Buying a car OR rent one on finance.

Hello?

I'm looking to complete and pass my driving within the next couple of months so I can commute to and from uni in a car.

My only dilemma is wether to buy a car outright ( a cheap one ), or hire a car through finance on a PCP deal.

What would everyone reccommend would be best?! I'm more torn towards PCP at the moment.

Thanks

Reply 1

jamesthehustler

19

buy any damages are yous to fix if you wish but rentals a scatch can be very costly say £100 for a small one and up for say a keying might be over a grand to fix on at your expense

Reply 2

RRArsenal123

OP

10

Original post by jamesthehustler

buy any damages are yous to fix if you wish but rentals a scatch can be very costly say £100 for a small one and up for say a keying might be over a grand to fix on at your expense

Right, so you would say buy a cheap / old car outright? And I swear with some finance deals you can get GAP insurance which covers that?
But buying outright would seem better , especially for a first car?

I think it depends on your budget. If you're low on funds (don't forget the costs of road tax and insurance) then either financing or a low rate loan (I've used Zopa before, which was recommended to me by Money Saving Expert).

If you have a bit of cash to spend, then I'd buy it outright. I'm not sure what the financing would be like for a first time driver though - just do a bit of research once you know the type of car you want, and see what's going to work out best for you overall. You'll have more options open to you and probably a better quality of car. BUT, for a first time driver insurance might play a big part in the cost too.

Reply 4

RRArsenal123

OP

10

Original post by CJ

I think it depends on your budget. If you're low on funds (don't forget the costs of road tax and insurance) then either financing or a low rate loan (I've used Zopa before, which was recommended to me by Money Saving Expert).

If you have a bit of cash to spend, then I'd buy it outright. I'm not sure what the financing would be like for a first time driver though - just do a bit of research once you know the type of car you want, and see what's going to work out best for you overall. You'll have more options open to you and probably a better quality of car. BUT, for a first time driver insurance might play a big part in the cost too.

Thanks for replying. I will have around £900 spare cash before the start of my final uni year and will obviously have my student loan.
I was at first torn towards a finance car but I have 2 company's which include insurance in their finance cars which is a fiat 500& a peogeout 108. Both of which I don't like. And I've quoted insurance for a peogeout 208 (£700 outright)& insurance is between £900-£1100 FULLY COMP. I would say that would probably be my best option at the moment for a first time driver?
Wouldn't yku?

Buying a car OR rent one on finance.

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