I don't understand some people.....

breadturbo

breadturbo

breadturbo

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27 Oct 2005
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A friend of mine passed her driving test on friday (3days ago) and was looking for a car, I suggested the usual fiesta or focus type and offered to help her check them out.

Anyways, she turns up today with a new corsa 1.4 sri vx line.
The best part, shes got it from motorpoint (lol), I asked what is cost her and she said "it's only 170 a month"

Anyway I looked into it.....

£1080 deposit
£171.50 a month
final payment £6250
total payable = 15,558 (not inc deposit)

15.5 grand!!!!!! for a 75bhp 1.4 corsa!!!!! :confused:

There's no wonder most in the country are in debt.
 
Yikes! A large part of the problem is instantaneous want of something shiny; kids these days (I'm 25, I'm allowed to say that now right :p)

But ultimately if she can afford the monthlies which she presumably can, it's not really an issue.
 
The amount it actually costs is inconsequential to most young people these days as long as they can afford it p/m they couldn't care less.
 
Yes it's not the best deal in the world when you could buy a brand new outright for £13,585 or thereabouts, but it's not the worst deal in the world either.

A lot of people do just want a "new" car, for both the fact it is brand new, and the peace of mind that it should offer - if she can afford the monthly payments I'm not sure it's an issue.
 
breadturbo said:
A friend of mine passed her driving test on friday (3days ago) and was looking for a car, I suggested the usual fiesta or focus type and offered to help her check them out.

Anyways, she turns up today with a new corsa 1.4 sri vx line.
The best part, shes got it from motorpoint (lol), I asked what is cost her and she said "it's only 170 a month"

Anyway I looked into it.....

£1080 deposit
£171.50 a month
final payment £6250
total payable = 15,558 (not inc deposit)

15.5 grand!!!!!! for a 75bhp 1.4 corsa!!!!! :confused:

There's no wonder most in the country are in debt.
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Crazy, in a years time it will be worth what 8k at which point she will owe a lot more than the car is worth......

She should have got a VW Up, Seat Mii as a first car, Group 1-3, £20 tax and 50+ miles per gallon and 2014 (1yr warranty remaining) can be had for around 6k.

Half the price, half the running cost and in 2yr time it will only lose a couple of grand in value.

Not all kids are so savvy though, my first car was a banger, £650 worth. :D
 
How much was the actual car cost before interest? I know it was a few years ago so different times and different interest. I got a £5000 bank loan for my first car (07 focus) and over four years I pay £550 total interest.
 
That's shocking. Everyone is obsessed with having new cars and just treating it like it's a phone contract without looking past the monthly payments and not realising the total amount they are actually paying. Given that she is a woman and a new driver she is bound to scuff it a few times aswell.
A young guy I know has just got a 7 year old Audi A3 as his first car as he wouldn't be seen dead in a Vauxhall etc. He is basically spending his whole retail min wage income on this car with insurance costs he does not have any money put aside at all or any spare each month for things that will break or general maintenance. I think I would actually laugh if he gets hit with a clutch or turbo bill in a few months time.
 
Whaaaat? She paid all that money buying a brand new Corsa from Vauxhall and didn't even get free insurance? I thought that was what they lured youngsters in with? Or did they can that?
 
When I was 18, I had friends run out and spend silly money per month of downright worthless cars... £260 a month for a 1l Toyota Aygo.. Just so they can say they had a brand new car and all that.
 
That's about right, basically she's bought a new car at list price at 6.9% APR on a PCP. If she wants to keep it then it's 6k to buy, or probably get another new one at £170 a month. These are the sort of people that would usually buy a car for £4k then squirm at the thought of paying £600 to get it through a service/MOT because they haven't looked after it, trade it in for 2k then buy another "reliable" car for 4k. £170 a month is reassuring and not badly priced if you don't mind being stuck in the PCP system and a new car every 3 years instead of worrying about the reliability of your old rustbucket. The roads are probably safer for it too as they will have new tyres and brakes.
 
Kuros said:
When I was 18, I had friends run out and spend silly money per month of downright worthless cars... £260 a month for a 1l Toyota Aygo.. Just so they can say they had a brand new car and all that.
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Never being obsessed with new cars, always happy to take used as most of the time all the gremlins have being ironed out.

Mustang was my first new car and that was just because I had to have one once they were out, but financially its being a sound decision as its lost no money in first year ownership.

But used for me is better as long as it comes with some form of warranty, the Mustang is new and its had a few issues due to being well new.
 
Kuros said:
When I was 18, I had friends run out and spend silly money per month of downright worthless cars... £260 a month for a 1l Toyota Aygo.. Just so they can say they had a brand new car and all that.
Click to expand...

That's what they don't realise though even if it's brand new who the hell is impressed by 1 litre tin can's like Aygo's and Corsa's. The amount of smug looking young lads I see driving the limited edition "only 1 million made" Corsa's with a look at me attitude is shocking. They actually think they look great.
 
I spent £750 on a Nova back in the day...gave me more stories than a Corsa on PCP could ever do.
We are truly ****** with this next generation of selfie centred morons that will no doubt pull us down even further going forward.

I hate Corsa's....shocking cars and £15k. She could have got an XF 2010 for 10k and saved 5k for everything else....now that would have been impressive
 
My first car was a banged up maroon coloured Mk3 Escort, cost me £800 and the insurance was £1100 !!

How is she going to afford new car payments and big insurance bill
 
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