A lot of cars even come with free service packs, my Z4 had free servicing up to 60,000 miles.
The Tiguan has arrived
- Thread starter ca9phoenix
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Oh and has anyone factored in NIL deposit???
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No wonder you have no deposit for a car if you keep leasing them.
No actualy that's being married!
Caporegime
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The law according to Joshy - anyone that ever has an inkling of what direction their thread might take, should not bother to post at all.
Honestly, get a grip. This is a community for sharing information. Knowing that people will question your finance deal is not a good reason for not discussing it in the first place.
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He knew he was going to get a kicking, and yet still decided to post the thread and information into his (I think we are all in agreement here?) rubbish financial decision anyway, then he seems to pretty much universally ignore everyone's opinion and use the "Well, I'm happy" cop-out as a justification.
The actually Law according to Joshy is don't take a kicking when you can avoid it. The OP could have very easily avoided it.
Only just saw this. When you mean give it back, do you mean give it back and end the agreement?
Robbie G in decent post shocker.
Raised a smile.
Well I assume that there's little he can do to change the situation even if he wanted to. OT, but have I missed the thread about your new car? You are the same person who had a 105 before iirc?
Apologies if you think comments were derogatory, they certainly weren't intended that way on my behalf at least
I was just replying to another poster who was trying to justify leasing.I guess if you're happy then that's OK (?) but if anything I'm sure this thread has made you think twice about signing up to a similar arrangement in the future.
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LOL
I'm actually ok with what the OP did, I would do similar if I realy wanted a Tiguan and didnt have a hefty deposit. Also considering insurance on one of these is about £1100 for me it would be a well justified proposition for me.
Its not a rubbish financial decision at all, just not an optimal one. If you had NO deposit, and wanted a brand new tiguan, were definitely going to sell it in 3 years. Why dont you advise me of another way which is WAY better?
Get a loan and use it to pay for the whole car meaning no deposit required.
Having never financed a car myself, maybe I'm missing something, if someone would like to shed some light on the situation I'm all ears.
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£26,000 loan? is that REALLY a viable option? Secured on your house? You'll also be in negative equity for a while, it's not possible for everyone, and especially not for someone like me looking to buy a house.
£26,000 loan at 8.9% APR over 60 months is £538/m
....and why it is a lot better to do this?
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Because in 3 years time when you sell it you will have a substantial deposit for a new car. Sure, it works better depending on your current financial position but I suggest if you are looking for buying a house then renting a Tiguan for £450 a month is out of the question as well.
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thats not justification, I want to see numbers damn it that make it soo much better!
bullit
Because the car will be worth what say £18k or so in three years? As already stated if you're looking for a new house and considering £450 a month on a new car then surely you must be earning enough for it not to make much of a difference?
But you'd have paid £538/m on a 5 year loan.
Forgetting the issue of how £538 is more than £430....
Over 3 years your payments would equal : £19368
A 3 year old Tiguan value from Parkers ~£16,000. And at 36 months you'll still have £13754 of the principal of the loan remaining.
So about £2500 equity. EASILY swallowed up by insurance tax tires servicing for 3 years.
Where's the gain again?
A bank loan for the full amount isn't the solution either.
If the OP had a deposit to pay, or got a ridiculous bank deal, great. What he has done is a good way to get the car he wants. IMO. And I would do the same if I wanted it.
On the note of me looking for a house, in my case I live with my parents atm, my outgoings are minimal. My remaining income covers my prospective mortgage payments (+bills) easily. But surely having a £26,000 loan on your head has an effect? (Im not sure on these things...) Even though I could afford goign the bank loan route, I'm still uneasy about a larger amount of my monthly pay going out for the prospect of what will happen in 3 years. I'm the kind of person to pay a deposit, I'd never finance >60% of a vehicle.
Edit - Just saw your post Sigma, and I understand what you mean, but even if the residual value was £18,000 (which I highly doubt as by that point a facelift or new model may be out or around the corner, damaging the value of the used car), thats about £4,500 equity, for me take £2,000 for insurance for 3 years (assuming it reduces as I get older), and £2,500 less tires tax servicing. Doesn't leave much right? All for the fun of paying >£538 per month to run a Tiguan.
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Can you not get a better deal on the loan? Admittedly I originally did post a 2009 car for £20k which offered a better deal, sure it's not new but that means less depreciation and smaller loan. Probably not best for comparison though as it's not like for like - damn close though.
Hmm I guess you have to sit down and work out individually for each person to be honest - maybe it's not so clear cut but surely it has to be worth considering both options first before committing to either imo.
Hmm I guess you have to sit down and work out individually for each person to be honest - maybe it's not so clear cut but surely it has to be worth considering both options first before committing to either imo.
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