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Pros of HP

  • 03-06-2011 2:03pm
    #1
    tk123
    Registered Users, Registered Users 2 Posts: 14,062 ✭✭✭✭


    I'd be interested in hearing what makes people buy/lease under HP. I'd like a new car with all the bells and whistles (i like my gadgets :pac:) but I don't want to wipe out my savings. Also I like the idea of being able to return under half rule and get something new after a few years. I'm in full time employment and if I did lose my job I'd be able to cover the cost of the car with savings/redundancy.


Comments

  • #2
    mickdw
    Registered Users, Registered Users 2 Posts: 23,685 ✭✭✭✭mickdw


    Probably ideal for you given the savings you mention etc. Still aiming to availof the half rule is hardly the mindset you should have going into a finance deal. Better to look around all the finance options and go for the cheaper deal overall.


  • #3
    Henry Ford III
    Moderators, Business & Finance Moderators Posts: 17,852 Mod ✭✭✭✭Henry Ford III


    Finance is best avoided altogether if possible.


  • #4
    stevenmu
    Moderators, Society & Culture Moderators Posts: 9,689 Mod ✭✭✭✭stevenmu


    You don't need the half rule to swap for something new in a few years. Typically your lease would be for a few years, at the end of which you'd have the option to pay a lump sum to own the car, or to start a new lease on a new car.


  • #5
    R.O.R
    Registered Users, Registered Users 2 Posts: 12,712 ✭✭✭✭R.O.R


    Henry Ford III wrote: »
    Finance is best avoided altogether if possible.

    Tying up huge amounts of usable capital, in a fast depreciating asset is best avoided if at all possible.


  • #6
    MugMugs
    Registered Users, Registered Users 2 Posts: 17,875 ✭✭✭✭MugMugs


    Remember a friend who was self employed telling me he was buying his Jeep on HP as it worked out better for tax reasons. He could offset tax payments on interest which worked out better for him in some sort of way.

    Not sure but chat to an accountant.


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  • #7
    mgbgt1978
    Registered Users, Registered Users 2 Posts: 4,261 ✭✭✭mgbgt1978


    stevenmu wrote: »
    You don't need the half rule to swap for something new in a few years. Typically your lease would be for a few years, at the end of which you'd have the option to pay a lump sum to own the car, or to start a new lease on a new car.

    BIG Difference between HP (hire purchase) and leasing.


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