mart360

The most you will get from a bank loan is...


£25K unsecured upto 7 years to repay Approx £450 PCm

Over that amount would be a secured loan

We got 25k from Tesco/ rbs, nut that was a joint loan many years ago

now finished may i add


Mart

stilover

If you can afford it mate, go for it.

I had the same dilema over the R8. A lot of money, but it is a lot of car. And buying something you really really want and getting a great deal of pleasure from it, is what life is all about.

PaulC72

I suppose you also should look at how much it will be worth when you get rid as this will be offset against the loan (less whatever you pay for the replacement)

Live once live it well

Dingdongler

As someone said do you think all these high end Porsches, Lambos, Ferraris are all cash purchases? I would guess 80% are financed, not because the buyers don't have the money but because they've decided to keep the cash for other opportunities.

Personally, I've never borrowed to buy a car, but that's probably just my old fashioned stupidity. Next time if I can get the right finance deal I will.

hodgy0_2

what I would caution against is having high borrowing costs on a fast depreciating asset

you seem to be loosing on both sides of the deal, and when you work it out with insurance, VED, warranty, servicing, ballon payments etc, the actual TCO over 3 years is unbelively high - and often, (with leasing) you have no asset at the end, (unless you cover a large balloon payment), great if you can roll the deal over - i.e. have a high monthly income

it would be cheaper to rent one for 5/10 weekends a year, or join a car club

thesyn

As already pointed out once you have figured out what the total likely cost for a
used GTR would be, check out how much for a financed new one. It is possible that it could be similer and less worry re mechanical meltdown.
As also said "we regret the things we don't do more than those we do"

JackTorrence

£35k is nothing these days if you want a nice car. When I picked up my 335d a month or so back the dealer was offering 0% finance with a £30k deposit on an X5. If you have the cash then why not, only thing I would say is the interest is going to be huge over 4 years.

I reckon your looking at £6k interest over 4 years @ 8% which is a lot of money. I only financed a small amount over 2 years on my BMW with no balloon so the car is mine. I plan to keep it for a long time but I wouldn't have paid £6k in interest for it.

Also leasing is a bad idea in my opinion, its a waste of money as the car will never belong to you and considering you still have to put down a fairly big deposit for a nice car it makes no economic sense to me.

If its your dream car then maybe you need to get it out your system though, I wanted a 335d for a long time and I ended up buying 4 cars in 2 years before I finally got one. I kept telling myself I didn't need one, then I would get bored after a few months so swap it for something a bit quicker, then get bored again. I wasted a lot of money doing that so I should have bought one in the first place.

Boro

iTrader: (1)

Here's a little tip for you.

Dealers often make good money on commission from the finance company, especially over longer terms and with payment protection, GAP insurance.

It's often viewed as a bonus, over and above the profit from selling the car in the first place.

When the salesman or finance guy is working the deal out on the screen, in one of the bottom corners of the screen will be a row of numbers and letters. It's very inconspicuous to the untrained eye, but these numbers tell the salesman how much commission that particular deal makes.

For eg, it might say something like C500/G200/P250. Meaning £500 finance commission, £200 gap insurance commission, £250 payment protection commission.

The best finance deals should have low numbers ;-) or zero's are even better!

JackTorrence

I have never thought about what they make when I have bought a car. I know they are in the business of selling cars to make money so as long as the car is at a price I am willing to pay then thats ok by me.

I have always taken out GAP insurance and it has paid of for me. I have a new 325d stolen a few years back. I only had the car 6 months and the payout was over £3k less then the amount I had to pay. I ended up getting all my deposit back.

Boro

iTrader: (1)

GAP insurance can be very worthwhile in the right circumstances.

Luan Pra bang

Haggle the rate hard is the first thing, I used to have the option to choose a rate from 6-30 percent with some prop forms. I would suggest waitng untill the second hand models can be bought for 25k and then get a bank loan to cover it as it makes life a load simpler not to have it secured on the car but if you really want it after adding up all the costs and benefits etc then go for it.

Boro

iTrader: (1)

I'd say finance was better. Especially when you consider halfs/thirds.

ditchmyster

iTrader: (7)

I'd go with something like the 22b or one of the more popular porkas, because of the depreciation factor, otherwise it's going to be an expensive wet dream.

But as i always say, it's your money or not as in this case, so what do i care.