19k Audi TT diesel on a lease or through a bank loan

MarkDavis

MarkDavis

MarkDavis

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One of my colleagues at work for some bizarre unknown reason wants to drop £19k or so on a new shape Audi TT diesel.

He doesn't have the £19k so is thinking about doing it on contract hire/lease (he doesn't seem to know or realise how much a lease will actually cost), or through a bank loan.

Personally, I think this is the craziest, dumbest idea I've ever heard primarily because £19k of credit is going to be a ridiculous financial millstone around your neck for years to come. My view is that its also going to screw him up financially for the best part of the next decade if he does this, because he's at the stage in his life where he should be looking to buy a house over the next few years. You blow all your savings on a lease/loan/credit for a pointless £19k TT diesel, and you're completely FUBAR'd in terms of being able to scrape together any sort of reasonable house deposit. Anyone's who been in the first time house buyer situation (and I include myself in that group) will know that it takes forever to scrape together a 20% / £30,000 deposit from monthly salary.

Unfortunately, he's not listening and is intent on trying to get a flash car. He doesn't actually need an Audi TT and refuses to consider buying a Mk1 because he thinks it will break down and that a similar car in the £6-7k range (eg. RX-8, 350Z, 330ci etc) will also break down or be a 'cut and shut'. He wants a diesel because he wants to be able to save money on petrol - he is planning on doing 800 miles a month.

What do you lot think? I'm going to point him to the replies in this thread.
 
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Point him here and tell him he's a complete idiot.

£19k on a lease means you are spending that on hiring a car. At the end of the term he'll have to give it back and he'll be left with nothing and an empty pocket. Kind of like having your pants pulled down and abused by a rather large black man.

Also because I find it funny...

 
MarkDavis said:
wants to drop £19k or so on a new shape Audi TT diesel.

He doesn't have the £19k so is thinking about doing it on contract hire/lease (he doesn't see

He wants a diesel because he wants to be able to save money on petrol .

What do you lot think?
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He's an idiot. HTH.
 
I'm going to ask work if i can have a stainless system on my astra, that 115bhp Tdi roar will be awesome.
 
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The silly 'buy a new car to save money on petrol argument':
Buy a second hand £10000 25mpg car and over 3 years doing 9600miles/year the car+fuel costs ~£17k. Buy a new £19000 50mpg diesel and over the same period doing the same mileage spend ~£22.5k. (assuming petrol @ £1.37, diesel @ £1.41). Obviously tax/insurance/tyres etc might modify this a little, but you'd be left with a more interesting/fun to drive car imo.

I have a friend who sold his old shape TT and bought a brand new A1 1.6TDI 'sport' for the 'mpgz' when he doesn't do any sizeable commutes. Despite my best mathematical efforts to convince him to the contrary I was still left facepalming.
 
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I would think its unlikely he is spending £19k on the lease - a TT Diesel would be ~£300 per month including VAT on a standard mileage, which equates to about £7500 over the two year lease period. Not the best way to finance a car, but some way of "spending" £19k.
 
jamief said:
I would think its unlikely he is spending £19k on the lease - a TT Diesel would be ~£300 per month including VAT on a standard mileage, which equates to about £7500 over the two year lease period. Not the best way to finance a car, but some way of "spending" £19k.
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If you can find a genuine personal (non-business) contract hire / leasing deal for £300 inc VAT over 2 years, then do let me know, because no such thing exists.
 
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explains his paranoia that an old car is going to break

I'm guessing he's probably 40 + too ? and brought up in a generation where his parents car probably did break all the time.
 
MarkDavis said:
If you can find a genuine personal (non-business) contract hire / leasing deal for £300 inc VAT over 2 years, then do let me know, because no such thing exists.
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Crikey - you're quite right. I quickly worked it out based on an incorrect list price - the lease prices for a TT are insane! I've seen Porsche Cayman leases cheaper than that. Residuals must be shocking.
 
Steve2000 said:
How old is he out of interest?
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35 y/o.

If you're in your 20s, carefree, have lots of disposable income, not looking to settle down or put your money into bricks and mortar, then fine - still a bit reckless and doesn't make financial sense in my view - but if that's what you want to do, then that's what you want to do. But not when you're in the your mid 30s and have no cash. Still don't see any reason why he can't buy a £6k coupe and rag it for a couple of years, if he just wants to have some 'fun'.

Where's Fox when you need him? He's good at putting together financial arguments and calculations.
 
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Slap him in the face with a large slimey fish. Why would anyone in their right mind buy that car straight out, nevermind on lease. For a 1 mile walking distance? Lol.
 
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