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Author Topic: New car  (Read 1868 times)
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« Reply #15 on: Monday, July 4, 2022, 10:11:18 »

My last 6 cars have been brand new and they are all better than any used car I have had. Never had a single failure or breakdown with any. HTH.

Yeah, but were they better than an 18 month old car that has been whacked by depreciation?

I'm just annoyed I can't afford £20-30K on a new car (looked at PCP pre covid but 20K annual mileage killed it).
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Peter Venkman
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« Reply #16 on: Monday, July 4, 2022, 10:12:35 »

Yeah, but were they better than an 18 month old car that has been whacked by depreciation?

I'm just annoyed I can't afford £20-30K on a new car (looked at PCP pre covid but 20K annual mileage killed it).
For me yes as mine are lease cars.
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4D
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« Reply #17 on: Monday, July 4, 2022, 10:23:41 »

Paying monthly equates to depreciation  Cheesy

Cars will have/won't have problems new or old. HTH.
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Peter Venkman
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« Reply #18 on: Monday, July 4, 2022, 10:28:03 »

Paying monthly equates to depreciation  Cheesy

Cars will have/won't have problems new or old. HTH.

Not when its motability it doesn't.

6 brand new cars in the last 16 years, not one breakdown or recovery. HTH.
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« Reply #19 on: Monday, July 4, 2022, 10:45:40 »

Quote from: 4D
Paying monthly equates to depreciation  Cheesy
.

yeah but you don't need the capital up front.

I can see the attraction
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4D
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« Reply #20 on: Monday, July 4, 2022, 11:26:15 »

yeah but you don't need the capital up front.

I can see the attraction

I bought a car 2 and a half years ago and sold it recently for £500 less than I paid for it. No faults etc at all. So £16 a month ain't too bad  Smiley
I don't do credit either.
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DiV
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« Reply #21 on: Monday, July 4, 2022, 11:42:53 »

I bought an ex motability car.

It was 6 months old and had 77 miles on the clock.

Practically brand new and had already lost 7k in value just be being driven off the forecourt. Not a car expert in the slightest but seemed like a win in my book.
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horlock07

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« Reply #22 on: Monday, July 4, 2022, 11:58:17 »

Car market is all over the place compared to how it worked traditionally, I know my FiL was looking to buy a Ford Puma earlier this year and at one stage the dealer (with trade in's etc) was offering him a new stock one for a cheaper price that the second hand nearly new one he eventually purchased.
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@MacPhlea

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« Reply #23 on: Tuesday, July 5, 2022, 06:04:38 »

Why do people buy new cars?  
Classic cars aside and pre-chip shortage, all cars depreciate over time.

A second-hand car will always depreciate less because they donít carry the burden of VAT like a brand new car (which you lose the minute you drive it off the forecourt if you pay cash for it.

Leasing cars (leasing, not PCP) however, has changed the depreciation profile of new cars and the way that manufacturers can sell cars at low prices without affecting the value of dealer stock.

With leasing, youíre paying for a Ďproduct as a serviceí and was originally designed for fleet/business users to get volumes of vehicles without massive capital outlay.  Some manufacturers insisted that these deals were for businesses only, but others realised it was a genuine route to market for people who were prepared to never own the car just use and return it.

Granted, leasing isnít always cheaper than buying a second-hand car for cash because the depreciation over time will be lower BUT if you compare a brand new lease car vs a second-hand car on tick it will be cheaper because they are based on depreciation of the asset plus interest and the deposit can be lower because the leasing company can reclaim the VAT (which is the biggest part of depreciation in the first two years.

As an examples I leased an Mercedes AMG  SLK for 6+23 - it was a 32k car and I paid £1100 deposit and £198 a month which means I paid just over £5600 for two years worry free driving. I kept my cash in my account and paid less than I would have lost had I bought it secondhand with depreciation.

The rule of thumb for me is to look for cars where the monthly payment of a two year deal is cheaper than the same car on a three year deal as this generally means the lease is being subsidised by the manufacturer.  These types deals are normally found on brand new models where they want to get them seen on the road shortly after launch (Mercedes and Nissan do this a lot).  Also, cheaper cars donít always mean cheaper lease - itís all about the depreciation which is why it can be cheaper to lease a £40k Mercedes than a £20k Ford.


HTTPS://leasing.com is a great site these days as it gives you the true cost of ownership on lease for any new car


« Last Edit: Tuesday, July 5, 2022, 06:17:49 by @MacPhlea » Logged
Sippo
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« Reply #24 on: Tuesday, July 5, 2022, 06:45:35 »

I recently sold my 2017 330e, and I made £55 profit over the year. Sold it for more than I paid.

In it's replacement I bought a golf GTI for £5.5k. It's mint, and I am hoping the price will rise.

Older cars are great aslong as they have full service history and have been looked after. This is key.
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« Reply #25 on: Tuesday, July 5, 2022, 12:03:02 »

Why do people buy new cars? 
Iíve had my car from new in 2017 and it has been faultless and still has all the up to date tech on it. In the mean time Iíve seen friends get through second hand cars like no tomorrow so it all depends on how long you want to keep a car. Looking at the current trade in prices it has probably cost me £7k or £8k a year in depreciation and I can live with that as that kind of money is pretty easy to waste in the second hand market without warranties and what not.

Iím in the process of ordering a new one but itís going to be a years wait as only just been released which is nuts but is what it is, I just like the security of a new car.
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Peter Venkman
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« Reply #26 on: Tuesday, July 5, 2022, 12:33:49 »

Iíve had my car from new in 2017 and it has been faultless and still has all the up to date tech on it. In the mean time Iíve seen friends get through second hand cars like no tomorrow so it all depends on how long you want to keep a car. Looking at the current trade in prices it has probably cost me £7k or £8k a year in depreciation and I can live with that as that kind of money is pretty easy to waste in the second hand market without warranties and what not.

Iím in the process of ordering a new one but itís going to be a years wait as only just been released which is nuts but is what it is, I just like the security of a new car.
Hopefully the wait will be worth it mate.

I like the new technology with new cars, the new Grandland has 360 cameras, self park, night vision cameras, fully customizable dashboard dials etc but most of all I picked mine as its higher off the floor and easier to get into and has a huge boot.

If I was buying 2nd hand I would buy another Hyundai Hybrid Ioniq but wouldn't buy one brand new with my own money as the build quality is really poor since the day it came out of the factory. Constant rattles from the parcel shelf and trim wearing out in under a year. 2nd hand though would be a great buy.

A year wait is ridiculous but it is what it is, my mate ordered the same car as me back in September and still hasn't got his yet so I fear a year delivery will be the norm for a while.
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« Reply #27 on: Tuesday, July 5, 2022, 15:52:11 »

If you order a new car and then find out that a 3 month wait has become 12, can you cancel the order at no cost? I guess if it all goes to schedule but when it turns up at the dealership you change your mind, it's still yours?

When the chip shortage kicked in, Mini had loads of people who'd ordered the Harmon-Kardon stereo upgrade but they could no longer provide it. I think they offered a cancel it/reduced price option. Suspect there may be a few slightly lower-specced new cars than usual sitting on forecourts because of this.
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Milmo

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« Reply #28 on: Tuesday, July 5, 2022, 15:52:18 »

Hopefully the wait will be worth it mate.

I like the new technology with new cars, the new Grandland has 360 cameras, self park, night vision cameras, fully customizable dashboard dials etc but most of all I picked mine as its higher off the floor and easier to get into and has a huge boot.

If I was buying 2nd hand I would buy another Hyundai Hybrid Ioniq but wouldn't buy one brand new with my own money as the build quality is really poor since the day it came out of the factory. Constant rattles from the parcel shelf and trim wearing out in under a year. 2nd hand though would be a great buy.

A year wait is ridiculous but it is what it is, my mate ordered the same car as me back in September and still hasn't got his yet so I fear a year delivery will be the norm for a while.
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« Reply #29 on: Tuesday, July 5, 2022, 16:21:23 »

My car was written off this weekend in an accident (wasn't my fault). Was a cracking little car, never let me down but was 10 years old so was never going to get a great pay out from the insurance company. Leaves me with not much time to find a new car on a relatively small budget. Obviously used car market is not fantastic for buyers at the moment. Would any one have any advice whether to go down the leasing, financing, cash route? Some good points made above so I have noted them.
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