Buying a car

PokeHerKing

Hi folks,

Not sure if this is the right spot to post this, so mods please move if not.

A simple question really. If you have the savings is it better to purchase a 10k motor in cash or get a loan/finance and keep your money for the many "rainy days" we have in little old Eire?

slimjimmc

Moved from Consumer Issues

L1011

Unsecured car loans are usually over 10% - BOI are 11.5%, AIB 12.99%. PCPs are lease agreements and "0% finance" does not equate to 0% interest on an equivalent loan.

Your savings will get 1% if you're lucky and aren't tying it up.

Up to you to decide if paying that pretty hefty premium is worth it.

bazz26

Really depends on your circumstances.

While you have 10k of your own money saved some people prefer not to tie up their own money in a car so that they can either keep saving it or spend it on something else like home improvements, a holiday, etc.

Then other people prefer to pay for a car outright rather than borrow a loan and pay interest on something that's value decreases to the point where it's current value becomes less than the loan you are repaying on it.

PokeHerKing

Ok so after a lot of messing around and starting a few threads in here. Me and the missus have decided instead of 2 new but still relatively cheap cars. We'll keep her micra and buy one new but more expensive car.

We have 10k cash. We work together, about a 30k m50 roundtrip everyday.

I was originally looking to buy an old BMW E39 but probably expected too much so just couldn't pull the trigger on the ones that I saw.

Anyway, my preferences are Audi a4 or a 5 series but I want to avail of cheaper tax and get a car that has 10+ years in it. So looking for post 08 cars which thins out the available stock in my price range on the above 2 makes.

So looking for any suggestions on a 2l 08+ car thats reliable but also fun to drive.

Any thoughts?

Idbatterim

the below is a facelift 5 series petrol, 08, E750 to tax for the year... the colour wouldn't be to everyone's taste or the fact that its manual 5 series, but the price has that taken into account...


http://www.carzone.ie/used-cars/bmw/5-series/used-2008-bmw-5-series-523i-se-dublin-fpa-153614285688263610

alternatively you could get a 3 series, manuals are E570 to tax, but for so little difference, i.e. E180 a year, I would go for the 5 series...

PokeHerKing

Cheers. The missus likes the new mondeo. Looking at done deal I could get a fairly new one in our price range. Any opinions on that car, good bad?

Idbatterim

what year mondeos can you get for that price, are they petrol or diesel, do you need a diesel?

I would go out and test drive a few different cars that you are considering...