ljames555
Member
Registered: 2nd Sep 03
User status: Offline
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need advice thinking of getting 2nd hand car 6k - 8k bad idea or good ? what would i be looking to pay over 3 yr or 5yr ? (a month)
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Andrew
Member
Registered: 5th May 04
Location: Skoda Octavia Estate, Ford Puma
User status: Offline
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Very bad idea! Think about it, you will get fed up woth the car but still have the loan to pay off 
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Ian
Site Administrator
Registered: 28th Aug 99
Location: Liverpool
User status: Offline
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quote:
Originally posted by Peugeot Nut
still have the loan to pay off
Sell the car and settle the loan?
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Teddy
Member
Registered: 19th Jul 04
Location: Northampton Drives: VW Bora 1.9TDi pd130
User status: Offline
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The interest on car finance is unreal.
If your determined to do it - Do it though a personal loan - the interest rate is much better.
The best thing you could do is not lumbar yourself with any debt at all!
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Adam-D
Member
Registered: 11th May 02
Location: Cheshire
User status: Offline
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i got a loan to get my car
they depreciate that fast its never worth it
best off saving up
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Bart
Member
Registered: 19th Aug 02
Location: Midsomer Norton, Bristol Avon
User status: Offline
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quote:
Originally posted by Adam-D
i got a loan to get my car
they depreciate that fast its never worth it
best off saving up
Yep!
I saw a program once where JayZ bought a brand new 300k bentley, which depreciated 100k in the first year!
You'll easily loose a few grand in the first year or two, youer better off getting a car from a dealer that is on a 02 plate or there abouts.
Adam
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PaulW
Member
Registered: 26th Jan 03
Location: Atherton, Greater Manchester
User status: Offline
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I got my first corsa on finance 4 years ago...
Car cost £3500 then to finance, now it would of been worth about £700...
Also end up paying about 20-25%+ more than the value of the car due to interest, etc...
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Adam-D
Member
Registered: 11th May 02
Location: Cheshire
User status: Offline
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ps i sold my car to finish off the loan
i now own a car its fully paid for
all i gotta do is service it and put petrol in it
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Ian
Site Administrator
Registered: 28th Aug 99
Location: Liverpool
User status: Offline
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Have I been doing this wrong all along or do cars depreciate if you buy them cash as well? 
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NovaGTE
Member
Registered: 16th Dec 02
User status: Offline
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Its more satisfying to by a car without a loan IMO as you feel that you have worked for it and its all yours.
But on my cars depreciation has not been a problem, infact i have made money 
BMW bought for £3250 sold for £3550
Bought White 106 for £3200 then part exed it and a few hundered for the blue 106 which i sold for £5250
Now paid £6500 for my type R which i reckon i could easily sell for atleast £7000
Did have to borrow a few ££'s of my old man for the type R but didn't like that debt over my head so payed him back asap
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ljames555
Member
Registered: 2nd Sep 03
User status: Offline
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well i was thinking of buying a 2-3 yr old car for about 6-7k was wondering what are the average interest rates trade dealers give?
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