Insuring a Range Rover Evoque at 18. Help ! Watch

yelir
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#21
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#21
(Original post by IWMTom)
The key differentiator here being that they're financing a USED car.
Why does it matter if its used? You can buy a brand new VW Polo for £15k or a used Audi A3 for £15k.... Does it matter about whether its used or not? A used range rover evoque with decent mileage and spec will still set you back around £17-£20k, can buy a few 19 plates with that aye?
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IWMTom
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(Original post by Fekky.)
Why does it matter if its used? You can buy a brand new VW Polo for £15k or a used Audi A3 for £15k.... Does it matter about whether its used or not? A used range rover evoque with decent mileage and spec will still set you back around £17-£20k, can buy a few 19 plates with that aye?
You can bet your bottom dollar the OP will go down a PCP route on a used car and shell out a fortune for a car they will never own.

I'd love to know how they'll get the finance at a reasonable rate given they're only just 18 and only passed their test in the last 4 months
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yelir
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(Original post by IWMTom)
You can bet your bottom dollar the OP will go down a PCP route on a used car and shell out a fortune for a car they will never own.

I'd love to know how they'll get the finance at a reasonable rate given they're only just 18 and only passed their test in the last 4 months
Car finance has nothing to do with how long they've been driving - this isn't car insurance mate.

Plenty of people get good rates when their between 18-21, especially from dealerships, who use the incentive of low interest rates to introduce new customers to their brand in the hopes they'll come to them for their next car (happened to my brother). Furthermore, if you take out a HP/PCP deal they are secured loans i.e. if the borrower defaults they can just take the asset away so less risk for them.

Doesn't matter if he's shelling out a fortune, his RR Evoques costing him £250, might be another £400-500 on insurance approx. per month. If he can afford it its fine. We don't know his lifestyle or his income. Just don't know why you're shaming people for financing a "USED" car as you've put it - Used RR Evoque for £17k or a fully loaded ford fiesta for £17k which'll depreciate to £8k in 2 years?
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IWMTom
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#24
(Original post by Fekky.)
Car finance has nothing to do with how long they've been driving - this isn't car insurance mate.

Plenty of people get good rates when their between 18-21, especially from dealerships, who use the incentive of low interest rates to introduce new customers to their brand in the hopes they'll come to them for their next car (happened to my brother). Furthermore, if you take out a HP/PCP deal they are secured loans i.e. if the borrower defaults they can just take the asset away so less risk for them.

Doesn't matter if he's shelling out a fortune, his RR Evoques costing him £250, might be another £400-500 on insurance approx. per month. If he can afford it its fine. We don't know his lifestyle or his income. Just don't know why you're shaming people for financing a "USED" car as you've put it - Used RR Evoque for £17k or a fully loaded ford fiesta for £17k which'll depreciate to £8k in 2 years?
The majority of people who finance a car do so on PCP - PCP on a used car is always a bad idea; there's no dealer contributions, and the rates of interest are abysmal, not to mention the depreciation isn't as big of a hit to write off.

For it to only be £250 a month, it's either incredibly old or its PCP; either way, bad idea.
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yelir
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#25
(Original post by IWMTom)
The majority of people who finance a car do so on PCP - PCP on a used car is always a bad idea; there's no dealer contributions, and the rates of interest are abysmal, not to mention the depreciation isn't as big of a hit to write off.

For it to only be £250 a month, it's either incredibly old or its PCP; either way, bad idea.
Or for it to be £250 a month maybe he's paid a deposit?

PCP Interest rates aren't bad at all, have a quick look online at some lenders, My father used PCP via a Mercedes dealer (they call it agility finance I think) and his interest is 3.9%... Plenty of car dealers also offer good interest rates, such as one local to me (https://www.db-automotive.com/) who offer 5.9% on PCP deals on their used cars.

Depreciation is bigger because your paying less towards the car compared to HP finance. a £250 pcp deal will probably be £400 on HP as you're paying more for the car. with a PCP deal you have a large balloon payment which you pay to keep the car or you just simply return it.
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UrBusted
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#26
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You can get an Audi S8 for £500 a month on lease, a BMW M3/4 on finance for £600 a month with 0% interest, financing/leasing cars is cheap, don't understand what's unreasonable about OPs situation, I'd still probably never do it
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StriderHort
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#27
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(Original post by Fekky.)
Car finance has nothing to do with how long they've been driving - this isn't car insurance mate.

Used RR Evoque for £17k or a fully loaded ford fiesta for £17k which'll depreciate to £8k in 2 years?
The Fiesta? right? It'll work
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IWMTom
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#28
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(Original post by Fekky.)
Or for it to be £250 a month maybe he's paid a deposit?

PCP Interest rates aren't bad at all, have a quick look online at some lenders, My father used PCP via a Mercedes dealer (they call it agility finance I think) and his interest is 3.9%... Plenty of car dealers also offer good interest rates, such as one local to me (https://www.db-automotive.com/) who offer 5.9% on PCP deals on their used cars.

Depreciation is bigger because your paying less towards the car compared to HP finance. a £250 pcp deal will probably be £400 on HP as you're paying more for the car. with a PCP deal you have a large balloon payment which you pay to keep the car or you just simply return it.
This is the same OP who asked about financing a lambo at 17. Check their previous threads before taking anything seriously.
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yelir
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#29
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#29
(Original post by IWMTom)
This is the same OP who asked about financing a lambo at 17. Check their previous threads before taking anything seriously.
To be honest i could care less about OP i've given my advice if it doesn't help him then hopefully it'll help someone else. I just don't understand why you look down on financing. Does this mean you'll never get a mortgage then? You'll wait till you've got 400K in cash to buy a house because god forbid you have something which you can't afford?
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IWMTom
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(Original post by Fekky.)
To be honest i could care less about OP i've given my advice if it doesn't help him then hopefully it'll help someone else. I just don't understand why you look down on financing. Does this mean you'll never get a mortgage then? You'll wait till you've got 400K in cash to buy a house because god forbid you have something which you can't afford?
I don't look down on financing - I look down on BAD financing deals.

PCP on a new car is often cost effective if you get the right offers.
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yelir
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(Original post by IWMTom)
I don't look down on financing - I look down on BAD financing deals.

PCP on a new car is often cost effective if you get the right offers.
99.9% you're better off getting a PCP deal on a nearly new vehicle which is a couple months or a year old, as someone else has already taken the initial depreciation hit, don't you agree?
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IWMTom
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#32
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#32
(Original post by Fekky.)
99.9% you're better off getting a PCP deal on a nearly new vehicle which is a couple months or a year old, as someone else has already taken the initial depreciation hit, don't you agree?
Depends on the deal, but OP clearly ain't going for nearly new, so the point is moot.
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Dunnig Kruger
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#33
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2012 Range Rover Evoques start from about £11,500 on Autotrader. Whilst that's not cheap, it's affordable for someone with a job or rich parents or that has inherited money from a grand-parent etc.

Direct line, Zurich, Admiral (multi car?), Aviva are the biggest brands not on comparison websites.

Instead of a 2012 Evoque, have you thought about an older standard Range Rover, or BMW X5, Audi Q7, Porsche Cayenne, Volvo XC90 (no one in the UK has ever died in an XC90)?
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Admit-One
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#34
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(Original post by IWMTom)
This is the same OP who asked about financing a lambo at 17. Check their previous threads before taking anything seriously.
Well obviously the Evoque is in addition to the Lambo and the Corsa and we’re supposed to be making recommendations based on multi car discounts.
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MrCole&Co
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#35
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#35
Honestly, thank you so much Sir, you have been such a great help and support.

I know i may have made posts before and it may look like im trolling, im genuinely trying to get some help, i have a good full time job in the city, it pays well, i can afford the 250-300 on a range rover evoque when the insurance im seeing is around 3k a year, i dont see why it is a bad idea to be honest,i understand im 18 and it is crazy but come on its not completely idiotic.


(Original post by Fekky.)
99.9% you're better off getting a PCP deal on a nearly new vehicle which is a couple months or a year old, as someone else has already taken the initial depreciation hit, don't you agree?
(Original post by IWMTom)
Depends on the deal, but OP clearly ain't going for nearly new, so the point is moot.
PCP on a used car is not a bad idea, i can hand it back and it can be bashed up and they will take it back, the dealership even said that to me when i spoke to him, he said of course they wont expect it back in perfect condition. I am still debating between PCP and HP, but i dont see why you seem to think your always right in every post on here when you have clearly been out done by Fekky.


Regardless of previous posts, im turning 18 so im going to get rid of my corsa, finance the range, and cruise around and enjoy myself.
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MrCole&Co
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#36
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#36
Regarding getting finance, i would be using a guarantor so that i am accepted, money will still come out my account and the agreement will be in my name.

I dont see how you think this is such an impossible task Thomas?
(Original post by IWMTom)
You can bet your bottom dollar the OP will go down a PCP route on a used car and shell out a fortune for a car they will never own.

I'd love to know how they'll get the finance at a reasonable rate given they're only just 18 and only passed their test in the last 4 months
(Original post by Fekky.)
Car finance has nothing to do with how long they've been driving - this isn't car insurance mate.

Plenty of people get good rates when their between 18-21, especially from dealerships, who use the incentive of low interest rates to introduce new customers to their brand in the hopes they'll come to them for their next car (happened to my brother). Furthermore, if you take out a HP/PCP deal they are secured loans i.e. if the borrower defaults they can just take the asset away so less risk for them.

Doesn't matter if he's shelling out a fortune, his RR Evoques costing him £250, might be another £400-500 on insurance approx. per month. If he can afford it its fine. We don't know his lifestyle or his income. Just don't know why you're shaming people for financing a "USED" car as you've put it - Used RR Evoque for £17k or a fully loaded ford fiesta for £17k which'll depreciate to £8k in 2 years?
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MrCole&Co
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#37
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#37
Regarding getting finance, i would be using a guarantor so that i am accepted, money will still come out my account and the agreement will be in my name.

I dont see how you think this is such an impossible task Thomas?
(Original post by IWMTom)
You can bet your bottom dollar the OP will go down a PCP route on a used car and shell out a fortune for a car they will never own.

I'd love to know how they'll get the finance at a reasonable rate given they're only just 18 and only passed their test in the last 4 months
(Original post by Fekky.)
Car finance has nothing to do with how long they've been driving - this isn't car insurance mate.

Plenty of people get good rates when their between 18-21, especially from dealerships, who use the incentive of low interest rates to introduce new customers to their brand in the hopes they'll come to them for their next car (happened to my brother). Furthermore, if you take out a HP/PCP deal they are secured loans i.e. if the borrower defaults they can just take the asset away so less risk for them.

Doesn't matter if he's shelling out a fortune, his RR Evoques costing him £250, might be another £400-500 on insurance approx. per month. If he can afford it its fine. We don't know his lifestyle or his income. Just don't know why you're shaming people for financing a "USED" car as you've put it - Used RR Evoque for £17k or a fully loaded ford fiesta for £17k which'll depreciate to £8k in 2 years?
(Original post by Admit-One)
Well obviously the Evoque is in addition to the Lambo and the Corsa and we’re supposed to be making recommendations based on multi car discounts.
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IWMTom
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#38
(Original post by MrCole&Co)
Honestly, thank you so much Sir, you have been such a great help and support.

I know i may have made posts before and it may look like im trolling, im genuinely trying to get some help, i have a good full time job in the city, it pays well, i can afford the 250-300 on a range rover evoque when the insurance im seeing is around 3k a year, i dont see why it is a bad idea to be honest,i understand im 18 and it is crazy but come on its not completely idiotic.






PCP on a used car is not a bad idea, i can hand it back and it can be bashed up and they will take it back, the dealership even said that to me when i spoke to him, he said of course they wont expect it back in perfect condition. I am still debating between PCP and HP, but i dont see why you seem to think your always right in every post on here when you have clearly been out done by Fekky.


Regardless of previous posts, im turning 18 so im going to get rid of my corsa, finance the range, and cruise around and enjoy myself.
You've been told porkies by your dealer. You'll be charged through the nose for any damage not documented. PCP on a used car is a bad idea, and most financial experts would agree (Martin Lewis specifically) - used car PCP doesn't come with dealer contributions and the interest is sky high, along with the other drawbacks of PCP it makes it a bad deal.

Tone your attitude down, you're not even 18 yet, consider whether this is the right car for you.
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MrCole&Co
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#39
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#39
Thats why i am considering HP, even HP is very affordable for me, i understand you think it is an idiotic idea and that i am just talking rubbish, but £400 a month is hardly a big expense when i am a full time worker in the city in london. HP + insurance costs will be roughly 600-700, then fuel maybe £40 a week? Only big costs will be servicing and repairs, but granted i pick a good nice spec low mileage range rover i think i will be fine.

I appreciate your concern and opinion but i believe what i am doing is the right thing, lifes too short to not be living it, id rather spend the money now and have a good youth then get older and regret not making the most of my young times.
(Original post by IWMTom)
You've been told porkies by your dealer. You'll be charged through the nose for any damage not documented. PCP on a used car is a bad idea, and most financial experts would agree (Martin Lewis specifically) - used car PCP doesn't come with dealer contributions and the interest is sky high, along with the other drawbacks of PCP it makes it a bad deal.

Tone your attitude down, you're not even 18 yet, consider whether this is the right car for you.
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IWMTom
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#40
(Original post by MrCole&Co)
Thats why i am considering HP, even HP is very affordable for me, i understand you think it is an idiotic idea and that i am just talking rubbish, but £400 a month is hardly a big expense when i am a full time worker in the city in london. HP + insurance costs will be roughly 600-700, then fuel maybe £40 a week? Only big costs will be servicing and repairs, but granted i pick a good nice spec low mileage range rover i think i will be fine.

I appreciate your concern and opinion but i believe what i am doing is the right thing, lifes too short to not be living it, id rather spend the money now and have a good youth then get older and regret not making the most of my young times.
Out of curiosity, what percentage of your income (after tax) are you planning to spend on this car per month?
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