Corsa VXR
- Thread starter Damien.
- Start date
The car is fine, that interest rate however, sucks balls.
I would step back and investigate another way of buying IE with a bank loan, as nearly 12% APR is theft to be quite frank.
11.7% 8k over 48= 207.21 pm total interest charge £1946.29
6.8% 8k over 48 = £190.07pm total interest charge £1123.70
Total saving £822.59 if you must have the car.
That might not seem a lot, but its a lot to have to find when you want to change your car in three years time and that £822.59 isnt in your bank to put towards a new car.
I would step back and investigate another way of buying IE with a bank loan, as nearly 12% APR is theft to be quite frank.
11.7% 8k over 48= 207.21 pm total interest charge £1946.29
6.8% 8k over 48 = £190.07pm total interest charge £1123.70
Total saving £822.59 if you must have the car.
That might not seem a lot, but its a lot to have to find when you want to change your car in three years time and that £822.59 isnt in your bank to put towards a new car.
Last edited:
Thats a completely different scale of loss though.
I doubt in 10 years of building PC's ive lost thousands of pounds in depreciation.
Mabye a few hundred quid.
Given the quality of whats available for the sum of his deposit, then frankly I do feel the Corsa is a big waste of his money, he can get something equally good for the cash and be debt free.
To me, thats a no brainer.
Thanks for the comments guys. I'm not going for the car now, ive recently been converted and seen a nice evo 4 locally which i took out last weekend. Loved every second and its clean, well priced and faster so im buying that on Friday.
As far as what has been said. I feel i could have afforded that car if i wanted it. Finance is something a lot of people opt into, as long as payments aren't missed etc i feel its affordable. Ive had loans etc before and never missed a single payment and payed of the full balance successfully.
I decide if i can afford something or not by the calculating what i earn and my outgoings then seeing how much i have left in the end.
Thanks for the help guys.
As far as what has been said. I feel i could have afforded that car if i wanted it. Finance is something a lot of people opt into, as long as payments aren't missed etc i feel its affordable. Ive had loans etc before and never missed a single payment and payed of the full balance successfully.
I decide if i can afford something or not by the calculating what i earn and my outgoings then seeing how much i have left in the end.
Thanks for the help guys.
Try to look at it in percentages rather than actual figures as it'll always look shocking for the car
Say you buy a pc and in 4 years it's worth what 40% of it's original value, or less?
The car should be worth more after 4 years, but probably not much
As for the if you need finance you can't affrod it comment, so if I take home £3000 a month and want to spend £200 on a car loan can I not afford that? Not having the cash upfront, and not being able to afford it, are 2 different things imo.
Good choice on the Evo4 though, whilst not the most sought after Evo they are great value for money at the moment, and go like stink.
What about parts/services and reliability?
Sorry, just looked at your profile
Occupation: Estate Agent - Who'd have guessed with a Mini Cooper company car
Given the quality of whats available for the sum of his deposit, then frankly I do feel the Corsa is a big waste of his money, he can get something equally good for the cash and be debt free.
To me, thats a no brainer.
depends on what value you put on owning the car. If you really like the VXR, you may consider £200 / month to be worth it
he could get a 172 and not pay £200 / month
But its just a question of what he'd rather have. A more common older hot hatch, or a less common but brand spanking new one.
Very reliable, Japanese.
Parts are expensive but rarely need replacing.
But to combat that and the cost of servicing, i do have a mate who is a mech in the local Mitsubishi dealer.