New Job - Want New Car, but what's the best way?

adover

Hi all,
So basically I've just landed a new job, loads more money, much more high profile etc, and currently the car I've got just won't cut the mustard! I've currently got an x reg astra hatchback, bit scratched and banged up and am looking to get an Audi 2.0 TDI as new as possible.

A lot of people are saying to lease if possible, as that is the best way and most value for money. If this is the case then where is good to lease from?

Otherwise it will be hire purchase.

The only main stumbling block is that I'm waiting for bankruptcy to go off my file (officially went bankrupt in April 2004 so it may not be until next year), would I even be able to qualify for any agreements or leases or credits?

Cheers

AdrianHi

You might have trouble with the credit history.
My brother is comparing lease deals at the moment with Audi A4 2.0TDI 170bhp, Peogeot 308SW, Merc C class and BMW 320d on his list.
I kid you not, the BMW is the cheapest one to lease and pay for overall partly due to low CO2 and lower company car tax which he has to pay.

These quotes are from leaseplan, may well be excluding VAT, were obtained 22 Jan 2010 and might include special discounts for the very large very well know IT services company he works for. They are all estates.

BMW 320d EST 2.0dMSPORT
P11D price: £29,585
Actual 2yr cost per month: £408.58
Actual 3yr cost per month: £411.55
Actual 4yr cost per month: £403.10

MERCEDES BENZ C250D EST 2.2BeFSPORT (200bhp Diesel!)
P11D price: £30,258
Actual 2yr cost per month: £474.98
Actual 3yr cost per month: £450.67
Actual 4yr cost per month: £438.82

PEUGEOT 308 S/W 2.0HDiSE
P11D price: £21,620
Actual 2yr cost per month: £554.34
Actual 3yr cost per month: £457.99
Actual 4yr cost per month: £419.26


AUDI A4 EST(NEW) 2.0D170S-LINE
P11D price: £29,173
Actual 2yr cost per month: £511.97
Actual 3yr cost per month: £463.86
Actual 4yr cost per month: £452.61

Enfieldian

I would wait and see if you are going to be any good at this new job before you go splashing out trying to keep up with the other motors in the car park.

If you don't pass the probation or suffer from redundancy you will still have the flash car to pay for, without the "loads more money"

Inactive

Enfieldian wrote: »

I would wait and see if you are going to be any good at this new job before you go splashing out trying to keep up with the other motors in the car park.

If you don't pass the probation or suffer from redundancy you will still have the flash car to pay for, without the "loads more money"

I agree 100%, especially with the OP's financial background.

AdrianHi

Have to agree that is would be best to make sure you are settled into this new job and it is all going well before making any financial commitments.
Leasing traps you into the 36 month or sometimes 24 month deal. Hire Purchase tough becuase monthly payments so high, you have to pay the whole value of the car over the loan period.
Another option to consider is a PCP - Personal Contrafct Plan. Monthly payments are much lower like a lease, you pay a fairly small deposit, agree a future value for the car which is usually pessimistic and then make a monthly payment to cover this depreciation plus finance charges.
One benefit of the PCP approach is you can sell the car and clear the finance if your circumstances change. Need to make sure the PCP is not front loaded with interest payments otherwise you may owe more than cars worth if you need to settle early.