lozgti

Just paid off the VW finance on my Skoda.

Stupid as it sounds,feels like a millstone gone .

Never paying finance on a car again.It's all mine.* oh,and I never buy new cars anyway.Money down the drain too

If I want another one in the future,I'm waiting and saving.Such a huge waste of money all down to my car addiction and wanting things NOW! (not anymore though)

Anyone else assume all cars should be bought on finance or lease or did you save for yours?

Clarebabes

I wouldn't buy a car on finance as it is alot of the time front loaded, so if you pay it off early, you'll end up paying alot more - I know that happened to me a while back.

If anything, I would get a loan out from the bank as that is usually a lower rate and not so much small print.

Butkus

There are two sides to this. Some people say that you should wait and save up, and that's fair enough. But other people think their money is better used elsewhere, and that it's better to lease things like cars.

For example, say you wanted to buy a £20k car, you might save up and pay cash, or you might use that cash to buy something that is going to generate money, and lease a car with the proceeds from your money generating assets.

It's all horses for courses in my opinion.

GrahamG

the finace is not a bad thing.....

Buying a Skoda is!!!!!

Clarebabes

Skodas are good cars - now.

paulwrxboro

i think finance is great aslong as you can sell the car at any time and pay the finance off
its when you put £99 down that you come into trouble
my present car cost 40k id never save that, there will allways be something that we need, now i have the car and buy what we need
i look at it as my thing ,others love golf,clothes,betting, drugs, ****, ect
i love cars simple
one bloke says how can you afford that (im not welloff by any means) but he spends his wages in ladbrooks

Lydia72

I save and pay cash, can't bear the thought of payments.
Why don't you start saving some of what you would have been paying out each month (say 60%) and stick it in a high interest account, then in a few years when you fancy something different you will have the cash there. You won't miss the money and if you don't spend the savings on a car you can have a great holiday or something instead.
If you wait too long before starting saving you will get used to having the extra money and end up using finance again. Let's face it anyone can have a nice car on the never-never, but isn't it a nice feeling that you 100% own your car?

fast bloke

The finance companies are not supposed to do that any more. If you find one that does,buy the car and complain to CCC and FSA. New car and no payments.

Just bought her indoors an new BM yesterday. The finance started at 10.2 % APR, which is really bad. Ended up paying 4.9% APR, which is cheaper than my mortgage. I was trying really hard for 0%, but DFS didn't have a suite with a motor.
Before you decide, you need to balance what your cash could be doing elsewhere, interest on the loan, depreciation, and most importantly, how much of it that the taxman will pay for. If you are employed, buy a car you have the money for. If you are self employed, buy a car that you can make the payments on.

moses

i know how u feel mate, u feel so relieved and stress free when a finance or loan gets paid aff, its a headache sometimes trynna pay it

worse than that is council tax , same instalments as a 50 k mortgage, very sickening