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[Field Marshal Dr. Opti]

Such a purchase would be an unnecessary indulgence though.

Mrs Opti already has the envious choice between a 15 year old Corsa and a 10 year old Signum.

[Field Marshal Dr. Opti]

.....actually the mighty Signum is now 11 years old.

[Doctor Gollum]

If I may be so bold, look at the numbers for HP over a 4/5 years and hand it back at the halfway point. Check the small print and ask the question directly. But you should save most of the deposit/better interest/no mileage limitations...

Last time I did the sums on that, it made the monthly payment significantly more expensive - he'll be financing £17k extra, almost 50% more, over an extra 12-24 months..

Interest rates have gone up, though, since my last deal, so maybe it's more attractive now.

But don't forget that the deposit is lower and the term is shorter, so effectively 24 months HP rather than 48

So like for like the payments ought to be lower. Especially if excess mileage comes into play...

[Field Marshal Dr. Opti]

My only experience of this was with my 2 year old Seat Altea XL, used as a taxi. 135k miles on it with full Seat service history. When I threw it back I did the following to it...

1. Replaced drivers seat base foam. It had collapsed.
2. Removed and washed the rear seat covers. The interior was a medium grey which waterstained badly.
3. Replaced the undertrays. Fully loaded it used to catch the back end of them on speed humps.
4. Gave it a thorough wash and polish.
5. Replaced the binnacle cover. Had a notch cut into it for taxi wiring.

All the above cost about £120 and time.

The bloke who inspected it simply looked around it taking notes and took a few general pictures of the car. His only immediate concern was that the car was driving, taxed, MoT'd where applicable and that the tyres were legal.

Stone chips and the like are acceptable if comesurate with mileage. Any obvious damage or signs of neglect will cost you dearly and with a PCP, any excess mileage charges will see your bank balance battered.

If I may be so bold, look at the numbers for HP over a 4/5 years and hand it back at the halfway point. Check the small print and ask the question directly. But you should save most of the deposit/better interest/no mileage limitations...

HTH

What of the outstanding balance?

Can this be done if a purchaser has made 50% or more of the payments?

[dave the builder]

Such a purchase would be an unnecessary indulgence though.

Mrs Opti already has the envious choice between a 15 year old Corsa and a 10 year old Signum.

new seat covers and a fresh magic tree air freshener for the corsa
job done 

[Shackeng]

Such a purchase would be an unnecessary indulgence though.

Mrs Opti already has the envious choice between a 15 year old Corsa and a 10 year old Signum.

new coloured seat covers and a fresh magic tree air freshener for the corsa
job done 

FTFY

[Sir Tigger KC]

Such a purchase would be an unnecessary indulgence though.

Mrs Opti already has the envious choice between a 15 year old Corsa and a 10 year old Signum.

Doesn't she realise what a very lucky girl she is M'lud? 

Offer her a new kitchen instead, which will not only add value to Opti Towers, but will be much cheaper than a Kia! 

[2boxerdogs]

Can't imagine paying over £500 a month for a car, never paid that much for a house !

[Rods2]

Its actually quite tightly regulated the BVRLA have a guidance document that should tell you what you need to know.

https://www.bvrla.co.uk/service/fair-wear-and-tear-guides

But presumably there is an inspection by a 'human being' Jimmy.

He should be objective in his appraisal but I imagine most find fault where none exists.

Something similar to handing back an immaculate hire car only to find they have sent you a bill for £2000, I imagine.

I'm sure it will be a transparent and fair as wear and tear on rented property, where you can expect to get with no quibble all your deposit back.

[Doctor Gollum]

My only experience of this was with my 2 year old Seat Altea XL, used as a taxi. 135k miles on it with full Seat service history. When I threw it back I did the following to it...

1. Replaced drivers seat base foam. It had collapsed.
2. Removed and washed the rear seat covers. The interior was a medium grey which waterstained badly.
3. Replaced the undertrays. Fully loaded it used to catch the back end of them on speed humps.
4. Gave it a thorough wash and polish.
5. Replaced the binnacle cover. Had a notch cut into it for taxi wiring.

All the above cost about £120 and time.

The bloke who inspected it simply looked around it taking notes and took a few general pictures of the car. His only immediate concern was that the car was driving, taxed, MoT'd where applicable and that the tyres were legal.

Stone chips and the like are acceptable if comesurate with mileage. Any obvious damage or signs of neglect will cost you dearly and with a PCP, any excess mileage charges will see your bank balance battered.

If I may be so bold, look at the numbers for HP over a 4/5 years and hand it back at the halfway point. Check the small print and ask the question directly. But you should save most of the deposit/better interest/no mileage limitations...

HTH

What of the outstanding balance?

Can this be done if a purchaser has made 50% or more of the payments?

Exactly this... Either after the halfway point, or you can preempt it by overpaying the shortfall... ie say term is 48x£200, tp £9600. Halfway is 24x200, or £4800. Now let's say you have paid 20 months worth and you are now bored,  simply pay £800 (4x£200) and call it done.

You should also receive a rebate for the interest on the second half as this is generally paid by the first 9 months or so of payments. 

[TheBoy]

Can't imagine paying over £500 a month for a car, never paid that much for a house !

I think they are coming up with 40yr mortgages now, to try to keep monthly repayments under £2k per month

[Andy B]

Can't imagine paying over £500 a month for a car, never paid that much for a house !

A young lad at work (early 30s) has just re-mortgaged to get a better interest rate. He's borrowed £220 000 and his monthly payments are getting on for £900 a month 

I hope for his (& others) that the interest rates don't return to those of the late 80s/early 90s

[Doctor Gollum]

Can't imagine paying over £500 a month for a car, never paid that much for a house !

I think they are coming up with 40yr mortgages now, to try to keep monthly repayments under £2k per month

You say that like it's a really good thing...

[aaronjb]

Can't imagine paying over £500 a month for a car, never paid that much for a house !

I think, if you bought now (without a 50% deposit), you'd be paying more than that even in Lincolnshire..

..though a friend is buying a 3 bed terrace in Bolton for £60k, so there are cheap places to live.


..if you want to live in Bolton

[tunnie]

Can't imagine paying over £500 a month for a car, never paid that much for a house !

A young lad at work (early 30s) has just re-mortgaged to get a better interest rate. He's borrowed £220 000 and his monthly payments are getting on for £900 a month 

I hope for his (& others) that the interest rates don't return to those of the late 80s/early 90s

This is common place now, it's nearly identical to what I'm looking at for the next house. Although I'm surprised his monthly's are not over the £1k, guessing a longer term than what I'm looking at.

Hope he is going fixed rate, I will be, on a 5 year term.

Can't imagine paying over £500 a month for a car, never paid that much for a house !

I prefer to own out-right, the Zafira is all paid for, as even on PCP the consumables can make it seriously expensive. A neighbour has an A-250 Merc on finance, just had 4 new tyres, so £800 + her usual monthly. Not sure I could cope with that, the monthly yes, but not extras. Plus at the end, you don't actually own it, so have nothing really to show for it.

Rather do a Tesco type loan similar amount, buy car outright, so at least at the end you own it without extra massive payment.