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Buying a new car?

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I am in a dilemma at the moment. I was sold on leasing. But the car i wanted isn't available to lease. Im in a fortunate position to buy a the car out right. The car is £13000 brand new. And i inte… Read More
mivanpy Avatar
2w, 3d agoPosted 2 weeks, 3 days ago
I am in a dilemma at the moment. I was sold on leasing. But the car i wanted isn't available to lease. Im in a fortunate position to buy a the car out right. The car is £13000 brand new. And i intend on keeping it for at the very least 5 years. I suppose I'm just seeking assurance if I'm doing the right thing.
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mivanpy Avatar
2w, 3d agoPosted 2 weeks, 3 days ago
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Sometimes this decision depends on how much cash you have in the bank in total. If buying cash will take out most of your savings, you are using up what could be your emergency funds, should you suddenly need them. With interest rates so low, whether you choose PCP or bank loan etc., I prefer to have the cash in the bank should I need it and regard the interest payments on the car finance as a running expense. Since you are intending to keep this car for 5 years plus, you could PCP it, then re-finance to pay the balloon off, so keeping the monthly costs relatively low and predictable over a long term. In the meantime, you still have your 13k in the bank to use or invest.

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#1
Get a Kia, 7 years warranty.
#2
Is that the list price or a negotiated price? Unless it's a brand new model then you can likely get a couple of thousand off the list price.

There's usually not much difference in cost between buying and leasing so I wouldn't worry about it.
#3
You need to work out how much the lease will cost and then how much you will lose in value on the car. You also need to factor in repairs (if not covered by manufacturer warranty), MOT, wear and tear repairs, tires and anything else you'd normally get paid for my the leasing company. You can then work out financially how much it will cost.

However you also need to decide how much you want this car and if the car is more important than the money then screw it and get the car.
#4
Can you buy it nearly new - most of the depreciation is in the first few months of ownership!
#5
hillybee5363
Get a Kia, 7 years warranty.

I would love that warranty. I will get three years with this that i can extend at the end of it.
#6
I wouldn't buy a new car unless I'd won the lottery...to lose 20% in value as soon as it's driven off the forecourt is horrendous!!
#7
EndlessWaves
Is that the list price or a negotiated price? Unless it's a brand new model then you can likely get a couple of thousand off the list price.

There's usually not much difference in cost between buying and leasing so I wouldn't worry about it.

List price is £15000 for the five door. So negotiated £2000 off. I'm just weighing it all up and want to make sure I'm doing the right thing. My head is spinning with it.
#8
I would say never buy a brand new car but get a ex demo (normally 6 months old0 you save a lot also no VAT on the car and normally they still give you a good warranty.

Also if you take finance out you normal save 1K on the price ageist cash sales. if i was 2 do this i would be finance and pay it off after the 1st month payment.

Or do what i do head to the car auction (much cheaper) buy a car that is 3-4 years old keep it a halfa year to a year sell it for what you paid for it and repeat. most the cars i buy have been sitting at a car garage for 3-4 months.

E.G bought a Mitsubishi asx4 black edition 2013 (top of the range at the time) very low on mileage and still have the re-mender of the 5 year warranty on it (end in June 2018) for 6.5k, garage price 11-13k. best thing is I am taking my car for a MOT and service (it has full service history on it) to the Mitsubishi garage that put it in the auction this month.

only had this car for 2 months and i may sell it in around 6 month time and make a small bit of money on it for my next car.

Edited By: djmackie2000 on Jun 09, 2017 12:05: More info
#9
mivanpy

I am in a dilemma at the moment. I was sold on leasing. But the car i wanted isn't available to lease. Im in a fortunate position to buy a the car out right. The car is £13000 brand new. And i intend on keeping it for at the very least 5 years. I suppose I'm just seeking assurance if I'm doing the right thing.

If you're open about your desire to pay cash you get treated like dirt...even by the supposedly higher end brands.
#10
Guest991145
You need to work out how much the lease will cost and then how much you will lose in value on the car. You also need to factor in repairs (if not covered by manufacturer warranty), MOT, wear and tear repairs, tires and anything else you'd normally get paid for my the leasing company. You can then work out financially how much it will cost.
However you also need to decide how much you want this car and if the car is more important than the money then screw it and get the car.

I want the car for sure. For these reasons it's cheap, has five doors (essential), reliable according to reports. Fun to drive. Good on insurance. Not the greatest mpg. But not bad!

The other issue I'm fighting with is.

They have a ex demo for 10500 with 9000 on the clock. But i will then be 2nd owner. Don't know how it's been driven etc and the warranty has 15 months on it. So is it worth me paying the difference of new. And all that comes with owning new.
#11
Van1973
Can you buy it nearly new - most of the depreciation is in the first few months of ownership!

I've looked at nearly new but they come in around 11.500 ex demo. So for the extra 1500 i could buy new?
#12
mivanpy
Van1973
Can you buy it nearly new - most of the depreciation is in the first few months of ownership!
I've looked at nearly new but they come in around 11.500 ex demo. So for the extra 1500 i could buy new?
also be classed as second owner with some of the warranty gone.
#13
Parrot
mivanpy

I am in a dilemma at the moment. I was sold on leasing. But the car i wanted isn't available to lease. Im in a fortunate position to buy a the car out right. The car is £13000 brand new. And i intend on keeping it for at the very least 5 years. I suppose I'm just seeking assurance if I'm doing the right thing.
If you're open about your desire to pay cash you get treated like dirt...even by the supposedly higher end brands.

Exactly right the person I'm dealing with acts like they couldn't give a ****
#14
Just had a call regards a polo gti £630.00 deposit. £210 a month x 35!
#15
hillybee5363
Get a Kia, 7 years warranty.


I can tell you from experience that you will need the warranty with a Kia. Worst car by far that I have ever owned from new.
#16
mivanpy
Just had a call regards a polo gti £630.00 deposit. £210 a month x 35!
So £8k cost over 3 years.

What would the resale value of the £13k car you're interested in be in 3 years time?
#17
Sometimes this decision depends on how much cash you have in the bank in total. If buying cash will take out most of your savings, you are using up what could be your emergency funds, should you suddenly need them. With interest rates so low, whether you choose PCP or bank loan etc., I prefer to have the cash in the bank should I need it and regard the interest payments on the car finance as a running expense. Since you are intending to keep this car for 5 years plus, you could PCP it, then re-finance to pay the balloon off, so keeping the monthly costs relatively low and predictable over a long term. In the meantime, you still have your 13k in the bank to use or invest.
#18
Van1973
mivanpy
Just had a call regards a polo gti £630.00 deposit. £210 a month x 35!
So £8k cost over 3 years.
What would the resale value of the £13k car you're interested in be in 3 years time?

Exactly oO and nothing to show for it!

Just looked on auto trader so around £8000

Edited By: mivanpy on Jun 09, 2017 13:20: Added
#19
Have you negotiated that price yourself? Might be worth going through drive the deal or equivalent. I got my missus a new car about 18 months ago and no one could get anywhere near their price >£700
#20
My current car (a VW) is 12 years old with 170k on the clock - owned it since new. I reckon I've depreciated it at about £120/month. This is the benchmark when I look at lease deals.

If I'd bought it at 12 months old it would probably have costed me <£100/month.
#21
Hallsie
Have you negotiated that price yourself? Might be worth going through drive the deal or equivalent. I got my missus a new car about 18 months ago and no one could get anywhere near their price >£700

I used car wow initially. But then got the price down a little more.
#22
Van1973
My current car (a VW) is 12 years old with 170k on the clock - owned it since new. I reckon I've depreciated it at about £120/month. This is the benchmark when I look at lease deals.

If I'd bought it at 12 months old it would probably have costed me <£100/month.

I think the battle for me is. Do i buy a used one 15 months old going for about 11.500 /12000 over the new at 13k and my gut is telling me new! Just want to make sure I'm making the right decision.

Edited By: mivanpy on Jun 09, 2017 14:01
#23
mivanpy
Van1973
My current car (a VW) is 12 years old with 170k on the clock - owned it since new. I reckon I've depreciated it at about £120/month. This is the benchmark when I look at lease deals.
If I'd bought it at 12 months old it would probably have costed me <£100/month.
I think the battle for me is. Do i buy a used one 15 months old going for about 11.500 /12000 over the new at 13k and my gut is telling me new! Just want to make sure I'm making the right decision.
For the sake of 1.5k I would get new without a doubt!!
#24
Also don't forget to check what the 'Year 1' road tax cost for the new car .... Since April it's now all front-loaded for brand new cars (then mostly £140 per yr after that).
#25
jcodonne
mivanpy
Van1973
My current car (a VW) is 12 years old with 170k on the clock - owned it since new. I reckon I've depreciated it at about £120/month. This is the benchmark when I look at lease deals.
If I'd bought it at 12 months old it would probably have costed me <£100/month.
I think the battle for me is. Do i buy a used one 15 months old going for about 11.500 /12000 over the new at 13k and my gut is telling me new! Just want to make sure I'm making the right decision.
For the sake of 1.5k I would get new without a doubt!!

I'm of the same opinion. Leasing seems to be all well and good on high end cars. But for what i want to spend. Seems better to buy new.
#26
think the website called carwow, you put in what car you want then they get you quotes from your local dealers. might be able to get some money off that way.

sorry just saw thats what you did. go for it and enjoy a brand new car :)

Edited By: antonio369 on Jun 09, 2017 14:47
#27
mivanpy
Van1973
mivanpy
Just had a call regards a polo gti £630.00 deposit. £210 a month x 35!
So £8k cost over 3 years.
What would the resale value of the £13k car you're interested in be in 3 years time?
Exactly oO and nothing to show for it!
Just looked on auto trader so around £8000

Is it a Polo GTi you are looking to buy for £13k?
If so, where, I'd like two please.
if not you're not comparing like for like.

Carwow quote £20K for a polo GTi.
#28
Bobbajob
mivanpy
Van1973
mivanpy
Just had a call regards a polo gti £630.00 deposit. £210 a month x 35!
So £8k cost over 3 years.
What would the resale value of the £13k car you're interested in be in 3 years time?
Exactly oO and nothing to show for it!
Just looked on auto trader so around £8000
Is it a Polo GTi you are looking to buy for £13k?
If so, where, I'd like two please.
if not you're not comparing like for like.
Carwow quote £20K for a polo GTi.

I didn't think i made any comparison. Just stated I've just been quoted on a lease deal.
#29
if the price difference between new and ex demo is minimal (i.e. less than £2k ish) i think it'd be better to buy new. the golf lease mentioned above seems a worse deal than buying the car and reselling in 3 years providing that the £13k car is exactly what you want.

what car are you looking at?
#30
adamspencer95
if the price difference between new and ex demo is minimal (i.e. less than £2k ish) i think it'd be better to buy new. the golf lease mentioned above seems a worse deal than buying the car and reselling in 3 years providing that the £13k car is exactly what you want.
what car are you looking at?

It's a suzuki swift sport 5 door. I think they are great value for a fantastic car that looks great. Although there is a new shape out there is no sport until the new year at the earliest. Where this model has had great reviews everywhere. And it's hard to know if the new one will be any good.

There are also not many new ones left. Especially if you are after a particular colour.






Edited By: mivanpy on Jun 10, 2017 02:38: Spelling
#31
airbus330
Sometimes this decision depends on how much cash you have in the bank in total. If buying cash will take out most of your savings, you are using up what could be your emergency funds, should you suddenly need them. With interest rates so low, whether you choose PCP or bank loan etc., I prefer to have the cash in the bank should I need it and regard the interest payments on the car finance as a running expense. Since you are intending to keep this car for 5 years plus, you could PCP it, then re-finance to pay the balloon off, so keeping the monthly costs relatively low and predictable over a long term. In the meantime, you still have your 13k in the bank to use or invest.

That's actually a really good idea. But if i pcp it don't i have unnecessary interest on the payments so i would be financing 15k rather than the outright 13k. Sry i missed your post earlier somehow but appreciate the response.
#32
mivanpy
airbus330
Sometimes this decision depends on how much cash you have in the bank in total. If buying cash will take out most of your savings, you are using up what could be your emergency funds, should you suddenly need them. With interest rates so low, whether you choose PCP or bank loan etc., I prefer to have the cash in the bank should I need it and regard the interest payments on the car finance as a running expense. Since you are intending to keep this car for 5 years plus, you could PCP it, then re-finance to pay the balloon off, so keeping the monthly costs relatively low and predictable over a long term. In the meantime, you still have your 13k in the bank to use or invest.

That's actually a really good idea. But if i pcp it don't i have unnecessary interest on the payments so i would be financing 15k rather than the outright 13k. Sry i missed your post earlier somehow but appreciate the response.


exactly, unless you have a guarenteed return on the £13k above the interest rate of the finance/loan, you'll still be worse off. dont forget to factor inflation in, though.

if a suzuki swift sport is all you need/want, paying the extra for the golf doesnt seem logical.

if you can get 0% finance i'd take that even if you have the cash available but otherwise i would personally pay cash and buy new.
#33
mivanpy
That's actually a really good idea. But if i pcp it don't i have unnecessary interest on the payments so i would be financing 15k rather than the outright 13k. Sry i missed your post earlier somehow but appreciate the response.

I know Audi have Bose stereo's!
#34
buy a nearly new. i.e 6 months old. you will save a few grand.
#35
Personally I'd hold out until the new model actually hits the inside of the showroom then it'll be discounted even more. The £13K you have nogetigoted can be very very easily had, even my local dealer is listing them straight away for that price on the 5dr sport and also quite a few sitting on Auto Trader and Suzuki's website. Try for free servicing into the mix possibly also or the extended warrenty which you can buy straight away you don't have to wait. Personally also as someone else meantioned I'd go PCP with Return to Invoice Gap. Keeping your own money in the bank and the assurance that if you get a car plagued with troubles (every marque/model always gets one bad egg) you can hand it back after 50% of the term is paid.
#36
steveblackman
buy a nearly new. i.e 6 months old. you will save a few grand.
Likely about 1500 but for that i would prefer new. And be 1st owner. With the extra warranty.
#37
cecilmcroberts
Personally I'd hold out until the new model actually hits the inside of the showroom then it'll be discounted even more. The £13K you have nogetigoted can be very very easily had, even my local dealer is listing them straight away for that price on the 5dr sport and also quite a few sitting on Auto Trader and Suzuki's website. Try for free servicing into the mix possibly also or the extended warrenty which you can buy straight away you don't have to wait. Personally also as someone else meantioned I'd go PCP with Return to Invoice Gap. Keeping your own money in the bank and the assurance that if you get a car plagued with troubles (every marque/model always gets one bad egg) you can hand it back after 50% of the term is paid.

Appreciate what you said but which dealer is selling it directly at that price. Info would be appreciated.
Trust me I've made a few contacts over the last few weeks and i have been told that's a good offer. And snap their hand off!

They've stopped advertising them new on the suzuki website. And the rrp on the 5 door is £15000. They tried to sell me one in the garage based on that With finance. I've checked auto trader but couldn't see anything worth while. Similar to what i mentioned before. Nothing that says great deal. Please prove me wrong.



Edited By: mivanpy on Jun 10, 2017 19:44: Added
#38
peterkay11
mivanpy
That's actually a really good idea. But if i pcp it don't i have unnecessary interest on the payments so i would be financing 15k rather than the outright 13k. Sry i missed your post earlier somehow but appreciate the response.

I know Audi have Bose stereo's!

Stereo and infotainment system suppose to be good on this.
#39
mivanpy
cecilmcroberts
Personally I'd hold out until the new model actually hits the inside of the showroom then it'll be discounted even more. The £13K you have nogetigoted can be very very easily had, even my local dealer is listing them straight away for that price on the 5dr sport and also quite a few sitting on Auto Trader and Suzuki's website. Try for free servicing into the mix possibly also or the extended warrenty which you can buy straight away you don't have to wait. Personally also as someone else meantioned I'd go PCP with Return to Invoice Gap. Keeping your own money in the bank and the assurance that if you get a car plagued with troubles (every marque/model always gets one bad egg) you can hand it back after 50% of the term is paid.
Appreciate what you said but which dealer is selling it directly at that price. Info would be appreciated.
Trust me I've made a few contacts over the last few weeks and i have been told that's a good offer. And snap their hand off!
They've stopped advertising them new on the suzuki website. And the rrp on the 5 door is £15000. They tried to sell me one in the garage based on that With finance. I've checked auto trader but couldn't see anything worth while. Similar to what i mentioned before. Nothing that says great deal. Please prove me wrong.

http://www.donnellygroup.co.uk
Though I'm N.Ireland. When I was driving past yesterday on the way to work they had one sitting at the enterance to the dealership (enterance shared with Alfa and Fiat Showroom) with the big stickers on the side of the £12,995 price think it said something also about low apr as well. If I get time tomorrow on the way in I can take a picture if you need one. They had them advertised in our local press also though I've chucked all my old papers and our car bit in the local one is always on a Thursday.
Also seen the 4 wheel drive version going for £13,495. (We have been looking at these for my sister along with the Mitsubishi Mirage which also has great spec for the money)
4x4 Version
Few like the 4x4 version had been pre-reg so that they fell into the £35 tax bracket rather than the new £160 year one/£140 year 2 bracket. Changed myself early as well as my new car would have been £800 year one bracket.

Edited By: cecilmcroberts on Jun 12, 2017 10:56
#40
cecilmcroberts
mivanpy
cecilmcroberts
Personally I'd hold out until the new model actually hits the inside of the showroom then it'll be discounted even more. The £13K you have nogetigoted can be very very easily had, even my local dealer is listing them straight away for that price on the 5dr sport and also quite a few sitting on Auto Trader and Suzuki's website. Try for free servicing into the mix possibly also or the extended warrenty which you can buy straight away you don't have to wait. Personally also as someone else meantioned I'd go PCP with Return to Invoice Gap. Keeping your own money in the bank and the assurance that if you get a car plagued with troubles (every marque/model always gets one bad egg) you can hand it back after 50% of the term is paid.
Appreciate what you said but which dealer is selling it directly at that price. Info would be appreciated.
Trust me I've made a few contacts over the last few weeks and i have been told that's a good offer. And snap their hand off!
They've stopped advertising them new on the suzuki website. And the rrp on the 5 door is £15000. They tried to sell me one in the garage based on that With finance. I've checked auto trader but couldn't see anything worth while. Similar to what i mentioned before. Nothing that says great deal. Please prove me wrong.
http://www.donnellygroup.co.uk
Though I'm N.Ireland. When I was driving past yesterday on the way to work they had one sitting at the enterance to the dealership (enterance shared with Alfa and Fiat Showroom) with the big stickers on the side of the £12,995 price think it said something also about low apr as well. If I get time tomorrow on the way in I can take a picture if you need one. They had them advertised in our local press also though I've chucked all my old papers and our car bit in the local one is always on a Thursday.
Also seen the 4 wheel drive version going for £13,495. (We have been looking at these for my sister along with the Mitsubishi Mirage which also has great spec for the money)4x4 Version
Few like the 4x4 version had been pre-reg so that they fell into the £35 tax bracket rather than the new £160 year one/£140 year 2 bracket. Changed myself early as well as my new car would have been £800 year one bracket.

Thanks for the reply. That might be a price on just the 3 door as the five door would be about 500 more. But even so, thats a great price but unfortunately being in Ireland i have no idea what that would involve as far as warranty and transporting back here etc. . I'm picking mine up this week now so. I'm happy and gonna keep it for some years anyway so works out well for me. But i agree i think it's great value for what you get with this particular version.

Edited By: mivanpy on Jun 12, 2017 16:54: Added

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