Poll: Do you actually own your car?

Do you actually own your car?

  • Total voters
    494
olv said:
Not that I don't love the minute details of your financial life and enjoy that you're such a baller but you have to remember that the general demographic in the big wide world is just not up there with you and crinkleshoes so you might want to have a little more tact when dropping your dong in public.
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Well said, it's really so cringeworthy. No doubt the usual disciples will be along to tell you how jealous you are shortly.
 
Always owned mine, but they've never been new.

Not that I can't buy new, but I've never been conformable with depreciation and also having something 'brand new', I wouldn't want to take it out in cased in got marked.. :p
 
Our cars are both financed, and under warranty.

I'd prefer to have something modern with the added convenience of it being under warranty with almost no worries of it breaking down. I couldn't afford to buy them outright, but I can afford the financial cost.

Our Mini is in strong positive equity (owe £5k, WBAC value it at £9k), and my M140i will be in positive equity in a few months, and then I'll be beating depreciation (just), month on month.

As someone has already pointed out, having cash tied up in an asset which isn't making you any money isn't a finanically sensible proposition when it could be used for something with potentially stronger returns (property, land, stocks, pension, et al).

I've owned cars in the past and that's enjoyable, too. Totally get why you'd want that also, if you're self employed or have irregular income/hostile employment prospects. As an accountant (and my partner being a teacher), if we're out of jobs, there's bigger problems for everyone.
 
Technically I own my main car but that’s only to avoid the company car tax which would be more than what I pay per month.

The two Hondas I own as they were old and now older-hassle free and minimal depreciation on top of nothing but the running costs.

Our MINI Countryman we bought new on MINI finance as APR was good and specced it reasonably. Put a decent enough deposit down forsensible monthly’s then after 4 years paid the balloon of £9k.... with a more finance which I then settled with a bank loan a few months later. Basically will have paid for it all in 7years (2years to go) and kind of regret it in hindsight. :o But that’s evidence of the wife nagging effect in men.
 
Gibbo said:
Some of us hate finance!
When I was buying the Jaaag the dealership was trying to suggest I don’t need to pay so much upfront.

Of course I did to reduce interest, monthly payment and final balloon, that’s why I pay under £500 per month and once my Vegas trip is out the way and as long as I don’t blow all my cash on gambling, hookers, supercars, guns and alcohol I’ll be settling up and owning the SVR outright too meaning all the cars are owned. :)

Plus it means if I decide to buy something really nice next year in the 100-150k region it’s would be nice to put 100k down and then just finance 30-50k the traditional way with no balloon or just take bank loan or re-mortgage style loans for even better interest rate but we shall see as current values dropping anything under 100k I’ll buy outright. I just like my wage to be well all mine for saving, spending and taking nice holidays and weekends away or car parts lol.
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Always hated finance for similar reasons - want my earnings to be all mine :). Credit cards are paid off in full each month. Properties bought have been on offset mortgages to give the flexibility to clear them at any point, or at least pay in a chunk of money to the offset account to reduce the mortgage and interest paid, while knowing I could also access the funds again if I wanted to purchase something big. I never did take money back out again tho. I'm a bit of a tight ****. I actually paid off the mortgage on my home I bought in 2015 before I bought lampshades for it and most of the furniture :p.

Was considering early retirement recently but after 3 months out from the daily grind while helping previous client out part time I decided not quite ready for it so maybe this year to motivate myself I'll pick up the Porsche Cayman I've been considering for years. Starting a new project on the 2nd January, something I thought I wouldn't be doing myself again, so as long as it challenges me in the right ways might place an order spring time.

Vegas sounds awesome as do the potential car purchases :)
 
Yes, an old E61 530i and a 54 plate Focus. I've taken bank loans out in the past to fund more expensive purchases but these days I don't have the money to buy a more expensive car!
 
I own both my cars. One I saved up for whilst living with my parents and one was inherited but worth less than (originally bought as cash for £1000 anyway). No loans. They're both cheap cars.

My cars cost very little to run per month. I can't justify (or see the logic) in spending £250-300 a month on a car, that you'll give back, for someone in my position.
 
Yes, Skoda Fabia vRS. Bought new with a small top-up loan in 2005, loan paid off with in year. I was getting better interest keeping the money in the savings account, than it cost for the loan!
 
wingman said:
As someone has already pointed out, having cash tied up in an asset which isn't making you any money isn't a finanically sensible proposition when it could be used for something with potentially stronger returns (property, land, stocks, pension, et al).
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If the **** totally hit the fan i still own 65+k's worth of cars, the other person has his rentals repossessed, i have no intention of paying to keep another company in business through creaming money off me which is above and beyond the depreciation of the vehicle.
 
Housey said:
This is where so many people go wrong. Really your deposit should be bigger than the drive away depreciation or else you’re going to be in trouble on any early bail out.

Finance allows for the curve and that’s fine but most people then wonder why when they need to get out early they are so out of pocket, even more so when they buy at overs. All fool them really, finance is not a ‘get expensive cheap’ but so many view it as that and then wonder why they owe big when the wind changes. Don’t buy expensive stuff like that you could get burnt big. Big chunk in to cover your backside and that year 1 depreciation is vital unless you fix lease on a short term.

My RS4....damn that was ugly when I bought the car off the finance company!
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Yep I like to ideally be around 50% or just over in.

olv said:
Not that I don't love the minute details of your financial life and enjoy that you're such a baller but you have to remember that the general demographic in the big wide world is just not up there with you and crinkleshoes so you might want to have a little more tact when dropping your dong in public.
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Crinkleshoes just buys on his Amex Centurion, then pays it off the next day, that is baller life. ;)
The closest I've ever got to that was literally going into the VW dealership and buying an Up, when it came to how do you wish to pay for it, I just pulled out the debit card, but it was like 6k, but 6k is a far cry from 250k.

It is how I've always been from when I young buying things I could not afford and needed help from Mr Bank Manager, I always settled my debts early, I've just never really liked having outgoings from my banks whether small or big, that is not balling its just trying to reduce the amount of interest paid. Of course the better situation is to simply buy outright full stop.

When I was buying the SVR the dealership at first was trying to suggest to me because I was putting so much in the best rate they would give me was 8.9%, I looked at the interest and I was like your having a laugh, it was then 6.9%.

I then left, a day later we've found a new broker who can offer 5.4%, still not amazing now I know what I know but nearly half the rate they started at and it makes a considerable difference.

But its why I want to pay if off as it will save me money by doing so, then I've got cash tied up in cars I own, but I own them so no matter what the market does, its real money, it belongs to me and I have the freedom to do as I please. :)

Its not really balling I am just trying to limit the amount of interest I pay!
 
No. A few years ago the second hand market was filled with over price dreary cars and I lost interest in funding this, combined with the complications of modern cars (direct injection, DMF, DPF etc). I switched to leasing what ever is good value and put the money I would have spent in long term investments. I'm now in a Volvo S90.

Firestar_3x said:
If the **** totally hit the fan i still own 65+k's worth of cars, the other person has his rentals repossessed, i have no intention of paying to keep another company in business through creaming money off me which is above and beyond the depreciation of the vehicle.
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Are they still worth £65k if the bottom falls out of the market?
 
Firestar_3x said:
Who knows, i'm talking about my finances not the general economy.
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50k, 65k, 80k its still real money, its yours and that is all that counts.
Plus if you lose on yours, then whatever you may buy would have also lost big time so its not all a total loss.

Example I sell SVR now at 75k, I buy a 570S at 100k, it is 25k to change.
I wait six months, sell SVR at 50k, buy 570S at 75k, it is still 25k to change.

Of course those numbers are a pure example, I don't see SVR's reaching 50k if ever, too few, too rare, I do see 570S down to 75k though.
 
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