Just wondered how much people spend buying their cars, just HP/lease cost, not insurance or fuel etc.
Free. Because I saved up and bought one I could afford there and then.
Free. Because I saved up and bought one I could afford
Beaten to it
Free. Because I saved up and bought one I could afford
+1
+1
What them ^^^^ said.
+1
Why borrow money to pay for (or lease) a depreciating asset ?
same again, managed to save £17k for the car i wanted, but being smug doesnt help you!
Dont think I could stomach going over £200-£250 a month MAX
Imagine...
You want a car.
It's £16000
The moment you turn the key it is worth £13000
You buy on credit and pay £18000
Doesn't that seem a bit of a mug's game ?
It'll take about 8 years for me to reach the £17k saved for by TimC for the car I want with no running costs other than fuel. In that time I'll be on my 3rd car too in that time.
There's pros and cons to both.
It's all well and good being able to save and buy a car, but vast amounts of the population, myself included, it's simply not an option.
Imagine...You want a car.
It's £16000
The moment you turn the key it is worth £13000
You buy on credit and pay £18000Doesn't that seem a bit of a mug's game ?
I assume you apply this to bicycle purchases too?
About 500 quid but then I get a car allowance from work which covers most of it.
When I grow up I want to be a smug "look what I saved and bought with my pennies" kind of grandad too.
again nought. I bought mine cash.
Kev
I assume you apply this to bicycle purchases too?
Yep - never bought one of those on credit either.
It's not about being smug, just cutting your cloth to suit your budget.
When I grow up I want to be a smug "look what I saved and bought with my pennies" kind of grandad too
I bought a 6 year old Daewoo people carrier.
Big pimpin' 8)
Free. Because I saved up and bought one I could afford
+1
Yep - never bought one of those on credit either.It's not about being smug, just cutting your cloth to suit your budget
My point was that you may have bought a new bicycle that dropped in value as soon as you walked out the shop.
But usually a car is a much larger purchase, and has less "fun" attched than a bike. I have been lucky enough to own quite a few nice cars, but traffic, speed cameras, the cost of motoring and the availability of cheap, reliable, capable cars means it isn't necessary to blow a fortune on your transport any more. Of course, if you have three kids / do a high mileage / earn a higher salary this may be different for you.
Last new car I bought was £570 a month over three years interest free credit. Car allowance from employer covered most of that.
Why would I need to save up, I'm not a 12 year old with a paper round.
Last new car I bought was £570 a month over three years interest free credit. Car allowance from employer covered most of that.Why would I need to save up, I'm not a 12 year old with a paper round.
Ah, but that is very different if someone else is paying for (most of) it for you - would you have forked out that amount if it was just you paying?
The key thing here is not what other people would pay, but what [i]you[/i] can afford to pay.. work it out and then decide..
I bought a golf for 6500 quid - pay 169 a month over 4 years, its really the same as saving! in october when the loan finishes it will still be worth a few grand. I just call it reverse saving 😛
[i]would you have forked out that amount if it was just you paying?[/i]
Possibly, but given that it's something i don't have to consider the i dont know. Of course the beauty of it is that the car was paid for over two years ago and I still get the allowance.
Bought my current outright, however with a company car allowance and the mileage i'll be doing I might do a monthly lease...
A colleague does it at present, gets servicing and breakdown included on a new Audi A5. If he paid cash for that he'd have to stump up around £35K
I never thought i'd look at a lease of a car, however given with a lease you can get a new one every 2 years for work duties it does seem to make sense!
I got £425 per month with my old job as an allowance. But after tax an NI it's more like £255.
My *cough* Vectra costs me £217 per month and will be the HP will finish in 6 months time, just in time for the end of my new job's probationary period and my new car allowance.
I'll try and keep it for another 6-12 months and will pay cash for the next one. Living off one salary does make you re-evaluate the value of money and outgoings.
Looking at my new contract, it appears the company will pay for my insurance too, which will save me £600 annually.
Bangernomics all the way for me. Got the wife a new fiesta at 250 a month on the grounds that were keeping it till it dies.In the mean time i get to whizz about in anything i can pick up under a grand fix and sell on for a small profit or little to no loss.
Also has the benifit that any car i buy i dont mind loading with muddy bikes dogs and crap for the tip.
bought one from ebay - cash, for less than half what i earn in a month, and it's an absolutely fine mode of transport for an esteemed professional chap such as I. never seen the point in buying a new car, it's for mugs and microwillys
I buy all mine off this bloke, for cash:
[img] 
[/img]
never seen the point in buying a new car, it's for mugs and microwillys
eh... cause its nice to have new things, why should a car be any different, if you can afford it and want it, why not!
ps. I currently have a 94 cherokee so must have a massive willy 😉
Paid £4000 cash for my Land Rover on the day I bought it in 1999.
One Ten. Live it.
I was paying £250 per month for a 4 1/2 year loan on a new Audi from my bank. Interest payments were less than 2 pints of beer a week (nearer a pint) and I don't drink anyway so no great loss there.
Borrowed 50% of new car value, about 20% p/x and 30% from savings.
I certainly wouldn't want to be in a position to have negative equity on a car, but in the same breath I wouldn't want to tie up a significant portion of my savings tied up in one
Paying £250 a month for my CMax, £200 a month for the wifes Mazda. Could never stomach paying more than this for a car. I dream of next doors Range Rover Sport, but i couldnt stomach £1000 a month that he pays!
I hope you all paid cash for your houses too...
I did. 😛
Paid cash 😉
Happydayzzzzzzz
MidlandTrailquestsGraham - MemberI did
[url= http://www.singletrackworld.com/forum/topic/am-i-being-unreasonable-washing-up-with-the-potato-water ]and we can see why[/url] 😉
Monthly payment is either depreciation plus intrest if you HP it, or depreciation only of it's cash. Makes little or mo difference either way. If you do borrow, the loan settlement value must reduce faster than the car depretiaes tho otherwise you are in trouble.
When work were paying about 350 a month. Now I'm paying, 10 year old car bought for cash.
got a 230 p/month loan on our vw t5 kombi family car / bus / plaything. worth every penny and don't resent any of it.
😯 1000 A month!!!
I own my impreza, its now worth 6k less than when I bought it. It would upset me if id still got finance on it! Next ones going on a 0% credit card, current climate i want my savings in the Bank!!
You should always have a bike worth more than your car, it's (my) law.
Nothing, since I don't own one. Or about £10 a day for hire if I need one, tho obviously that includes insurance, tax, servicing etc. 😀
I pay zero per month as I don't own a car.
I never intend to get one either, two wheels are better than one. (Or five if you count the four corners).
I'm currently paying £144 per month.
56 Plate peugeot 207
44k on the clock
I brought my Citreon on HP, deposit was my 206, got about 5k for that, got citroens crazy cashback of about £1.5k and then got a reduction as i brought a late plate, 05 on july 29th, could of waited for a 55 plate but they offered a chunk off the purchase price. I then paid £125 a month. The car is now mine, no reason to change until i have a chunky deposit as the prices of cars are just daft at the moment.
For all those who get an 'allowance', its not an allowance its CASH!
In my last perm role I got a £10k 'allowance' (plus 40ppm), give-or-take £500 net per month. My car cost me £2.5k, so after 5 months I was in the money.
Most I've ever spent per month was £217, in 1990..., a s/h 309GTI.
My truck cost £12k of which I put £5k cash down and the rest on finance, which costs me £190 pcm.
Fuel is getting on for £500 pcm though and other running costs (insurance/servicing/tyres) around £200 pcm.
So getting on for £900 pcm to run my vehicle - it's my only vehicle though and 90% of my mileage is business use, so in reality it costs me £90 pcm, plus £500 deposit to run around in a stonking great 4x4 and the rest goes through the business.
[i]it's for mugs and microwillys[/i]
It's always the poor folk that say stuff like that. I'm quite sure if you could afford a reliable, newish car, clearly you ant so you try to put people down who can. If you say that to people in real life they would just laugh at you.
£17k new (Mazda 3)
Made up of: £5k px + £3k cash + balance on interest free finance for 3 years.
Costs £240pcm. I could have gone through a saving process and bought it outright at the time, or I could just simply smooth the cashflow impact by spreading a £9k payment over 3 years.
2 years to go then we own it and won't change it for a while after.
I've got a company car, so I pay £165 per month for a 09 Mondeo Titanium x. That cost includes all breakdown, insurance, tax, replacement tyres and parts.
At the end of the day I will never own it, but I don't mind as I do 30k miles a year and i will generally be run into the ground, so Im glad its not mine.
Just pay what you can afford.
My brother in law gets an £5K P/A 'interest free' loan from his employer towards a car. He then adds an extra £150 of his own earnings to get a top of the range A4. I don't see the logic in that personally.
Gary_M - Memberit's for mugs and microwillys
It's always the poor folk that say stuff like that. I'm quite sure if you could afford a reliable, newish car, clearly you ant so you try to put people down who can. If you say that to people in real life they would just laugh at you.
rubbish i could buy a very nice car outright if i wanted
as it goes my 03 plate focus that i bought for 3 grand does me just fine (well it will when i replace the faulty speed sensor this weekend :oops:)
im happy enough with myself that i dont have to compensate buy buying an expensive motor
at 1 pound 40 a litre of petrol plus insurance plus tax plus the traffic jams cars are undoubtedly for mugs
as for willy waving... unless you go to track days or do the paris dakar or have to rescue sheep from the fell what else does owning an porsche, imprezza or a 4x4 acheive
Your brother in law still pays tax on the commercial rate of interest as a benefit in kind and I'm assuming the loan £5000 each year so that he pays for the Audi over at least 4 years. Not the best idea but at least he saves a bit on actual interest payments.
I don't own a 4*4, Porsche or impreza - a Honda accord in fact which is hardly willie waving now is it.
Kimbers you didn't make the comment and I don't think you're suggesting buying a new car is a mugs game/willie waving. I also buy used cars but now and again it's nice to buy something brand new just because you can.
FFS Kimbers, why must everything to do with anyone who has a nice car come down to compensating for something?
It's the biggest crock of horseshit I've ever heard and it keeps on getting trotted out by people who either can't afford nice cars, or aren't interested in cars - often because they are scruffy hippies.
You don't like nice cars - some people do, get over yourself.
I drive a 4x4 btw - I'd ask you to tell me why I shouldn't, but it's been done to death.
at 1 pound 40 a litre of petrol plus insurance plus tax plus the traffic jams cars are undoubtedly for mugs
Yet you still drive one?
Mug
What you also fail to realise Kimbers is that your '3 grand motor' could also be seen by some less fortunate individuals as an expensive motor and also a case of willie waving.
It's all relative isn't it.
And i really struggle to understand why anyone thinks buying a £25k car is willie waving. Seriously if you do you must live very tawdry lives. Stop worrying about everyone else and live your own lives.
well i am indeed a scruffy hippy,
cars dont really excite me as such, though i have been OFFROADING(tm) in oldschool defenders a few times and loved it,
was also recently a passanger in a boxster driving from london to aberystwyth and that was terrifying and fun
while the 3 grand focus was the first time i had a car worth more than one of my bikes so i did feel terribly bourgeois
i still think driving is a mugs game; it can be fun but also dirty, expensive, unhealthy, frustrating and while i fully appreciate the joys of the shiny and new im far too tight to get my head round the depreciation thing- its madness
unless you go to track days or do the paris dakar or have to rescue sheep from the fell what else does owning an porsche, imprezza or a 4x4 acheive
I hope you use your bike to its full potential too otherwise your just will waving with whatever you ride.
I hope you use your bike to its full potential too otherwise your just will waving with whatever you ride.
nah i just use my dh bike to comute to work or go to sainsburys 😕
here's another viewpoint.
My wife works evenings and I want her to have a reliable car that she is comfortable in and which she is confident isn't going to break down leaving her on a roadside and me at home with young kids so unable to immediately drop everything and rescue her.
We've just arranged one and will be paying her old car as PX plus 139 a month on 2.2% finance. I can't be arsed to work it out but over the course of the loan that's about £400 in interest or less than a pint of beer a week.
To me the interest is like someone renting me the car for a tenner a month AND I get to keep it at the end. Whereas if I saved up to pay for it in cash she'd be waiting for 2-3 years before we can afford a new one.
Credit is not evil, if you know what you're doing and can work this stuff out. Good for all the folks that can pay in cash, I'm made up for you but I get a bit fed up when you look down your noses at folks that willingly play the credit game as if that makes us somehow inferior.