car purchasing in retirement

Silvertabby

https://forums.moneysavingexpert.com/discussion/comment/81895477#Comment_81895477

Tax? One of the perks of an (Armed Forces) posting to Germany was the duty free car purchase. We brought a BMW back, and traded it in two years later for more than we had paid for it.

Marcon

https://forums.moneysavingexpert.com/discussion/comment/81895366#Comment_81895366

How does he cope with tube stations…?

Interesting that 'train station' is the preferred terminology on the major booking sites such as trainline.com.

Phossy

Isn't train station really an Americanism of railway station?

Cobbler_tone

I’ve earmarked £35k (from various lump sums) to buy something 12 months or less old, I wouldn't buy brand new again. Definitely a hybrid, been looking at the XC40, Tiguan sort of area. Will probably keep it 4-5 years and replace, with enough income/capital to do so. Second car is my 200k mile Golf, which is bullet proof and I generally spend around £1k a year on it. Great insurance at under £200 fully comp/protected/zero excess and £30 tax. plus 70MPG/700 miles per tank. I can't justify replacing that. My mobile mechanic is always asking when I am going to sell it as he wants it to tootle around in.

At some point we'll go down to one car and could now really as the wife works from home and I'm only in the office 3 days a week. It just gives that flexibility at weekends if one of us is out with a friend.

Buying/running a car(s) is just one of the basic expenses post retirement to factor in. The run rate on our dog is probably scarier and he is more spoilt than either of us!

ali_bear

Buying a new car you get the best deal and pay the least in finance charges and interest if you take out the PCP lease plan offered (together with any deposit contribution or discount) and then pay it off in full by exercising your right to withdraw (within 14 days). To do this you need the full amount ready. Why pay to borrow money when you have a TFLS to use up?

Probably the same for buying a nearly-new car.

Only worth buying new if you're going to keep it at least 5 years.

Happy Honda hybrid owner here.

Nick_Dr1

Buy a Toyota/Honda and forget about it. If you want luxury, buy a Lexus and forget about it.

If you have money left over, get a second hand electric. There are basically no wearing parts and the batteries last a lot longer than anyone thought. If you just "nip down the shops" you can recharge it at home on an extension lead.

Of couse if you have no off road parking or access to electricity, then its a literal non starter, and that's a reasonable excuse not to buy one.

Other than that, 2nd hand EVs are the bargains of the century for 99% of peoples normal journeys.

wolvoman

Lease / PCP if you do nowhere near the mileage limits are a total waste of money. People tend to do a lot less mileage in retirement.

Eldi_Dos

https://forums.moneysavingexpert.com/discussion/comment/81896893#Comment_81896893

Low mileage can be a concern, tyres and other parts can deteriorate and most battery warranties stipulate a minimum yearly mileage.

I myself consider too low a mileage as a flag when considering changing cars.

GDB2222

https://forums.moneysavingexpert.com/discussion/comment/81894729#Comment_81894729

Put some go faster stripes down the side and it should look quite sporty. :)

cfw1994

https://forums.moneysavingexpert.com/discussion/comment/81894759#Comment_81894759

Similar.

Got a very comfy top spec XC60 about 7 years before I retired….still rocking that for load lugging, tip runs and long runs (off to the Alps later). Might keep it forever….although we do quietly talk about considering the next motor to replace it (shh, don’t let the car hear that 🫣).

Second car: went electric 2 yrs before retiring. Flipped it a year ago for a 74-plate ex-demo Kona EV at over 30% off list, paying cash. Weird handing 5 figure sums on a credit card 🤪
Great low running costs for an EV (when you can charge at home 😉), & they do feel like driving the future 😎

I would consider PCP/lease for future EVs - the landscape is changing fast, & residuals (depreciation) has the potential to plummet….plus, whilst any decent mechanic can deal with my XC60, EVs are a bit more…specialist.

My big advice?

Go automatic. Obviously EVs are all auto. Modern autos are as efficient as manual. Easier to drive. Get used to them whilst your brain is young…. No kangerooing away as you get older & more doddery 😉