Author Topic: How'd you purchase yours?  (Read 3904 times)

0 Members and 1 Guest are viewing this topic.

Offline Skid

  • Sports Class
  • ****
  • Posts: 286
  • Gender: Male
How'd you purchase yours?
« on: May 07, 2007, 03:58:17 PM »
Topic says it all really.. I'm quite interested in how people generally go about buying a new car.  Fiance always puts me off, but from what I can tell (not really looked into financing a car tbh) you're limited in what miles you can do, as otherwise there's a charge per mile afterwards?  That's a bit of a downside imo - as naturally people are for saving money, and so would under estimate the miles that they'd do?

Thought I'd ask, as I'm probably going to be swapping the car for something else after 2 or 3 years, so I'm wondering if the fault discussed so much on the .com forums will cause a dip in resale prices..
Nada :/

Offline judge1978

  • TS Class
  • **
  • Posts: 36
  • Gender: Male
  • Body: Hatchback
  • Colour: Velocity Red (27A) Metallic
  • Engine: 1.6L
  • Fuel: Petrol
  • Model: Mazda 3
  • Transmission: Manual
  • Trim: Sport
  • Year: 2013
Re: How'd you purchase yours?
« Reply #1 on: May 07, 2007, 04:54:04 PM »
Bought mines outright from the dealer, with a little bit of help from the bank.

Paying off over 3 years. The better option i think. Interest rates were similar, but the bank would always give the option of consolodation i guess.

Stu

Offline Skid

  • Sports Class
  • ****
  • Posts: 286
  • Gender: Male
Re: How'd you purchase yours?
« Reply #2 on: May 07, 2007, 05:37:51 PM »
Yep, I'm going to be buying mine outright too - but then just thought of the depreciation, etc..  So thought I'd check - this is my first car, so I didn't want to go and blow £14k on it, if I'd be better spreading it out - if ya get what I mean.
Nada :/

Offline daiking

  • Senior Member
  • Ultimate Class
  • *
  • Posts: 2367
  • Gender: Male
Re: How'd you purchase yours?
« Reply #3 on: May 07, 2007, 05:48:57 PM »
Skid you can't avoid depreciation and it is a staggering amount. My car is less than a year old, cost £12.5K and now probably only worth £9-9.5K. If you buy a new car you will lose money. Sorry to say this but I think the 3 depreciates quite badly. Trade values from various guides I've looked up are poor. Don't believe the prices you see for cars on ebay. They're pure over-priced comedy.

The mileage stuff and finance sounds like a PCP deal which is popular because it means you can have a better car than you could otherwise afford, low deposit low monthly payment but after 3 years you still owe a load of money. If you're happy with a monthly for the rest of your motoring days then this is ok for you.

I took out the Mazda 0% finance deal which is a Hire Purchase agreement, AFAIK, no mileage restriction and when the 3 yrs end, the car is mine out right, although I am paying more per month than a PCP deal. However the Mazda HP was only 50% of the value so I also needed an unsecured loan from my bank to make up the gap from my cash deposit/part-ex. It costs me more per month than a PCP deal but after 3 yrs I'll own the car and have "free" motoring for a few years. The only reason I felt I could buy a new car was if I was going to buy it outright and run it for 6 yrs/100,000. Part of the reason for choosing a reliable japanese car over a european one.

Offline Skid

  • Sports Class
  • ****
  • Posts: 286
  • Gender: Male
Re: How'd you purchase yours?
« Reply #4 on: May 08, 2007, 10:04:35 AM »
50% deposit?
Nada :/

Offline Coulda

  • Ultimate Class
  • ******
  • Posts: 1558
  • Gender: Male
Re: How'd you purchase yours?
« Reply #5 on: May 08, 2007, 04:38:05 PM »
So heres the deal....if you lease from a dealer your paying on something you will never own...you will never get that money back in any manor. You are required to maintain it according to thier specs and you usually have to pay for the maintenance done at thier dealership. They require you to turn the vehicle in for the maintentnace to get done...although you usually get a loaner.  I prefer purchaseing because atleast at the end of the 2 years or whatever a lease would of been you usually have paid off more than what the cars worth and its technically yours....not (insert favorite car company's name) thier car. If you are worried about the rapid depreciation of a vehicle than i suggest you buy a low mileage 1 year used car...you can usually afford something better for the price when you do that anyway. If you take this option just be careful abotu pricing...some used cars are only a thousand or so cheaper than the new version. Also if you can wait till a new body design comes out you can usually pick up the 1 year old diffrent body style for way way cheaper than normal(people love change in designs).

If you purchase a car i would suggest getting a loan from your favorite bank...they usually offer the lowest rates...then when you go to the dealer find the car you want without telling them you already have a loan...price it how you WANT it. After pricing and test driving then debate on final price of the car...at no point before this should you tell them you have a trade in or a loan!!! Dealers like to knock the price down on the car your buying and then turn around and screw you on the trade in...either way they break even. After theres a solid price then you throw in that you already have a loan and they can only run a credit check if they can garentee they will beat your interest rate and/or monthly payment. You have alot more leverage if you have that loan already, they really work with you well when they think your financing through them...then they hate your guts after you tell them you already have a loan...i like seeing the look on thier face at that point.

I purchase my Mazdaspeed3 through a broker...in the UK its really the only way i can legally aquire a new US spec car WITH a warentee...There was no need for a negotiation because i was already getting the car for just 100 dollars over invoice(most of that 100 dollars is paperwork and processing fee's). Just remember to stay patient and keep your poker face on...dealers thrive off emotion.

hope i didnt bore you.

Offline Skid

  • Sports Class
  • ****
  • Posts: 286
  • Gender: Male
Re: How'd you purchase yours?
« Reply #6 on: May 08, 2007, 07:32:47 PM »
Nah thats cool - I was just interested that's all - I'd be buying (well... maybe not anymore) outright, but thought if warranty issues came into play leasing, I'd consider swinging that way..  Ta for info :)
Nada :/

Offline daiking

  • Senior Member
  • Ultimate Class
  • *
  • Posts: 2367
  • Gender: Male
Re: How'd you purchase yours?
« Reply #7 on: May 08, 2007, 07:34:06 PM »
50% deposit?
If this is for me, yes I needed a 50% deposit. I only had 20% so I borrowed the other 30% from my bank. I'm paying that back quickly to minimise interest paymentsbut the 0% is strung out for 3 yrs. I'm now in a position to pay it off but 0% finance is free money in my book.

there's no such thing as a free lunch and you'll pay for the free finance in the cost of the car but it means that other manufacturers had to undercut the mazda price by about £700 to cost the same over the 3 years.

Offline neeldub

  • Administrator
  • Super Ultimate Class
  • *
  • Posts: 3181
  • Gender: Male
  • 2008 Mazda 3 Sport Saloon 1.6
    • My Cardomain site
  • Body: Saloon
  • Colour: Sunlight Silver (22V) Metallic
  • Engine: 1.6L
  • Fuel: Petrol
  • Model: Mazda 3
  • Transmission: Manual
  • Trim: Sport
  • Year: 2008
Re: How'd you purchase yours?
« Reply #8 on: May 29, 2007, 12:17:15 AM »
mine's on lease for 3 years, ending in september 2008. basically i pay £200 a month, which covers the car, insurance, any repairs needed to the car( items not covered by manufacturer warranty), tyres, RAC rescue membership.

I had to pay an initial deposit of £1,500. i went for this option as it works out cheaper for insurance.. due to my age, insurance alone works to £1,900 fully comprehensive..

Looking to take out a 2009 Sports Model Next year  ;D ;D
2008 Mazda 3 Sport Saloon 1.6
Veba Freeview TV box, Rear view camera, Front View Camera
Colour Coded Headlights, Angel Eyes, MPS Aero Wing Mirrors

Offline NickS

  • S Class
  • *
  • Posts: 19
  • Gender: Male
  • Body: Hatchback
  • Colour: Soul Red Metallic (41V)
  • Engine: 2.2L
  • Fuel: Diesel
  • Model: Mazda 3
  • Transmission: Manual
  • Trim: Sport
  • Year: 2014
Re: How'd you purchase yours?
« Reply #9 on: May 30, 2007, 12:01:14 PM »
50% down, 50% 0% finance over 3 years. Insurance payout on the Focus takes care of half the deposit. On-the-road costs (plates, tax, gap insurance etc.) are extra.
10 blue MX5 (when permitted)
14 Soul Red 3 Sport 2.2 Diesel

Offline adey1

  • Sports Class
  • ****
  • Posts: 301
  • Gender: Male
Re: How'd you purchase yours?
« Reply #10 on: June 04, 2007, 05:54:23 PM »
I always get a loan & never do one of those lease deals, I would just feel a bit ripped off!?

With the MPS, we p/x'd our Civic TypeR which we got £11300 for & then borrowed £8k from Alliance & Leicester @ 5.9% APR over 3 years (No income protection insurance) which costs about £242.59 per month X 36 month = £8733.24. Some people spend more than £242 on smoking & drinking per month. I do neither. :)

It works for us! ;D

Offline Mica_MPS

  • TS2 Class
  • ***
  • Posts: 242
  • Gender: Male
Re: How'd you purchase yours?
« Reply #11 on: June 07, 2007, 12:23:43 PM »
Bought the MPS for cash, and sold the CTR privately.
Black Mica '56 Mazda 3 MPS

Mazda 3 Forums UK

Re: How'd you purchase yours?
« Reply #11 on: June 07, 2007, 12:23:43 PM »