How do I pay for my new car?

Johnnytwostep

Harsh i think too as you wouldn't brag about buying an X3 as a 4x4, maybe an X5 or X6, possibly a Q7, and more than likely a range rover if you wanted to come on here and boast.

Just wanted advice which got from some.

eschaton

It has been a very mixed thread but the OP has got his answer and will hopefully enjoy his new car when he gets it on Friday.

As for insurance - I'm a bit older than the OP and the insurance for the BMW Z4 M Sport I am considering is £255 and that's with 3 penalty points. Adding a named driver should lower it a bit more but I never had time to edit the quote.

It's crazy how insurance works sometimes

stumblingtrout

Called Direct Line to let them know of the new car, and they said that I would need a tracker fitted otherwise I wouldn't be insured for theft!

So they said I would get a £754.72 refund on my existing policy if I cancelled... So I took a policy out with Admiral - with my OH and Dad as named drivers, guaranteed no claims protection (one up from protected), injury cover, key cover (I lose things) & hire car cover... zero voluntary excess - and the refund from the old policy will cover the entire amount of the new one!

@eschaton - indeed insurance is a very strange thing... A brand new X3 with 313bhp is vastly cheaper to insure than a 2 year old 530d Touring with 241bhp. I'm not complaining.

Just need to print the form for getting a refund on the tax disc for the current car, and find the best deals on GAP and Tyre insurance (I know there are two schools of thought on this, but I claimed once on the tyre insurance for the current car when I found a nail in a tyre and that single claim for 1 tyre alone made it worth having the policy over not having it.)

stumblingtrout

heartbreak_star wrote: »

Anybody fancy telling me where all these great jobs are that allow you to make that much money in your twenties?

*sigh*

Enjoy the car, OP - glad you got it sorted in the end!

HBS x

I'm afraid it was a massive stroke of luck that put me in this position... Nothing other than that. Whilst I earn a reasonable amount for someone of my age, my salary alone will not make me rich by any stretch of the imagination!

And thanks - i've transferred the money out of my savings and declined on the finance agreement which had been sent out to me.

gb12345

stumblingtrout wrote: »

Called Direct Line to let them know of the new car, and they said that I would need a tracker fitted otherwise I wouldn't be insured for theft!

Pretty standard for the majority of insurers for cars in that price range. We managed to get the dealer to go 50/50 on a tracker, which in the long run has saved us money over insuring with a company that doesn't need one.

stumblingtrout

gb12345 wrote: »

Pretty standard for the majority of insurers for cars in that price range. We managed to get the dealer to go 50/50 on a tracker, which in the long run has saved us money over insuring with a company that doesn't need one.

Thats quite interesting - may I ask how much your tracker cost? I know very little about them or how much they cost.

gb12345

stumblingtrout wrote: »

Thats quite interesting - may I ask how much your tracker cost? I know very little about them or how much they cost.

It was nearly 5 years ago now, but we had Merc's system fitted, which was about 350 quid for the unit and fitting and another 300 or so for 3 years subscription. It reduced our insurance by about £150 quid each year.

rs65

stumblingtrout wrote: »

So I took a policy out with Admiral

Most insurers include a replacement car benefit if your car is stolen or written off in the first year - I am pretty sure Admiral don't. All the more reason for GAP insurance.

stumblingtrout

rs65 wrote: »

Most insurers include a replacement car benefit if your car is stolen or written off in the first year - I am pretty sure Admiral don't. All the more reason for GAP insurance.

Yeah, true. I know that Admiral/Elephant/Diamond don't have the best of reputations but ultimately they are generally half the price of the rest, save for Direct Line which is £200 more and LV which is £300 more. I would go with NFU if at all feasible, but they won't insure me due to age/type of vehicle.

I would always have GAP cover on a new car, so actually not including the replacement car cover makes little odds - but I bet some people don't read the small print and assume they have it...

BobQ

OP I hope you enjoy your luxury purchase and get your money's worth from it.