Associate
I have always bought cars that have been 3-4 years old and often financed this through bank loan, never paying more than 3%. Then I have used whatever collateral is left to purchase the next car.
You often see threads here regarding PCP,HP etc. I have often thought “ I wouldn’t mind a new car” which doesn’t come with its, one off expenses” e.g you had to replace a faulty lock, tyres, thermostat all not in their own expensive but add on to what you originally paid. So I “loan/rent” the car from the bank or pay higher “loan/rent via a dealer, but in this case I get a new car, without actually ever owning it, and yes costs will/ may incur if I have to correct any damage done to it, before I return it.
So what I am trying to say is the above fundamentally correct, and it comes down to owning or not owning the car at the end of the term, does it all play out?
New car, potential repairs not owning. Old car definitely some maintenance and you own the car but by then it is 6-7 yrs old and you might want a car and even with the collateral and deposit you cant afford it Maybe I have the usd car syndrome as I have never had a new car .it’s always been “one previous owner” job. So, what would you do take a punt down the PCP, blah route or stick to the tried and trusted pay for it keep it an extra year and move to the next car. I loathe having a car for more than 4-5 yeas as I start to pick holes where there are none, that’s just me.
You often see threads here regarding PCP,HP etc. I have often thought “ I wouldn’t mind a new car” which doesn’t come with its, one off expenses” e.g you had to replace a faulty lock, tyres, thermostat all not in their own expensive but add on to what you originally paid. So I “loan/rent” the car from the bank or pay higher “loan/rent via a dealer, but in this case I get a new car, without actually ever owning it, and yes costs will/ may incur if I have to correct any damage done to it, before I return it.
So what I am trying to say is the above fundamentally correct, and it comes down to owning or not owning the car at the end of the term, does it all play out?
New car, potential repairs not owning. Old car definitely some maintenance and you own the car but by then it is 6-7 yrs old and you might want a car and even with the collateral and deposit you cant afford it Maybe I have the usd car syndrome as I have never had a new car .it’s always been “one previous owner” job. So, what would you do take a punt down the PCP, blah route or stick to the tried and trusted pay for it keep it an extra year and move to the next car. I loathe having a car for more than 4-5 yeas as I start to pick holes where there are none, that’s just me.