The way it was posted implied he would simply pay off all the remaining debt after 2 years, not that the loan term ended after 2 years.
Finance haters gonna hate :-)
- Thread starter Flukester
- Start date
The way it was posted implied he would simply pay off all the remaining debt after 2 years, not that the loan term ended after 2 years.
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The finance deal isn't that bad if it's true. 7.7% APR with no deposit is pretty good. Just what a rubbish car to spend it on.
The car was £7K, and the OP stated
That's £2.5K in interest over the period, which I make to be around 13% APR over 5 years, and just over £150 a month..
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Then the OP clearly doesn't know what his APR is or what his total amount payable is. Either way.
Sorry but to me this shouts, do your math before you think £150 a month is a good deal.
I remember people would just work on, we have x amount to pay a month what can we get ?
Sod all the hidden costs, its what we can pay a month !!
I remember people would just work on, we have x amount to pay a month what can we get ?
Sod all the hidden costs, its what we can pay a month !!
I'm kinda shocked this thread is still going, but fair play 
Few random points...
- It's not a rubbish car, it's perfect for the job intended. Just saying 'it's rubbish' is small minded
- Who's actually driven one ?
- If it were a BMW i10 we'd all be sitting here with tissues by our side getting excited
- The finance deal was 7% APR, 500 quid deposit, 5 yr, will sell after 2.5yr and clear finance
- It's slower than your car
- It has lower insurance than your car
- It has lower servicing and running costs than your car
- It's a better city / town car than your car
- If it were my car it would be a hawk eye scooby (next purchase on way), might do 'finance' on it though
Finally, yes, with the interest the full term cost is nearly the same as new... but, if I bought new, the cost would have been MORE than a new car. Thats the price you pay not to pay up front. Millions of cars out there cost MORE than new.
The reasons I don't want to pay up front are my own, but basically I'd prefer to pay a few quid a month and have a nice little run around than fork out 7k in one go, makes me feel richer at least, even if in reality im 2.5k (not a lot of money really) out of pocket
Few random points...
- It's not a rubbish car, it's perfect for the job intended. Just saying 'it's rubbish' is small minded
- Who's actually driven one ?
- If it were a BMW i10 we'd all be sitting here with tissues by our side getting excited
- The finance deal was 7% APR, 500 quid deposit, 5 yr, will sell after 2.5yr and clear finance
- It's slower than your car
- It has lower insurance than your car
- It has lower servicing and running costs than your car
- It's a better city / town car than your car
- If it were my car it would be a hawk eye scooby (next purchase on way), might do 'finance' on it though
Finally, yes, with the interest the full term cost is nearly the same as new... but, if I bought new, the cost would have been MORE than a new car. Thats the price you pay not to pay up front. Millions of cars out there cost MORE than new.
The reasons I don't want to pay up front are my own, but basically I'd prefer to pay a few quid a month and have a nice little run around than fork out 7k in one go, makes me feel richer at least
, even if in reality im 2.5k (not a lot of money really) out of pocket
My God!
My GF fancied something like this, a used or new "City car" on finance.
I persuaded her that another mondeo made sense. Due to the low miles / town driving she does, what engine type / size did not matter a jot - she could buy it for the price of a decent holiday without a loan. So we found the best spec Mondeo we could.
She has a 1owner, 63k mile 2001 2.5Ghia Saloon, all the bells, whistles & safety she could want and does not have a finance package to worry about.
It cost her £2k plus her old car - the first thing she did after buying it was to go away on holiday!
Sure, its 3 month warranty has now expired and its a lot older than a 2008 but its nicer to drive, safer I'd argue,quicker but only manages 33MPG around town (which has astounded me given the way my GF can't drive ) but for value, you could not beat it.
She won't have to pay out on servicing and maintenance what you will with payments, interest and depreciation, yet to my mind, she has the vastly better car - and its a Mondeo and tbh it was an overpriced (dealer) 9 year old Mondeo FFS - I'll show her this thread to underline what a bargain it actually was!
I am sorry, OP, but imo you did it wrong.
My GF fancied something like this, a used or new "City car" on finance.
I persuaded her that another mondeo made sense. Due to the low miles / town driving she does, what engine type / size did not matter a jot - she could buy it for the price of a decent holiday without a loan. So we found the best spec Mondeo we could.
She has a 1owner, 63k mile 2001 2.5Ghia Saloon, all the bells, whistles & safety she could want and does not have a finance package to worry about.
It cost her £2k plus her old car - the first thing she did after buying it was to go away on holiday!
Sure, its 3 month warranty has now expired and its a lot older than a 2008 but its nicer to drive, safer I'd argue,quicker but only manages 33MPG around town (which has astounded me given the way my GF can't drive
) but for value, you could not beat it.She won't have to pay out on servicing and maintenance what you will with payments, interest and depreciation, yet to my mind, she has the vastly better car - and its a Mondeo and tbh it was an overpriced (dealer) 9 year old Mondeo FFS - I'll show her this thread to underline what a bargain it actually was!
I am sorry, OP, but imo you did it wrong.
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I'm kinda shocked this thread is still going, but fair play
Few random points...
- It's not a rubbish car, it's perfect for the job intended. Just saying 'it's rubbish' is small minded
- Who's actually driven one ?
- If it were a BMW i10 we'd all be sitting here with tissues by our side getting excited
- The finance deal was 7% APR, 500 quid deposit, 5 yr, will sell after 2.5yr and clear finance
- It's slower than your car
- It has lower insurance than your car
- It has lower servicing and running costs than your car
- It's a better city / town car than your car
- If it were my car it would be a hawk eye scooby (next purchase on way), might do 'finance' on it though
Finally, yes, with the interest the full term cost is nearly the same as new... but, if I bought new, the cost would have been MORE than a new car. Thats the price you pay not to pay up front. Millions of cars out there cost MORE than new.
The reasons I don't want to pay up front are my own, but basically I'd prefer to pay a few quid a month and have a nice little run around than fork out 7k in one go, makes me feel richer at least
Who was that directed at? Or do you think your car is a better city car than everyone else on here? Because there are people on here with much better 'city cars'. Although not sure why being small, slow and bumpy makes a car good around town, unless you can't park
He'll, even my big old accord is preferable IMO to a tiny Korean hatch. Massively more specced than the i10 with heated leather, climate, Bose stereo etc etc, easy to drive around town, glides over the bumps in the road and cost me less than the interest on your finance.
I'm kinda shocked this thread is still going, but fair play
Few random points...
- It's not a rubbish car, it's perfect for the job intended. Just saying 'it's rubbish' is small minded
- Who's actually driven one ?
- If it were a BMW i10 we'd all be sitting here with tissues by our side getting excited
- The finance deal was 7% APR, 500 quid deposit, 5 yr, will sell after 2.5yr and clear finance
- It's slower than your car
- It has lower insurance than your car
- It has lower servicing and running costs than your car
- It's a better city / town car than your car
- If it were my car it would be a hawk eye scooby (next purchase on way), might do 'finance' on it though
Finally, yes, with the interest the full term cost is nearly the same as new... but, if I bought new, the cost would have been MORE than a new car. Thats the price you pay not to pay up front. Millions of cars out there cost MORE than new.
The reasons I don't want to pay up front are my own, but basically I'd prefer to pay a few quid a month and have a nice little run around than fork out 7k in one go, makes me feel richer at least
If the total payable is around £9.5k then it's 7% flat rate which is nearly 14% APR over 5 years, if you don't understand the difference, well it's not really a surprise from the rest of this thread.
You say 2.5k isn't a lot of money, it's over 35% of the price of the car, and you're throwing it away for what? Even if you did want to get the car on finance you've got a shocking deal.
No.
Summary: Overpriced Red, Korean dishwasher, 2 YEARS OLD (but as good as brand new apparently), financed for MORE THAN THE COST OF A NEW ONE.
A Mondeo ?, it's a totally different class of car and certainly would not of suited the job in hand.
We looked at low milage focus's but they were too big for wifey....
Whats the point in a big engine / body in a car that does maybe 20 miles a week tops