40K Deposit on a 599

ScoobyDoo69 said:
This is exactly why Harris is perfect for Pistonheads. Great example of "man maths" to get an awesome second hand car, without unrealistic budgets. Well done to him.
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Funny thing is though, if he came on these forums and posted under a anonymous username then everyone will be slating him and shooting him down for buying a Ferrari 599 on finance. In fact I can almost guarantee that would happen in motors. :p :o
 
Seems like a nice bloke. Told my wife he was the fourth best motoring journalist in the UK. Well, him Jethro Bovingdon and Richard Meaden :-)

Claims not to have much money though, clearly makes cars a high priority. Has the perfect excuse being his livelihood.
 
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Ben Cole said:
Seems like a nice bloke. Told my wife he was the fourth best motoring journalist in the UK. Well, him Jethro Bovingdon and Richard Meaden :-)

Claims not to have much money though, clearly makes cars a high priority. Has the perfect excuse being his livelihood.
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He must do, have you seen his watch in one of his videos (I've seen nearly all of them :o) His watch was worth £10k.

Also he has a wife and kids, they aren't exactly cheap.
 
Janesy B said:
Most people have cars like that on some kind of finance packages. At least he's financing one of his 'dream' cars and not a four pot hatchback.
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BOOM!

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Janesy B said:
Most people have cars like that on some kind of finance packages. At least he's financing one of his 'dream' cars and not a four pot hatchback.
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Just lol. You know what your problem is? It's that you think your some kind of driving god with your mk1 ford focus and yet it just isn't and you are not so get off your damn high horse. I love both my cars, where as I bet you can't say the same about a 1.6 focus.
 
Blackhawk47 said:
Just lol. You know what your problem is? It's that you think your some kind of driving god with your mk1 ford focus and yet it just isn't and you are not so get off your damn high horse. I love both my cars, where as I bet you can't say the same about a 1.6 focus.
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Wasn't specifically aimed at you Mr Sensitive, that's just the type of person that is often criticised for buying on finance. Everyone likes to apply blanket rules to everyone on OcUK, same thing with 'everyone' recommending Mondeos which isn't the case.

I never claim to be any sort of driving god and no I don't really 'love my Focus' but I'm in a position now that I can go out and buy something I'll love in cash and not have to 'rent' a car with a massive balloon payment at the end.

Anyway, re: the driving 'god' comment - put your money where your mouth is, come karting and settle this like a man :cool:
 
Only the poor, and fools 'buy' a car.

Nearly anyone with decent money to spend on a car realises their capital is best spent elsewhere, while you can just finance the depreciation on whatever you buy and chop it in when you get sick of it, rather than suffer having to deal with the sniffing masses coming to kick the tyres and try and knock you down in price.

At the end of the day, most of us get rid of a car at one point (most, not all). What difference does it make whether it was YOURS (financed by cash or a loan) or backed by an HPI or some other agreement.

There seem to be a lot of bitter people on here, probably with wives and girlfriends called 'Maude' or 'Marjorie' who appear to militantly defend their ownership of a 1.6 litre luke warm excuse for transport, while casting derision over anyone else who dares to drive anything better than theirs, which they either don't have the means, or guts to afford.
 
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This board really has been a princess stompyfeet convention this past couple weeks.

I'm poor, I don't finance things, that'll keep me poor
 
Matt82 said:
This board really has been a princess stompyfeet convention this past couple weeks.

I'm poor, I don't finance things, that'll keep me poor
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1 + 1 = 5 ? ;)

The point is that when you get to the point of financing 40-50-100 grand plus worth of motor then the implications of financing ownership based on an outright purchase scenario start to look very silly, especially when cars are offloaded within 1-4 years after purchase. You don't want all that money locked up financing the WHOLE purchase cost when if you looked at the actual cost of ownership given a realistic time frame for when most people get bored and sell up, then financing depreciation is a far easier scenario. Its the difference between paying a grand a month for something in the 40k range, versus paying 600 quid to finance it.

The whole idea of 'ownership' is kind of wrapped up in a lot of emotion. Obviously the past 10 years of financial stupidity havent helped, but there are some situations where financing actually makes good sense.
 
Theres a significant difference in financing a new(ish)Ferrari and investing your money elsewhere, than financing a brand new generic shopping cart and having no other money to invest elsewhere.
You can (personal) lease a brand new M3 for £500 inc VAT with a £3k deposit and hand it back at the end of 2.5 years. You'll walk away with losing slightly less in lease payments than you would in depreciation.

I'm all for financing in the right circumstances. Harris has done the right thing.
 
It can make sense at any level, theoretically, if you look at the depreciation cost over the expected amount of time you expect to own something, and then compare that with the equivalent outright purchase/loan scenario.

Every car before my last one was an outright purchase with cash, but after seeing a 50% drop in what i paid vs what i got for my 911 after 18 months of ownership and calculating the monthly depreciation, i soon changed my mind.
 
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