Finance haters gonna hate :-)

[Wicksta]

slightly off topic, anyone else have a car on finance ?, though I suspect your kahoonas to small to admit it

I have a couple of thousand on a 0% credit card which I applied for specifically when upgrading to my 530i in May. To put that in perspective the total amount I owe on the car is less than the interest you are paying on a Hyundai i10.

Happy?

 

[paradigm]

Thats simply not true

Of course it is. And it's certainly true for someone financing a used Hyundai.

People who are rich, are rich because they DON'T fritter away £2,500 here and there.

 

[bam0]

Relative to my income, you'll understand one day

2.5k is about a months net income for someone on 45k (accounting for pension contributions). You either have no appreciation for money, or if you're really earning so much it's insignificant why are you so concerned about the monthly payment and buying such a cheap car?

 

[Chives]

Its epic lulz.

Im willing to bet you still live with mummy and daddy, yet you are offering motoring and financial advice to a 39yr old male with a job, wife, house and car?

This is just lulz to the max IMO.

What does me living at home have to do with anything
This 39 year old male clearly doesn't know what he is doing so he needs all the advice he can get.

 

[Skidder]

Relative to my income, you'll understand one day

I suspect that within reason, most people, even those significantly wealthier than you, would make decisions and even do a bit of research with a mind to saving £2,500. In terms of my time, I would happily give a couple of days of research / negotiation and shopping around for that amount of saving.

Unless your income is many 100s of 1000s per year, I suspect you should have had the same view.

Good luck to you though. Not everybody can or should think the same and you've done your bit for the economy.

 

[Flukester]

I have a couple of thousand on a 0% credit card which I applied for specifically when upgrading to my 530i in May. To put that in perspective the total amount I owe on the car is less than the interest you are paying on a Hyundai i10.

Happy?

You couldn't put 10k on your card at 0% though and forget about it.... it's a pointless example.

Your 530i is just a cheap car (im assuming it's 2nd hand high miler and fairly old)... so financing for easy monthly payments is much simpler.

 

[Wicksta]

You couldn't put 10k on your card at 0% though and forget about it.... it's a pointless example.

Your 530i is just a cheap car (im assuming it's 2nd hand high miler and fairly old)... so financing for easy monthly payments is much simpler.

My 530i is a 2008 (so brand new ) with 10k miles on it. I was able to buy it pretty much outright because I haven't frittered away money in the past buying rubbish cars on finance.

And you could easily get 7k on a 0% credit card, it would have been much cheaper to do that and balance transfer each time the 0% expires.

 

[Firestar_3x]

Thats a sweeping statement, of course it's a lot to some, I was saying to me in my current situation it's nothing to worry about or in fact give a second thought to.

So you are now generalising that I will soon be broke ?

My life experience upto this date would state otherwise, the only people who I know who share the above view is those who have never had any quantity of money or those who are so financially inept they have yet to develop past the age of 8 and actually value money regardless of your financial position, frittering away cash in this manor means you will never reach your full wealth potential.

 

[Flukester]

I suspect that within reason, most people, even those significantly wealthier than you, would make decisions and even do a bit of research with a mind to saving £2,500. In terms of my time, I would happily give a couple of days of research / negotiation and shopping around for that amount of saving.

Unless your income is many 100s of 1000s per year, I suspect you should have had the same view.

Good luck to you though. Not everybody can or should think the same and you've done your bit for the economy.

I'm not going to be shocked at the total amount I have to pay, I know and it's not a problem for me...

btw, you don't have to earn 100k a year to think 2.5k over 2.5yrs is not much money to pay for having a nice little motor

 

[TangoSixteen]

What does me living at home have to do with anything
This 39 year old male clearly doesn't know what he is doing so he needs all the advice he can get.

From a 14 yr old?!

LOL

Living at home means you have no clue about bills, mortgages,, household expenses, and generally lack any sort of life experience whatsoever.

Yet you feel qualified to make statements about whether £2.5K is a lot of money or not when you still get pocket money?!

Jog on sonny.

 

[Flukester]

My life experience upto this date would state otherwise, the only people who I know who share the above view is those who have never had any quantity of money or those who are so financially inept they have yet to develop past the age of 8 and actually value money regardless of your financial position, frittering away cash in this manor means you will never reach your full wealth potential.

Like you say, you don't know me, so your sweeping generalisation is incomplete and inaccurate

 

[Chives]

From a 14 yr old?!

LOL

Living at home means you have no clue about bills, mortgages,, household expenses, and generally lack any sort of life experience whatsoever.

Yet you feel qualified to make statements about whether £2.5K is a lot of money or not when you still get pocket money?!

Jog on sonny.

Why make such sweeping generalizations, just because I live at home doesn't mean I have "no clue" about bills mortgages ect. And besides I haven't even commented on that side of things. So you are saying that because I live at home I am not allowed to say that 2.5k is a lot of money. (Which it quite obviously is..)

 

[paradigm]

Like you say, you don't know me, so your sweeping generalisation is incomplete and inaccurate

I'm pretty sure that he is actually spot on.

If throwing away £2,500 meant literally nothing for you, you wouldn't be bothered about making sure your monthly payments were as low as possible on your USED korean supermini. You wouldn't be bothered about its MPG, its tax band, or the fact that its costing you £100 less a year to service, yet these are your only arguments FOR the car.

 

[[TW]Fox]

If money is not an issue why shaft yourself with front loaded interest to reduce the monthly payments?

 

[Skidder]

I'm not going to be shocked at the total amount I have to pay, I know and it's not a problem for me...

btw, you don't have to earn 100k a year to think 2.5k over 2.5yrs is not much money to pay for having a nice little motor

I am an economist, I was thinking in sound economic terms. You, on the other hand, are doing something else.

You obviously don't value your time.

 

[Fr0dders]

So you are categorically saying that you started the thread to spark a fuming debate over a finance deal that you knew was shockingly poor anyway?

of course he has ?

I've already said that as the photos of said i10 are somewhat lacking, i wouldn't be surprised if the entire thing was fabricated to outrage us "cagers" as he so disdainfully refers to us as.

 

[Lakeland]

Who said it was relevant to wages anyhow, you could have 0000's in the bank for a number of reasons. Either way, as I said earlier in the thread, if the option you chose suits the op's cirumstances, and he can afford to pay the extra, spread out, whats the beef. Some might say its stupid to buy a bmw which will need 000's spent to keep it maintained, bmw owners know that and are happy to pay the fee, the op's wife is happy with her car so the op is happy..

 

[Demon]

of course he has ?

I've already said that as the photos of said i10 are somewhat lacking, i wouldn't be surprised if the entire thing was fabricated to outrage us "cagers" as he so disdainfully refers to us as.

I think even the 'cagers' comments are there to just invoke a response...

I'm also not convinced the i10 actually is his, but even if it is, he's more then aware of the finance deal and it's implications, if people want to jump in feet first with bigoted opinions, then I guess it fuels itself..

Who said it was relevant to wages anyhow, you could have 0000's in the bank for a number of reasons. Either way, as I said earlier in the thread, if the option you chose suits the op's cirumstances, and he can afford to pay the extra, spread out, whats the beef. Some might say its stupid to buy a bmw which will need 000's spent to keep it maintained, bmw owners know that and are happy to pay the fee, the op's wife is happy with her car so the op is happy..

But this is OC motors, where money only exists in a spreadsheet and there can be only one optimum financing solution, everything else is failworthy, well except when lots of people buy £30K+ cars on various financing schemes, but as long as it's on the select approved list of car, they are heroes, and the vast sums of money lost in depreciation & finance is swept conveniently under the carpet.

 

[Firestar_3x]

Like you say, you don't know me, so your sweeping generalisation is incomplete and inaccurate

Whilst its true that i don't know you, i don't actually know any "organ donors", so perhaps you lot think differently? But your view on money goes against all i know, so for that reason doesn't tie into someone who actually has money.

So carry on as always really, nowt more i can say.

 

[BigT]

I don't mean to mislead anyone....

08 i10 auto comfort, 2200 miles, 3 yr warranty still intact - £6995

500 down, 7% odd flat rate (thanks Fox) over 5yr with monthly payment of about 145.

I'm not going to have a go at the car, but I'd like to know why, if the low monthly payment was so important, you didn't just take a loan out for it from the high street banks?

£500 of your cash then £6.5K borrowed over 5 years is less than £135 per month at a typical 8.8% APR. The saving would have paid for the road tax over the time you intend to keep the car.