How do you pay for your car?

i guess i just dont like paying over the odds for things. i hate having to pay my mortgage rather than just having the money there to buy it out right, which would pretty much save me half the cost of the overall house!!!
 
davido_labido said:
i guess i just dont like paying over the odds for things. i hate having to pay my mortgage rather than just having the money there to buy it out right, which would pretty much save me half the cost of the overall house!!!
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But thats incredibly unrealistic though. No one WANTS to pay interest of course but very few people have £20k lying around for a nice car. Yes, we could all save up for it but human nature is such that we want everything now!

I really think there are two types of people - the buy now pay later brigade who you probably rightly question and those who make informed decisions. I wouldnt hesitate to finance a car as long as i was doing it in the most cost effective way possible be that a bank loan or credit card or whatever.
 
With minimum wage Loan was only option to get myself an ITR after Civic that i had to sell :/ Still paying it off hoping to pay off after summer.
Try to save cash for a car when after bills ect you got almost nothing left :/ and i am good ad money saving ---> Im a gamer i dont go out or on holidays

Besides that few year loan is usefull to get some credit rating going in case i would want to buy a house someday heh.
 
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Lord_ZED said:
With minimum wage Loan was only option to get myself an ITR after Civic that i had to sell :/ Still paying it off hoping to pay off after summer.
Try to save cash for a car when after bills ect you got almost nothing left :/ and i am good ad money saving ---> Im a gamer i dont go out or on holidays

Besides that few year loan is usefull to get some credit rating going in case i would want to buy a house someday heh.
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but if you cant afford to save up money for a car, how can you afford to pay off a loan?

to me its the same, except you have to wait for the car, and you pay less in the long run if you save up?
 
Bromhead said:
Interesting to see all the replies, I'm genuinally surprised, I thought the majority would have said finance. Unless the finance people are lurking somewhere else on the forum.

As I said in the first post, I've only paid cash so far but it's been for inexpensive cars. My next I'm looking at for next year will be another 316i, but with the ballpark figure of 3k. I'll be paying cash again as I can't justify finance.
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Top tip, stop buying 316s. There is no reason to buy one, the 318 is no more expensive nor any more thirsty.
 
The wife's car was 1/3 cash, 2/3 finance over 3 years but paid off in 2.

We negotiated a very good price with the seller making the car substantially cheaper than others for sale at the same age and spec. I'm talking 25-30% cheaper. The funny thing was the reason the seller basically rolled over was because he had outstanding finance on the car which he could no longer afford so basically had to get rid. However he had not received a single offer in 6 weeks of advertising as people were put off by the finance. He even said he receive quite a lot of calls but as soon as he mentioned the finance people just made their excuses and didn't bother viewing the car.

We paid his outstanding finance, and gave him the balance of the agreed sale price. He walked away with something like 250 quid but more importantly to him he was finance free. Paying his finance off was the easiest process in the world and I have no idea why no one else didn't do it before us.

So the money we saved on the car easily covered the interest on the loan and then some.
 
Always bought privately with cash.

If i could get a good finance deal, i would. It would have to be something special though, like a Focus RS, LS3 VXR8, something that wouldn't make me regret it after a few month/year. I would put a good deposit down though to keep the repayments low.
 
Thinking about it I don't understand why he didn't just sell the car back to MINI as the finance was through them anyway.

The first time we took it to the dealer for it's service, about 9 months later. The dealer offered us more money for it than we paid for it.
 
Bought my first car with cash (£6k) when I was 18. Then took out a loan to buy my current car (£9k+px+cash) when I was 22.

Ill only ever buy cars in cash now. Since March this year I've been 100% debt free and it's such a nice feeling.
 
Cash up until now, but considering bank loan + cash for next one. I just can't be bothered waiting any longer to have the money in my pocket. If I can put what I'd normally save every month into a repayment for something I really want and get it now instead of 2 years, I don't see why not? My man maths is slowly convincing me, been very anti-finance until now.
 
Finance PCP + 20% cash deposit.

You would have to mad to buy any new car with just cash. It makes no sense whats so ever and sometimes getting finance (even if you settle a month later) is cheaper because of the dealer contributions/incentives.
 
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My previous cars have been cash purchases. I'd personally be tempted to go for a long term car lease like the Puegeot Just Add Fuel deal but on a decent car like a BMW, where insurance, tax, servicing etc is all included in the deal. I'm not fussed about the owning part of a car.
 
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