Car purchase methods

[splashtryagain]

My car is going to the garage for a gearbox/drivetrain problem. With it being a BMW I am expecting a huge bill! If it goes past half the value of the car (2015 3 series) I may well just look to get a new car which leads me to my question.

Do I 1) buy 2nd hand and take finance - car would probably have little to no warranty so I'm putting extra money away to cover issues.
2) finance and see at the end of I want to keep it
3) lease and accept this as a cost of living but from now always have a less than 3 year old car?

I've always bought cars outright before but am fed up of depreciation eating away at it and ultimately having to cover repair costs out of warranty.

Advice needed please...

 

[rulie]

My car is going to the garage for a gearbox/drivetrain problem. With it being a BMW I am expecting a huge bill! If it goes past half the value of the car (2015 3 series) I may well just look to get a new car which leads me to my question.

Do I 1) buy 2nd hand and take finance - car would probably have little to no warranty so I'm putting extra money away to cover issues.
2) finance and see at the end of I want to keep it
3) lease and accept this as a cost of living but from now always have a less than 3 year old car?

I've always bought cars outright before but am fed up of depreciation eating away at it and ultimately having to cover repair costs out of warranty.

Advice needed please...

Always check reliability and repair cost stats on the car/model/producer before buying anything.

 

[clubchamp98]

I’m in the same bracket as you.

I have just took out a PCP to buy a new EV id3.

Doing the maths the overall cost of this finance is not much higher than buying new and the depreciation.
Model dependant of course.

It’s a set amount monthly for a new car every three years .
Dosnt suit everyone but this was a good deal for me.

I only do about 4000 miles pa .

 

[Lord Tyrion]

A few questions. What sort of car are you thinking of? Size, model etc

How many miles do you do?

 

[Bunkermagnet]

I would do a low/zero % PCP, and either hand back at the end, or pay it off in one lump at the end.
Ive done that with my CX5.

 

[RichA]

My car is going to the garage for a gearbox/drivetrain problem. With it being a BMW I am expecting a huge bill! If it goes past half the value of the car (2015 3 series) I may well just look to get a new car which leads me to my question.

Do I 1) buy 2nd hand and take finance - car would probably have little to no warranty so I'm putting extra money away to cover issues.
2) finance and see at the end of I want to keep it
3) lease and accept this as a cost of living but from now always have a less than 3 year old car?

I've always bought cars outright before but am fed up of depreciation eating away at it and ultimately having to cover repair costs out of warranty.

Advice needed please...

Option 4, what you say you’ve always done before, is the least sexy but always the least expensive over the life of the car. You pay more for depreciation and other costs with the others; it’s just hidden so they can get more money out of you.
Most important thing I’ve always thought is to get a quality car that you’ll still be happy driving in 5 years and which won’t depreciate as heavily as trendy tat.

 

[splashtryagain]

A few questions. What sort of car are you thinking of? Size, model etc

How many miles do you do?

Hi LT

I need an AWD and do about 12,000 a year. Looking at options I started with a Kia for the warranty but it makes no odds if I have a new one every 3 years......

Now Alfa Romeo looks good

 

[splashtryagain]

Option 4, what you say you’ve always done before, is the least sexy but always the least expensive over the life of the car. You pay more for depreciation and other costs with the others; it’s just hidden so they can get more money out of you.
Most important thing I’ve always thought is to get a quality car that you’ll still be happy driving in 5 years and which won’t depreciate as heavily as trendy tat.

I get what you are saying but have had far too many big bills over the years that would easily cover the "hidden" costs. I also need a reliable car incase of hospital visits with my wife.

 

[splashtryagain]

LT - SUV type as I currently have to weave up the drive to not lose bits of the bottom of the existing car

 

[Lord Tyrion]

Hi LT

I need an AWD and do about 12,000 a year. Looking at options I started with a Kia for the warranty but it makes no odds if I have a new one every 3 years......

Now Alfa Romeo looks good

How about something from the Honda range? HR-V. I'd happily buy a second hand Honda and feel okay about reliability.

I'd say the same for Toyota but I don't really like the RAV4. That's just a personal thing though.

I'd trust one of the Skoda offerings second hand as well.

 

[RichA]

Skoda Karoq 4x4

 

[Billysboots]

The last two cars I have purchased second hand, I made sure I bought a decent extended warranty. Not the sort of rubbish from the likes of Warrantywise or Motoreasy, which only kick in if you break down, but one which covers pretty much everything.

My latest offering is an Audi A6. 21k miles, 71 plate at a cost of £22k. I’m in a position to be able to buy outright.

But I stumped up an extra £850 for a 2-year extended warranty. It covers wear and tear on everything bar tyres, brake pads and discs. Hoping to never need it, but given the repair costs it allows me to sleep at night.

 

[RichA]

Register on drivethedeal.com and you can get solid instant quotes through the broker for guaranteed discounts at main dealers.
You’ll get a great deal on a Skoda at the moment.

 

[Taz]

Toyota give you a years warranty if you get car serviced at Toyota ( up to 10 years old).
Think we pay about £30 a month on the service plan ( on our second y , 3 year block).
Toyotas are very reliable.