do I buy new or not, advice please?

pkvader

I need to buy a car in the new year as my family is expanding, I have a decent lump sum to play with, do I I buy a 2nd hand car (2010Iish) or do I go with one of the dealer packages for a new car?, some of the deals seem very attractive, the repayments are very reasonable and you change every 3 years. Id appreciate any advice

greenflash

pkvader wrote: »

I need to buy a car in the new year as my family is expanding, I have a decent lump sum to play with, do I I buy a 2nd hand car (2010Iish) or do I go with one of the dealer packages for a new car?, some of the deals seem very attractive, the repayments are very reasonable and you change every 3 years. Id appreciate any advice

We are in a similar position and have bought a 2010 family car outright. We just wanted to know that the car would be ours regardless of what financial, employment or health changes lie ahead. No monthly repayments and no finance company lurking in the background makes a lot more sense for us.

bazz26

I cannot really see anyone being able to answer this question better than yourself OP. It will boil down to whether you can afford the repayments and how stable you think your employment is. Buying new or second hand both have their pros and cons.

pkvader

Employment is solid, im just unsure are these deals worth it in the long run,im just curious what are peoples experience of these finance deals from dealers.

noelf

pkvader wrote: »

I need to buy a car in the new year as my family is expanding, I have a decent lump sum to play with, do I I buy a 2nd hand car (2010Iish) or do I go with one of the dealer packages for a new car?, some of the deals seem very attractive, the repayments are very reasonable and you change every 3 years. Id appreciate any advice

my view keep the lump sum go for either a pcp/hire purchase on a new car and shop around for best deal plus any extras don't forget to get lowest Apr rate on deal ie vw 1.9% till end of December..

zwind

APR is low right now. hire purchase is a good idea given the low rate. Just make sure you get 20K km per year not 10K km per year.

noelf wrote: »

my view keep the lump sum go for either a pcp/hire purchase on a new car and shop around for best deal plus any extras don't forget to get lowest Apr rate on deal ie vw 1.9% till end of December..

pkvader

Thanks lads

Bpmull

If you are buying new and borrowing money I'd just get a straight hire purchase loan. That Pcp is only away for garages to make more money there's a reason why they push it the second you walk in the door. You can get hp for 2-5 years and it's so much simpler you pay your repayments every month last repayment you own the car. Pcp is glorified leasing you don't even get your name on the log book and after the 3 years if you wanted to keep the car and can't afford the massive balloon payment often 10k at the end you could be in trouble. With such low hp interest rates I really can't see the upside of Pcp.

carsfan

I am getting a golf gti in the new year that is 39 k to buy.
I have the money but using vw pcp at 1.9 per cent it will cost me 1052 euro in credit over 3 years if I put in a deposit of 12k.
I think I should be able to use my own money left to generate more than 1052 euro over the 3 years.
For this reason I am attracted to the pcp deal.i also get 3 years servicing included.
Obviously every one should decide what suits them.