Do You OWN Your Vehicle?

BeenThroughItAll

I own all of my cars and bikes outright.

motorguy

andrewf75 wrote: »

The whole point of the discussion was that it was expected that there would be a high percentage of people owning cars outright on here - because its MSE !

Your example only saves money against something which is even more a waste of money! Its still not a MSE thing to do..

Burning £5 notes to keep warm is much more efficient than burning tenners, but that doesn't make it money-saving.

I hope you get what I mean now.

MSE is about buying what you want and ensuring you get it at the best possible price. Its not about buying the cheapest variant or about buying a second hand one to save money.

For example, if you look at the deals that go HOT on the deals board, those could be for a top spec SONY TV thats £200 cheaper than anywhere else, HOWEVER according to you, we should all buy old second hand TVs to save money.

I hope you get what i mean now.

andrewf75

I do get what you mean. If you absolutely have to have a brand new car every 3 years then leasing can be cheaper.

But on this site (which is what the conversation was about), I'd still expect a very low proportion of people to be doing that purely because getting a new car that often (buying or leasing) means you are paying a huge price in depreciation.

Marktheshark

I paid for it and I am the registered keeper.
As to who owns it is another question, certainly not me if they can take it off me for breaking one of the rules of DVLA who I registered it to.

mcpitman

59 plate, owned outright, bought with a (suprisingly small) bag of cash a year ago.

Previous to that an 04 plate, also owned outright.

mcpitman

Marktheshark wrote: »

I paid for it and I am the registered keeper.
As to who owns it is another question, certainly not me if they can take it off me for breaking one of the rules of DVLA who I registered it to.

Eh? I don't understand...

iolanthe07

I would never borrow money to buy a depreciating item like a car, unless it was on some zero percent interest deal. Depreciation is bad enough without adding a load of interest to the equation.

[Deleted User]

13 year old Megane cost £400 last March and still probably worth £400.

I don't see the point in leasing a new car for £xxx a month just money down the drain. Might consider a 0% finance deal in the future if the price was right and my finances were in order.

DUTR

andrewf75 wrote: »

I do get what you mean. If you absolutely have to have a brand new car every 3 years then leasing can be cheaper.

But on this site (which is what the conversation was about), I'd still expect a very low proportion of people to be doing that purely because getting a new car that often (buying or leasing) means you are paying a huge price in depreciation.

It's not about having to have a new car every 3 years, IMO one be frugal in one aspect to be affluent in another. Otherwise there is no point to money saving.
The other day on the radio it was suggested that the average uk home price is £275K, anyways to add to the thread, I own my car outright and did do from the day it left the showroom, as with the previous car, there are a lot of rich people in the cemetary, money in the bank doesn't mean anything unless you intend to spend it all before you die.

Serendipitious

Mine is nearly mine and currently is worth 3k more than is owed on it. So it is an asset on the balance sheet.

Don't think anyone's mentioned the asset aspect. The guy who owns outright will always possess an asset even when we factor in depreciation. If someone who owns and someone who leases each have to stop driving eg through ill health or injury, the vehicle owner will at least have something to sell if need be. And he will have had an asset on his balance sheet throughout his ownership.

Company cars are nice, but tied to the particular job, which presumably means having to buy a car on retirement ?