Car Finance or Loan for 20y Old

Simon11

stalkah wrote: »

Have you thought of everything?
What if you're made redundant?
What if the car has a mechanical failure such as the clutch fails?
What if you become injured or ill and unable to work?
Can you afford the servicing?
What if you accidentally get/get someone pregnant?

There is a lot of us on this forum that have been in situations such as yours in the past and just thought it'll be alright... some times we have been lucky most of the time we haven't.

I actually work in the car dealership industry and I would never buy a new or used car from a dealership, even with my staff discount. I would much prefer to buy a car that is several years old with full service history which will provide a lot better value.

Without going into any number crunching, over 5 years I'm sure that this car will cost your at least £10k more than going for a cheaper car. That money will go half way to purchasing your own house! I'd far rather have my own place which will increase in value than a car that will heavily loose its value.

This is coming from a 25 yr old, who passed his driving test at 19, but never purchased a car. Now I'm using my parents car when I need it, paying petrol & the cost of insurance which is £200! Through saving so much money, I own a flat and looking to purchase a second property.

Once you start a life in debt, you make life so much harder!

At 20, when you save say £100, you could put this towards a house. Over time, you will save ££ on a lower mortgage, thus by the time you retire (age 65) this £100 saved has turned into £850 (assuming year on year saving of 5% on property market/cheaper mortgage/ better mortgage rate). Or you could just chuck that £100 when your 20 on a car which falls in value, and be poorer for the rest of your life.....

heartbreak_star

I was in your shoes eight years ago except I was earning £9k and the car I wanted was £3k.

Seriously, don't do it.

I currently paid £1.2k outright for my little 9-year-old 1l Corsa. It's lasted me 3 years so far and shows no signs of giving up yet, it gets me around everywhere (I do a LOT of driving!) and the insurance and repairs are pretty cheap.

How about buying a back support and a 2-year-old car, and putting the payment you would have made on the expensive one aside? That way you can save up for the better car.

HBS x

chanz4

How does it work?


Year 1
All new Vauxhall passenger cars are covered by a one-year unlimited mileage manufacturer’s warranty with qualifying repairs at no cost to you.

Years 2 and 3
The manufacturer’s warranty is extended for two more years up to a maximum of 60,000 miles.

Lifetime!
After that, Vauxhall provides a unique Lifetime Warranty, available to the first owner for an unlimited time and a maximum of 100,000 miles.

MallyGirl

So if OP buys a 1 yr old car he won't be the first owner and won't get the lifetime warranty

ricky_v

chanz4 wrote: »

How does it work?
Year 1
All new Vauxhall passenger cars are covered by a one-year unlimited mileage manufacturer’s warranty with qualifying repairs at no cost to you.

Years 2 and 3
The manufacturer’s warranty is extended for two more years up to a maximum of 60,000 miles.

Lifetime!
After that, Vauxhall provides a unique Lifetime Warranty, available to the first owner for an unlimited time and a maximum of 100,000 miles.

Qualifying repairs tells me that only certain repairs are included, which might go as far as changing a ligthbulb or changing a wheel (tyre not included)

Manufacturer's warranty tells me that it's a warranty within the manufacturer's parameters, probably something that never goes wrong like a window or the radio aerial.

Unique tells me the warranty is unique to certain parts like the steering wheel or the handbrake handle, items that never need to be replaced.

Gaz83

dgets94 wrote: »

The car comes with a lifetime warranty through the scheme its offered on, so mechanical problems don't worry me much. Other unexpected circumstances, if I am made redundant, I don't think it would be difficult to find another job in my industry (I have a lot of sought after skills and quals) Illness and other circumstances I guess could be a problem, but I'm in good health, I guess that is the case with most people. I guess that could go for a lot of things too.

Please don't take this the wrong way, but if you have a lot of sought after skills and qualifications, you'd be making far more than £16,000 per year.

As others have said, this is an insane price for someone of your age and income to pay for a used car.

jaymidlands

sounds like OP wants the car so my advice is if u do want this car so badly then look at this long term..whats the monthly payments and what other outgoings have u got(if u live at home still will you be moving soon to your own house) you then need to look at rent costs and other bills..£16k a year isnt much really and even in 4 years time I doubt if in the same job u will be on much more..
I would personally look for a cheaper car maybe 2 or 3 years old and finance that with the deposit you have this will get your credit rating up a bit then in a few years time sell the car once the cheaper finance is paid and get A newr car and build up that way..