If you won lottery would you buy car outright or finance?

[TW]Fox · 3 Oct 2012 at 12:29

0% is almost always paid for elsewhere though - usually through a higher price than you'd have paid had you not taken it. It costs somebody, somewhere to lend that money.

the_r_sole · 3 Oct 2012 at 12:30

[TW]Fox;22890172 said:
Exactly, I couldn't be botherted to wait for the build time whereas there are loads of box-fresh M5's on the AUC site ready to drive away same day.

but that would give you enough time to build a massive garage too...

Django x2 · 3 Oct 2012 at 13:17

[TW]Fox;22890335 said:
0% is almost always paid for elsewhere though - usually through a higher price than you'd have paid had you not taken it. It costs somebody, somewhere to lend that money.

I'm inclined to agree, although I did buy a mountainbike on 0pc finance and it was the same price as the mrsp. you can't buy direct from manufacturer though so I guess the resellers make a few bob when buying them in. either way, the cost of the bike was the same whether on finance or not, so no one benefits any extra bar the end customer.

patch58 · 3 Oct 2012 at 21:21

peterintheghetto said:
I'd finance. Keep as much money in the bank and pay the monthly payments off with the interest earned

ditto

Jonny ///M · 3 Oct 2012 at 23:55

Lucero said:
I'm inclined to agree, although I did buy a mountainbike on 0pc finance and it was the same price as the mrsp. you can't buy direct from manufacturer though so I guess the resellers make a few bob when buying them in. either way, the cost of the bike was the same whether on finance or not, so no one benefits any extra bar the end customer.

You could have most likely got a discount off the RRP though as they wouldn't be paying the commission to the finance company. Either that or it was funded by the manufacturer?

daz · 4 Oct 2012 at 00:06

[TW]Fox;22890172 said:
Exactly, I couldn't be botherted to wait for the build time whereas there are loads of box-fresh M5's on the AUC site ready to drive away same day.

Something like that, definitely.

Something properly exotic you can do OK by getting in line and selling after 3-12 months ownership to someone that wants one RIGHT NOW. On the right car you can get away with minimal depreciation, or if you're especially lucky, even a small profit.

Aeleys · 4 Oct 2012 at 03:10

If money wasn't an issue i would just flat out buy it/them.

I would also keep most of what i got, so resale value wouldn't bother me one little bit.

I don't understand why some are arguing you can only drive one at a time? what does it matter...you have the money to do whatever you want pretty much if you don't enjoy the car why buy it at all.

i think 3-4 cars is reasonable with such money. and very easy to enjoy them all.

Werewolf · 4 Oct 2012 at 04:34

If I were to win the lottery, I'd pick up two or three cars and pay cash.

A smallish car for when it's just me around town (I actually quite like some of the new mini's).

A mid sized car for when I've got others with me, or driving any distance.

And a large car (possibly even a minibus, or large MPV) which would be fitted with ramps to the back door/boot, and removable seats - for when I'm getting stuff for DIY/projects, or when my mother wants to go somewhere, so I can get her scooter in and out easily

None of them would be flashy, just comfortable and up to what I wanted them for (I'm not really massively into cars, I tend to just want something comfortable and reliable that does the job)

If you've got the cash why would you go finance, as you're usually paying more over the term of the finance deal than if you paid outright.

EyeDot · 9 Oct 2012 at 01:15

-Ad- said:
You realise that one cannot just drive to Lamborghini and pickup an Aventador?

I would fly down south, pickup the GT3 RS 4.0 from Lovitt in Swindon, then drive to DK Engineering and buy an F40, leave and drive until I needed stop and sleep!

Or Petrol, I can burn a tank in a few hours.

Housey · 9 Oct 2012 at 06:52

Ford Ka over 10 years.

Cosimo · 9 Oct 2012 at 07:46

Housey said:
Ford Ka over 10 years.

Can’t be too careful with all that money.

-Ad- · 9 Oct 2012 at 10:22

EyeDot said:
Or Petrol, I can burn a tank in a few hours.

Excellent, I could then stop for refreshments

It's good to know that an F40 will help me spend my winnings, should I ever win millions!

Morba · 9 Oct 2012 at 12:04

flip flops, combat shorts and a vest with my shades on, walk into Swindon Ferrari (being the closest) and walk out with keys to more cars than I can drive on my own.
No finance, no messing. Cheers

[TW]Fox · 9 Oct 2012 at 12:06

Morba said:
flip flops, combat shorts and a vest with my shades on, walk into Swindon Ferrari (being the closest) and walk out with keys to more cars than I can drive on my own.
No finance, no messing. Cheers

Very unlikely you'd be able to do same day drive away at a marque like Ferrari. You don't really even get that at Audi, BMW etc.

Morba · 9 Oct 2012 at 12:09

[TW]Fox;22926476 said:
Very unlikely you'd be able to do same day drive away at a marque like Ferrari. You don't really even get that at Audi, BMW etc.

Yeah, I was thinking that as I wrote it tbh. Even with cash I bet they would want each note checking and some back ground checks or something before allowing me to walk away with the car.

[TW]Fox · 9 Oct 2012 at 12:15

Even cash is normally a no-go, they won't accept more than £10k due to money laundering regulations. Plus they usually need to spend an implexicable week faffing about with random annoyances before its ready for 'handover' anyway

Gaygle · 9 Oct 2012 at 12:55

[TW]Fox;22926476 said:
Very unlikely you'd be able to do same day drive away at a marque like Ferrari. You don't really even get that at Audi, BMW etc.

[TW]Fox;22926523 said:
Even cash is normally a no-go, they won't accept more than £10k due to money laundering regulations. Plus they usually need to spend an implexicable week faffing about with random annoyances before its ready for 'handover' anyway

Dream killer.

-Ad- · 9 Oct 2012 at 13:24

[TW]Fox;22926523 said:
Even cash is normally a no-go, they won't accept more than £10k due to money laundering regulations. Plus they usually need to spend an implexicable week faffing about with random annoyances before its ready for 'handover' anyway

I think buying a large selection of cars will help the salesman becoming very efficient, in an instant!

But
GAP Insurance for all cars sir - £10,995.
Super special Diamond Guard Paint Defence Guard of Guards with added pepti-peptides - £995 per car please sir.

JUST GIMMIE THE KEYS YOU CHEAP SUITED BUMBLE BRAINED BAFOON, my car loader is on the way!

cm1179 · 9 Oct 2012 at 13:37

can you even drive away a vehicle on the same day as purchase these days?

i'd definitely buy with cash

Stringy · 9 Oct 2012 at 13:59

If we're talking a mega win on Euromillions then I'd settle for something understated in millionaire terms like an M5/RS6/AMG, and then wile away my days searching for timeless classics like old Ferraris/Jags/Porsches etc and work out which of those I'd most like to have in my stable, nothing as crass as a modern supercar when the super saloon would be nigh on to all the modern car I would need if everything is specced on it.

Similarly if it was a 'modest' normal lottery win I'd buy an M5 outright, maybe a more comfortable cruiser as well and then be sensible with the rest of my money. I've always thought if I won the lottery I'd buy myself a nice house mortgage free, I'd set aside enough to pay myself a comfortable wage for the rest of my life (£5 million pays you £100k p/a for the next 50 years...pretty nice with no mortgage!), and then work out from whatever's left how best to go loony. What I wouldn't do is go straight to the nearest dealership and ***** a large proportion of my winnings on a super/hypercar, an act that may inhibit me from still living the life of riley 30 years down the line. I'd value being able to still go on multiple month long holidays in 30-40 years over living fast and going bananas with my lottery win.