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JackieO

Car Loan or Lease

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Our beloved 10yo VW Golf looks like it may be heading to the scrapyard in the sky :(

Should we get a loan or lease?

TBH  never thought I would consider leasing a car however this year due to an inheritance we will soon be totally debt free, so we would not have to lease after 1 lease term ie 2 years.

The payments per month for the same car model look similar for a nearly new car on loan v a lease car <sigh>

Hopefully our Golf will not die :(

 

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Best thing is save up for a replacement.

With a loan you at least own the car. The banks cannot take the car off you if you were to default. With PCP or whatever it is the finance company own the car.  I think the loan is the next best option.

 

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56 minutes ago, Malthus said:

What’s up with it ? 

If it is knackered but another one 

Oil pressure warning light came on on travelling home Friday night, kept on going a little bit, car went kaput.

Wouldn't start this morning, breakdown recovery taken it around to the local garage for it to be looked at on Monday

... feeling is that is fooked. Engine seized up. Real PITA as it's a great runner, 1.9 VW TDi.  One of my friends works at Audi as a 'techniciain' - the fancy term for specialist mechanic who can make magic.  He reckons it's probably fooked too, recommends a Mk6 1.6 Tdi VW ....

expensive times.

 

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1.9tdi’s are pretty bomb proof , though no oil will kill any engine 

Would never take a pcp , buy a low mileage 3 year old car coming off a lease would be my advice 

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5 minutes ago, JFK said:

Oil pressure warning light came on on travelling home Friday night, kept on going a little bit, car went kaput.

Wouldn't start this morning, breakdown recovery taken it around to the local garage for it to be looked at on Monday

... feeling is that is fooked. Engine seized up. Real PITA as it's a great runner, 1.9 VW TDi.  One of my friends works at Audi as a 'techniciain' - the fancy term for specialist mechanic who can make magic.  He reckons it's probably fooked too, recommends a Mk6 1.6 Tdi VW ....

expensive times.

 

Oil warning light comes on = stop engine immediately.

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Do you want to go swanking down the road in the latest..................and worry about the 59 payment tickets in your book.

OR would you prefer to go along, perfectly well in something much older and not have any payments to make..........at all...

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8 minutes ago, Malthus said:

1.9tdi’s are pretty bomb proof , though no oil will kill any engine 

Would never take a pcp , buy a low mileage 3 year old car coming off a lease would be my advice 

Aye, it's been a real stalwart. Only had to have the clutch replaced and a few other minor things. Passed all MOTs sailing it.  Car was Jackie O's rellies before they traded up a larger car due to kids, one careful owner, full VW service history etc. Really fucking annoying if it's knackered.

... been looking online and all the low mileage cars are fucking well pricey. It's all part of the whole PCP money making pyramid scheme isn't it? What a joke. Where are all the low mileage cars coming off-finance? They're being restricted in supply and keeping the price pumped up. Fuckers.

 

5 minutes ago, dgul said:

Oil warning light comes on = stop engine immediately.

:PissedOff:  i know. :(

 

1 minute ago, Byron said:

Do you want to go swanking down the road in the latest..................and worry about the 59 payment tickets in your book.

OR would you prefer to go along, perfectly well in something much older and not have any payments to make..........at all...

Don't give a shit about all electronics. They annoy me. It's another thing to go wrong and be in the garage costing money for. For instance, Jackie O has borrowed her brothers car for a few days.  It's got loads of bells and whistles, but things like only being able to open the boot electronically. I don't like that - what if the motor fucks up and you can't open the boot? To get at the spare tyre for instance.  The mirrors automatically move into a closed position ... again, another electronic motor that if it fucks up it's more expense.  I can use my legs and physically move the mirrors closed.

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6 minutes ago, JFK said:

Aye, it's been a real stalwart. Only had to have the clutch replaced and a few other minor things. Passed all MOTs sailing it.  Car was Jackie O's rellies before they traded up a larger car due to kids, one careful owner, full VW service history etc. Really fucking annoying if it's knackered.

... been looking online and all the low mileage cars are fucking well pricey. It's all part of the whole PCP money making pyramid scheme isn't it? What a joke. Where are all the low mileage cars coming off-finance? They're being restricted in supply and keeping the price pumped up. Fuckers.

 

:PissedOff:  i know. :(

 

Don't give a shit about all electronics. They annoy me. It's another thing to go wrong and be in the garage costing money for. For instance, Jackie O has borrowed her brothers car for a few days.  It's got loads of bells and whistles, but things like only being able to open the boot electronically. I don't like that - what if the motor fucks up and you can't open the boot? To get at the spare tyre for instance.  The mirrors automatically move into a closed position ... again, another electronic motor that if it fucks up it's more expense.  I can use my legs and physically move the mirrors closed.

If the motor fucks up, you hardly need to replace the flat tyre. :)

if you take finance on a new car, you can often get a manufacturer contribution. Then pay the whole thing off. 

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1 minute ago, One percent said:

If the motor fucks up, you hardly need to replace the flat tyre. :)

if you take finance on a new car, you can often get a manufacturer contribution. Then pay the whole thing off. 

meant the motor on the boot :)

yeah, well will be interesting to see if there is any scope for getting some sort of dosh, scrappage or whatever.

Annoying this is shit like the battery is quite new and the new set of tyres are about 12 months old. Fucking pain. in. the. arse.

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5 minutes ago, dgul said:

Sorry - wasn't winding you up.  Just that some people don't know.

Me too :)  Just fucking annoyed by the situation.  Really could do without this potential for a whole pit of money happening right now

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Posted (edited)

Hope it's repairable. If not try Autotrader. Set the toggle for private sales only and do your due diligence on the vendor as well as the car. You should be able to get a decent 3-5 year old car for a fair price. I bought my last two cars this way and will never buy from a dealer again.

Edited by InLikeFlynn

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53 minutes ago, JFK said:

Oil pressure warning light came on on travelling home Friday night, kept on going a little bit, car went kaput.

Wouldn't start this morning, breakdown recovery taken it around to the local garage for it to be looked at on Monday

... feeling is that is fooked. Engine seized up. Real PITA as it's a great runner, 1.9 VW TDi.  One of my friends works at Audi as a 'techniciain' - the fancy term for specialist mechanic who can make magic.  He reckons it's probably fooked too, recommends a Mk6 1.6 Tdi VW ....

expensive times.

 

Car went kaput - in what way? 

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57 minutes ago, JFK said:

Oil pressure warning light came on on travelling home Friday night, kept on going a little bit, car went kaput.

Wouldn't start this morning, breakdown recovery taken it around to the local garage for it to be looked at on Monday

... feeling is that is fooked. Engine seized up. Real PITA as it's a great runner, 1.9 VW TDi.  One of my friends works at Audi as a 'techniciain' - the fancy term for specialist mechanic who can make magic.  He reckons it's probably fooked too, recommends a Mk6 1.6 Tdi VW ....

expensive times.

 

modern diesels are expensive to repair if things go wrong, injectors, turbos, dpf, dual mass flywheel, valve seals etc 

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You can buy any number of perfectly good cars for £300-500, which is barely two months lease payments for most bog standard new cars. Yes, they might go catastrophically wrong at some point, but on average you will get more than two months out of them, I would have thought.

Something like a petrol Mk3 Mondeo with 6 months test and a few dents will struggle to make £300 on ebay, but could have years of life left in it if you get lucky. I really don't get the economic rationale of borrowing money to pay, say, £2k for a 7-8 year old car, unless it's a 30,000 mile example previously owned by a fastidious relative.

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5 minutes ago, ashestoashes said:

modern diesels are expensive to repair if things go wrong, injectors, turbos, dpf, dual mass flywheel, valve seals etc 

Diesels were great -- the diesel lubricated the engine, and the fundamentals were bulletproof.  A diesel would do 250k without problems while a petrol would do 100k.

Then they introduce all sorts of fancy stuff.   Sure, the engine itself is capable of the high miles, but it is surrounded by stuff to go wrong and expensive to fix.

Beyond that, the thing that kills cars these days isn't so often the engine.  Usually strange electrics, airbag lights, etc.

Unless you're doing massive miles you're better off with a petrol.

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1 minute ago, ashestoashes said:

modern diesels are expensive to repair if things go wrong, injectors, turbos, dpf, dual mass flywheel, valve seals etc 

Certainly not cheap and lots more to go wrong on a modern diesel, but a mechanic who can properly fault find and some leeway in aftermarket products can help. Two main issues in 9 years of ownership of van with 75k already on the clock have been dual mass flywheel and hole in intercooler which for all the world seemed like a blown turbo for a while. I had the DMF replaced with a fixed one and aftermarket intercooler and resultant bills totalled below £800 - I can stump £100 a year to cover "major" fixes outside of general wear and tear items compared to the depreciation on new.

Having access to good trusted mechanics is a real plus for the s/h purchase route and sways the balance to that route over new/lease etc   

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4 minutes ago, Rave said:

You can buy any number of perfectly good cars for £300-500, which is barely two months lease payments for most bog standard new cars. Yes, they might go catastrophically wrong at some point, but on average you will get more than two months out of them, I would have thought.

Something like a petrol Mk3 Mondeo with 6 months test and a few dents will struggle to make £300 on ebay, but could have years of life left in it if you get lucky. I really don't get the economic rationale of borrowing money to pay, say, £2k for a 7-8 year old car, unless it's a 30,000 mile example previously owned by a fastidious relative.

We spent £3k on a miley Yaris diesel, put another 50K on it in three years and then sold on for just under £1K, only non maintenance item replaced was alternator in that time basically pretty much all the price was in the fact it was a 70mpg capable car at the time when fuel was peaking. It replaced a perfectly serviceable petrol with low mileage which we flogged for a few hundred quid. The kicker - 50Kmiles in the diesel cost  about £4200, if we had kept the petrol it would have been approaching £8000 for the same mileage. Plus £30 VED for the small diesel compared to £250 odd per year for the petrol. 

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3 minutes ago, onlyme said:

We spent £3k on a miley Yaris diesel, put another 50K on it in three years and then sold on for just under £1K, only non maintenance item replaced was alternator in that time basically pretty much all the price was in the fact it was a 70mpg capable car at the time when fuel was peaking. It replaced a perfectly serviceable petrol with low mileage which we flogged for a few hundred quid. The kicker - 50Kmiles in the diesel cost  about £4200, if we had kept the petrol it would have been approaching £8000 for the same mileage. Plus £30 VED for the small diesel compared to £250 odd per year for the petrol. 

Fair enough. There's also the fact that you had to do 50k in a Yaris diesel to consider, though :P

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