subevo

I'm going to buy a bmw i3.
Cost £30000

Should I put down £20000 cash which is all my savings.and then get a £10000 loan.to buy car outright.

Or stick £20000 into mortgage.which will save £200/ month.then just lease car at £3000 deposit and £400/ month for 3 years.

I say put into mortgage.wife says buy it.we both think each other is right.

What would you do?

Luan Pra bang

Bollocks to i3 and buy an E60 M5 for 15k and save the rest for petrol, or get an E350 convertible or in fact get any car not as depressing as a BMW i3.

Gurj

If they were the only two options then I would put the money into the mortgage and then lease the car.

using the money and another loan to outright buy the car is a waste of money and with the car you are only ever going to lose money.

Alternatively,
put most into mortgage and buy a fun car

taylor85

iTrader: (5)

i would lease it, The car will depreciate like a lead balloon ! Its not exactly desirable to most and selling on i think might be tricky in 3-4 years so you might waste 20k! Least with a lease you chuck it back at them,

yeah its costing you 400 a month for something you dont own, But your saving 200 a month anyway

XDevil666

Mortgage, buying you would lose it rapidly, leasing your basically renting

So do your self a favour buy a older car which won't lose rapidly and get a mortgage which is safer

ditchmyster

iTrader: (7)

Lease a cheaper car for £200pm, put the £20k into your mortgage and keep paying at the same rate you are now, if you managed to save £20k while you had a mortgage then you can possibly afford to pay even more.

Or buy a cheaper car for around £5k and put £15k on the mortgage and pay off at a faster rate with the money saved.

Fancy new cars are over rated and drop like a stone, plenty of very decent cars out there for £5k and when your mortgage is paid you'll be quids in and able to afford anything your heart desires.

An0n0m0us

Some lease deals are outrageously cheap at the moment. Seen DS3's for £95 a month, Golf R for £225 a month etc and those are personal lease deals, the business ones are even cheaper for those who get a car allowance. I've never done leasing before but now I understand how so many people have brand new cars all the time.

Luan Pra bang

A ds3 for 95 quid a month is a steal if I got my Mrs one I would save more in petrol than the ds3 costs to lease. (not that I think I could convince her to swap an old x5 for a new Ds3)

hodgy0_2

£95 a month is mobile phone territory

An0n0m0us

My mistake, £98 a month or £115 for double the miles:

http://www.nationalvehiclesolutions....al-Lease/32296

Had a god look round this site since I saw the Golf R deal on Hotukdeals.

Luan Pra bang

115 permonth plus 2k in fees for 10k miles works out 200 per month which is still cheap.

billythekid

Its a tough one, we did a similar thing on the Mrs last but one car, worked out quite well. Was £20k. Put £10k in and took personal loan of £10k.

Sold the car 18 months later for £14k, only about £6k left on the loan so came out the other side with just under £9k IIRC.

I thought that was pretty good - given the PCP deals they were offering would have kept us locked in that car and cost us at least £4k in interest.