how does everyone finance a car?

roswell

If you have only done 15 000 miles in 5 years why do you need a focus ST ?

Are you willing to pay more than £1 for every mile you will drive it ? The fuel costs wont be much if your only using it for short trips but the value of the car will sink like a stone like all cars under 3 years old. What about insurance costs / service costs / mot etc That is a lot of money for something you dont use much,

thescouselander

I think the OP might do more than 15,000 miles in 5 years - the fiesta was originally owned by their aunt.

tali

epz wrote: »

i pay cash, cant afford it then dont buy it but then i am lucky in that i hate the look of modern cars so almost every car i want will be under 5k

wise words!

bclark

Don't listen to some of these doom mongers. If you can afford it then buy it. There is a balance that needs to be struck between financial prudence and enjoying your life. If, as you state, you can afford it then buy the Car. I would say that a cheap personal loan may be the way to go as dealer finance for second hand cars is normally pretty uncompetitive.

economiser

One of the worst investments you can make is a car, but life would be difficult without one for many of us. Best bet is to buy new or nearly new and keep as long as possible. After four or five years depreciation is negligible. Modern cars seem to go on and on. Of course if you want to make a statement with the latest model well and good - but you pay dearly for it. You can't be a serious money saver!

Garnet_Gem

If you can afford it, then buy it. It will depreciate, but if you enjoy having it and plan to keep it for a while, why worry? Most material things depreciate but cars get all the negative press.

vaio

economiser wrote: »

……. Best bet is to buy new or nearly new and keep as long as possible. After four or five years depreciation is negligible. Modern cars seem to go on and on…………

Surely the best be is to buy one that’s four or five year old so someone else has paid for the vertical part of the depreciation curve.

My current car cost £41k when new, I got it when it was five years old for £7.5k. Basically the previous owners paid £7k per year to own it, I’ll pay the same to own it for as long as I like.

If you really want or need a new or almost new car then enjoy but have a think about going older.

manda1205

I do agree with epz in that if you aint got the money you dont get it. And if you want a focus st then I say go for it, but maybe get one a couple of years old (not sure when they replaced rs) but they hold they're value so would not lose out so much on that side. And as for the comment on why get one, they cost so much etc? Have you driven one? They're fun, (lifes far too short to be boring) Ive just been on a rally drive and had a go with scooby, evo and focus rs, must say that I now want an evo, they were brilliant to drive and the focus was pretty good too, still better than the scooby. So anyway Id say to OP go get one but just maybe a bit older and try to pay in full!

puddy

I dont know what car this is, (bit thick about cars), but I would say that you're doing the right thing with regards to age. Cars lose about half their value in the first year/2 years, therefore, if you buy a 2 year old car, you get the best of both worlds, a nearly newish car but one that wont depreciate as much as if you bought it new. If your savings are earning something like 6-8% (some accounts pay this) then you could leave your savings where they are and get the car on some of the products mentioned in this thread like the m&s card etc, so that although you're paying interest, you're making it back up again with the savings you have in your account. Alternatlively if you're not bothered about the interest side of things and would rather pay it out altogether, then buy it in cash.

FannyHill

If you want it and you can afford it then go for it.

You only live once ( as far as we know ).