Poll: Do you actually own your car?

Do you actually own your car?

  • Total voters
    494
Housey said:
So then, what have we all concluded from this thread?

Is it that anyone with finance on a car is not able to really afford the car, is therefore just keeping up the impression they are successful so they look good to people they don’t know or their friends down the pub? Then that people with 20k of cars they paid cash for are serious money earners because they paid cash and therefore are much more successful than some wannabe with a Senna with 600k of finance on it, a car they can’t really afford?

I know that’s how it used to work, is it still the same or do we need a vote n stuff?
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I thought we'd concluded that people finance because they are all super astute financial bods who make more money from their money so they buy everything on finance so they can save their money for the important job of making more money to spend later on making more money.
 
I think the conclusion has to be that it depends on your situation.

Personally I could buy a nice used car outright but need the cash in February. I choose to lease provided I find a good deal so that I can have relatively trouble free motoring. I don't think it's a case of keeping up with the neighbours (as honestly they all have nicer motors and I expect earn less than me, although are 5-10 years older).
 
SpeedFreak said:
I don't think it's a case of keeping up with the neighbours (as honestly they all have nicer motors and I expect earn less than me, although are 5-10 years older).
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Thanks for the additional information on your financial and career status ;)

You sound like my brother in law!
 
Currently own both. Both were bought outright like all my previous cars.

I will be getting a personal loan to upgrade from the X5 though early 2019. The interest on doing so is 1/3 per month of what I pay for the X5 warranty so getting a newer car with 2 years warranty left on it already makes sense.
 
SpeedFreak said:
Haha, sorry, the point I was (badly) trying to make was that they are probably closer to being mortgage free.
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I was just pulling your leg :D

These threads always seem to end up polarising people when it comes to finances. It really doesn't matter though, people have different ideas when it comes to money, doesn't necessarily make them right or wrong though.

I'm an odd ball when it comes to finances and I'll fully admit it. I hate financial overheads which is why I cleared my mortgage at 35, have a £5/mth phone contract, don't have Sky/Netflix/NowTV and drive a car worth £3k tops. I also accept that if everyone was like me our economy would probably be in a right old state!
 
lordrobs said:
I thought we'd concluded that people finance because they are all super astute financial bods who make more money from their money so they buy everything on finance so they can save their money for the important job of making more money to spend later on making more money.
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Science n maths
 
People who like to buy a 2-4 year old car should be thankful for all those PCP/leases. Without them, there wouldn’t be such an abundance of cheap cars available.
 
Nope, leased Golf R. I'm moving house soon which is really close to the train station, so apart from the occasional blast in the evenings, it's a complete waste of money. It's going back in May though, at which point I'll be buying something cheap to do the shopping in, and go fishing.
 
I own the Kia Stinger, although there is £20k Sainsburys loan still to clear.
Mortgage free because I’m old, but owning a boat doesn’t help.
 
In my near 30 years of driving, i have only ever owned 1 car and that was for about 2 weeks.

Having said that, i have pretty much never been without a car. I have been lucky enough to have always had employment and always had an employer that supplies a car. Some of which have supplied me a car on the Friday before my first day of work on the Monday.
 
Almost own it :D

2016 Focus ST paid 24k for it and have around 3k left to pay on it, (Loan finishes end of august)
Think about paying it off outright but I like seeing that extra cash in my bank account :p
 
Yes own all mine no finance and can't see myself financing anything in the future. Don't feel right with financing cars anymore
 
Normally always owned mine but having sunk all my cash into a house recently, and then got very tired of continually fixing my previous alfa which was a lemon even by alfa standards, i decided sod it and went PCP on the Skoda for the trouble free life. I will eventually clear it with a loan when i finally decide if i want to keep it or not (got some career choices to make which may make the decision for me). So whilst probably not the most cost effective way of doing things I am enjoying having a car that works and has all the modern creature comforts.
 
After working in the industry for 15 years my 2p

*a newer car is almost always a better buy than an older one ie new golf is better than old 3 series
*finance with a 40%+ residual over 3 yrs+ is normally better than buying cash assuming its less than 6% APR
*Hatchbacks may seem expensive for what they are but generally hold money better than anything else
*SUV's are money pits in general
*heavily discounted 1 year old/prereg saloon can make a good cash purchase
*sports cars heavily depend on the economy doing well
*main dealer cars are normally better but do examine the history
*supermarket cars can be good but a lot are horrible ex lease rubbish - again history is key
*history is even more important for anything prestige - the more prestige the more important
*ex rental cars can be good, but equally could have had a lot of paint
*often a 1 year old used car bought for cash can work out more expensive than a financed new car if changed within 4 years
*main dealer/decent specialist service history is important - consistency is most important ie has the same dealer looked after it - the best cars have the same stamps in the book
*anything performance or high pressure engine is more likely to have issues
*in general people who buy what they want rather than what is "a good deal" do better, the only exception to this is those that insist on factory ordering to their spec - ie if you really want a jag over a merc get a jag with a deal, don't buy a cheap factory order merc
*new models always seem expensive but usually do very well come resale
 
jjgreenwood said:
*finance with a 40%+ residual over 3 yrs+ is normally better than buying cash assuming its less than 6% APR
*often a 1 year old used car bought for cash can work out more expensive than a financed new car if changed within 4 years
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Have you got any examples to illustrate this?
 
Fusion said:
Have you got any examples to illustrate this?
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Yes the most striking one was from several years ago when the Scirocco was new and I had a customer who was comparing it to a Merc CLC. They were amazed that with their £2k deposit the scirocco was going to be £400pcm as merc had quoted them £195pcm, the deal they were offered on a merc CLC was £5k Deposit from Merc £2k from them and then a 4yr PCP at 10.9% APR with an £18k final payment for a £26k car. That example is pretty extreme but on that basis you would have to be mad to actually purchase any Merc CLC with actual money. In general the depreciation risk is too great to justify a cash purchase if the residual offered is above 40%.
 
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