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Author Topic: Car buying  (Read 5567 times)

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Field Marshal Dr. Opti

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Re: Car buying
« Reply #15 on: 27 January 2020, 16:14:05 »

Looking at an E63 estate recently.

When I told the dealer I did not want or require PCP or HP I was told I would have to pay the full sticker price.

Never done that. Never will.
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STEMO

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Re: Car buying
« Reply #16 on: 27 January 2020, 16:28:07 »

Looking at an E63 estate recently.

When I told the dealer I did not want or require PCP or HP I was told I would have to pay the full sticker price.

Never done that. Never will.
Cheeky bastards. 'We'll only reduce the sticker price if you let us put more on than we take off'. Shove it.
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Field Marshal Dr. Opti

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Re: Car buying
« Reply #17 on: 27 January 2020, 18:47:26 »

Looking at an E63 estate recently.

When I told the dealer I did not want or require PCP or HP I was told I would have to pay the full sticker price.

Never done that. Never will.
Cheeky bastards. 'We'll only reduce the sticker price if you let us put more on than we take off'. Shove it.

Yep......they are in the business of selling finance not cars. >:(

The HP they offered was a ridiculous 10.9%. Nationwide will lend me money at 2.9%.
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ronnyd

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Re: Car buying
« Reply #18 on: 27 January 2020, 20:50:43 »

Looking at an E63 estate recently.

When I told the dealer I did not want or require PCP or HP I was told I would have to pay the full sticker price.

Never done that. Never will.
Cheeky bastards. 'We'll only reduce the sticker price if you let us put more on than we take off'. Shove it.

Yep......they are in the business of selling finance not cars. >:(

The HP they offered was a ridiculous 10.9%. Nationwide will lend me money at 2.9%.
But is it APR?
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Viral_Jim

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Re: Car buying
« Reply #19 on: 28 January 2020, 09:23:43 »

11% is daylight robbery when the underlying cost of borrowing is less than 2% you were right to walk away that's for sure.

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Shackeng

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Re: Car buying
« Reply #20 on: 28 January 2020, 11:14:13 »

The answer to that is pretty simple, there's precious little margin in cars. all the profit for the stealer is in the outrageous finance costs, paint protection, bullsh!t insurance products etc etc.
Fixed.

Always been that way... Jerry Lundergaard (William H Macy) in Fargo has this very conversation with a rather pissed off punter.

https://youtu.be/B2LLB9CGfLs

GM and Ford only make vehicles in order to create demand for GMAC and Ford Motor Credit. Manufacturer finance pays their bills and dealer add ons and finance kickbacks pay the dealers bills and the non manufacturer finance products keep the banks open.

Cheap brands are only cheaper on the forecourt because they cost less to make.  ;)

A terrific film, and I love that clip! :y
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Doctor Gollum

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Re: Car buying
« Reply #21 on: 28 January 2020, 14:05:45 »

11% is daylight robbery when the underlying cost of borrowing is less than 2% you were right to walk away that's for sure.
It doesn't legally have an APR because it's not officially credit ::), but your E by Golf is probably at least 10%... :-X
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Onanists always think outside the box.

Viral_Jim

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Re: Car buying
« Reply #22 on: 28 January 2020, 15:06:37 »

11% is daylight robbery when the underlying cost of borrowing is less than 2% you were right to walk away that's for sure.
It doesn't legally have an APR because it's not officially credit ::), but your E by Golf is probably at least 10%... :-X

I don't recall saying it should have an APR  ??? I was comparing the likely cost to borrow the money incurred by the finance company (probably around 2%) Vs what they (effectively) charge the customer. The difference between the two is the margin they're scalping. This is a gap that has become significantly larger over the last decade or so.

Re. The e-golf, I neither know not care what the interest rate is that's being incurred, in the same way I don't care about the cost of maintenance, tyres or insurance.

What matters to me is the net amount taken out of my pay packet  (multiplied by 36) plus the electricity to power it Vs the total running cost of buying/running/disposing of an owned alternative over 3years.
« Last Edit: 28 January 2020, 15:08:09 by Jimmy944 »
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STEMO

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Re: Car buying
« Reply #23 on: 28 January 2020, 15:10:52 »

11% is daylight robbery when the underlying cost of borrowing is less than 2% you were right to walk away that's for sure.
It doesn't legally have an APR because it's not officially credit ::), but your E by Golf is probably at least 10%... :-X

I don't recall saying it should have an APR  ??? I was comparing the likely cost to borrow the money incurred by the finance company (probably around 2%) Vs what they (effectively) charge the customer. The difference between the two is the margin they're scalping. This is a gap that has become significantly larger over the last decade or so.

Re. The e-golf, I neither know not care what the interest rate is that's being incurred, in the same way I don't care about the cost of maintenance, tyres or insurance.

What matters to me is the net amount taken out of my pay packet  (multiplied by 36) plus the electricity to power it Vs the total running cost of buying/running/disposing of an owned alternative over 3years.
After driving the e golf for a while, would you consider buying one for private use, Jimmy?
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Viral_Jim

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Re: Car buying
« Reply #24 on: 28 January 2020, 16:00:07 »

After driving the e golf for a while, would you consider buying one for private use, Jimmy?

To date I am 23,000 miles and 9 months into ownership, so I use the car a LOT. I find that journeys in it that are over 200 miles in a day do require some level of pre-planning which a lot of people won't like. I rapid charge mine regularly (typically 2-3 times a week) and I did 325 miles in it yesterday and rapid charged it on 4 separate occasions - though never to 100%. Most people will tell you that this type of use will kill the battery, but so far, if there has been any battery degradation, its at a level where I can't detect it. I'm not saying they are wrong, but I can only relay my experiences. Like diesel cars, consumption goes up in the winter months, but so far the impact doesn't seem massive to me. Yesterday I drove in temperatures that were between freezing and 6 degrees C and I was getting about 133 miles to a 'tankfull' my summer range was about 141 miles over the exact same journey.

To actually answer the question, personally yes, I would. Without any hesitation as a second car and with some serious thought as an only car.

I've looked on the golf as a cheap experiment as to whether I could personally live with an ev before deciding whether to go all in and buy. So far the only thing stopping me buying at the moment is the way the UK company car taxes are set up for EVs, this makes it much better for me to lease a car through work than to buy (the golf costs me just under £325 pcm on a fully maintained 25,000 miles p.a. lease). But if that were to change for whatever reason, I would definitely buy an EV with my own money.
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STEMO

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Re: Car buying
« Reply #25 on: 28 January 2020, 16:15:48 »

Very informative. Thanks, Jimmy.
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ronnyd

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Re: Car buying
« Reply #26 on: 28 January 2020, 16:21:40 »

After driving the e golf for a while, would you consider buying one for private use, Jimmy?

To date I am 23,000 miles and 9 months into ownership, so I use the car a LOT. I find that journeys in it that are over 200 miles in a day do require some level of pre-planning which a lot of people won't like. I rapid charge mine regularly (typically 2-3 times a week) and I did 325 miles in it yesterday and rapid charged it on 4 separate occasions - though never to 100%. Most people will tell you that this type of use will kill the battery, but so far, if there has been any battery degradation, its at a level where I can't detect it. I'm not saying they are wrong, but I can only relay my experiences. Like diesel cars, consumption goes up in the winter months, but so far the impact doesn't seem massive to me. Yesterday I drove in temperatures that were between freezing and 6 degrees C and I was getting about 133 miles to a 'tankfull' my summer range was about 141 miles over the exact same journey.

To actually answer the question, personally yes, I would. Without any hesitation as a second car and with some serious thought as an only car.

I've looked on the golf as a cheap experiment as to whether I could personally live with an ev before deciding whether to go all in and buy. So far the only thing stopping me buying at the moment is the way the UK company car taxes are set up for EVs, this makes it much better for me to lease a car through work than to buy (the golf costs me just under £325 pcm on a fully maintained 25,000 miles p.a. lease). But if that were to change for whatever reason, I would definitely buy an EV with my own money.
Does that mean you can only do another 2k in the next 3 months? Do you also have any penalties if you exceed the 25k p.a.?
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Viral_Jim

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Re: Car buying
« Reply #27 on: 28 January 2020, 19:43:41 »

Apologies, slight error on my part, I actually got the car mid-March 2019, so its more like 10-10.5 months, but yes it does, technically.

However the lease is for 3yrs / 75k and the way I saw work shaping up when I took on the car, I felt I would do more in years 1 and 2 than in 3, just because of the direction work/my team was going in and I'd rather be slightly under and pay a bit of a penalty when I hand it back than over-estimate and pay upfront for miles I don't end up using, I think the penalty is around 7.5p/mile, or £75 per thousand miles. But I am pretty confident I won't be much over.

It also doesn't affect the calculation as to whether the car is cost effective. Running it costs around 2.5p/mile in electricity, so adding that to the penalty gives about 10-11p/mile running cost. A diesel car that does 50mpg average costs about 11.5p per mile in diesel alone, let alone maintenance tyres etc. So the milk float is still cheaper. 
« Last Edit: 28 January 2020, 19:45:12 by Jimmy944 »
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aaronjb

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Re: Car buying
« Reply #28 on: 29 January 2020, 07:51:56 »

Kind of the same way my Ranger worked out - it rocketed up in miles (far, far over what the lease was for) when I moved up here and was commuting 4x a week, but it was handed back with less miles than the lease agreement expected because originally I was doing far less miles.

Granted I still handed it back early so I could get the Skoda because I didn't predict 4x/week becoming once every two weeks.. should have kept it, still miss it!
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omegod

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Re: Car buying
« Reply #29 on: 30 January 2020, 13:00:45 »

I got an email through work offering the Audi Etron on lease for £249 per month all in, insurance, tyres etc with no benefit in kind implications apparently...…….I still wouldn't
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Happy to do Omega servicing etc around Merseyside,cruise activation, airbag lights sorted too...
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