First Car Advice - Buy, Lease, how much?

tubsolard

Hi,

I passed my driving test last year at the age of 31 and I'm desparate to get myself a car for the summer.

I have no cash at the moment and won't do until April/May but I would like to purchase a car before that date.

My credit rating is 'fair' in the chart so I think this rules out leasing but I would like to get a nice car because the insurance doesn't limit me as my age means I can afford a nice car, but not excessive.

I applied for a loan through CarLoan4U and they said they would give me a loan but it has to be 2006 year or above and under 100,000 miles. At the time I was looking at the Mercedes C Class Coupe for about £2,500-£3,000 1.8-2.0l roughly 2001-2004 (and similarly Audi A3 of same age) but buying one of these cars of 2006 year would have meant increasing my budget to £5,500 which I was reluctant to do at the time (monthly payments roughly £190? p/m over 36 months).

Another option arrived from lingscars in the form or leasing a brand new car and the one that jumped out was the Mercedes SLK Roadster which is only £300 (I say 'only' as compared to similar cars it is a bargain!) for 2 years leasing. I would have to find £900 for the down payment but I also don't know if my credit rating would be good enough for a lease?

If not then I think I am stuck with either purchasing a really cheap car for under a grand (I don't want to do this, I don't think I need to either as I will be debt free this year with allot of disposable income) or extend the loan deal and buy 2006 year Mercedes or Audi?

I may never have the chance to own/lease a nice-ish car again (no children, no mortgage (yet!)) so I'm tempted to go for the nicest car available to me!

Sorry if this is vague but I am trying to summarise the last week where I have been searching and changing my mind and then changing my mind again and I'm really no closer to deciding what do do so I'm hoping for any advice at all!

I'm looking at the SLK Roadster this weekend, if only for something to do!

Thanks for your help.

Scott

steve-L

tubsolard wrote: »

Hi,
I don't want to do this, I don't think I need to either as I will be debt free this year with allot of disposable income

I think you'd be better buying the £1000 banger with a few scratches for a year, save on insurance and loan repayment+interest and if it gets scratched (as new drivers often do), you are heavy on the clutch (as new drivers are want to be) get rid of it in a year after you have a full years experience and NCD and get a SLK then...

You'll be paying shed loads for a product you don't want to use (insurance) ... if you scratch it you'll not want to claim or you won't afford the insurance... and a scratched SLK looses a lot of value compared to an old fiesta.... equally you're paying interest when you could buy something outright in a year...

forgotmyname

A 6 year old car may need repairs and parts. Dont forget to budget for servicing.

Merceded parts are not exactly cheap. Even the cheapo patern parts cost more than say a fiesta or similar.

Its also going to cost more in fuel and the insurance may well laugh at you when they tell you the premium. A good snigger anyway.

And whats the interest rate on that loan?? Fair = 29% ???

OUCH!!! Its a fast trip to bankruptcy.

TradePro

tubsolard wrote: »

Hi,

I passed my driving test last year at the age of 31 and I'm desparate to get myself a car for the summer.

I have no cash at the moment and won't do until April/May but I would like to purchase a car before that date.

My credit rating is 'fair' in the chart so I think this rules out leasing but I would like to get a nice car because the insurance doesn't limit me as my age means I can afford a nice car, but not excessive.

I applied for a loan through CarLoan4U and they said they would give me a loan but it has to be 2006 year or above and under 100,000 miles. At the time I was looking at the Mercedes C Class Coupe for about £2,500-£3,000 1.8-2.0l roughly 2001-2004 (and similarly Audi A3 of same age) but buying one of these cars of 2006 year would have meant increasing my budget to £5,500 which I was reluctant to do at the time (monthly payments roughly £190? p/m over 36 months).

Another option arrived from lingscars in the form or leasing a brand new car and the one that jumped out was the Mercedes SLK Roadster which is only £300 (I say 'only' as compared to similar cars it is a bargain!) for 2 years leasing. I would have to find £900 for the down payment but I also don't know if my credit rating would be good enough for a lease?

If not then I think I am stuck with either purchasing a really cheap car for under a grand (I don't want to do this, I don't think I need to either as I will be debt free this year with allot of disposable income) or extend the loan deal and buy 2006 year Mercedes or Audi?

I may never have the chance to own/lease a nice-ish car again (no children, no mortgage (yet!)) so I'm tempted to go for the nicest car available to me!

Sorry if this is vague but I am trying to summarise the last week where I have been searching and changing my mind and then changing my mind again and I'm really no closer to deciding what do do so I'm hoping for any advice at all!

I'm looking at the SLK Roadster this weekend, if only for something to do!

Thanks for your help.

Scott

Champagne taste, lemonade money...

Why not just get a Ferrari and stop messing about

BertTheRaccoon

Buy a cheap munter and avoid the interest on a loan, more insurance, the risk of it being damaged etc in train station car park, depreciation and probably owing more for the credit than what it is worth when you need to move it on.

Just buy a sub £1k turd like a VW Bora or something like that, robust, still an alright place to be with a quality feel and cheap for parts etc.

tubsolard

TradePro wrote: »

Champagne taste, lemonade money...

Why not just get a Ferrari and stop messing about

Ha ha, this was the advice I was hoping for. I don't want sensible advice, I want to go out with a bang! ;-)

Nah, seriously, thanks for the advice. The lease car option is a definite no. I am considering the banger option at the moment and will see how it goes!

Thanks everyone