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car buying options.....

Old 16-04-2019, 08:34 PM
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fuzzy
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Default car buying options.....

if you had saved up the full amount to purchase the car you've been wanting for years, its a 2012/13 Mercedes C63 estate with 30000-40000ish miles £22G car , depreciation isn't really an issue and you have no other debts would you.....

A use your savings and buy the car outright
B use half your savings , get a loan for the rest and keep half in your bank as a lump sum as tyres are going to be expensive....
C keep your savings for a rainy day and finance the whole amount for the car

at the moment im favouring option B so Ive still got savings and not getting a huge debt.....

Last edited by fuzzy; 17-04-2019 at 06:47 PM.
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Old 16-04-2019, 09:11 PM
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I suppose it depends ho much you have saved, I would always want some spare savings, if you have decent credit you can get a loan at under 3% I would possibly pay half if I was in you position
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Old 16-04-2019, 10:19 PM
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option b for me too
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Old 17-04-2019, 02:32 AM
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D) tell us the car

Always have something as backup just incase the worst happens which is what it would probably do.
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Old 17-04-2019, 05:34 AM
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Why not loan yourself the money . Buy the car outright for say 20 grand and set up a direct debit to pay it back into another bank account . Pay it back over say 48 months at about £420 a month . After 48 months you owe nothing on car and have your 22 grand back .
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Old 17-04-2019, 05:55 AM
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I like to buy outright but wont until I have saved at least 5k more than I'm spending so I'm never caught out by unexpected Bill's act requires patience but works for me I hate debts of any kind they just add anxiety
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Old 17-04-2019, 08:17 AM
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Buy the car the cheapest way ! I think what mk2turboestate says lend it to yourself and pay it back
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Old 17-04-2019, 06:32 PM
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Originally Posted by V6 Ste View Post
Why not loan yourself the money . Buy the car outright for say 20 grand and set up a direct debit to pay it back into another bank account . Pay it back over say 48 months at about £420 a month . After 48 months you owe nothing on car and have your 22 grand back .
that's buying it outright and continuing to save then but with no saving left in the bank if something goes wrong...…?
its a 13 plate Mercedes C63 estate. my preferred option of B means ive still got a lump sum in the bank and ill continue to save anyway. a £12000 loan is only £265 a month over 4 years with £715 paid back in interest.....

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Old 17-04-2019, 06:34 PM
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Originally Posted by smiley View Post
I like to buy outright but wont until I have saved at least 5k more than I'm spending so I'm never caught out by unexpected Bill's act requires patience but works for me I hate debts of any kind they just add anxiety
I don't want to wait another year....I want it this year....
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Old 17-04-2019, 06:48 PM
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For £715 interest over 4 years I would have it now, it’s what I did with my last car
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Old 17-04-2019, 07:13 PM
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Originally Posted by fuzzy View Post
I don't want to wait another year....I want it this year....
On your wages 2 months tops lol get it got mate best way you can treat yourself make the graft worthwhile
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Old 17-04-2019, 07:55 PM
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Originally Posted by mk1turboestate View Post
For £715 interest over 4 years I would have it now, it’s what I did with my last car
even to borrow the full £22000 its only £390 a month over 5 years and £1600 interest. its not much interest at all !
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Old 17-04-2019, 08:12 PM
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Hard to spend a big lump once you've saved it isn't it lol
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Old 17-04-2019, 08:24 PM
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Originally Posted by fuzzy View Post
even to borrow the full £22000 its only £390 a month over 5 years and £1600 interest. its not much interest at all !
for £26 interest per month to keep all you cash it’s not a bed deal, just over one pint a week ! I say go for it,
the way I look at things is you don’t know how long your going to be around and as long as things are affordable with back up you should have what you want
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Old 17-04-2019, 08:33 PM
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when you put it like that it sounds even better.....
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Old 19-04-2019, 06:22 AM
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You get jack shit interest on savings these days so use what you have to buy it, no point paying interest if you don't have to. If you need to fund a repair for something take a small loan out to cover it as and when required, or as one of the previous posters says, just stick a few quid in the bank each month as you go to cover any unforeseen situations
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Old 19-04-2019, 08:28 AM
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I would go for it, as long as you can easily afford the repayments and your job is secure. I would consider a loan where you can over pay each month too if you can afford it, will mean the loan is cleared much quicker and you will pay less interest.

I would also check the actual interest rate you are offered too, normally the rate advertised on comparison sites is much less than the rate on an agreement, it could mean the total interest is a lot more.
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Old 19-04-2019, 05:58 PM
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james kiely
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i still think option b.all the wealthy people in the world borrow money to buy houses ,cars, etc.for the sake of 715 quid interest oits a no brainer imo
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