Corsa VXR

photoshop said:
He cant afford it. If he could he wouldnt need finance!
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So, when I bought my house I couldnt afford it?

Car is 2nd most expensive item people buy after a house... so why cant he afford it if he pays finance? Do you buy a house with cash? I mean, thats the only way you could afford it?

Nothing wrong with finance, far from it... if he CAN afford the finance, then he can afford it.

Lets look at the car.
 
photoshop said:
He cant afford it. If he could he wouldnt need finance!
But hey ho, Credit is Easy (at 11.7% i dont think so!) and people like to get into debt and live lifestyles they can not afford.
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So, you equate loan with not affording something do you, a somewhat niave comment.

photoshop said:
Live responsibily and within your means and if you cant then you deserve everything that comes your way!
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I agree 100%, this does not fall hand in hand with your above comment. You must be a wealthy man if you can spend the rest of your life buying houses for cash, and yes I understand that in the main property has been an appreciating asset.

photoshop said:
And a reply to housemasters comments about if people didnt buy new cars etc. Well let me tell you most 2nd hand cars are ex-company/pool cars cars. Businesses buy the bulk of the new cars coming into markets.
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Many are, many are not. My last 2 cars have been second hand, none of them were ex company cars they were all bought by individuals. The days of the company car are not like there were, many people are taking an allowance, hence the whole PCP culture of "what can I get for XXX per month"
 
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For £13K I would take a nice Patex Philippe right now, but then thats the thing, we all have different aspirations, priorities and outlooks on what is important to the individual.
 
housemaster said:
So, you equate loan with not affording something do you, a somewhat niave comment.


I agree 100%, this does not fall hand in hand with your above comment. You must be a wealthy man if you can spend the rest of your life buying houses for cash, and yes I understand that in the main property has been an appreciating asset.


Many are, many are not. My last 2 cars have been second hand, none of them were ex company cars they were all bought by individuals.
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Yes i do equate a loan as not being able to afford something because its credit for money that one does not have. If the money was there then there would be no need for credit.

A property is an investment and i do not see morgage as a loan in the same way if it were a loan on a car or even credit cards. Only a handful of people are able to buy property in cash but the rest get morgages like me but the home is a long term investment and a home is essential. Just dont be getting morgages which you cant sustain or you'll end up like many people in america are now.

The original poster wants it because it looks good, is fast and he feels its a solid car. They are all feel good factors. Down sides are that its a corsa and will loose a hell of a lot of money, will drink petrol for fun (an increased cost), at 11.7% it will end up costing him more than what a new VXR is worth so hes ended up paying more than the retail value to start off with.

If i bought something everytime i liked it and wanted it i would now be in either jail or living in a cardboard box. Sometimes a reality check is needed and instead of thinking with our hearts and letting our feelings get in the way we should think logicaly with our brains.

Its harsh but i never encourage anyone to get something on credit.
 
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I know nothing about your circumstances neither do I wish to, that is your business, but your simplistic outlook on why someone may choose to take a loan, putting the OP to one side, is generalisation that paints everyone into the same box and is simplistic in the extreme. I don't intend to discuss my finances on a public forum, but suffice to say I have financed a number of cars, over many years, those of which in the last 10 years or so I could have purchased for cash had I so wished, but wanted to keep my cash liquid in case I needed it for other investments. The world of finance, at all levels is one of risk and it is how you limit or mitigate that risk which is the key. To say "finance = can't afford" is a massive generalisation and in mine and other poeples cases, whose circumstances may be different to yours of course, is wrong.

The OP is putting a deposit into the car which he may loose, but which should ensure he does not go into a negative equity situation should he need to get rid of the car, so he is mitigating his risk somewhat. I have clearly stated that as a pure investment decision it does not stack up but again you are putting your 'view' and your 'perspective' as FACT when it is simply your view and extremely risk adverse. Affording finance and being able to repay your debt or get out of your comitment without huge financial impact is very different to taking out finance on something where you do not have the facility to fund it. Finance in my case, and in many other peoples cases is simply a different way of funding, not me wishing to 'live the dream'.
 
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housemaster said:
I know nothing about your circumstances neither do I wish to, that is your business, but your simplistic outlook on why someone may choose to take a loan, putting the OP to one side, is generalisation that paints everyone into the same box and is simplistic in the extreme. I don't intend to discuss my finances on a public forum, but suffice to say I have financed a number of cars, over many years, those of which in the last 10 years or so I could have purchased for cash had I so wished, but wanted to keep my cash liquid in case I needed it for other investments. The world of finance, at all levels is one of risk and it is how you limit or mitigate that risk which is the key. To say "finance = can't afford" is a massive generalisation and in mine and other poeples cases, whose circumstances may be different to yours of course, is wrong.

The OP is putting a deposit into the car which he may loose, but which should ensure he does not go into a negative equity situation should he need to get rid of the car, so he is mitigating his risk somewhat. I have clearly stated that as a pure investment decision it does not stack up but again you are putting your 'view' and your 'perspective' as FACT when it is simply your view and extremely risk adverse. Affording finance and being able to repay your debt or get out of your comitment without huge financial impact is very different to taking out finance on something where you do not have the facility to fund it. Finance in my case, and in many other peoples cases is simply a different way of funding, not me wishing to 'live the dream'.
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You maybe right but we are living in a debt culture. The whole bank charges debarkle is testement to that. If the OP wish's to buy the car then he can do so, thats his progative. All i am saying is for him to excercise caution in a time where there is uncertainty in the financial markets which may get worse and being in debt in such times is not a good idea. And what if his situation changes? What then?
 
Gadge said:
why are you lot talking about money and not the car choice??
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New Corsa, fun but expensive for what it is -> OP getting car on credit -> depreciation of Corsa Vs used alternatives -> credit + depreciation Vs Used + cash purchase -> Credit Vs Cash

is roughly how it happened.
 
Good grief! £5k down plus £200 per month for 4 years?

I had an option when I went BMW buying a few years back, buy a real banger for circa £2.5 - £3.5k or get a better example for circa £5k plus my old car (what I eventually did) or, I had the option of putting my budget & old car down as a deposit (near £6k total) plus borrowing another £5k over 3 years and go for a mint 51Plate 740i I'd seen for a smidge under £11k.

As I said, I decided on the middle option and after 2 years of ownership, the BM's gone but I still got £2.2k back.

Had I gone for the deposit plus loan idea, I'd still have a year to go on the finance, the depreciation would have been huge and I'd be in a worse financial situation than I actually am now.

So I'm very very glad that I did not take out the loan even though at the time, I thought I could easily afford it.

You never know whats around the corner, saddling yourself with a load of debt for a car that'll depreciate like a stone is just plain daft.

Especially given the fine choice of machinery on offer for the cost of your deposit!

Your money, your choice OP, I just hope you see sense. :)
 
Gadge said:
why are you lot talking about money and not the car choice??.
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Because to people working in Tescos 200 a month is a lot of money, to people with real jobs its barely anything and they like to enjoy themselves with a brand new car they the like look/feel of, rather than some 6 year old hideous looking focus.

Edit: but yeah 11% Finance is ridiculous :P
 
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Lord-Jaffa said:
Because to people working in Tescos 200 a month is a lot of money, to people with real jobs its barely anything and they like to enjoy themselves with a brand new car they the like look/feel of,
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that always amuses me about the motors forum. People cry "think of the depreciation" but considering this is overclockers,how much money do the PC enthusiasts on here lose on PC Bits ?

My very first PC (as opposed to my parents) was a Slot A Athlon 700. The whole system cost me a grand, and ive spent countless thousands since on Pentium 4s, Athlon 64s, SDR Ram, DDR Ram, DDR2 ram, £300 Geforce 2 Graphics cards etc..

its all gone down the pan, but its a hobby which i enjoy so it doesnt matter. Nobody mentions this in the PC Forums. We dont have any "dont buy an 8800 GTX card because in 5 years it'll worth nothing posts"

At the end of the day money is only money, and theres allways more to be earnt. If you spend lots of it and enjoy yourself who cares ??

having said that, dont do it at 11 % finannce :)
 
MrLOL said:
its all gone down the pan, but its a hobby which i enjoy so it doesnt matter. Nobody mentions this in the PC Forums. We dont have any "dont buy an 8800 GTX card because in 5 years it'll worth nothing posts"
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I see your point, it's just a pity that you chose to illustrate it with one of the most future proof pieces of hardware in 2006 :)
 
in the end though, it'll be worth nothing

just like my Geforce 2 Card is now, and to think back then it cost me £300 +
 
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