Do You OWN Your Vehicle?

Ectophile

I have never bought a car on credit or lease. I buy them outright and then keep them until they are not worth keeping any more. I don't normally get rid of a car until it's at least 10 years old, or has done 100 000 miles.

If you keep buying new cars every three years, you'll pay a fortune in depreciation. Either buy a new car and keep it for many years, or buy used so someone else has taken the depreciation hit.

matttye

Nearly. Paid off two thirds of my car which I got on PCP finance in April. On a 4 year deal. I wish I'd got HP now as I've overpaid every month anyway.

Coveredinbees!!!!

I paid cash for my car but the cost of the car was added on to my mortgage as I have an offset mortgage. I now have a zero balance on the mortgage so the car is now paid for. I also have a GSXR750 which is also all mine.

AdrianC

gilbert_and_sullivan wrote: »

Well, so far 8 cars out of 9 votes cast are owned outright, that's in the true spirit of the site.

Umm, another 8 owned-outright vehicles here...

Geodark

51 plate zafira that I bought about 8 years ago!

Herzlos

Ectophile wrote: »

I buy them outright and then keep them until they are not worth keeping any more.

This is what I do as well, but I keep them until they aren't viable to maintain any more or I need something else. Had the last car for 7 years (5 year old to 12 year old) and only changed this year. I borrowed from bank to do so though (£5500), but it's not secured on the car so it's mine to do as I wish with, and it'll be paid off before I change car. Aiming to only keep this one for 3 years as I might need something more practical by then.

Not entirely MSE, but it's better than dealing with newish cars.

hgotsparkle

I've got an X reg astra. It may be old and pretty basic, but it was cheap to buy, its cheap to run, and cheap to repair, and unlike all my friends my age, I'm not in debt paying for a brand new car that isn't really needed.

SmellyPetrol

I lease my car personally.

andrewf75

motorguy wrote: »

Why?

Whos to say they got a good deal and whos to say they are driving the most cost effective car for their needs?

I'll give you an example - and this is a genuine example, not one made up.

Two colleagues of mine have each got Golf Rs.

One leased his - six months down, 36 months @ £246 a month inc VAT.

The other bought his outright @ £31,000. He buys a new top end Golf every three years. He'll get £15,000 for it come resale time in three years time.

The guy leasing will have spent £10,332 doing so. The guy buying for cash will have lost £16,000 in the same time.

Which is more MSE?

but surely buying a new car every three years is in itself not a "money saving" thing to do!

I understand that leasing can be comparable in costs to buying new but only if you buy a new car every few years. Compared to buying new and keeping for much longer, or buying nearly new (both money saving things to do), leasing is very expensive.

motorguy

andrewf75 wrote: »

but surely buying a new car every three years is in itself not a "money saving" thing to do!

I understand that leasing can be comparable in costs to buying new but only if you buy a new car every few years. Compared to buying new and keeping for much longer, or buying nearly new (both money saving things to do), leasing is very expensive.

Of course, yes. But you've taken what i said away from the context - it was in the context of there were a certain percentage of cash purchases which were therefore very MSE.

I was showing that of course is not always the case.