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S2000 Finance or cash up front?

#1 User is offline   TRW 

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Posted 28 May 2009 - 10:16 AM

Just interested to see what peoples thoughts are on finance.

I bought my car second hand almost 2 years ago and for the first year still had some money to pay off. Was such a relief when it was all mine - im sure I enjoy it much more now.

Do people generally buy the S2000 cash in full or put it on some kind of finance? If so do you find it hampers your enjoyment at all?

#2 User is offline   vadhert 

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Posted 28 May 2009 - 10:32 AM

Cash up front always.

I once bought a car on finance (when I was 18) and hated it.


Polishing a turd near you!

#3 User is offline   Sin_Chase 

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Posted 28 May 2009 - 10:34 AM

My first car was
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#4 User is offline   blue monster 

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Posted 28 May 2009 - 01:06 PM

Work for a bank like I do, get a staff loan at a stupidly cheap rate and then pay cash for your S........winner all round :thumbup:
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'94 CRX 1.6VTI from 99-07 - brilliant, totally reliable. Started the Honda bug. SOLD
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#5 User is offline   Gaspode 

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Posted 28 May 2009 - 01:09 PM

You only live once.
As long as the APR is sound and you can comfortably afford the payments - and you taking care of other aspects of your life ....why not.

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#6 User is online   mikey k 

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Posted 28 May 2009 - 01:17 PM

:stupid:
Especially with the low rates at the moment
JAFFA = NIOM MY05 S2000GT a keeper/tinkering, kept as close to stock as possible
JOCKMAN = Imola Blue M135i "poverty spec" daily drive
BRUCE = Volcano Red McLaren 650S spider dream car realised for touring
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#7 User is offline   martin j 

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Posted 28 May 2009 - 03:39 PM

The bank still paying less to me than I would for a loan so it's cash for me, actually it has been for the last few cars.
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#8 User is offline   m1bjr 

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Posted 28 May 2009 - 03:43 PM

A


Renault and Ford are working on a new small car for women.
Its a combo car --
Theyre starting with the Renault "Clio".
Then adding luxury features from the Ford "Taurus".
The result will be sold as the "Clitaurus".
It only comes in pink.
The main benefit of the new hybrid: the average car thief wont be able to find it, even if someone tells him exactly where it is.


#9 User is offline   Steb 

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Posted 28 May 2009 - 03:50 PM

I rather annoyingly got a rate of 5.7% APR (not secured) when I bought - best rate I've currently seen is 7.9%. Beware of secured (against your car or house) loans - low APR but big issues if you miss payments!
07 Moonrock
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#10 User is offline   integra_man 

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Posted 28 May 2009 - 04:01 PM

Cash upfront is best. Money talks.

If you don't have the cash, a nice cheap loan is second best.

Hire purchase is a big no-no. You get screwed.

#11 User is offline   s2konroids 

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Posted 28 May 2009 - 04:05 PM

Agreed, but i personally hate having several outgoings when a big chunk comes out at once.

I once paid monthly for insurance when i was 18, got bummed on interest :(...never again.

Paid for my S in one go.
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#12 User is offline   woojah 

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Posted 28 May 2009 - 04:36 PM

Bought my S2000 in cash.

Bought my Ibiza (or I-beat-a as I call it) on 0% finance.

Hmmm I think my outstanding finance on my Ibiza "hampers" my enjoyment... or maybe it's just that there's not much to enjoy about it!

Buying in cash or finance - it's a personal thing I guess. Whether finance makes sense or not, you're buying a car which isn't a sound financial decision in the first place!
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#13 User is offline   Court Jester 

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Posted 28 May 2009 - 04:47 PM

I've no problem with finance. It's cheap at the moment, bought from a dealer so have a guaranteed future value if I want to trade in 3 years (or I can pay off then and keep it), and as the dealer gets commission on the finance the theory that you get a better deal for cash often isn't true. The dealer makes more money and so can do a better deal if you take finance. Mentally then you can off set that saved money against your interest costs!!
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#14 User is offline   integra_man 

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Posted 28 May 2009 - 04:56 PM

Quote

I've no problem with finance. It's cheap at the moment, bought from a dealer so have a guaranteed future value if I want to trade in 3 years (or I can pay off then and keep it), and as the dealer gets commission on the finance the theory that you get a better deal for cash often isn't true. The dealer makes more money and so can do a better deal if you take finance. Mentally then you can off set that saved money against your interest costs!!

You do seriously get humped on the dealers's finance though. They're not arranging you a loan just because they like you anymore than they enjoy feeding you biscuits and coffee.

#15 User is offline   Court Jester 

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Posted 29 May 2009 - 05:35 PM

Not necesserily. The theory that dealers finance is expensive is not always true. It is a lesser known fact that dealers rates are nearly always negotiable. My wife is ex-motor industry and haggles like a demon

Result is my rate is comparable to high street / internet rates but with a guaranteed future value.

Like with any part of the car buying experience you just have to be prepared to haggle hard and walk away if you can't get the deal you want.

#16 User is offline   98RON 

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Posted 30 May 2009 - 12:34 AM

Mmmm... this shoulda been a poll.

Lots of people here seem to paying cash.... bragging rights bringing those folks out here to some extent? My guess is that at least 75% of owners here have finance. Nothing wrong with finance IMO providing (at the moment) you are somewhere near 7.9% APR with a decent guaranteed future residual value with at least 25% deposit.

As for me? I started out in my car life paying cash (including for new). Then over recent years for most decentish cars in the

#17 User is offline   Bundle of Mayhem 

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Posted 30 May 2009 - 02:01 AM

My new S is being financed by trade-in, scrap scheme and the remainder going on a 0% purchase for 12 months credit card. I've set myself a monthly payment figure (not minimum payment) so that I can try and reduce it as quickly as possible and when the 12 months expires I will transfer whatever is left onto a 0% transfer card.
Reality used to be a friend of mine......
At Honda, all of us, including parts suppliers and dealers, strive to make products and parts or services which are 120% in quality - Soichiro Honda

#18 User is offline   Gaspode 

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Posted 30 May 2009 - 02:07 AM

Well done BOM - You are an MSE girl!! :)

#19 User is offline   Bundle of Mayhem 

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Posted 30 May 2009 - 02:08 AM

I've got a spreadsheet and everything (Petron would be proud of me :D)

#20 User is offline   Dembo 

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Posted 30 May 2009 - 02:53 AM

Stupid question. If you have the cash; pay with cash. If you don't, and you can borrow money borrow the money.

I've never had "finance". I've mostly bought cars with personal bank loans that I could use for anything I wanted, and then always paid them off early.

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#21 User is offline   m1bjr 

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Posted 30 May 2009 - 03:45 AM

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there aren't so many attractive things that I could have done with the cash otherwise anyway

Another logical and sensible post from RON, 98. (You don't sound that old Sir, btw).
:p

Like Ron says, we're mostly screwed and the days of the sport car are limited.
In a decade it will be as socially unacceptable to drive one on the road as is drink driving today.

So, borrow the dosh and have fun, we're all screwed anyhow!

Party on. :LOL:

#22 User is offline   m1bjr 

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Posted 30 May 2009 - 03:47 AM

Quote

My new S is being financed by trade-in, scrap scheme and the remainder going on a 0% purchase for 12 months credit card. I've set myself a monthly payment figure (not minimum payment) so that I can try and reduce it as quickly as possible and when the 12 months expires I will transfer whatever is left onto a 0% transfer card.

On your next card though you'll never actaully get a 0% chop out.

All cards now levvy that annoying fee of about 2-3% of balance to make a transfer regardless.

;)

#23 User is offline   Bundle of Mayhem 

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Posted 30 May 2009 - 03:55 AM

Quote

On your next card though you'll never actaully get a 0% chop out.

All cards now levvy that annoying fee of about 2-3% of balance to make a transfer regardless.

;)

Not the Barclaycard Platinum ;) Says it has a fee but when you speak to them it doesn't incur one - partner has just transferred a balance to them and the 3% was waivered.

However 12 months down the line I realise this might not be the case but you never know - there will be others on offer - you just have to look.

#24 User is offline   Steb 

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Posted 30 May 2009 - 04:32 AM

A tip for any Barclaycarders, I rang to cancel my card and was offered 3% cashback (up to

#25 User is offline   m1bjr 

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Posted 30 May 2009 - 05:45 AM

Strange, there are not really any better offers, and you would assume they know this.

Hey ho, I have a BCP too just never use it.

Thanks for the tip ladies & gents.

:tipwink:



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