Buy a 10 year old car or get a new one on PCP

Fr Tod Umptious

We were a two car family pre COVID

I started WFH, stopped taxing the 2004 Fiesta over two years ago, eventually sold it for scrap.

So we have been a one car family for over two years .

And it's fine but sometimes we feel that we will eventually need a second car and could do with it at certain times even though we get through.

So what would the best approach ?

Buy something in cash for 3 or 4k or use that money and get something new on PCP.

Right now the best I'd get for 4k is something like a 12 year old car, that could have all sorts of problems, require an NCT every year and have a hefty insurance premium because of its age.

Or would I be better off using that money on a deposit for PCP and pay the installments and roll over to another PCPat the end of the term.

I'd not be doing much milage so would that be a waste of monthly installments paying for a car that would not be used much?

We already have 2 years left on a car loan for the main family car.

Its a bit like trying to get on the property ladder trying to buy a car from scratch.

Capt'n Midnight

If very low mileage then maybe consider electric bike or gocar or even Taxi's

Ask around in case anyone you know is getting rid of a car

HeidiHeidi

If you're anywhere near one, you sound like a model candidate for GoCar or similar.

Fr Tod Umptious

https://www.boards.ie/discussion/comment/119545731#Comment_119545731

Thanks

I have looked at GoCar and the nearest location to me is 20min drive away so it's not that suitable.

The low mileage is due to a lack of a commute really, but the car would be used a good bit for running around in the evening/weekend, and the odd long journey up the country.

I have kids and part of the delima is getting them to and from activities.

Invariably one will have football in a village 15 minutes in one direction while another will have a scout hike at the same time in another 20 minutes in the opposite direction.

We car pool as much as we can but it doesn't always work out.

The asking around if someone is selling is a good idea.

ba_barabus

With the market the way it is I doubt you'll get a car for 4k that's worth having. New cars are hard got too.

Fr Tod Umptious

https://www.boards.ie/discussion/comment/119546111#Comment_119546111

That's the thing, the prices for cars is nuts.

I might hold on and there might be some drop in the market in the next few years, we have gone over 2 years with just one car, we can keep doing it.

But my NCB is up in August next year so I'll have to come up with a plan before then. I might just become the main driver on the other car for a few years.

Staplor

You need to do the maths on PCP, I got a great deal on my PCP, and understood it, granted I'm paying the car off longer, but I'm paying less overall. One payment left and it's mine, have been paying for it since 2017.

If you roll PCP into another one - that's where you start getting into trouble. For me, the car I got was the car I need with young kids, and will keep it for another 5 years minimum. My sister went PCP, didn't understand it, couldn't cover the balloon payment, and rolled it into another new car. This is where you will start to see issues. Your deposit will lessen each time you trade.

is_that_so

https://www.boards.ie/discussion/2058261116/buy-a-10-year-old-car-or-get-a-new-one-on-pcp

A family member was in the same boat when the kids were small and they settled on an older run-around. Those moderately low mileage small cars favoured by older drivers might be an option if you can find one.

Fr Tod Umptious

https://www.boards.ie/discussion/comment/119584087#Comment_119584087

I'm probably going to go down that route, get an older run-around.

And try find it by word of mouth rather than in the usual locations.

enricoh

https://www.boards.ie/discussion/comment/119584087#Comment_119584087

A mate was in the same boat needing 2 yokes for the kids sports. Picked up a Yaris off an old couple for e500 n 700 to insure it. Cheap motoring.