Advice Please: is this a good deal for 19 year old?

gilbert_and_sullivan

I transported hundreds of lorry loads of those Mk1 Micras, mainly ex renters but often stood for months before being shifted on via auctions.

Every one of them ran well, no starting problems, well put together underneath with solid old school tie-down/towing points (few cars have strong enough chassis to tie down like that these days), always nice to drive, cracking little car nicest in better trim obviously and with power steering.

ChopinonaBudget

gilbert_and_sullivan wrote: »

I transported hundreds of lorry loads of those Mk1 Micras, mainly ex renters but often stood for months before being shifted on via auctions.

Every one of them ran well, no starting problems, well put together underneath with solid old school tie-down/towing points (few cars have strong enough chassis to tie down like that these days), always nice to drive, cracking little car nicest in better trim obviously and with power steering.

Are there any left on the roads anywhere?

smjxm09

now imagine a 19 year old, owing finance on a lets say a 8k car, this year they pay your insurance , do you think they will pay your insurance in year 2 and then 3 and even with 1 years NCD do you really think you will get insurance fully comp for less than grand.

The car insurance was not through Kia but via comparison sites. £1284 with a black box that monitors driving or £1550 via another company without a black box.


The car retails at around £12,500, with a Kia promotion discount and the dealer doing a deal the car came in at £9900. Insurance £1284 total cost £11,184.

Granny providing £5000(must be daft) +£1500 of his own savings. Total borrowed from me £4684. With repayments of £150 per month the car will be paid for in 2 years 7 months.

He will set aside another £100 a month for next years insurance.

I had a new car when I was 19 and it was sold on without a mark 3 years later. It was my second car that was involved in an accident.

learningaboutinsurance

smjxm09 wrote: »

The car insurance was not through Kia but via comparison sites. £1284 with a black box that monitors driving or £1550 via another company without a black box.


The car retails at around £12,500, with a Kia promotion discount and the dealer doing a deal the car came in at £9900. Insurance £1284 total cost £11,184.

Granny providing £5000(must be daft) +£1500 of his own savings. Total borrowed from me £4684. With repayments of £150 per month the car will be paid for in 2 years 7 months.

He will set aside another £100 a month for next years insurance.

I had a new car when I was 19 and it was sold on without a mark 3 years later. It was my second car that was involved in an accident.

150 x 31 = £4650.00 :eek:

so if his granny is giving him 5k and he is contributing £1500 why on earth is he then financing for 5k he can buy a car outright and at 5k you can get decent CAR for that and he can contribute his 1500 to the insurance and that way he does not need to broow money from you and he can save the 150 he would of paid towards finance in to a savings account or save towards maintenance of the car.

Make no sense what his doing now. but maybe i am too MSE :T

for 5k you can get this:

http://www.autotrader.co.uk/classified/advert/201302125303458/sort/default/usedcars/price-to/5000/price-from/5000/onesearchad/used/onesearchad/nearlynew/onesearchad/new/postcode/n19df/page/2/radius/20?logcode=p

or even this:

http://www.autotrader.co.uk/classified/advert/201302205416956/sort/default/usedcars/price-to/5000/price-from/5000/onesearchad/used/onesearchad/nearlynew/onesearchad/new/postcode/n19df/page/2/radius/20?logcode=p

flea72

ChopinonaBudget wrote: »

That's an awfully big hope - even if he turns out to be an inexperienced driver who drives like a pro with 20 years on the road (I'm stopping myself chuckling even as I'm writing that) there's no accounting for all the other idiots out there......

No, i know its a gamble you take, that you wont have an accident, but Car value is not a consideration anymore in relation to premiums for newly qualified drivers, so saying buy old, unpopular cars does not lower your premium by any great amount.

I dont know, perhaps im scewed in thinking that if i want to insure an item, that i actually pay less in premiums than the value of the item.

Why pay £3k to insure a 10yr old £800 car that once excess is taken into consideration, the OP walks away with nothing, but still owes the £3k for insurance. Whereas on the new car, the OP could more or less pay off outstanding finance with payout and only have paid out for £1k insurance. Paying a few £100 for gap, would lower the loss even further

geoffken

smjxm09 wrote: »

My son who is 18 and passed his test 6 months ago is picking up a 13 plate new Kia Rio next week. I can understand the thinking about getting a cheap car at first but cheap can mean big unexpected repair bills.

Insurance is just £1284 with a tracking box fitted. 7 year warranty and with an upfront payment of £299 no service bills until 2017.

5 years free servicing as well.

REALLY !!!!
Not sure about that as warranty will not cover wear and tear or tyres etc

flea72

geoffken wrote: »

5 years free servicing as well.

REALLY !!!!
Not sure about that as warranty will not cover wear and tear or tyres etc

Where did they say it covered wear and tear? They said servicing was free, which usually means oil, filters, etc. in which case £299 for 5yrs does seem like a bargain

mattyprice4004

smjxm09 wrote: »

My son who is 18 and passed his test 6 months ago is picking up a 13 plate new Kia Rio next week. I can understand the thinking about getting a cheap car at first but cheap can mean big unexpected repair bills.

Insurance is just £1284 with a tracking box fitted. 7 year warranty and with an upfront payment of £299 no service bills until 2017.

That's a great idea. Pay nearly £10,000 for a car and don't worry about repair bills, which will probably only be £200 a year, if that on a second hand car (if you choose the right car).
Servicing? Less than £100 a year on most small cars.

The Rio will lose a lot of it's value by 2017, so you'll be thousands down and he'll have had to drive a Rio to show for it, which may end up getting written off anyway.

Second hand cars are the sensible choice for new drivers - no depreciation, cheap repairs if needed and when you sell it on you can make money on the purchase, not lose thousands.

For example, he buys a Fiesta for £900.
He spends £130 a year on Road Tax and £50 a year on MOTs.
He then spends £200 a year on repairs, and £100 a year on servicing.
Over 4 years that's a total spend of £1920 versus probably double that.

rev_henry

smjxm09 wrote: »

The car insurance was not through Kia but via comparison sites. £1284 with a black box that monitors driving or £1550 via another company without a black box.


The car retails at around £12,500, with a Kia promotion discount and the dealer doing a deal the car came in at £9900. Insurance £1284 total cost £11,184.

Granny providing £5000(must be daft) +£1500 of his own savings. Total borrowed from me £4684. With repayments of £150 per month the car will be paid for in 2 years 7 months.

He will set aside another £100 a month for next years insurance.

I had a new car when I was 19 and it was sold on without a mark 3 years later. It was my second car that was involved in an accident.

Well personally I think you and his grandmother are completely insane.

learningaboutinsurance wrote: »

150 x 31 = £4650.00 :eek:

so if his granny is giving him 5k and he is contributing £1500 why on earth is he then financing for 5k he can buy a car outright and at 5k you can get decent CAR for that and he can contribute his 1500 to the insurance and that way he does not need to broow money from you and he can save the 150 he would of paid towards finance in to a savings account or save towards maintenance of the car.

Make no sense what his doing now. but maybe i am too MSE :T

for 5k you can get this:

http://www.autotrader.co.uk/classified/advert/201302125303458/sort/default/usedcars/price-to/5000/price-from/5000/onesearchad/used/onesearchad/nearlynew/onesearchad/new/postcode/n19df/page/2/radius/20?logcode=p

or even this:

http://www.autotrader.co.uk/classified/advert/201302205416956/sort/default/usedcars/price-to/5000/price-from/5000/onesearchad/used/onesearchad/nearlynew/onesearchad/new/postcode/n19df/page/2/radius/20?logcode=p

This person is not the OP. Why on earth would anyone spend 5 grand on a silly little chevrolet?!

rev_henry

CashbackAndy wrote: »

Just recently passed test, 19 year old male...

Been offered a brand new Citroen C1 Connexion for just under £200 per month with no deposit, and an upfront payment of £1000 for the first years insurance through Citroen (it's free for those with no NCB, but since I don't have that there's that premium).

This is the cheapest insurance that I've ever had quoted to me, and whilst £200 a month is obviously a lot it's not out of reach.

It's from a Citroen dealer so all legit, and Citroen do the 'payment waiver' where you could defer payments if you become unemployed and then, if you don't find another job after x months, you just give the car back.

It's the best I can find, is it the best deal out there for someone in my situation?

Well, normally I'd say getting a new car like that was a silly thing to do, BUT it may be ok. You need to work out, over 3 years or however long the lease is, whether it works out cheaper than buying a £1500 car and insuring it normally. If insurance is £1000 vs £2500 a year it may well be.