How do I pay for my new car?

stumblingtrout

Yeah, true.

So if I borrow from my 'next house' fund, and pay what I would otherwise pay on a finance agreement back into it each month, that would probably be the cheaper option.

No - at the end of 3 years it will be worth a fraction of what it costs new, but you always get that and I understand that... but it's a 4x4 crossover so it should do better than the rest, judging from my research.

Dogger69

stumblingtrout wrote: »

I got £10k off through a scheme we have with work, and the way I wanted to configure the vehicle would have meant that there was very little chance of one coming up second hand. They hold their value well, so the difference in price after discount would have been negligible.

I know it's not money saving - but it's something I wanted to do and whilst i could have gone out and bought something for £20k or £30k, I've aspired to own this particular car. I'm in a secure job, we have no mortgage and we have savings behind us for any unforseen circumstances. So I really just wanted advice on which of the two options in my original post would be better...!

Your wife must be very tolerant! I appreciate it is what you want, but I still think it is crazy. Whatever you do, please make sure you and your family are well insured - a car won't keep you warm and put food on the table if you lose your job

itch_for_a_glitch

closed wrote: »

6.8% is more than you can get in any uk savings account, using savings is always cheaper than a loan
.

Is the correct answer.

A car is a car, I've a KIA (quiet at the back) but a mate lets me drive his S350 Merc, his car cost ten times as much as mine, I really cant see the appeal.

stumblingtrout

Dogger69 wrote: »

Your wife must be very tolerant! I appreciate it is what you want, but I still think it is crazy. Whatever you do, please make sure you and your family are well insured - a car won't keep you warm and put food on the table if you lose your job

Everyone has their weakness - I enjoy nice cars. Do I really need this car? Not really. Would a car a quarter of the price do the same job? Yes of course it would. I might be silly in the eyes of some to buy a car that expensive - but i'm also not stupid. The other half comes first.

I work hard, and have a stressful job. I take enjoyment in treating myself sometimes. I could be hit by a bus next week/month/year. I'll buy what I can reasonably afford - but I wont waste money in doing so, i'll always try and get the best deal - hence why i'm asking which of my two options will save a bit of money and be the most sensible - even if its only £50.

YorkshireBoy

stumblingtrout wrote: »

I'm in a secure job

I'm now on my third "secure job", having been made redundant from my first two secure jobs.

Granted, I always got something else straight away (finish Friday, start Monday) - and with a salary increase each time - but you need to plan for these things. My planning consisted of ensuring I wasn't carrying any debt, other than my mortgage at the time.

we have no mortgage

Is that because you're renting, or because you own your home outright?

stumblingtrout

YorkshireBoy wrote: »

I'm now on my third "secure job", having been made redundant from my first two secure jobs.

Granted, I always got something else straight away (finish Friday, start Monday) - and with a salary increase each time - but you need to plan for these things. My planning consisted of ensuring I wasn't carrying any debt, other than my mortgage at the time.Is that because you're renting, or because you own your home outright?

I can't be made redundant, and we own our home outright so we are very lucky in that respect.

Peter999_2

I don't think you're doing the wrong thing, I wouldn't pay so much for a car but if I really liked cars then I would.

One of my friends changes his cars every year and always has really expensive ones (his current is a Noble). He takes a lot of stick for this, but when you actually talk to him, he only loses £3000-£3500 a year on them and he genuinely loves driving them. Quite often he'll get up at 5am and just drive for a couple of hours before work.

Yes you could regret the purchase in the coming years when you really need the money for something. However you could also regret it just as much if you don't buy it now and you get older and less healthy but have plenty of money. I know plenty of older people that are cash rich but in poor health and really wish they'd spent more in their youth while they could enjoy it.

stumblingtrout

Peter - Thanks.

robatwork

Pay for it with cash.

I would have got them to knock the £31 off though

stumblingtrout

robatwork wrote: »

Pay for it with cash.

I would have got them to knock the £31 off though

Thanks.

They'd probably be insulted seeing as they have given me £9,367.25 discount as it is already!