[Closed] Car purchase, how much per month do you pay?

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

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What them ^^^^ said.

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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 £18000

Doesn'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

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 - Member

I 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.