Do you regret having a lease/hp/finance car?

DUTR

flashg67 wrote: »

No regrets here - I know it's not money saving, but I work for my money, spend it how I like, and like having a newer car - not because I'm a snob, but because, in general, they're more reliable, economical and pleasant to drive, with features not always available on an equivalent that's a few years older.

I have a decent commute, so I like the fact that my car will probably start when I need it, unlike our second car which is 10 years old and usually decides to have a 'moment' just when you need the darn thing.

You can't always look at life as 'is this value for money' - sometimes it's about having what you want and enjoying the fruits of your labours, in whatever way you think is best.

I agree on the summary, I save money elsewhere to be able to have other things I value, I suppose the doubters are the ones who have a mentallity that they are walking/driving around wearing a multigrand note.
I'm on my 2nd new car luckily I didn't have to get either on finance, the 1st one I had driven up to 72000miles and I can say I enjoyed each and everyone of those miles, got back a 3rd of my outlay after 8.5years. Which reduced the cost to change cars.
That said I would only buy a new car of a new car just launched.
But we have all been there at some point trying to find a previous owned model in the colour and spec , mileage and condition that we favour.

cootuk

I would weigh up the costs of PCP vs taking out finance.
OK, PCP you don't own the car, but you can at least work out the cost of ownership.

Chrisblue1962

I regret having a car full stop but as I'm required to have one for my job, no option .

ratrace

yep chris its not a [FONT=&quot]Luxury anymore more of a necessity plus the cost of travel via public transport is exactly what one would consider cheap anymore [/FONT]

hush-hush

ratrace wrote: »

yep chris its not a [FONT=&quot]Luxury anymore more of a necessity plus the cost of travel via public transport is exactly what one would consider cheap anymore [/FONT]

True. I actually bought a car (2003 VW Golf) because its monthly running costs (including insurance) are slightly cheaper than the train (275 pounds/month). It's just slightly cheaper as I drive around 70 miles per day mostly along the M4, but it's much more convenient.

Cheers

InsideInsurance

ratrace wrote: »

After speaking to a few friends/family members who have brand new cars. Majority of them said DONT go for one few reasons they gave me are

1. The novelty of owning a new car soon wears off when you get used to it after a few months
2. They depreciate like a stone especially the basic models
3. your car becomes old quite quick due to the new registration comes out what seems like every month :rotfl:
4. If you have an accident the cash paid by the insures often is a lot less than the car is worth ie: what you own on finance etc...

So you are really talking about new cars rather than cars on finance?


1. Depends on the car. I've had my car for 16 months into a 36 months PCP and it still makes me smile every time I turn the engine on. My prior car (bought cash) was still great everytime I put the roof down though the novelty of simply driving it did go after 6 months or so.

2. All new cars depreciate but if its on PCP/ lease this is reflected in your monthly payment. What depreciates quicker depends very much on the actual car and its not as simple as saying the basic models go down quicker.

3. Time isnt distorted, they get as old at the same speed as everything else. Of cause if you buy an old model just before its updated then it will look older quicker but then you should have been able to negotiate a lower payment due to it. My current car was just before a minor facelift and I am very happy with what I have as didnt like the changes coming but got a good discount for buying just prior to the changes

4. The insurance cash is whats the insurance is worth. The problem is finance is often above what the car is worth because of the interest and non-linear depreciation. There is GAP insurance to cover you for that.


Occasionally I regret having an expensive car, more often I regret not having the more expensive version of my car as it is in theory my last chance in the near future for a 2 seater car

Wh05apk

Powered_By_Pies wrote: »

I wouldn't do HP on a car again unless it was for one that ticks all the right boxes and one I know I'd get 10+ years out of easily.

Just finished 4 years on a finance HP for my Seat Ibiza - love the car, it's an '07 plate 1.4 formula sport, but now I want something with a little more poke to the engine. Financial circumstances have taken a turn for the worse since I got the car meaning a new HP on another car is simply out of the question - if it were an option, the only car I would even consider getting under a new HP right now would be a Subaru BRZ because they're ludicrously well-priced for the spec they come with.

So for me, the second hand market is likely the only place I'll get my cars from now on. For example, if I had the cash right now, about £2,000 would either get me a close-to-10% deposit on an HP for a BRZ, or it could get me a well-looked-after 2004-plate Mondeo ST220 which has a nice V6 motor, plenty of space, and enough mod-cons to keep me happy.

That is a perfect argument for buying rather than leasing, I was in the same boat, bought a decent car a few years ago, the financial crisis happened, but fortunately I was not paying high monthly costs, and now have a car I own, had I leased and the lease ended, I would not have been in a position to do much except get an old banger.


Personally I would always buy2-3 years old, when the worse depreciation has hit, but the car is still good, and has some warranty left.

ratrace

Thanks all really helpfull ive finally decided to go for a used 5 year old motor with very low mileage 10,000 on the clock for a good price will stick to that for a while.

Just knowing its my car and no1 can take it away if i was to ever default on payments in the future plus one less bill to go out each month

Cyberman60

As long as you're investing in a house, pension etc before throwing well-earned cash at a depreciating asset and expensive insurance, then do it. Personally, I've never bought a car on HP and too old now to bother. My current car is 15 years old, a convertible sports car which I bought from new when things were good, and maintain and service myself, being retired. My previous motor, I had for twenty years... I'm not into wasteful chopping and changing !!

ratrace

Cyberman60 wrote: »

As long as you're investing in a house, pension etc before throwing well-earned cash at a depreciating asset and expensive insurance, then do it. Personally, I've never bought a car on HP and too old now to bother. My current car is 15 years old, a convertible sports car which I bought from new when things were good, and maintain and service myself, being retired. My previous motor, I had for twenty years... I'm not into wasteful chopping and changing !!

Hahaha

My dad said when i asked him for some cash to buy a car a while ago, your not getting a single penny from me unless you buy a house as an investment so when you retire at least you will have somthing to show for it (wise words) instead keeping up with the joneses - i think he has always told himself that hence the reason he has 3 propertys cash 1 in the uk 2 abroad

I try to follow his footsteps but its not easy as im still young do what young people do waste a lot cash!