New car or used car ??

Watch
Bobbi!
Badges: 13
Rep:
?
#1
Report Thread starter 5 years ago
#1
I will be starting my final year of university in September. The first year I lived on campus but for various reasons I decided to move back in with my boyfriend and commute on public transport after the first year. However the commute has been so long that I decided to learn to drive and get a car for 3rd year. E.g. for a one hour lecture I would be out for at least 6 hours. In a car, the journey will take about 45 mins-1 hour each way.

I've got my driving test coming up and I know which car I want and how much is in our budget to spend on a car each week (I've included all costs e.g. petrol, road tax, mots), AND that I don't want a much older/ cheaper car. So now have two options:


1: Get a 3 year old car from a private seller for £4000. I would have to take out a loan which would cost £5000 to pay back over 3 years.
Positives: I would own the car for a cheaper price after 3 years.
Negatives: I would only have £16 per week in the car budget and if I have to pay for something that goes wrong... I probably won't be able to afford it. It would end up costing more (in the first year) than a new car. I would need to pay extra for car history checks and vehicle checks, which may be a waste of money if I find the car I was looking into is in a really bad state.

2: Get a brand new car from the garage, on options. I would pay £7000 over 3 years and then £5000 at the end of 3 years if I want to keep the car.
Positives: Things like road tax and insurance are cheaper. This would only be £4 more expensive per week, and it would be under warranty so the garage will fix most problems for free.
Negatives: £12,000 is a lot of money.

What should I do? I need a reliable car for this year and I'm only really worried about money this year as I am pretty much guaranteed to have a job next year.
0
reply
littlemissmidget123
Badges: 16
Rep:
?
#2
Report 5 years ago
#2
I'd go second hand. But get a new second hand - i.e. don't get a super old car thats likely to fall apart, get one thats 3-5 years old, with a full service history.

£16 a week is a very optimistic budget - I own a 57 plate ford fiesta, and I've put nearly a grand into the car in terms of work this year - new tyres, new headlight bulbs, new exhaust etc etc. it can add up really quickly - a service and MOT is likely to set you back maybe £200-300, if not more. Road tax is going to be about 140 a year (thats what mine is anyway), and then your insurance is going to be at least £500 for a new driver. then of course there is petrol - I get away with about £38 of petrol every 10 days - thats based on about 40 miles each weekday (18 to work, 18 from work). theres also breakdown cover - i get this through my parents' scheme though

adding that all up that takes me to £70 a week as a ball park figure.

also - new cars need money putting into them too - theres always little expenses.
0
reply
Bobbi!
Badges: 13
Rep:
?
#3
Report Thread starter 5 years ago
#3
(Original post by littlemissmidget123)
I'd go second hand. But get a new second hand - i.e. don't get a super old car thats likely to fall apart, get one thats 3-5 years old, with a full service history.

£16 a week is a very optimistic budget - I own a 57 plate ford fiesta, and I've put nearly a grand into the car in terms of work this year - new tyres, new headlight bulbs, new exhaust etc etc. it can add up really quickly - a service and MOT is likely to set you back maybe £200-300, if not more. Road tax is going to be about 140 a year (thats what mine is anyway), and then your insurance is going to be at least £500 for a new driver. then of course there is petrol - I get away with about £38 of petrol every 10 days - thats based on about 40 miles each weekday (18 to work, 18 from work). theres also breakdown cover - i get this through my parents' scheme though

adding that all up that takes me to £70 a week as a ball park figure.

also - new cars need money putting into them too - theres always little expenses.
The £16 is what I have left to pay for any work after paying for the loan, petrol, tax, etc.

A grand a year in terms of work! See that's what I'm worried about. .... And it could always be more if I'm unlucky!
0
reply
littlemissmidget123
Badges: 16
Rep:
?
#4
Report 5 years ago
#4
(Original post by Bobbi!)
The £16 is what I have left to pay for any work after paying for the loan, petrol, tax, etc.

A grand a year in terms of work! See that's what I'm worried about. .... And it could always be more if I'm unlucky!
A tyre alone will set you back a minimum of £50.

I however have been unlucky this year - ive had a new exhaust, new brake disc, new oxygen sensor, new front wiper blades, 4 new tyres, an MOT, a service, 2 new headlamps - tip always buy them in pairs! and the rest was on labour at the garage. crash the car or something and then it could be a load more - ive resorted to buying touch up paint for the scratches.. there are too many to care about now! theres also a small dent thats just going to stay there. im leaving the car at home when i return to uni in september anyway.
0
reply
RiahDawson
Badges: 17
Rep:
?
#5
Report 5 years ago
#5
(Original post by Bobbi!)
I will be starting my final year of university in September. The first year I lived on campus but for various reasons I decided to move back in with my boyfriend and commute on public transport after the first year. However the commute has been so long that I decided to learn to drive and get a car for 3rd year. E.g. for a one hour lecture I would be out for at least 6 hours. In a car, the journey will take about 45 mins-1 hour each way.

I've got my driving test coming up and I know which car I want and how much is in our budget to spend on a car each week (I've included all costs e.g. petrol, road tax, mots), AND that I don't want a much older/ cheaper car. So now have two options:


1: Get a 3 year old car from a private seller for £4000. I would have to take out a loan which would cost £5000 to pay back over 3 years.
Positives: I would own the car for a cheaper price after 3 years.
Negatives: I would only have £16 per week in the car budget and if I have to pay for something that goes wrong... I probably won't be able to afford it. It would end up costing more (in the first year) than a new car. I would need to pay extra for car history checks and vehicle checks, which may be a waste of money if I find the car I was looking into is in a really bad state.

2: Get a brand new car from the garage, on options. I would pay £7000 over 3 years and then £5000 at the end of 3 years if I want to keep the car.
Positives: Things like road tax and insurance are cheaper. This would only be £4 more expensive per week, and it would be under warranty so the garage will fix most problems for free.
Negatives: £12,000 is a lot of money.

What should I do? I need a reliable car for this year and I'm only really worried about money this year as I am pretty much guaranteed to have a job next year.
I'd go for the new car. At least if anything happens you can get it fixed for free. If you buy a secondhand car even if it's not too old it may be used a lot and run down.
0
reply
mechanicjohn92
Badges: 1
Rep:
?
#6
Report 5 years ago
#6
Doesn't sound like you would enjoy car ownership. Have you considered a motorbike? They are much cheaper and people are way more likely to think you are cool. I have a friend with a bike and its safe to say, he is pretty damn cool.
0
reply
dennisd740
Badges: 0
Rep:
?
#7
Report 5 years ago
#7
a new car, definitely
0
reply
Bobbi!
Badges: 13
Rep:
?
#8
Report Thread starter 5 years ago
#8
(Original post by mechanicjohn92)
Doesn't sound like you would enjoy car ownership. Have you considered a motorbike? They are much cheaper and people are way more likely to think you are cool. I have a friend with a bike and its safe to say, he is pretty damn cool.
Haha, why doesn't it sound like I'd enjoy car ownership?

No a motor bike would not be good. I couldn't bring shopping home or transport other people. I'd rather be safer, dry, and able to wear what I want while traveling in my car!!
0
reply
Bobbi!
Badges: 13
Rep:
?
#9
Report Thread starter 5 years ago
#9
(Original post by RiahDawson)
I'd go for the new car. At least if anything happens you can get it fixed for free. If you buy a secondhand car even if it's not too old it may be used a lot and run down.
(Original post by dennisd740)
a new car, definitely
This is what I'm thinking. But I'm being pressured from people saying "a new car.... that's stupid." .....Even when I explain the situation. As I know very little about cars there's a niggling feeling that they might be right.
0
reply
Joinedup
Badges: 20
Rep:
?
#10
Report 5 years ago
#10
those options seem unusually restricted

what about a car supermarket? 1- 2 year old ex-lease cars that have been serviced on the button.

buying new just robs you by depreciation imo.
0
reply
Bobbi!
Badges: 13
Rep:
?
#11
Report Thread starter 5 years ago
#11
(Original post by Joinedup)
those options seem unusually restricted

what about a car supermarket? 1- 2 year old ex-lease cars that have been serviced on the button.

buying new just robs you by depreciation imo.
I don't really know what you mean by car supermarket...?

But the benefit of getting the new car is that I don't pay interest on the scheme that I'm looking into. The car is worth £13500 and the manufacturer pay the "deposit" so I pay £12000 over all. Where as if I get a second hand car that costs about £8000, If I get a loan or car finance, I end up paying about £10500 overall and still have the problem of having to pay for anything that goes wrong.

If it's only going to be £1500 cheaper I may as well go for new.
0
reply
Alfissti
Badges: 20
Rep:
?
#12
Report 5 years ago
#12
(Original post by Bobbi!)
I will be starting my final year of university in September. The first year I lived on campus but for various reasons I decided to move back in with my boyfriend and commute on public transport after the first year. However the commute has been so long that I decided to learn to drive and get a car for 3rd year. E.g. for a one hour lecture I would be out for at least 6 hours. In a car, the journey will take about 45 mins-1 hour each way.

I've got my driving test coming up and I know which car I want and how much is in our budget to spend on a car each week (I've included all costs e.g. petrol, road tax, mots), AND that I don't want a much older/ cheaper car. So now have two options:


1: Get a 3 year old car from a private seller for £4000. I would have to take out a loan which would cost £5000 to pay back over 3 years.
Positives: I would own the car for a cheaper price after 3 years.
Negatives: I would only have £16 per week in the car budget and if I have to pay for something that goes wrong... I probably won't be able to afford it. It would end up costing more (in the first year) than a new car. I would need to pay extra for car history checks and vehicle checks, which may be a waste of money if I find the car I was looking into is in a really bad state.

2: Get a brand new car from the garage, on options. I would pay £7000 over 3 years and then £5000 at the end of 3 years if I want to keep the car.
Positives: Things like road tax and insurance are cheaper. This would only be £4 more expensive per week, and it would be under warranty so the garage will fix most problems for free.
Negatives: £12,000 is a lot of money.

What should I do? I need a reliable car for this year and I'm only really worried about money this year as I am pretty much guaranteed to have a job next year.

It depends on the cars in question.

The numbers only tell half the story. Its difficult to state whether the new car is really that much worthwhile as the variant of the said car together with the ticked options will make a huge difference in price.

Also do shop around a bit, many new cars especially smaller more economical ones can be had with free insurance as well.

Generally if you can afford it and you don't feel like dealing with hassles with cars then go for the new one.

However one thing to remember if you are buying a car on one of these types of arrangements, it is best to read through the fine print first, ensure that the mileage is sufficient and how much each extra mile will cost you, you'd be surprised how expensive it can be. Many of them also come with maintenance clauses and some may require you to service it at an approved garage which can be a bit on the expensive side. Finally ensure you understand about damages to the car, on some of these programs so much as a stone-chip on the paintwork or kerb-rash will be chargeable and if you choose to return the car at the end of the arrangement you just might find yourself with less money than you expected.
0
reply
X

Quick Reply

Attached files
Write a reply...
Reply
new posts
Back
to top
Latest
My Feed

See more of what you like on
The Student Room

You can personalise what you see on TSR. Tell us a little about yourself to get started.

Personalise

Current uni students - are you thinking of dropping out of university?

Yes, I'm seriously considering dropping out (47)
16.04%
I'm not sure (8)
2.73%
No, I'm going to stick it out for now (100)
34.13%
I have already dropped out (4)
1.37%
I'm not a current university student (134)
45.73%

Watched Threads

View All