To find out more about car finance and the options available to you, head over to our handy in-depth guide here -www.carwow.co.uk/guides/financing/car-finance-guide
Cheers for this, I been tryin to find out about "flip your way to financial freedom pdf" for a while now, and I think this has helped. Have you heard people talk about - Ferapt Freedom Fanboy - (do a search on google ) ? Ive heard some pretty good things about it and my friend got great success with it.
People on the comment section be like "Use always cash, if you can't afford it you shouldn't be financing it", man do you really know how the real world looks like? Financing doesn't mean that you don't have the cash, it just means that you pay it monthly as if you have saved it just with a little intrest on it, so chill out. Instead of using all that money at once for a car, intelligent people use the rest as an investment.
Osman Celik FINALLY someone I agree with here. thats exactly what I'm doing. I cant bring myself to pay $20 000 on a car when a large portion I invest and just pay installments. also after 3 years of ownership I can choose to upgrade to w newer model or downgrade to a car that costs next to nothing too own.
Well said, recently bought a house so all my savings went on the deposit, but my car at the time died on me and repair bill was almost the same value of the car so i got rid of it. With nothing saved due to it all going on my house deposit i'll finance a car, spreading the cost over a few years.
John 3:16-18 New International Version 16 For God so loved the world that he gave his one and only Son, that whoever believes in him shall not perish but have eternal life. 17 For God did not send his Son into the world to condemn the world, but to save the world through him. 18 Whoever believes in him is not condemned, but whoever does not believe stands condemned already because they have not believed in the name of God’s one and only Son.
I just got my first car after a year of trying ❤ I had the money for a couple months but I couldn’t get paystubs and bank statements until I had to pay a vendor online
Buy a car within your means. If you're rich splash out, if not get something that's older but known for quality with full service history. I work with people making just over 20 thousand a year who are buying cars on finance costing more than that. Crazy
mr y mysterious video Depends on your personal circumstances. If you already own your house (no mortgage), don't have children and you can easily save money then buying a car which is more than your annual income isn't that bad, as long as you plan on keeping it for a long time.
Interesting that you didn't talk about the risks of PCP and ending up with negative equity, or the fact that dealerships get insane bonuses for pushing people towards PCP over leasing.
tbh if you have a good credit score...you should try bank loan...mines 2.8% interest and over 30months I'm paying 280 interest. Far better interest than BMW offered me and means you don't have milage restrictions or optional final payment.
Joshua L can you explain how you got the loan did the bank give you enough to buy the car and then you just pay the bank back? Im thinking of getting a bmw 335i or 550i but im not sure where to stsrt since it will be my 1st car
Friend works at Aston Martin dealership. We were talking about how many people buy cars outright the other day. She says around 80% are on finance. For a prestige badge this shocked me at first. But then it kind of makes sense when you imagine how many different bills people have going out these days. Cars like Audi/BMW/Merc are selling more today due to finance options available to people. It's a lifestyle choice I suppose for some who can just about afford it in most cases.
Finance ? You get to drive a nice care that makes you feel special and happy, it’s warranted for a few years ( peace of mind) it’s new so very rare do they break down, and the alternative to finance? You splash out a few thousand for a used car, spend on expensive parts that may need replacing, if the gearbox or engine pack up, all the money invested in that used car will be wiped out. ☺️always financed mine, and @ roughly £2400 per year I can travel in reasonable style and with peace of mind, knowing that it’s a newish vehicle with warranty.
Back in 2009 by BF bought outright, with his own hard earned money, a 1 year old Astra (ex demo) that had 3000 miles on the clock. In that time, he only had one 'big repair' done to it and that was the alternator packed up when it was 7 years old. Everything else was regular routine expenses, like MOTs, servicing etc that all get done around the same time. The car is now 12 years old with 100K+ miles on the clock and runs like clockwork. Never a problem with the brakes, clutch, gearbox etc. Don't rubbish all cars because they are 3+ years old. You seem to think they will all suddenly break down and require major repairs thereafter. You look after your car, the car will look after you. For my BF, it's been a brilliant investment. We're not the sort of people to PCP a car every few years to impress the neighbours. We want a car that we OWN and we can do whatever we want with it. We can drive it without the worry of having to return it in mint condition or with certain miles on the clock back to the dealership. Also it's peace of mind that if we end up losing our jobs for example, we don't have to worry about how we would keep up with our car repayments. Our car is OURS.
What's with all these "cash only - live within your means" comments. Don't people know how the world works? Also using credit and finance sensibly is sometimes wiser than not using it at all. What do you guys think a mortgage is? You don't save first and then buy a house. Also - let people live their life how they want to. If they want to get a brand new car then let them. I've seen people get an older car and spend all the money they're supposedly saving in the garage fixing things every other month.
It still makes the most sense… you actually own something at the end too. This is a big deal unless you just want to throw away a huge sum on a deposit every couple of years…
when buying always go for earliest model of the car and ideally 2-3 years old (try not to buy a newish end of life or ready for new generation model) also go with the most popular option model trim as well as ones with loaded options don't buy a basic spec car because they are less desirable. Go to the bank get a loan and buy it out right and pay low interest, then change the car every 2-3 years. I have been doing this way for awhile and it works out pretty well whenever i come to sell it never depreciate more then 25%
bearbear807 end of life you mean the "facelifts" model? And you mea.. Buying a car max 2,3 years after they go out? And how much time do you take to sell you car ( 1 month or +?). You sell it by yourself on sell cars website or someone sell it for you and you pay it? Thx
I'm from Croatia. Our car market is quite smaller and car price for ''cash'' or finance is the same + interests when buying finance. I save monthly for a new car and buy a new car roughly every 7-8 years. My parents gave me their 1995 Daewoo Nexia in '98. I bought my first car in 2002 Peugeot 206. In 2009 i bought VW Eos. And a Sunset Copper Peugeot 3008 gt just couple of months ago.
Khalfi Joseph I don't think that's true. With an average Croatian income you can afford city car with decent trim (Polo, 208) or small familly car (Rapid or 301). Couple with 2 average incomes can comfortably afford mid spec compact hatchback or compact SUV.
@@thormaster06 lots of people in the UK, young people take finance on expensive cars like Mercedes, BMW, Audi... It's much better to drive an old cheaper car and save for a house 🏡 then you have something which will not lose it's price :)
That's right, so the only thing you're funding is the depreciation on the car. Rather than paying thousands upon thousands of your hard earned savings and then losing even more money due to depreciation. If you look to change your car every 3-4 years, it's ideal. If you're going to run it until its death, you don't really care about the re-sale value
It works out exactly the same idiot, I financed a 16k car 14 months ago and have finally sold it now and over that time I’ve paid a total of 6k, including what I had to pay to sell it, I’m pretty sure that’s even worse than depreciation that’s like buying for 16k then selling for 10k a year later , would have been better to use 16k cash, sell it for 13k. Then saved up what I would’ve spent on the monthly payments and put it back in that 16k pot and be much better off
My Tips Buy a personal plate 2 Buy a used car from main dealership with warranty 3 keep extending warranty 4 Buy with Hire Purchase and run the car for five years THe result you own the car have no penalties and you will not lose a fortune you drive a new car out of the Garage I have ran some beautiful cars like this and its never failed me yet with a good deal
Guy, think about it in this manner. Suppose a car costs 20,000$ and you have the cash in hand. What if you pay a downpayment of 25% and rest as monthly installments. Here the thing is you still have the 75% of cash with you and if handled wisely you can pay the installments with ease. That's known as oppurtunity cost.
szilard biro I agree most doesn't use it wisely. But as other users commented they don't mind taking the extra burden if they have time to repay it. This is effecient utilisation of money. Maybe you don't see the clear picture.
Shaf 13 there is no car company in the world that will not have a safeguard for the 75%. Therefore they charge an interest on the rest of your payments.
Massive fan of cars in love with them but however you look at it; buying in cash, finance or even lease... cars depreciate and cars break down. Whatever the scenario do what makes you happy so long as it’s in your means to do so. Not saying get into car debt for happiness 😊
Mish View Not always. If you outright buy an M4 by the time you've used it for 2 years just say the depreciation would be more than a potential lease deal. You'd rather lease it for two years and save the money!
You can get finance for a car with crazy low interest currently. It'd make sense to take a loan and pay 1,5% interest while getting higher returns from dividends, even. The degree of the "cash discount" is a major factor, though.
It’s not I did pcp then after a year got bored of it and realised I’d much rather have £300 extra per month, and not worry about the depreciation falling quicker than what I owe , have been trying to sell it for 6 months then finally sold it last week and I had to pay £1300 to get rid of it, not fun if you ask me
As the saying goes "stick within your means". I don't understand people who get themselves into finance deals to keep up appearances. I'd rather be proud of what I can afford and not lose money through leasing (renting) or regular interest payments. I understand it if a person is well off, otherwise just stick to what you can afford. If you don't like your current reality, work to change it.
In India however we pay 10% to 15% amount as a down payment of the total cost of the car and finance the rest of the amount by the dealers at some interest rates. everybody finance here.
Decent cars cost at least £30k, explain to me how someone on £40k a year is meant to buy a car straight out with cash? You can't, there are other responsibilities. If someone is willing to pay the extra 10%-20% extra in installments, its fine...let them, as long as they actually pay then what's wrong?
HP is only worth it if you have a decent credit score and put a good deposit down. I wrk at a car finance broker and what people will pay back is absurd. I spoke to someone who bout a car for £23k and was paying back £47k lol
I swear I've have hire purchase twice and it isn't like what's advertised in this vid? No deposit but higher monthly payments with option to buy the car after 48 months
It's funny how all you teenagers just get a little taste of life experience, and think you've got it all figured out... No... You can NOT always pay for cars in cash... Nor does financing mean you're living above your means... "if you don't have the cash to buy the car. You shouldn't own a car. HURR DURR". Okay. Well lets apply that same logic to buying a home. Guess we have to be homeless because we don't have that 150 grand up front to buy that house in cash. So it looks like the wife and kids will be sleeping under that park bench tonight. Yeah. Sorry to break this to you guys, but that isn't how life works...
markyes then dont apply for mortgage and work your ass off until you saved up £400k at least in your bank account. Something you dont get is some people keep their dream car for ages and dont care how much it depreciates so they rather get to it now and pay monthly to have the experience early
Prank Weekly firstly I'm Canadian. and I did not realize you were British, my bad. and I'm 25 with a great paying construction job as a quality control manager ($35 an hour). Where you sound like you are 15 years old who's never had job and got everything from daddy
I'm 20, had a hire offer on a Peugeot 208 Roland Garros and really enjoyed it! My contract is up this year so looking around and forward to getting a new car! Think of a 4x4 car like the Jeep renegade. Anyone got any suggestions on other cars I should check out. I have a budget of £7,000 deposit and payments of £250 a month! Give me suggestions and help please! Anyone have a jeep renegade?
Indeed. Buying used is the best for an average person. Especially when certified pre-owned is so good these days, you get warranty and everything and you dodge a lot of the depreciation.
Car mad For people who want a new car every few years it's common sense to finance or lease. A lot of owners of Rolls royces or other expensive cars will do it to avoid the depreciation
conorwaswrong Definitely best option. I got a top of the range 2012 Corsa with 26k miles as my first car at 17 that I paid (out of own pocket) £3000. It cost over £16000 new. My brother got a 2015 corsa on finance that he's paying £15000 for altogether. Meanwhile after 2 or 3 years I can go buy a sporty hot hatch, whereas he's still stuck with his for until 2020...
Hey! This video was simply amazing I love it! I make automotive compilation videos on my channel and I was just wondering if I could use 30 seconds or so of this video on one of mine. Now Don’t worry, the source of your video will be linked in the description and your channel name will be on the video itself in the top left corner. I hope to hear from you soon. Thank you for your time!
my family often purchase cars pm finance because they dont want to save up 50k and limit what else they can do with there money for a year. They'd rather just put 10k down and pay monthly because it then allows them to spend much more money on thinks like trips and wont empty there bank account. however they have brought cars cash as well which they think is good if you have a lot of money prepared and enough left over to do things
Buy a 2 year old car with cash savings and cheap loan from bank. Pay loan over 4 years, and the monthly cost is lower than the cost of new car on PCP. Then sell your car after 4 years and use the money for the next car.
everyone would choose cash of they could. Doesn't mean they cant afford a car if they finance it. Look at buying a house for example I'm sure people would love to buy in cash but unfortunately many people get a mortgage with interests.
all the Americans in the comments be like CASH cuz cars so cheap in the US while Europeans and Asians be like whaaaaa. ...... also waiting for your review of the new Swift and ignis mat
The best giude would be dont use carwow , they advertise cars @ way above what some car makers are selling them for do you home work what you might think is a bargain wont be . Currently in the uk some of the independants prices will destroy carwows prices easy its just a case of going on the internet and searching . I got this e-mail form Trustpilot Thanks for reviewing carwow on Trustpilot. carwow has reported your review because they don't believe you've had a genuine buying or service experience. Reported reviews are temporarily moved offline. The truth hurts !!!!
DON’T ‘buy’ what you cant afford full stop period. Those saying oh Finance is just spreading the cost and we still got the cash blah blah blah. What about the interest your paying? What about the restrictions? Let alone the penalties. This is why young people don’t get the concept of ‘hard work’ because they can get what they want on finance and credit.
Only thing is, the Car Finance bubble is beginning to look like the mortgage bubble pre-08, as the debt levels are now nearing those amounts. Although, a lot of the car finance companies are 'insured'
I like to own my car so I choose cash. Maybe if I buy an electric car in the future, it's gonna be financed in another way. Vehicle taxes and fuel tax is going up to absurd levels here in Sweden so I may have to transfer to an electric vehicle.
Wake up and save your money every month 🙏 Reliable £1500 car like a VW Passat TDI 2007-2010 won't let you down, Car finance means less money for you EVERY SINGLE MONTH just to impress a person at a stoplight you will never meet😂🙈🙈🙈
I will never never never never never buy a brand new car and accept a 20% depreciation on day 1. With a bank loan (around 3%) you can get 30%-40% off the car you want as pre-reg or 1-2 year old.
@@matthewk9131 it is a depreciating asset yes, but if you consider car payments, insurance, tax, and repairs, I would argue it can be considered a liability as well.
@@matthewk9131 I use the 'Rich dad poor dad' definition of asset, which is probably why we have different opinions. Btw if you havn't already read the book, I highly recommend it
![Lp. Сердце Вселенной #60 РОЖДЕНИЕ ЛОЛОЛОШКИ [Финал] • Майнкрафт](http://i.ytimg.com/vi/YoR0pAV9FVQ/mqdefault.jpg)
To find out more about car finance and the options available to you, head over to our handy in-depth guide here -www.carwow.co.uk/guides/financing/car-finance-guide
Cheers for this, I been tryin to find out about "flip your way to financial freedom pdf" for a while now, and I think this has helped. Have you heard people talk about - Ferapt Freedom Fanboy - (do a search on google ) ? Ive heard some pretty good things about it and my friend got great success with it.
People on the comment section be like "Use always cash, if you can't afford it you shouldn't be financing it", man do you really know how the real world looks like? Financing doesn't mean that you don't have the cash, it just means that you pay it monthly as if you have saved it just with a little intrest on it, so chill out. Instead of using all that money at once for a car, intelligent people use the rest as an investment.
Osman Celik FINALLY someone I agree with here. thats exactly what I'm doing. I cant bring myself to pay $20 000 on a car when a large portion I invest and just pay installments. also after 3 years of ownership I can choose to upgrade to w newer model or downgrade to a car that costs next to nothing too own.
investment in holidays, right?
szilard biro some would invest in Holidays whereas ill rather invest in shares, stocks or a specific find. holidays can come later lol
Well said, recently bought a house so all my savings went on the deposit, but my car at the time died on me and repair bill was almost the same value of the car so i got rid of it. With nothing saved due to it all going on my house deposit i'll finance a car, spreading the cost over a few years.
It’s called building credit
Literally to the 1% who's reading this, God bless you, and may your dreams come true, stay safe and have a wonderful day.
What beautiful message.
May the sign-if-i-can-ce of life magnifi-cence within your being.
Love and light.....
X
Have a lovely day too.
John 3:16-18
New International Version
16 For God so loved the world that he gave his one and only Son, that whoever believes in him shall not perish but have eternal life. 17 For God did not send his Son into the world to condemn the world, but to save the world through him. 18 Whoever believes in him is not condemned, but whoever does not believe stands condemned already because they have not believed in the name of God’s one and only Son.
Thank you
Amen 🙏🏾. And bless you too
I just got my first car after a year of trying ❤ I had the money for a couple months but I couldn’t get paystubs and bank statements until I had to pay a vendor online
Deels cafe
@Johnnydoggs3yeah thanks this information was helpful
page with the black dude on the profile right?
on i. g
instagran
Buy a car within your means. If you're rich splash out, if not get something that's older but known for quality with full service history. I work with people making just over 20 thousand a year who are buying cars on finance costing more than that. Crazy
mr y mysterious video Depends on your personal circumstances. If you already own your house (no mortgage), don't have children and you can easily save money then buying a car which is more than your annual income isn't that bad, as long as you plan on keeping it for a long time.
mr y mysterious video you just sound salty
said people, could have lots of disposable income... think "living with parents, paying no rent".
Buy a Lada Riva, things are bulletproof.
Interesting that you didn't talk about the risks of PCP and ending up with negative equity, or the fact that dealerships get insane bonuses for pushing people towards PCP over leasing.
You just hand the car back and walk away with nothing, then take out another pcp finance somewhere else with another company
@@michaelsilvayanez9780 yeah in the ideal world
tbh if you have a good credit score...you should try bank loan...mines 2.8% interest and over 30months I'm paying 280 interest. Far better interest than BMW offered me and means you don't have milage restrictions or optional final payment.
Joshua L can you explain how you got the loan did the bank give you enough to buy the car and then you just pay the bank back? Im thinking of getting a bmw 335i or 550i but im not sure where to stsrt since it will be my 1st car
Very true bank loans very low interest rates especially now during covid. If you sell the car then you the money and pay back remaining loan.
Friend works at Aston Martin dealership.
We were talking about how many people buy cars outright the other day.
She says around 80% are on finance.
For a prestige badge this shocked me at first. But then it kind of makes sense when you imagine how many different bills people have going out these days.
Cars like Audi/BMW/Merc are selling more today due to finance options available to people.
It's a lifestyle choice I suppose for some who can just about afford it in most cases.
Finance ? You get to drive a nice care that makes you feel special and happy, it’s warranted for a few years ( peace of mind) it’s new so very rare do they break down, and the alternative to finance? You splash out a few thousand for a used car, spend on expensive parts that may need replacing, if the gearbox or engine pack up, all the money invested in that used car will be wiped out. ☺️always financed mine, and @ roughly £2400 per year I can travel in reasonable style and with peace of mind, knowing that it’s a newish vehicle with warranty.
Long run you pay more
Nah
Reliable £1500 car like a VW Passat TDI won't let you down,
Car finance means less money for you EVERY SINGLE MONTH😂🙈🙈🙈
Back in 2009 by BF bought outright, with his own hard earned money, a 1 year old Astra (ex demo) that had 3000 miles on the clock. In that time, he only had one 'big repair' done to it and that was the alternator packed up when it was 7 years old. Everything else was regular routine expenses, like MOTs, servicing etc that all get done around the same time. The car is now 12 years old with 100K+ miles on the clock and runs like clockwork. Never a problem with the brakes, clutch, gearbox etc. Don't rubbish all cars because they are 3+ years old. You seem to think they will all suddenly break down and require major repairs thereafter. You look after your car, the car will look after you. For my BF, it's been a brilliant investment. We're not the sort of people to PCP a car every few years to impress the neighbours. We want a car that we OWN and we can do whatever we want with it. We can drive it without the worry of having to return it in mint condition or with certain miles on the clock back to the dealership. Also it's peace of mind that if we end up losing our jobs for example, we don't have to worry about how we would keep up with our car repayments. Our car is OURS.
What's with all these "cash only - live within your means" comments. Don't people know how the world works? Also using credit and finance sensibly is sometimes wiser than not using it at all. What do you guys think a mortgage is? You don't save first and then buy a house. Also - let people live their life how they want to. If they want to get a brand new car then let them. I've seen people get an older car and spend all the money they're supposedly saving in the garage fixing things every other month.
It still makes the most sense… you actually own something at the end too. This is a big deal unless you just want to throw away a huge sum on a deposit every couple of years…
when buying always go for earliest model of the car and ideally 2-3 years old (try not to buy a newish end of life or ready for new generation model) also go with the most popular option model trim as well as ones with loaded options don't buy a basic spec car because they are less desirable.
Go to the bank get a loan and buy it out right and pay low interest, then change the car every 2-3 years.
I have been doing this way for awhile and it works out pretty well whenever i come to sell it never depreciate more then 25%
bearbear807 end of life you mean the "facelifts" model? And you mea.. Buying a car max 2,3 years after they go out?
And how much time do you take to sell you car ( 1 month or +?).
You sell it by yourself on sell cars website or someone sell it for you and you pay it?
Thx
I'm from Croatia. Our car market is quite smaller and car price for ''cash'' or finance is the same + interests when buying finance. I save monthly for a new car and buy a new car roughly every 7-8 years. My parents gave me their 1995 Daewoo Nexia in '98. I bought my first car in 2002 Peugeot 206. In 2009 i bought VW Eos. And a Sunset Copper Peugeot 3008 gt just couple of months ago.
thormaster06 you can afford nothing with Croatian salary...
Khalfi Joseph I don't think that's true. With an average Croatian income you can afford city car with decent trim (Polo, 208) or small familly car (Rapid or 301). Couple with 2 average incomes can comfortably afford mid spec compact hatchback or compact SUV.
@@thormaster06 lots of people in the UK, young people take finance on expensive cars like Mercedes, BMW, Audi... It's much better to drive an old cheaper car and save for a house 🏡 then you have something which will not lose it's price :)
Top 10 Best First Cars?
The Moose Ferrari 488 GTb
Surely it has to be a Dino?
Scania G320 ... trust me.
Rolls Royce Sweptail
omg bro why would you want to spend so little on a car. its only like $12,300,000.
Why would you ever want to plough all your savings in to a depreciating asset? If it appreciates, buy it, if it depreciates, rent it.
the depreciation is priced in to the cars rent. Renting the car does not get you out of depreciation.
That's right, so the only thing you're funding is the depreciation on the car. Rather than paying thousands upon thousands of your hard earned savings and then losing even more money due to depreciation. If you look to change your car every 3-4 years, it's ideal. If you're going to run it until its death, you don't really care about the re-sale value
I see you're a fan of Aristotle Onassis 👍
@@steenglish Who?
It works out exactly the same idiot, I financed a 16k car 14 months ago and have finally sold it now and over that time I’ve paid a total of 6k, including what I had to pay to sell it, I’m pretty sure that’s even worse than depreciation that’s like buying for 16k then selling for 10k a year later , would have been better to use 16k cash, sell it for 13k. Then saved up what I would’ve spent on the monthly payments and put it back in that 16k pot and be much better off
My Tips Buy a personal plate 2 Buy a used car from main dealership with warranty 3 keep extending warranty 4 Buy with Hire Purchase and run the car for five years THe result you own the car have no penalties and you will not lose a fortune you drive a new car out of the Garage I have ran some beautiful cars like this and its never failed me yet with a good deal
Guy, think about it in this manner. Suppose a car costs 20,000$ and you have the cash in hand. What if you pay a downpayment of 25% and rest as monthly installments. Here the thing is you still have the 75% of cash with you and if handled wisely you can pay the installments with ease. That's known as oppurtunity cost.
Shaf 13 but the interest added will ensure you pay more than a one-off payment by the end of it
it depends on the contract. Most of them will charge you a sizeable amount so the interest is actually a burden whether you realise it or not.
aha, and what happens when the 75% are not handled wisely, lets face it most people will spend it relatively quickly and unwisely
szilard biro I agree most doesn't use it wisely. But as other users commented they don't mind taking the extra burden if they have time to repay it. This is effecient utilisation of money. Maybe you don't see the clear picture.
Shaf 13 there is no car company in the world that will not have a safeguard for the 75%. Therefore they charge an interest on the rest of your payments.
11 : Steal a car
You should not steal a car
Alagu c r/whooosh
Go for ur life .. any but mine
Massive fan of cars in love with them but however you look at it; buying in cash, finance or even lease... cars depreciate and cars break down. Whatever the scenario do what makes you happy so long as it’s in your means to do so.
Not saying get into car debt for happiness 😊
Another great video Matt! Although I think it's best to steer clear of car financing in most cases
Cash... Always Cash..or bank transfer ...
Mish View Not always. If you outright buy an M4 by the time you've used it for 2 years just say the depreciation would be more than a potential lease deal. You'd rather lease it for two years and save the money!
You can get finance for a car with crazy low interest currently. It'd make sense to take a loan and pay 1,5% interest while getting higher returns from dividends, even. The degree of the "cash discount" is a major factor, though.
Wow you can't keep a car for more than 2 years? You're spoiled as shit
+MRsjovealek yeah, but you have to pay for the defects when you trade a car in anyway, thats probably a neutral point.
If you're leasing because of depreciation , you simply can't afford it .You're not worthy of the car .
Buy on hire purchase and pay lump once a year and finish earlier with little interest only if u want to keep the car for longer .
What is the benefit of HP or PCP over getting a low cost loan and financing an outright purchase through that route?
I bought my first with cash, but I want a luxury car next so have to consider one of these.
Yes if you can easily afford then payments then it's not such a bad idea
so I've noticed stealing isn't mentioned here??
If you have good credit rating, my advice is use a bank loan every time. A bank loan is cheaper APR and the car is yours to sell whenever you like.
Its different here in turkey my bank advicer said i have a very good credit rating but it is still cheaper to make a deal with the car dealership
PCP is also suitable if your just tryna have a little fun😏
It’s not I did pcp then after a year got bored of it and realised I’d much rather have £300 extra per month, and not worry about the depreciation falling quicker than what I owe , have been trying to sell it for 6 months then finally sold it last week and I had to pay £1300 to get rid of it, not fun if you ask me
@@jamesbell9828 I think they're talking about PCP the drug
Rick J such a messed up drug that
@carwow what car did you buy?
wouldn't the savings offered buying a car on finance be outweighed by the amount of intrest paid back?
As the saying goes "stick within your means". I don't understand people who get themselves into finance deals to keep up appearances. I'd rather be proud of what I can afford and not lose money through leasing (renting) or regular interest payments.
I understand it if a person is well off, otherwise just stick to what you can afford. If you don't like your current reality, work to change it.
I agree !
In India however we pay 10% to 15% amount as a down payment of the total cost of the car and finance the rest of the amount by the dealers at some interest rates. everybody finance here.
I nicked my last two cars. Saves a lot of bills.
You pay for the whole car then don't get to keep it at the end?
Decent cars cost at least £30k, explain to me how someone on £40k a year is meant to buy a car straight out with cash? You can't, there are other responsibilities. If someone is willing to pay the extra 10%-20% extra in installments, its fine...let them, as long as they actually pay then what's wrong?
HP is only worth it if you have a decent credit score and put a good deposit down. I wrk at a car finance broker and what people will pay back is absurd.
I spoke to someone who bout a car for £23k and was paying back £47k lol
looooooooooooooooooooooooooooooooooool so hes paying back double the amount on a depreciating asset lool what a jam donut
I wish I knew the name of that song that was playing in the background that was lit af
Can you negotiate the price of a car if you finance it or is negotition only for paying with cash
I swear I've have hire purchase twice and it isn't like what's advertised in this vid? No deposit but higher monthly payments with option to buy the car after 48 months
best option is to finance if your getting brand new, that way you dont lose any money on the car and you get free services aswell on finance.
right , but surely the depreciation is priced in to the monthly payment + interest, otherwise the dealer would make a loss
maybe but it still works out cheaper than buying a brand new car and losing 5k + on it in the first 6 months
I think you meant lease, not finance.
If you buy on PCP do the finance company still protect you if your car goes wrong and you paid by debit?
It's funny how all you teenagers just get a little taste of life experience, and think you've got it all figured out... No... You can NOT always pay for cars in cash... Nor does financing mean you're living above your means... "if you don't have the cash to buy the car. You shouldn't own a car. HURR DURR". Okay. Well lets apply that same logic to buying a home. Guess we have to be homeless because we don't have that 150 grand up front to buy that house in cash. So it looks like the wife and kids will be sleeping under that park bench tonight. Yeah. Sorry to break this to you guys, but that isn't how life works...
People sleep under bridges not benches. Lol.
Dump ass
Cars depreciate, houses increase in value over time. Next...
I don't understand why anyone would pay interest on something that depreciates
MahadAli they dont have the money and they are planning to keep the car for long term.. easy
markyes then dont apply for mortgage and work your ass off until you saved up £400k at least in your bank account. Something you dont get is some people keep their dream car for ages and dont care how much it depreciates so they rather get to it now and pay monthly to have the experience early
markyes that wasn't my point and you clearly ignored my valid points but ok
markyes you clearly didnt watch the video.. most people keep their car after last payment
markyes another loan for the last payment? Are you insane the car is theirs after last payment which is the same figure as the other ones in HP
Didn’t check the blind spot mate
Does anybody know the song appearing at number 4 (1:09) and 8 (2:52)?
no
could you do maybe a video on insurance as im a young driver and was wondering if there are any tips to get a cheap deal
Cash obviously, only for those who don't pay taxes. Hehe 😉
they pay it, just a lot less because they are clever
Tejas Karande: You are overlooking those of us who work hard, pay a lot of tax but also save enough to buy with cash.
Tejas Karande Cant buy a new car from a official dealer in Cash
Prank Weekly yes you can. if you have the cash
Prank Weekly firstly I'm Canadian. and I did not realize you were British, my bad. and I'm 25 with a great paying construction job as a quality control manager ($35 an hour). Where you sound like you are 15 years old who's never had job and got everything from daddy
why would you choose pch over pcp
I'm 20, had a hire offer on a Peugeot 208 Roland Garros and really enjoyed it! My contract is up this year so looking around and forward to getting a new car! Think of a 4x4 car like the Jeep renegade. Anyone got any suggestions on other cars I should check out. I have a budget of £7,000 deposit and payments of £250 a month! Give me suggestions and help please! Anyone have a jeep renegade?
Jake Silvester get the new Jeep Compass
Roman Kofmehl do you know when thats out in the UK?
Try buying a car in Singapore where a Subaru Forester costs $130,000.
Buying a car on finance is like renting a car. I'll never want to own a car on finance, the term I like to use is 'stunting'
Indeed. Buying used is the best for an average person. Especially when certified pre-owned is so good these days, you get warranty and everything and you dodge a lot of the depreciation.
Car mad For people who want a new car every few years it's common sense to finance or lease. A lot of owners of Rolls royces or other expensive cars will do it to avoid the depreciation
Simonas Mažeikis I agree !
Chatta290 I really didn't know a lot of rolls Royce owners buy their cars on finance lol
Car mad mainly leased. Rather then buy one and for it to lose 100,000 or more it's better to lease it so you don't have to deal with the depreciation.
Be specific on the finance deal.
And don't forget the APR will be judged on your credit rating - if you can get credit at all.
Great video. Was thinking about doing something similar on my UA-cam channel, lots of misunderstandings when talking about financing vehicles
So if I get a ferati and the finince is £665 per month dose that mean I pay £665 per month
U need to leave
A. S u one submission looking slab
@@featahfeatah1723 u will never be a famous DJ btw just saying
A. S how come I just got signed then
A. S and plus this isn’t even my channel the people that I work with are called dark side
absently like this guy Mat Watson congratulations carwow to have him on the board
buy used 3-5 year old for cash
conorwaswrong Definitely best option. I got a top of the range 2012 Corsa with 26k miles as my first car at 17 that I paid (out of own pocket) £3000. It cost over £16000 new. My brother got a 2015 corsa on finance that he's paying £15000 for altogether. Meanwhile after 2 or 3 years I can go buy a sporty hot hatch, whereas he's still stuck with his for until 2020...
If you're able to lease a car as a business customer, you can save a lot of money. However, as a private customer I would probably not do this.
People buying things they cannot afford with money they do not have.
people buying things they dont need with money they dont have to impress people they dont like
Nexon Mozart how sad the world is we live in
this is great world for banksters :/
ahmed no they're not 'buying' the car they're leasing it
sadman hoque yeah cause they cannot afford it. People living beyond their means
That Audi is really nice. A5 cabriolet?
where is ignis review
I think that having a chartered accountant, like Mat, with you when buying a car is very handy indeed.
Accountants know nothing about this
best option: forget about the car
Cristi Cristi cheapest option and most effective
best second hand car by category(at least top 3 for each) please :)
Hey!
This video was simply amazing I love it! I make automotive compilation videos on my channel and I was just wondering if I could use 30 seconds or so of this video on one of mine. Now Don’t worry, the source of your video will be linked in the description and your channel name will be on the video itself in the top left corner. I hope to hear from you soon. Thank you for your time!
my family often purchase cars pm finance because they dont want to save up 50k and limit what else they can do with there money for a year. They'd rather just put 10k down and pay monthly because it then allows them to spend much more money on thinks like trips and wont empty there bank account. however they have brought cars cash as well which they think is good if you have a lot of money prepared and enough left over to do things
He forgot to mention the GMFV, and that you can part exchange for another new car in a PCP
If you just spoke swedish, and were telling me what applies here in sweden, i would be more than happy to watch it ;)
But generally the car is cheaper if you pay the whole amount upfront. Because there's no interest to add.
Buy a 2 year old car with cash savings and cheap loan from bank. Pay loan over 4 years, and the monthly cost is lower than the cost of new car on PCP. Then sell your car after 4 years and use the money for the next car.
There are just so many options, I think bank loan or cash seems best.
everyone would choose cash of they could. Doesn't mean they cant afford a car if they finance it. Look at buying a house for example I'm sure people would love to buy in cash but unfortunately many people get a mortgage with interests.
yea but a house can appreciate in value as oppose to a car where it depreciates in valuw. why would you finance something that depreciates in value.
all the Americans in the comments be like CASH cuz cars so cheap in the US while Europeans and Asians be like whaaaaa. ...... also waiting for your review of the new Swift and ignis mat
thanks it was so useful
Hay Mat,what hatchback would you recommend buying,with budget of around 20 thousand euros? Can you recommend top 3?
The best giude would be dont use carwow , they advertise cars @ way above what some car makers are selling them for do you home work what you might think is a bargain wont be .
Currently in the uk some of the independants prices will destroy carwows prices easy its just a case of going on the internet and searching .
I got this e-mail form Trustpilot
Thanks for reviewing carwow on Trustpilot.
carwow has reported your review because they don't believe
you've had a genuine buying or service experience. Reported reviews are
temporarily moved offline.
The truth hurts !!!!
If you didn't use it then you obviously can't review it, now shut the fuck up
Totally agree Well said
i need to buy a donkey...do u think i can get finace to buy 100 donkey...i need 100 as i need to take some stuff up this big hill
oooh I'm early awesome vid
DON’T ‘buy’ what you cant afford full stop period. Those saying oh Finance is just spreading the cost and we still got the cash blah blah blah. What about the interest your paying? What about the restrictions? Let alone the penalties.
This is why young people don’t get the concept of ‘hard work’ because they can get what they want on finance and credit.
Indeed, I know a young lady at work who has just taken out a contract on a new iPhone which costs a grand, ridiculous.
Very helpful video
Leasing or financing a car is too expensive in my country.
The most important question is which car you should buy? The one you like or the most logical one????
Hmm no wonder so many cars are clocked
Only thing is, the Car Finance bubble is beginning to look like the mortgage bubble pre-08, as the debt levels are now nearing those amounts. Although, a lot of the car finance companies are 'insured'
do ignis review
Woooow I’ve been searching for this
what does finance mean?
Madern you pay monthly
Lightning Returns and lease ?
Soulx CrusherX he explains it in the video
I like to own my car so I choose cash. Maybe if I buy an electric car in the future, it's gonna be financed in another way. Vehicle taxes and fuel tax is going up to absurd levels here in Sweden so I may have to transfer to an electric vehicle.
Gotta pay for those cultural enrichers, right?
never thought i'd be able to have a brand new car at 20yrs old. PCP is definitely a great option.
You're overpaying though
@@WatNeyHD so what as long as he is happy
A. S He could be happier though
@@WatNeyHD that goes for everyone 🤷
A. S especially those who overpay through PCP that’s my point
Leasing is best
Very good
but is it comfy
What's the fascination with keeping up appearances, just buy a car outright.
Wake up and save your money every month 🙏
Reliable £1500 car like a VW Passat TDI 2007-2010 won't let you down,
Car finance means less money for you EVERY SINGLE MONTH just to impress a person at a stoplight you will never meet😂🙈🙈🙈
I will never never never never never buy a brand new car and accept a 20% depreciation on day 1.
With a bank loan (around 3%) you can get 30%-40% off the car you want as pre-reg or 1-2 year old.
Paying interest rates and balloon payments on something which is loosing value is foolish.
that Suzuki is so ugly 😶
Peter Pavlík stfu
@@BobaShakeMallow u need help lmao
Now can you review a car whilst looking at accounting spreadsheets.
Good vid
I'm so surprised by how many people think a car is a liability. It's a depreciating asset. Some of you need to go back to school.
yes it is a liability! well said
@@webbmoney2618 it's a depreciating asset not a liability.
@@matthewk9131 it is a depreciating asset yes, but if you consider car payments, insurance, tax, and repairs, I would argue it can be considered a liability as well.
@@webbmoney2618 I get that in that aspect of things however the car is still an asset regardless if it appreciates or depreciates.
@@matthewk9131 I use the 'Rich dad poor dad' definition of asset, which is probably why we have different opinions. Btw if you havn't already read the book, I highly recommend it
"Financing a car is stupid! Financing a car at 5% 9% 10% or 15%apr is STUPID on STEROIDS Baby" Dave Ramsay
best way is to get a test car for which you don't pay anything including gas