The Off Topic Topic

[Tamas]

Good choice. How many mileage do those cars have?

The ones in our budget have 35k to 45k-ish, I am a bit reluctant to go much over that in a 4/5 years old car

[Grey Fox]

Good choice. How many mileage do those cars have?

The ones in our budget have 35k to 45k-ish, I am a bit reluctant to go much over that in a 4/5 years old car

That's quite low. Who are these UK people returning 35-45k kms cars?!

[Tamas]

Good choice. How many mileage do those cars have?

The ones in our budget have 35k to 45k-ish, I am a bit reluctant to go much over that in a 4/5 years old car

That's quite low. Who are these UK people returning 35-45k kms cars?!

I am not sure it's THAT low, we are not Canada after all Otherwise I'd imagine 4 years PCP/lease deals.

[Grey Fox]

I'm starting to think our markets are widly differents. That & the info about how loans are contracted in the UK, I'm starting to understand why you guys are so adamant on paying cash & buying used.

[mongers]

I'm starting to think our markets are widly differents. That & the info about how loans are contracted in the UK, I'm starting to understand why you guys are so adamant on paying cash & buying used.

A small minority, lease arrangements are very common now. 

[garbon]

I'm starting to think our markets are widly differents. That & the info about how loans are contracted in the UK, I'm starting to understand why you guys are so adamant on paying cash & buying used.

A small minority, lease arrangements are very common now. 

Oh my god, does everything have to be made a race thing?

[Grey Fox]

Did you get a lease, G?

[Tamas]

I'm starting to think our markets are widly differents. That & the info about how loans are contracted in the UK, I'm starting to understand why you guys are so adamant on paying cash & buying used.

I mean yes there are cars on offer with 60k-ish miles but not much over that in our age-range.

Yeah I am thinking that if the current car dies too soon or some too-good-to-miss deal comes around and we won't be comfortable with savings remaining, I may take a personal loan to buy the next car. But it sure as hell won't be a finance deal through the dealer. Personal loans I could get around 6.4% with online same-day approval and money transfer. Cheapest finance deal I have seen is just shy of 10%.

Personal Contract Purchase (PCP) deals are the most popular and I am flabbergasted by that. Often they are in the 11% range, and what you are contracting for is to pay a deposit then monthly payments to cover depreciation of the car's value, and at the end of the term you give it back or pay the remaining money (new price minus your monthly payments) to keep it. During the term, it has lease-like conditions of keeping to a set limit of miles and avoiding damage to it etc.

Even with Hire Purchase (you pay the car price plus interest to the dealer during the loan term) you effectively (and maybe technically) don't own the car until you have paid it back. With a personal loan you buy it for cash, so you own it outright and for half the interest rate.

Lots of middlemen profit from people's laziness, I reckon.

[garbon]

Did you get a lease, G?

Me?

[Tamas]

I'm starting to think our markets are widly differents. That & the info about how loans are contracted in the UK, I'm starting to understand why you guys are so adamant on paying cash & buying used.

A small minority, lease arrangements are very common now. 

Ah yes I thought GF meant us as in me and my wife  Yeah Brits on average buy cars for PCP.

After my research, PCP is clearly the suckiest deal and you have it, you have been taken for a ride. Then comes lease (although there if you can lease for your business or earn over 100k and can do salary sacrifice, might be almost worth it), and then the least sucky dealership option is HP.

[Valmy]

As Mongers stated, minorities don't lease 

Though I don't know garbon's height so he might not be small.

[crazy canuck]

As Mongers stated, minorities don't lease 

Though I don't know garbon's height so he might not be small.

Now that I know that the UK definition of minority means everybody except the financially elite, that makes sense.

[Legbiter]

Very In an primal earth shattering way. 

Yeah it is and it did manage to take out the Blue lagoon parking lot.

[Grey Fox]

I meant more than Tamas & his wife and also didn't mean the entire UK car buying population. I meant our languish UK population.

[mongers]

Very In an primal earth shattering way. 

Yeah it is and it did manage to take out the Blue lagoon parking lot.

... snip ...

Thanks for the photos: I really should visit one day.