Quick. Nathwraith to the rescue! Gibbo can answer his own questions.
I couldn’t tell you what the latest supercars are one from another as I don’t look as I can’t afford.
In which case then you have that extra money to immediately overpay, invest elsewhere or save to pay the balloon allowing you to increase your overpayments without having to save for the balloon.
You've gone from not wanting to know details it seems, to wanting to now know every fine detail.
I can afford upto £1500 per month on a car as in monthly payment, that is my max limit.
Right now I could put as much as 100k deposit on a car (SVR pending sale at 70k)
I could wait, I could save, but that is then like waiting for the next thing, your always waiting.
As others put I get itchy feet, I jump.
I have assets of value that I own, I also have a lot of crypto currency which though has been hammered owes me in short nothing as I did not buy currency, it is currency I personally mined years ago when it made sense to do so at which I currently release 11k per year to avoid capital gains.Fa
I am employed so also have consistent earnings.
Fact is I never want to drop all my money into one purchase, or one thing, I can do other things with my money too.
Simple fact is regular PCP was £900, easily affordable.
But interest only is £300, all of a sudden I am £600 spare, plus £600 left from my max budget, that is £1200 I can just put aside or I have surplus. But most importantly by doing it this way I save and I personally feel that to only pay a finance company on 70k loan around 5k interestest max over 2yr is very good going and perfectly acceptable to myself.
What I will say is £300 a month or less for a Huracan is less than I was paying on the SVR and the SVR I had manage to pay off in a year of owning. I could have waiting a purchased an SVR now, but I wanted the Mustang gone back then and I wanted something new back then, not in 12-18 months. I plan to purchase in 2-3 months.
I am not stretched, I have no other loans, no credit cards to pay off, no mortgage to pay.
The only difference is whereas many people hand back the car at end of term, I do not I take ownership outright at end of term or before hand, I did this with the SVR and with the Huracan will cost me even less than the SVR did (monthly) due to the large deposit and due to interest only option.
The SVR was my first PCP purchase, I did not know all the facts and I could have got myself an even better deal if I knew what I knew now, that is why I have shared to help save other members some money.
Also interest free options are available typically on any car over 25k with over a 25% deposit, so its not just expensive stuff but can also be put into use on lower value cars too.
