Range Rover Evoque PCP v Lease v Bank loan

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  • Rjhsteel
    Rjhsteel Posts: 240 Forumite
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    I did say I had come into money motorguy, but still, you know my life best as you have seen a few posts.

    Again being judgemental without knowing the full story.

    No matter. You carry on.
  • Rjhsteel
    Rjhsteel Posts: 240 Forumite
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    And it would be nice to get back on topic tbh...
  • caprikid1
    caprikid1 Posts: 2,133 Forumite
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    Many years ago someone told me, "Never borrow money to buy a depreciating asset".


    If you need an Evoque rent it, at least you will have more options when it breaks down. If you rent it you will know exactly what your exposure is in terms of depreciation etc. Lots has already been said about your debt so I won't continue to kick the man on the floor as seems to be the trend on here.
  • caprikid1
    caprikid1 Posts: 2,133 Forumite
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    Rjhsteel wrote: »
    I did say I had come into money motorguy.


    A fool and his money are easily parted, I hope the figure you have come into is well into six figures and I don't mean £1000.00
  • DrEskimo
    DrEskimo Posts: 2,347 Forumite
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    caprikid1 wrote: »
    Many years ago someone told me, "Never borrow money to buy a depreciating asset".


    If you need an Evoque rent it, at least you will have more options when it breaks down. If you rent it you will know exactly what your exposure is in terms of depreciation etc. Lots has already been said about your debt so I won't continue to kick the man on the floor as seems to be the trend on here.

    Problem with this argument is that you are tied to buying brand new, and invariable the increased depreciation will more than offset the potential repair cost. Even an expensive car like an Evoque will never realistically need £1000 repair every single year you own it....that's the level of difference in price we are talking about between used and new when it comes to depreciation (or maybe they are that bad!).

    Essentially you are substituting a possible large cost (might need expensive repairs worth £3000) with a definite large cost (will cost £3000 more in depreciation costs).

    Obviously every car is different, but the general function of a depreciation curve is well known to apply across most cars and models.
  • parking_question_chap
    parking_question_chap Posts: 2,694 Forumite
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    edited 16 April 2019 at 9:08PM
    Rjhsteel wrote: »
    I'm not explaining my personal circumstances as to why I have come into more money, but you know, please feel free to judge, like the previous idiots...

    I'm just looking for advice. Like most on here.


    If you have come into more money why not buy the car outright?

    Not sure why my post noting you were in £16k of debt in February got deleted. Not as if its not relevant.

    Either way, unless you are super rich and can afford to blow through money its probably getting something that is more about reliability and less about image.

    Rjhsteel wrote: »
    And it might be worth people not guessing someone's financial status by looking back at previous posts.


    Well what should we use then? a crystal ball.
    Its reasonable to assume given the post was only made 2 months ago that it might still be applicable.
  • motorguy
    motorguy Posts: 22,473 Forumite
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    Rjhsteel wrote: »
    I did say I had come into money motorguy, but still, you know my life best as you have seen a few posts.

    Again being judgemental without knowing the full story.

    No matter. You carry on.

    And thus you would think - IF you'd suddenly and unexpectedly "come in to money" - you'd now, based on very recent but long running hardship NOT be !!!!ing that up the wall on a luxury car you dont need.
  • motorguy
    motorguy Posts: 22,473 Forumite
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    edited 16 April 2019 at 9:30PM
    Rjhsteel wrote: »
    And it would be nice to get back on topic tbh...

    It IS on topic - you're on a money saving forum asking on one hand for advice of severe debt management issues then all of a sudden asking for advice on how to FINANCE a luxury car.

    The simple one word answer as to how you should finance an Evoque is - DONT.

    You've got yourself out of the frying pan - dont jump in to the fire.
  • neilmcl
    neilmcl Posts: 19,460 Forumite
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    Rjhsteel wrote: »
    I did say I had come into money motorguy.
    Clearly not a huge sum if you're looking at a PCP/lease/bank loans to finance an expensive car such as the RR evoque. The sensible, and MSE thing to do would be to use the money more wisely and pay off some of the increased mortgage you've recently created and look to get a more affordable and reliable means of transport.
  • motorguy
    motorguy Posts: 22,473 Forumite
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    neilmcl wrote: »
    Clearly not a huge sum if you're looking at a PCP/lease/bank loans to finance an expensive car such as the RR evoque.

    Indeed, and a very good point.
    neilmcl wrote: »
    The sensible, and [STRIKE]MSE[/STRIKE] obvious thing to do would be to use the money more wisely and pay off some of the increased mortgage you've recently created and look to get a more affordable and reliable means of transport.


    Edited for accuracy.
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