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14-08-2019, 10:37   #31
terrydel
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Originally Posted by pwurple View Post
Absolutely, or get an electric second hand for about 10K and remove all your petrol and servicing costs as well.
Not many decent electrics available at that price, if any. Car needs to fit someones needs, an earlier leaf isnt much use if youve kids and buggies for example.
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14-08-2019, 10:37   #32
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Why spend 20k on a car? You can get a very good secondhand one for half the price
There are many reasons people want to spend 20k or more on a car and don’t want to drive sub 10k cars.
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14-08-2019, 10:39   #33
terrydel
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There are many reasons people want to spend 20k or more on a car and don’t want to drive sub 10k cars.
Such as?
The key word is 'want' rather than 'need', if already borrowing 150k to fund a large extension, the 'wants' might need to be put on hold.
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14-08-2019, 10:43   #34
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Such as?
The key word is 'want' rather than 'need', if already borrowing 150k to fund a large extension, the 'wants' might need to be put on hold.
Reliability, mileage on car, condition of car, comfort and features, economy and running costs (servicing, nct etc), type of car you need etc. These are more the “need” reasons there are plenty of want reasons too.
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14-08-2019, 10:47   #35
terrydel
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Reliability, mileage on car, condition of car, comfort and features, economy and running costs (servicing, nct etc), type of car you want etc. These are more the “need” reasons there are plenty of want reasons too.
Easy enough to get most of those under 10k.
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14-08-2019, 12:36   #36
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Easy enough to get most of those under 10k.
It might not make much difference to the OP though. If they buy a new car for 20k over 5 yrs, the repayments might not be too far removed to the second hand car over 3 years. Probably best not to finance a 10k car over 5 years, the loan might outlive the car, and the interest would be ridiculous
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14-08-2019, 12:54   #37
terrydel
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It might not make much difference to the OP though. If they buy a new car for 20k over 5 yrs, the repayments might not be too far removed to the second hand car over 3 years. Probably best not to finance a 10k car over 5 years, the loan might outlive the car, and the interest would be ridiculous
Agree that financing a 10k car over 5 years isnt a great idea, but I'd say that any car around that price, if its looked after even half way well, will easily outlive 5 years. People are conditioned into believing cars have a much shorter lifespan than they do, its great marketing and manipulation by those with an interest in selling them, but its nonsense. Any well known brand car should last many, many years with regular basic servicing, and replacing wear and tear items, which isnt overly onerous.
My point is that the op does not need to borrow that much and shell it out on a car at this point, while borrowing a large amount for something else. I believe he can easily get a car to do exactly what he needs for a fraction of that amount.
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14-08-2019, 13:05   #38
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My point is that the op does not need to borrow that much and shell it out on a car at this point, while borrowing a large amount for something else. I believe he can easily get a car to do exactly what he needs for a fraction of that amount.
But my point is that if the OP hasn’t actually got the cash to walk in and buy a second hand car, they still have to borrow. And it might not make that much difference to their monthly outgoings which car they buy. In my experience, the bank will look harder on their monthly expenses than at their total borrowings!
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14-08-2019, 14:14   #39
terrydel
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But my point is that if the OP hasn’t actually got the cash to walk in and buy a second hand car, they still have to borrow. And it might not make that much difference to their monthly outgoings which car they buy. In my experience, the bank will look harder on their monthly expenses than at their total borrowings!
Fair enough, I get what youre saying.
Im a firm believer tho that theres huge value in older cars, and I honestly think for 5k he can get something very nice that will offer all or nearly all he needs. Obviously it might mean some compromises like higher tax and shorter nct period (to new /nearly new cars), but really very little else. But obviously he'd need that cash. Theres huge value in the private market, yes its a bit of a gamble but can be mitigated against with research and diligence. 10k cars in the private market are very, very difficult to shift, so if you are willing to go that road, you could get a serious discount and a lot of car for your money..
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15-08-2019, 15:17   #40
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Not many decent electrics available at that price, if any. Car needs to fit someones needs, an earlier leaf isnt much use if youve kids and buggies for example.

Is that so? I've kids, buggies, bikes and an electric car worth about that.

Tell me how I can't live my life again? That's always my favourite.
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