Car on finance
I am 18 years old. I am a full time college student and I have to part time jobs. One bringing £700 a month and the other £400. I wanted to get a Mercedes Benz A Class 64 plate on finance for 290 a month. Is it worth it?
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I wouldnt get a car on finance!
If you cant afford it outright then you cant afford it!
Plus if you get it on finance its not actually your car!
Get a good job, save up money and then buy one.
Plus youre only 18 and you want a Mercedes!!
Get something cheaper first then move up afterwards!
If you cant afford it outright then you cant afford it!
Plus if you get it on finance its not actually your car!
Get a good job, save up money and then buy one.
Plus youre only 18 and you want a Mercedes!!
Get something cheaper first then move up afterwards!
Original post by Uk1z
I am 18 years old. I am a full time college student and I have to part time jobs. One bringing £700 a month and the other £400. I wanted to get a Mercedes Benz A Class 64 plate on finance for 290 a month. Is it worth it?
I'd definitely agree with FireFreezer above - if you want a car, perhaps save for a few months, and check out autotrader for something that fits the description of what you're looking for... Mercedes as first car though... don't forget you're going to have to pay insurance for whatever you get as well!
You're assuming you'd be offered finance first of all.
Then there's the cost of insurance, tax, etc.
Plus the costs for condition, etc. when returned (if you chose to do so)
As your full time student with two part time jobs - how much are you even going to be using it?
Add all that to the likelihood of having a crash in your first few years, it always makes sense to start small and cheap, save up, get some age no claims bonuses under your belt to reduce cost of insurance in future and buy then.
Then there's the cost of insurance, tax, etc.
Plus the costs for condition, etc. when returned (if you chose to do so)
As your full time student with two part time jobs - how much are you even going to be using it?
Add all that to the likelihood of having a crash in your first few years, it always makes sense to start small and cheap, save up, get some age no claims bonuses under your belt to reduce cost of insurance in future and buy then.
Original post by Nuffles
Also to add to that, as a student your income tends to be a little..rocky. I know mine was. Could you reliably commit to a several year lease at £300/month? If you can't pay for whatever reason then you're going to be more than a little screwed.
Not only that, but if they do a credit check, could run into difficulties...
Original post by Uk1z
I am 18 years old. I am a full time college student and I have to part time jobs. One bringing £700 a month and the other £400. I wanted to get a Mercedes Benz A Class 64 plate on finance for 290 a month. Is it worth it?
No. You're young and inexperienced meaning that you are very likely to crash or damage that beloved Mercedes Benz. The more expensive the car, the more expensive the parts so you'll be forking out loads for something as minor as a scratch.
Your insurance premiums will already be high since you're male and young, which are both factors that you cannot control. Adding an expensive vehicle into the mix will unnecessarily increase your premiums by a mile. This is something that you can control.
Although the money you're making right now is nice, it may not always remain that way. Being a full time student means you may have to work fewer hours so that you can focus on your work or revise for exams. You may lose one or both of your jobs, you never know what may happen. If you cannot pay that £290 one month, you'll find yourself in potentially serious trouble, especially if you let it mount up. You'll lower your credit score and that can seriously affect you in later life..all because you wanted a flashy car.
If I were you, I'd save that money and get a cheap car that only requires a one off payment. You have plenty of time to get a nice car. Your priority now should be a small car that is cheap to insure, cheap to fill up, cheap to repair (in case of a damage) and easy to manoeuvre. You then build up experience, continue to save up, maintain a steady job and then look in to buying the car of your dreams.
Original post by mobbsy91
I'd definitely agree with FireFreezer above - if you want a car, perhaps save for a few months, and check out autotrader for something that fits the description of what you're looking for... Mercedes as first car though... don't forget you're going to have to pay insurance for whatever you get as well!
I also agree with Firefreezer - if you buy a car on finance, then it's never actually yours (I hear adverts about hire agreements all the time and they always state things such as "you will not own the vehicle") - so you're better off saving up and getting a car that you will then own outright.
And you've reminded me about how expensive insurance is for first time drivers... I've waited until after university has ended before I start driving... and even so, when I start driving, the insurance is going to be quite expensive. On something like a Mercedes, the insurance is going to be very expensive.
Original post by spotify95
I also agree with Firefreezer - if you buy a car on finance, then it's never actually yours (I hear adverts about hire agreements all the time and they always state things such as "you will not own the vehicle") - so you're better off saving up and getting a car that you will then own outright.
And you've reminded me about how expensive insurance is for first time drivers... I've waited until after university has ended before I start driving... and even so, when I start driving, the insurance is going to be quite expensive. On something like a Mercedes, the insurance is going to be very expensive.
And you've reminded me about how expensive insurance is for first time drivers... I've waited until after university has ended before I start driving... and even so, when I start driving, the insurance is going to be quite expensive. On something like a Mercedes, the insurance is going to be very expensive.
Depending on how long you wait, insurance won't be too bad. My girlfriend's just bought her first car at 24 and the insurance was £800 for the year on a little 99 reg 1.4 Ibiza.
Finance is a mug's game. You pay out all that money JUST for the car, then by the time you've finished paying for it the car has depreciated and is worth much less.
Although A classes generally have quite small engines (for a Mercedes at least), the lowest they do is 1.8 for the new A classes (insurance group 15). Could try the previous model, they go as low as 1.5 (group 11) which is more appropriate for an 18 year old. They're pretty hideous though, so just save up and buy a real Mercedes one day 
No. If you must have a new car, lease the thing.
You'll be getting shot of it after 3 years anyway so may as well pay less for the "privilege".
Plenty of deals on here for a brand new car for £100 less a month.
http://www.contracthireandleasing.com/personal/car-contract-hire-and-leasing/mercedes-benz/a-class/
You'll be getting shot of it after 3 years anyway so may as well pay less for the "privilege".
Plenty of deals on here for a brand new car for £100 less a month.
http://www.contracthireandleasing.com/personal/car-contract-hire-and-leasing/mercedes-benz/a-class/
Original post by FireFreezer77
I wouldnt get a car on finance!
If you cant afford it outright then you cant afford it!
Plus if you get it on finance its not actually your car!
Get a good job, save up money and then buy one.
Plus youre only 18 and you want a Mercedes!!
Get something cheaper first then move up afterwards!
If you cant afford it outright then you cant afford it!
Plus if you get it on finance its not actually your car!
Get a good job, save up money and then buy one.
Plus youre only 18 and you want a Mercedes!!
Get something cheaper first then move up afterwards!
I totally agree with this.
Plus the fact that if you get a car on finance, you end up paying more in the long run than buying outright.
And good luck in trying to getting someone to insure you on one of those.
Why not get a normal car for a couple of years.
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