Buying a car - how do you finance?

[yasockie]

I was wondering about this too - I commute to the local airport, I currently use taxi both ways which works out to £120 per week.
It's comfortable, but I'm betting at these levels I could easily afford a 2nd car or a lease or a long term rental and still have money left over for airport parking...
Is leasing flexible enough for such a scenario?
Ideally when the situation changes, I'd like to give the 2nd car back as I won't need two...

[Pherlopolus]

We have 1 lease and 1 PCP, we will treat both as lease and hand them back after 2 years and move on. The PCP is a leaf and is on 0% with a fairly low deposit (equiv to a 6+23 lease)

My preference currently is not to own, having had lemons for the last couple of cars, but the PCP on the leaf was far better than the lease deals.

[FatLazyContractor]

Putting all those discussions aside, why do you need finance for a Nissan Micra 1997 edition (that you can possibly afford) ?

Something doesn't add up here. I know what it is. Your troll level.

[AtW]

Yes, I bought a car a couple of months ago, three year old Toyota Yaris hybrid, got interest free credit, paid 35% deposit, followed by 36 payments of £99 and then one final payment. It's not a personal lease scheme or anything like that, it's just straightforward interest free credit. And at the time I'd only been running my Ltd for 11 months, so not even a full year's worth of accounts to show them, and they still approved me on the spot.

They would have approved AndyW and he wasn't even 16...

Subprime car loans alert!!!

[AtW]

I was wondering about this too - I commute to the local airport, I currently use taxi both ways which works out to £120 per week.
It's comfortable, but I'm betting at these levels I could easily afford a 2nd car or a lease or a long term rental and still have money left over for airport parking...
Is leasing flexible enough for such a scenario?
Ideally when the situation changes, I'd like to give the 2nd car back as I won't need two...

Buy a taxi.

Make at least £120 driving people to and from air port.

HTH

MarillionFan in 'Entrepreneur of the Year 2015' mode

[scooterscot]

Buying a car - how do you finance?

Buying a car with someone else's money. So you're not buying, you're borrowing. You're borrowing because you don't have the money. Well I'm glad 2008 sorted out all that was wrong with our system.

What kind of contractor are you?

[SueEllen]

Buying a car with someone else's money. So you're not buying, you're borrowing. You're borrowing because you don't have the money. Well I'm glad 2008 sorted out all that was wrong with our system.

What kind of contractor are you?

With some items it's worth owning them with others it's worth loaning them.

It's not about what you can afford if you can easily do both, it's about what is the cheapest option.

[gables]

We've just gone the lease route on a 2 year deal for a brand new car, low first rental (deposit if you like) lowish monthly payments. Maybe my calculations were wrong, but no matter what option I looked at, after two it all seemed the same, but this way the car is brand new :-)

[minestrone]

So it's 10 years since I last bought my car and it's time to get another. The missus's is about 6 years old.

You make your missus drive about in a 6 year old motor?

No wonder she is sleeping around.

[scooterscot]

With some items it's worth owning them with others it's worth loaning them.

It's not about what you can afford if you can easily do both, it's about what is the cheapest option.

That must only work for a certain type of vehicle. In that the cost of the borrowing is less than the difference from the purchase to the resale value at the end of the loan term. Okay that would seem prudent. But why do I get the feeling the rule does not work out for the high end cars we'd really like to drive...