Finance haters gonna hate :-)
- Thread starter Flukester
- Start date
For sure, a sporty tesco shopping trolley is very important, get to spaces first in car park, get home before chicken tikka defrosts etc etc
Man points for a girls car, why would I want that ?, I have the ZX10 for man points, and it has more man points than everyones cars in this thread
![[TW]Fox](/data/man-of-honor/2009.png){kind=avatar}
Why do people say this? Does it make you feel better to convince yourself we only think its a bad deal because it isn't a BMW? It doesnt matter what badge is on the front, it doesnt change the deal.
Why are you constantly comparing this car to everyone elses car?
Your basic understanding of maths is very flawed and this is quite worrying after you've signed a finance agreement!
Lets go over this AGAIN for you.
Cash price £7000
Cost of Finance £2500
Total monthly payment £158.31
Total Payable £9500
APR RATE: 13.5%
It's 7% FLAT not 7% APR. Oldest trick in the book quoting flat rate interest and making the punter think its APR..
What you've done is go for a really long term to keep the monthly payments down but this is resulting in a huge amount MORE interest. Given you intend to pay it off after 2 years this is madness, especially as dealer finance will be FRONT LOADED so you must pay ALL the interest even if you terminate the agreement early and pay it off!
You don't even know what the cost of this one is (See above figures) so I doubt you know what a new one costs.
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
But you need to fork out £5.9k in one go in 2 years time to pay it off as planned! How can you not understand that?
You will need to keep £5.9k back and not spend it so you can pay the finance off in 2 years time. Therefore the only cash available for you to blow as you see fit in the next 2 years is the £1100.
And you are paying £2500 to have this £1100 available?!
And you don't understand why people think this is so ridiculous?
I do agree everyone else is totally missing the point spouting off about Mondeos and Jaguars. You wanted a tiny car - thats cool, get a tiny car. Just not THIS tiny car on THIS deal.
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To my mind, the fact she does so little miles in a week (often less than 60 with my GF) the size of engine makes no difference. The MPG difference becomes irrelevent.
Sure, running costs are higher for her mondeo, but compared to your outlay?
My GF had similar ideas to you, and I pointed out the potential saving of an older, bigger car.
Sure its overkill, a 2.5Ghia for weekly pottering about, but she's not the one paying what you are.
Your money mate, enjoy spending it.
But you asked for this, in more ways than one!
I don't have the time to trawl through the entire thread so could somebody confirm if what my skim of the first few posts is actually what the case is.
Somebody paid £7k for a 2 year old i10 and a brand new i10 is up for £7000 at my local Hyundai dealer. Likely a base-spec model but with some haggling and a few extra's it's only going to be pennies.
If so, why?
EDIT- Plus it's financed? Surely 2 year old + finance is more than a brand new one on a low or 0% apr deal?
Somebody paid £7k for a 2 year old i10 and a brand new i10 is up for £7000 at my local Hyundai dealer. Likely a base-spec model but with some haggling and a few extra's it's only going to be pennies.
If so, why?
EDIT- Plus it's financed? Surely 2 year old + finance is more than a brand new one on a low or 0% apr deal?
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Brand new is 9.5k, it's 7k for manual and thats not OTR
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
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.
http://www.autotrader.co.uk/classified/advert/201034366508996/sort/priceasc/usedcars/engine-size-cars/2l_to_2-5l/maximum-age/up_to_10_years_old/model/mondeo/make/ford/page/1/postcode/gl526rt/keywords/2.5%20ghia/radius/200?logcode=p
£1500 for a 2001 2.5 Ghia X with 60K on the clock, and it's ONO, please tell me this was 2 years ago or something, because if not, the total hypocrisy of it all is astounding...
[TW]Fox;17233370 said:
You are right, it's flat rate....... (it was no trick btw from the salesman, I knew the total payments on the car when walking out)
I'm assuming the value of the car will be almost 3k, so I won't need to keep back 5.9k ?, more like 2k, but thats the price you pay with finance... and not really much of a price.
I went for very long term as I didn't want high monthly payments, and the car was urgently wanted. My exact reasons for this are confidential... but I do have them but I can see why it seems total madness.
I am comparing to others cars here, only reason (not that I give a monkey what anyone else drives), is people just jump in with 'rubbish korean car', they are pretty good value for money.
I think your first comment in this thread was 'rubbish car' ....hence saying 'no more rubbish than your 530i sport'
Too big? lol ok.
Yes, my wife is a very new, very timid driver... she likes small cars as they are easy to handle
No, I said myself that her car was overpriced from a dealer,she was happy to get it for what she paid - £500 more than your example but about 6 months back iirc mind you, but I thought it overpriced at the time but the best we found condition wise - its pristine.
Compared to the OP, I think she's still saved a packet. The OP's bad deal makes hers seem a bloody bargain I think!
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But it is though. Not only is it manufactured to the cheapest possible price point, and made from the worlds most awful plastics, it is loaded so highly with finance, it cost more than a new one would (up front).
The only way Fox's 530i would have been "the same amount of rubbish" is that if he had paid the same as the going rate for a 2 year newer model, financed.
At no point have I said 'look at this amszing deal', it's not.... the deal however suits me just fine.
thats the thing with deals, you find one to suit you...
I get a nearly new (for all intention purposes new) car and it costs £100 a month less than a 10 plater.
Great, insert 'quality of plastics post', I couldn't care less how the plastic feels when I stroke the dashboard. They are actually quite solidely built for such a cheap car.
Do you actually know much about plastics and plastic manufacturing ?
In all honesty, when I see a old 530 BMW, I don't double take and think, wow nice car... it's just another car.
I suspect there are many financed cars on this forum, very few people are honest though, I am... and maybe hence why this thread is now 16 pages long
Bring it on
You've admitted to paying £2K + her car (what was it?)...
So what was it? £2500? more??R420LA6X2/4MN said:
I bet I could get that one advertised for £1250, it's up as ONO, so defo room for haggling.. assuming £2.5K (until you divulge the real figures, you seem to be quite vague about the "+ her car" thing)..
That's half the OP's interest, and you managed to pay cash.
Now, the reason I'm pressing this, is that people seem happy to throw stones in this thread, but seem oblivious to their own financial dealings, which actually when you look at these things can also look rather silly on paper, yet in actuality they aren't that bad in the grand scheme of normality.
Exactly it has nothing to do with it, but when Fox jumped in just saying 'rubbish car', I explained it's no more rubbish than his old beemer, in fact it's a better car for my wife who would have a heart attack driving a 5 series to the shops.
......Hence not buying a 5 series BMW
How does driving a i10 make you a idiot ?, are you completely insane, it's just a car, nothing more... hell it doesn't even pretend to be something is isn't unlike many
It's not a 'hobby car', it's not a 'track day tool', it's not a 'car to tinker with and glue on halfords bits', it's just a car.... for moving my wife and kids