Finance haters gonna hate :-)
- Thread starter Flukester
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![[TW]Fox](/data/man-of-honor/2009.png){kind=avatar}
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I saw an advert today that was for a i20.. £7995 new, this is a i10 for the same money and old...
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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.
This is the basis for the entire thread. £10 a month saving.. come on guys, petty much?
Although I do agree the car is crap, but its not even for him. How many people care what their flaming wife drives?! As long as its not faster than his.
It seems there are about 6 different opinions in this thread, thats the problem. We are not all singing from the same song sheet - I don't think he should have bought a £500 Mondeo, or a Jag, or a BMW, or whatever.
Infact, although I think his car is totally rubbish and that paying nearly £10k to drive probably one of the worst cars on the market is hilarious, I'm even prepared to accept that, well, thats what he wants.
My issue with the deal is that its such a huge amount of money for a 2 YEAR OLD i10, and if he ditches this ridiculous obsession with the monthly cost (Let us not forget he has spent much of this thread belittling sums of money like £2.5k saying how money is nothing to him, how well off he is etc) he could instead have a brand spanking new i10 for the SAME total cost of ownership.
Infact no, for a LOWER total cost of ownership as the residual value @ 2 years old when he sells it would be considerably higher than this used one, which will be twice the age at the time of sale.
Spoken like a true car salesperson there
It works perfectly fine as it allows you to compare on a level playing field with other types of finance like personal loans.
Well no it doesn't, if the car finance doesn't have an admin fee then a comparison with a personal loan will allow you to use the APR as a good comparison.
However say for example the car finance has a £199 admin fee then the APR is higher than an equivalent personal loan.
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Christ on a bike. I think there's no way I'm going to post the next car I or my other half gets. Some of you don't seem to realise it's not all about money and not everyone wants a half decade old 530i, Jag or whatever other BMW.
Why did you say that?
Come on - explain. Why?
Nowhere in this thread have I advocated anything like that at all. I've spent most of it trying to convince him he'd be better off buying a brand new car.
Yet STILL you see fit to post that. Somebody does it in every thread, and its ridiculous. I bet if you search for '530i' most of the results are people like you posting something like that.
I'm well aware not everyone wants a 530i. Heck, I'm not even in the 'What £5k fast Estate' thread pimping 530i's so why in a million years would I be trying to push one in a thread about superminis?
I'm not asking you to agree with what I post, nor like me as a poster, but if you can't be bothered to read what I post, at least refrain from making pathetic pops based on what you think I probably posted.
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I wasn't referring to you Fox, someone else said it in the first couple of pages. And someone else suggested the Jag.[TW]Fox;17237666 said:
Your point about superminis was exactly the point I was thinking about but didn't communicate. There is absolutely no way most people want a big saloon in their life, especially if they live in town. For example I sit in a load of stop-start in most of my journeys. There is no way I'd want a big car doing that. Neither would I want the hassle of trying to squeeze it into the parking spaces round here. It's just different horses for different courses, why can't anyone on here accept that?
Edit: Paradigm trying to justify the 530i and Moeks suggesting the Jag.
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I think you're totally missing the point Jonny, no one is slating small cars at all. He just got a really bad deal on one that's all. He could even have got a brand new one for the same price he paid for a 2 year old one.
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LOL this guy tries tell us about his new motor and that hes epic when it comes to finance instead he gets 28 pages of everyone owning him. Poor guy
Fixed for foxy
Fixed for foxy
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Really? Is that what you think?
The OP was called 'Finance haters gonna hate
' and contained no pictures.
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Not really though. It practically is a new car if it's only done 2000 miles.
And it was £1500 less than a new one, he was going to buy it on finance anyway with a max amount he wanted to pay out each month which he couldn't have got on the 0% finance, so I cannot see why he is pwned so hard by this?
You think £9.5k over 5 years to own a 1.2 litre Hyundai thats 2 years old is a good deal?
I've already demonstrated how he could spend the same money in total, yet have a brand new example of exactly the same car.
Agreed, this is where none of it really makes any sense. He was really at pains to point out how well off he was and how loaded he was compared to the rest of us at one stage, yet OMG must be under £150 a month EVEN if it means paying thousands more because i dont care about the money.
Or something.
I appreciate everyone has a budget and will pick a monthly payment to suit, I mean it's more severe in the case of a mortgage for example as the difference between a 20 year and a 25 year mortgage for the same amount is MASSIVE! But you'd still pick whichever you're more comfortable with.
On the whole it's only costing him an extra £1k or so to have it over 5 years as opposed to 3, and the monthly payment is that small anyway I don't think the OP cares.
I mean I pay over £150 a month for menial little things which the cost only scares me when I add it up!
I spend at least this amount per week on going out for meals and drinks etc and have nothing to show for it but I don't really care as I'm not on a mission to save a million quid or anything.
On the whole it's only costing him an extra £1k or so to have it over 5 years as opposed to 3, and the monthly payment is that small anyway I don't think the OP cares.
I mean I pay over £150 a month for menial little things which the cost only scares me when I add it up!
I spend at least this amount per week on going out for meals and drinks etc and have nothing to show for it but I don't really care as I'm not on a mission to save a million quid or anything.