Do You OWN Your Vehicle?

DUTR

Serendipitious wrote: »

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 ?

I think everyone mentioned the asset aspect, either A) Somebody wants a car for transport purposes They want to use some of their disposable income on something they enjoy . C) Only dealers/traders need to worry about an item worth less money the time they keep it.

DKLS

Both cars owned outright, Mine has reached the stage that there is now zero depreciation and will inch up in value.
I keep thinking I should change it, but it makes me smile every time i run the key.

Serendipitious

Yes, I get that about A and B. And I see your point about C.

I was just thinking purely in terms of a person's financial situation. Debts and assets. I'm sure we all from time to time think what the house is worth. Ditto the car, if we own it. A leased car with a fixed term contract is a financial obligation.

zappahey

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.

Are you that guy who kept posting that DVLA owns all the cars in the country?

AdrianC

zappahey wrote: »

Are you that guy who kept posting that DVLA owns all the cars in the country?

Certainly has a faint whiff of Freeman on the Land loopiness.

Chickabiddybex

I own mine, but it's a banger. Owned for 2 years now and if I sell it on will probably get what I paid back! It cost £350 to buy, then £100 to replace part of the exhaust and gaskets. After 1 year £300 to get through MOT (needed welding etc) then £20 to fix a tiny leak and just recently £110 to replace another part of the exhaust and the heater.

So all together £880 for 2 years which is £36 per month. Not bad!

fred246

My last car was £16K. I went to the bank for a draft but they said just use your Switch card (as it was then). When I went to pay they came back asking loads of questions about my direct debits etc (to verify it was me). I just signed the slip and drove off in the car. I guess £16K isn't that much. Have other people bought cars with debit cards for much more?

forgotmyname

Chickabiddybex wrote: »

I own mine, but it's a banger. Owned for 2 years now and if I sell it on will probably get what I paid back! It cost £350 to buy, then £100 to replace part of the exhaust and gaskets. After 1 year £300 to get through MOT (needed welding etc) then £20 to fix a tiny leak and just recently £110 to replace another part of the exhaust and the heater.

So all together £880 for 2 years which is £36 per month. Not bad!

Inc. buying it, All services, MOTs, tyres, brakes etc.. Just short of £3500.

Not bad for 5 years worth of motoring.

Whats it worth now £600 - £1000 ?

Hoipolloi

It's my good fortune to own the car outright.

DUTR

fred246 wrote: »

My last car was £16K. I went to the bank for a draft but they said just use your Switch card (as it was then). When I went to pay they came back asking loads of questions about my direct debits etc (to verify it was me). I just signed the slip and drove off in the car. I guess £16K isn't that much. Have other people bought cars with debit cards for much more?

I have twice, the 1st time it was as easy as going to the supermarket, the chap called me through to the office and simply asked me to enter my pin in the machine, the recent time, yes the bank had called me on my mobile after a few questions off I went .

What some are forgetting is that when you go into a store say, then you may have £10 in your pocket buy an item for £5 and get £5 change, so you still have £10 worth. Likewise with a car, it may lose the on the purchase price, but in the meantime, you get use of the vehicle, so the 'losses' are not as 1st reported. So my previous car was costing me £4.80 day to own.