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  • FIRST POST
    • Student_debt_Hype
    • By Student_debt_Hype 13th Sep 18, 11:24 AM
    • 10Posts
    • 2Thanks
    Student_debt_Hype
    Old Banger vs Used Finance?
    • #1
    • 13th Sep 18, 11:24 AM
    Old Banger vs Used Finance? 13th Sep 18 at 11:24 AM
    Hi Guys,

    I am just about to pass my test (I'm 24, birthday in a month) and I've been learning since I've been 17 (various things got in the way from passing, sports injuries, heading off to uni, moving into my first non uni place etc). Any-who, I'm about to pass my test (fingers crossed) and I'm looking to purchase a car. And I'm torn between old banger and approved used (finance).

    If I was 18-21, I would have never considered approved used finance, just get the old banger and embrace the gurgles, bangs and creaks! No brainer!

    But I'm coming up to 25 with a job I travel for a lot, mostly local commuting and meetings but with some 100+ miles further afield (once every month maybe), this is one of the reasons I pushed to pass now! I want something reliable and not going to give me anxiety half way down the M1, preferably!

    There is also the added (but MUCH less important) factor of 'appearances', while we aren't a suit and tie company, client expectations of us are a large part of acquiring and maintaining them (I work for a UX development company). My collegues drive new fords and VW's, my boss drives a BMW, this is all part of the client 'coffee table talk'. And this isn't a case of envy (at least I don't think so!) it's more of a 'our clients are snooty !!!! holes and this banger could affected their judgement of the company', nothing to do with anything in the company itself!

    I have some outstanding debt, all budgeted and controlled, I have room in my budget for finance up to 170 MAX. But a one off payment of 500-800 would be difficult (I could probably manage it, just).

    My main worry is, getting a approved used car from the big names (VW, Peugeot, vauxhall, citroen etc) is risky because I'm a new driver, new drivers are much more likely to have a scrape and a knock here and there in the first year. Insurance seems roughly the same for both a banger and a approved used (sometimes cheaper for the newer used cars). I'm very torn and I'm looking for some experiences and advice!

    I don't have parents or family to ask about this unfortunately, so I come to you, the MSE family who've guided me through my first credit cards, first renting and much more. Any thoughts?
    Lloyds Mastercard: 0 (0% until December 2018) - I did it yay!
    Virgin money: 2000 (0% until June 2019) - regular 150 payments, still in use.
Page 2
    • CarolK
    • By CarolK 13th Sep 18, 5:23 PM
    • 22 Posts
    • 8 Thanks
    CarolK
    That's an expensive site if they're desperate!!
    • onomatopoeia99
    • By onomatopoeia99 13th Sep 18, 6:46 PM
    • 4,568 Posts
    • 10,454 Thanks
    onomatopoeia99
    There is also the added (but MUCH less important) factor of 'appearances', while we aren't a suit and tie company, client expectations of us are a large part of acquiring and maintaining them (I work for a UX development company). My collegues drive new fords and VW's, my boss drives a BMW, this is all part of the client 'coffee table talk'. And this isn't a case of envy (at least I don't think so!) it's more of a 'our clients are snooty !!!! holes and this banger could affected their judgement of the company', nothing to do with anything in the company itself!
    Originally posted by Student_debt_Hype
    Company needs to provide you with an appropriate vehicle if it believes what you roll up in will affect client perception then. It cannot require you to purchase a particular car or class of car.


    I rarely do meetings, but if someone parked in our carpark and they had an old banger, or a bland euro/jap box, or something more exotic, it would make no difference to the meeting, though I would ask about something exotic or classic, as I like interesting / unusual cars (and own some).
    INTP, nerd, libertarian and scifi geek.
    Home is where my books are.
    • DD265
    • By DD265 13th Sep 18, 6:57 PM
    • 1,457 Posts
    • 3,281 Thanks
    DD265
    Last May I bought an '05 VW Golf TDI for 3250. Paid for partially with help from family and I stuck the rest on a 0% credit card, paid off before the promotional period ended. Prior to that I had a car I'd bought brand new on PCP; I much prefer owning outright especially as my repayments were extortionate on account of my high mileage. I did have help finding and inspecting the car; my FIL is very knowledgeable so I had the confidence to move forwards.

    If you can work out your budget, the guys on here are really good at suggesting specific makes/models/years to look at. E.g. some specific engines are shoddy, but go a year earlier (or later) for the same model of car and you'll get the decent engine. I'm sure there are a few on here that would be happy to find links to specific cars and tell you what to look out for etc.
    • Jonesya
    • By Jonesya 13th Sep 18, 9:05 PM
    • 1,480 Posts
    • 909 Thanks
    Jonesya
    If you're buying a used car you want to minimise your maintenance and repair costs - so forget the flashy German brands, or even the UK brands, the Japanese rank highly for reliabilitity and many are made here in the UK.

    Consider Toyota and Honda - both ranked highly for reliability.
    • wgl2014
    • By wgl2014 13th Sep 18, 10:48 PM
    • 833 Posts
    • 530 Thanks
    wgl2014
    I suggest the Mazda RX8 231hp edition. Will blow the water with their diesel euro boxes.
    Originally posted by ginashamz
    Just don't get a rusty one with knackered suspension, if this is too much of a risk you could pretend to buy a BMW M2........

    Or back in reality...... Plenty of choice for reasonable if boring cars that don't look like total sheds. Civic, Golf, Focus are all common and acceptable, I would consider some me basic spec cars which are less popular and hence cheaper.
    • custardy
    • By custardy 15th Sep 18, 7:43 PM
    • 34,004 Posts
    • 28,897 Thanks
    custardy
    Last May I bought an '05 VW Golf TDI for 3250. Paid for partially with help from family and I stuck the rest on a 0% credit card, paid off before the promotional period ended. Prior to that I had a car I'd bought brand new on PCP; I much prefer owning outright especially as my repayments were extortionate on account of my high mileage. I did have help finding and inspecting the car; my FIL is very knowledgeable so I had the confidence to move forwards.

    If you can work out your budget, the guys on here are really good at suggesting specific makes/models/years to look at. E.g. some specific engines are shoddy, but go a year earlier (or later) for the same model of car and you'll get the decent engine. I'm sure there are a few on here that would be happy to find links to specific cars and tell you what to look out for etc.
    Originally posted by DD265
    Over 3K for an 05 Golf?
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