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First Car: Finance or Buy 2nd Hand? Watch

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    Hello!

    I have just started learning to drive so i'm being very very optimistic here haha but I was wondering what is best to do on your first car?

    My friend went straight on a finance with a new Citreon and she pays £120ish a month for just the car. However, another friend of mine just bought her car up front but then didnt have the money to insure it etc. I'm just wondering whether it is better for your first car, to pay upfront for a second hand car or to go on finance for a new car?

    I'm not after anything fancy, I just want something to get me from A to B. I've been looking at Hyundai, Vauxhall, KA etc.

    Which is the best option?

    TIA
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    (Original post by aleefbailey)
    Hello!

    I have just started learning to drive so i'm being very very optimistic here haha but I was wondering what is best to do on your first car?

    My friend went straight on a finance with a new Citreon and she pays £120ish a month for just the car. However, another friend of mine just bought her car up front but then didnt have the money to insure it etc. I'm just wondering whether it is better for your first car, to pay upfront for a second hand car or to go on finance for a new car?

    I'm not after anything fancy, I just want something to get me from A to B. I've been looking at Hyundai, Vauxhall, KA etc.

    Which is the best option?

    TIA
    How old are you?
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    (Original post by IWMTom)
    How old are you?
    22
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    (Original post by aleefbailey)
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    If you have a decent credit history, you can probably get some pretty acceptable financing deals, but if you can afford it outright, save yourself the interest payments!
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    I bought a mini for my first car (2nd hand it's 10 years old) and paid the tax, insurance and car up front
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    (Original post by aleefbailey)
    Hello!

    I have just started learning to drive so i'm being very very optimistic here haha but I was wondering what is best to do on your first car?

    My friend went straight on a finance with a new Citreon and she pays £120ish a month for just the car. However, another friend of mine just bought her car up front but then didnt have the money to insure it etc. I'm just wondering whether it is better for your first car, to pay upfront for a second hand car or to go on finance for a new car?

    I'm not after anything fancy, I just want something to get me from A to B. I've been looking at Hyundai, Vauxhall, KA etc.

    Which is the best option?

    TIA
    I'd recommend you buy a second-hand car if you're not looking for anything "fancy". The interest on finance is ridiculous!
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    (Original post by aleefbailey)
    Hello!

    I have just started learning to drive so i'm being very very optimistic here haha but I was wondering what is best to do on your first car?

    My friend went straight on a finance with a new Citreon and she pays £120ish a month for just the car. However, another friend of mine just bought her car up front but then didnt have the money to insure it etc. I'm just wondering whether it is better for your first car, to pay upfront for a second hand car or to go on finance for a new car?

    I'm not after anything fancy, I just want something to get me from A to B. I've been looking at Hyundai, Vauxhall, KA etc.

    Which is the best option?

    TIA
    Second hand. Finance is a bad deal, especially if your income source isn't reliable. You'll almost always do best paying upfront. And in any case, there is no need to buy a brand-new car. With a few rare exceptions, they depreciate considerably. Look for a car that's 5-10 years old and you'll save yourself HUGE money.
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    (Original post by aleefbailey)
    Hello!

    I have just started learning to drive so i'm being very very optimistic here haha but I was wondering what is best to do on your first car?

    My friend went straight on a finance with a new Citreon and she pays £120ish a month for just the car. However, another friend of mine just bought her car up front but then didnt have the money to insure it etc. I'm just wondering whether it is better for your first car, to pay upfront for a second hand car or to go on finance for a new car?

    I'm not after anything fancy, I just want something to get me from A to B. I've been looking at Hyundai, Vauxhall, KA etc.

    Which is the best option?

    TIA
    I would go for second hand. Brand new you will have too much to pay for soaring costs for road tax, car repairs and it just never ends. However this all depending on the car you get.
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    (Original post by MiszShortee786)
    I would go for second hand. Brand new you will have too much to pay for soaring costs for road tax, MOT, car repairs and it just never ends. However this all depending on the car you get.
    I'm not sure how this makes sense - why would a new car cost more to MOT?
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    (Original post by IWMTom)
    I'm not sure how this makes sense - why would a new car cost more to MOT?
    Im talking about second hand. Although its good to get second hand cars there are downsides to them as well.
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    (Original post by MiszShortee786)
    Im talking about second hand. Although its good to get second hand cars there are downsides to them as well.
    Right...
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    (Original post by aleefbailey)
    Hello!

    I have just started learning to drive so i'm being very very optimistic here haha but I was wondering what is best to do on your first car?

    My friend went straight on a finance with a new Citreon and she pays £120ish a month for just the car. However, another friend of mine just bought her car up front but then didnt have the money to insure it etc. I'm just wondering whether it is better for your first car, to pay upfront for a second hand car or to go on finance for a new car?

    I'm not after anything fancy, I just want something to get me from A to B. I've been looking at Hyundai, Vauxhall, KA etc.

    Which is the best option?

    TIA
    I personally would say go second hand. I have passed my driving test and have saved around £3000. I don't want a amazing first, like yourself just something which will get me from A to B. The second hand market is good in my opinion if you have saved up. But make sure you do your checks
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    (Original post by aleefbailey)
    Hello!

    I have just started learning to drive so i'm being very very optimistic here haha but I was wondering what is best to do on your first car?

    My friend went straight on a finance with a new Citreon and she pays £120ish a month for just the car. However, another friend of mine just bought her car up front but then didnt have the money to insure it etc. I'm just wondering whether it is better for your first car, to pay upfront for a second hand car or to go on finance for a new car?

    I'm not after anything fancy, I just want something to get me from A to B. I've been looking at Hyundai, Vauxhall, KA etc.

    Which is the best option?

    TIA
    Buy used if you have the savings, buy finance if you want something a bit newer (only talking 2-3 years) and you don't have the money right now, but have the income.

    It depends on what you want from the car. If you say you want an A to B car, you can just get something simple and affordable.
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    Deffo get a used car, new cars are pointless unless you are minted. Lose a third of their value as soon as you drive them off the forecourt

    You can get some cracking deals on cars that are barely a year or 2 old. You can normally get any small hatchback nearly new for anywhere from £6-8000. Depending on how much money you have saved and your income, finance can be a good option but I’d suggest speaking to your bank about getting a loan for the car also, sometimes the rates can be better and it gives you an extra bit of bargaining power over finance if you can say you’re preapproved for a loan at x rate
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    If you buy a 20 years-old car, you may lose some money - you may buy a wreck, but if you don't it will not lose any value unless you wreck it.
    If you buy a 10 years old car, you will lose some money- if it's not a wreck, and you keep it in good shape, it will still lose some of it's initial value.
    If you buy a 5 years old car, you will lose some money, and you may loose more than with the 10 yo. car. Young age is no guarantee of good condition.
    It will keep losing value, and it will be more expensive to maintain than older conservative designs.
    If you buy a new car, you will lose lots of money because of first three years depreciacion which takes 50-60% of cars value.
 
 
 
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