![[TW]Fox](/data/man-of-honor/2009.png){kind=avatar}
I think the frequently changing figures throughout the thread point to him not knowing what he is doing.
Finance haters gonna hate :-)
- Thread starter Flukester
- Start date
I think the frequently changing figures throughout the thread point to him not knowing what he is doing.
CAR FINANCE IS NOT FRONT LOADED - AND HE WILL NOT BE PAYING BACK £2.5K IF HE SETTLES IT AFTER 2.5 YEARS!
He will get a rebate of interest, so after 2 1/2 years he'd have paid of just over half the interest and the rest of the interest he will not have to pay back because he's settling it early.
Front loading interest is now illegal IIRC.
He will get a rebate of interest, so after 2 1/2 years he'd have paid of just over half the interest and the rest of the interest he will not have to pay back because he's settling it early.
Front loading interest is now illegal IIRC.
22 pages here. Must be eyesight vs massive resolutions(deffo eyesight in my case)
Ah... a long thread on OcUK is never complete without a quibble about personal post per page preferences
Ah... a long thread on OcUK is never complete without a quibble about personal post per page preferences
I think this thread has had it all...
Oh and the Comfort isn't base spec, it's the next one up
New would cost him £9180 or £9545 (Metallic) in Automatic, there are no decent discount on these small cars so he'd probably have paid £9180 to buy one new (FREE METALLIC WOOHOO).
So a two year old car for £6995 which was £9545 new is a 26% Saving off new price! (assuming prices haven't gone up or come down since 08)
Total cash price is £7055.50 (Including 6 months tax) and after a £500 deposit leaves a balance of £6555.50.
To achieve a payment of £150 a month over a term of 60 months the interest would need to be 7.45% flat - which works out roughly at about 14.9% APR.
I don't think the price of the car is bad, but I think you could have got the finance cheaper at a rate of below 6% which would give you a payment of £10 a month less.
New would cost him £9180 or £9545 (Metallic) in Automatic, there are no decent discount on these small cars so he'd probably have paid £9180 to buy one new (FREE METALLIC WOOHOO).
So a two year old car for £6995 which was £9545 new is a 26% Saving off new price! (assuming prices haven't gone up or come down since 08)
Total cash price is £7055.50 (Including 6 months tax) and after a £500 deposit leaves a balance of £6555.50.
To achieve a payment of £150 a month over a term of 60 months the interest would need to be 7.45% flat - which works out roughly at about 14.9% APR.
I don't think the price of the car is bad, but I think you could have got the finance cheaper at a rate of below 6% which would give you a payment of £10 a month less.
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[TW]Fox;17235116 said:
Assuming he bought the car from a main dealer, they are no way likely to use a sub prime lender who are the only ones likely to front load interest.
The FSA ruled out using the rule of 78 for calculating finance.
Oh and the Comfort isn't base spec, it's the next one up
New would cost him £9180 or £9545 (Metallic) in Automatic, there are no decent discount on these small cars so he'd probably have paid £9180 to buy one new (FREE METALLIC WOOHOO).
Broadspeed suggests £8650 for a brand new 1.2 Comfort with auto box.
[TW]Fox;17235183 said:
Rule of 78 means for the term of the agreement you pay more interest at the start and less of the repayment, and the further you get into the agreement you start to pay more of the capital back than the interest.
I agree with - you could have got a better car and a better deal for £7k
But at the end of the day, his wife obviously likes the i10 and didn't want anything bigger, it's automatic and she's not really a car person so for £150 a month it's perfectly suitable.
£150 a month isn't exactly a lot of money is it?
For my £7k I'd probably have bought something which is likely to hold it's value better like a Fiat 500 - but £7k probably won't get me an 08 Auto.
![[FnG]magnolia](/styles/overclockers/avatars/9.png){kind=avatar}
Caporegime
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Why haven't we seen pics yet? I want to see what 10 grand gets you in the second hand market.
[FnG]magnolia;17235235 said:
There's a pic on page 2! (proper posts per page setting that is)
Granted, its hosted on his own web space to thats a +1 for realism. Also, Google images doesnt show that picture early on for i10's, so it could actually be his car!
£150 PCM isnt a lot of money, for something good. My mortgage only costs me £220 PCM and I think I'm getting a better deal, and at the end of the term I'll have a house
My car would have cost me 4 months worth of payments on that i10 *shudder*
I don't know if you've ever tried to buy a car from Broadspeed, but when I ordered my TT they had the best price out of everyone so I phoned them and asked for a quote.
They fax all the Audi dealers in the uk with their target price and the first person to get back to them with a car at the price get's the order, however their target price is often plucked out from space and not matchable or the dealers due to short supply would not match them.
In the end after giving up on online brokers I ordered through an Audi main dealer - 8 months on I'm still car less
[FnG]magnolia;17235235 said:
already posted piccy once, here it is again is all it's smelly korean smallness. I think they did ok on design, small cars tend to get very boxy to maintain head height, but it pulls it off ok.
