test.

We are always looking as to how we can improve the customer journey.