Do you finance your car or do you own it outright?

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robowns87@reddit

I tend to buy a car that is 3-4 years old and has done most of its depreciating, pay some in cash and get a loan for the rest. This way after 5 years when the loan is paid off, I own a car that still has value and I’ve had reasonable monthly repayments (current loan is at 3%, albeit clearly not available now).

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No-Accident6125@reddit

I own it outright. I took the dealer finance just to get an additional discount for doing so. I believe it also meant extra money for the salesperson. They advised me to pay it off within a certain timeframe, and I'd get the discount and not pay any interest, which was the case. I had the cash to just buy it, but for a little bit of a faff, it saved me a bit of money.

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Difficult-Vacation-5@reddit

How much money did you save? What was the price and model of the car?

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No-Accident6125@reddit

- "How much money did you save?" £500 - "What was the price" £23k - "and model of the car?" Focus

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Difficult-Vacation-5@reddit

Not bad

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NeitherBag4722@reddit

Used car, paid £14k cash. Previous car was leased, never doing that again.

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swedgdinald@reddit

Why would you not lease again?

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NeitherBag4722@reddit

Cost - for the same price per month I could buy a car outright. With a lease you're always paying every month, my current car will cost me nothing per month when the personal loan is paid in two years time. Worries that it's not yours - my partner isn't a very good driver and damaged every panel on the car. I had to spend £1000 on body repairs before it was returned. Our current car is also now damaged but I don't care because it's mine.

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swedgdinald@reddit

Yeah fair enough! I had the same view until the car I bought with a personal loan had an engine failure which cost me £2500 to fix. I’m selling it and going to get a lease so I don’t have to worry about maintenance etc. I know I’m paying more overall but I want the most stress free solution.

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Diega78@reddit

Finance but my previous car was written off and the settlement wasn't great and we needed a bigger car. We bought it last June but will have it paid off in a few months. Typically I'd buy outright.

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OldLondon@reddit

PCP for years, next one will be a lease - I like to change my cars every 3 years, I like driving new cars (typically buy 6months ish old) , I’ve got the money. I treat it as my cost per month to drive - bit like Spotify

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Better_Concert1106@reddit

Own outright. It’s 17 years old but being a Lexus it’s well built and going strong. Don’t plan to replace it until such time something goes wrong that’s just not economical to repair. It’s nice not having to make any monthly payments or anything, but I understand why people might chose to lease/HP.

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WhyToHide@reddit

Which Lexus is it?

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Better_Concert1106@reddit

IS250

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WhyToHide@reddit

I’ve been looking at these. Any advice on what engine to get? Petrol seems to be expensive from tax and fuel economy.

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Better_Concert1106@reddit

Do not get the diesel (220D) whatever you do. It’s an awful engine that will go wrong (think it’s the only diesel Lexus did, and I can see why). I mention this because the 220D looks the same as the IS250. The IS250 only has one engine, a petrol 2.5l V6. They did a manual version but honestly, get the automatic. The manual box wasn’t very good. Also afaik the manual for some reason is higher tax, or it was last time I checked. The V6 engine and automatic box (6 speed) are an absolute peach and can’t recommend them enough. Both silky smooth and pretty much always in the right gear. They aren’t the cheapest on tax and the mpg isn’t the greatest (can get low 30s on a run but my average shows as 28/29) but it comes with the territory of a naturally aspirated V6, automatic and being quite a heavy car. I live with it because it’s a very comfortable/nice car to drive imo, particularly for its age. Won’t win any drag races but it’s quick enough when needed to overtake or just want to get a bit silly, esp if you flick sport mode on. They have plenty of kit for a car of their age. If you can, get one with the Mark Levinson stereo. It’s the dogs danglies, if you like listening to music. But yeah in short, get the petrol automatic!

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WhyToHide@reddit

Thank you for taking time to write this up. It extremely useful.

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Better_Concert1106@reddit

No problem! Happy car-hunting.

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zone6isgreener@reddit

Treat it to some premium fuel for it's birthday. My 18 year old car had to go for scrap and it was my favourite child I think, thus I'm now training up a new five year old and it's not the same even if I love the gadgets (which will only be bills down the line).

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Better_Concert1106@reddit

I do from time to time! Always a shame when they do finally give up.. Idk what it is but there’s just something I prefer about older cars. We’ve got new electric pool cars at work and I end up turning off half the driver aids/gadgets as they just get on my nerves 🤣

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zone6isgreener@reddit

Not too often though, they get used to being treated. Mine was mechanically sound as a pound and I spent naff all on it for the ten years I had it, but some corrosion here and there underneath just all arrived at once. Fixable, but garage reckoned I'd be chasing it - they even let me off the inspection bill as I was 'grieving'.

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JuatARandomDIYer@reddit

One of my cars is 17 years old and it still munches miles better than any other car I've driven over the last few years. Cars just don't age in quite the same way now. Don't get me wrong, it's an old car and it's showing now and in honesty is coming to end of like (It's on near 200,000 miles!) but my first car was 9 year olds and that was a half rotten banger!

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Better_Concert1106@reddit

Yeah agree. I’d rather do a long journey in mine which is genuinely comfortable and a nice place to be than some newer cars I’ve driven. It’s a bit pants on fuel as it’s a 2.5ltr v6 auto but it’s unbelievably smooth to drive, had comments from people in it for the first time about how it doesn’t feel half as old as it is.

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zombiezmaj@reddit

My other half was surprised how good the mileage was on my 25 year old car when he had to drive it for a few months... having to buy premium is expensive up front but it lasts long enough it balances out. I agree they don't make them like they used to.

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JuatARandomDIYer@reddit

I had a rental car - an MG HF I think it was. Absolutely dire on fuel, drove awfully. Spent the trip wishing I'd just taken my banger

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Adventurous_Big_6989@reddit

Same own both lexuses outright and they feel better built than a lot of brand new cars.

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Better_Concert1106@reddit

They’re great, feel genuinely well built! Would far rather drive that than a lower spec but much newer car.

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Harrry-Otter@reddit

Salary sacrifice scheme. I don’t own it, but I’m saving a lot on if I did.

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Difficult-Vacation-5@reddit

How?

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Harrry-Otter@reddit

Between reducing my tax liability, the incentives, covering my and my wife’s insurance and the free servicing, I’m paying about half what the same car would cost if I bought it

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gingersnaps874@reddit

Outright. It’s a 15 year old Ford Fiesta. I’ve never owned a new car and have always managed to save up enough to buy outright. I don’t do a lot of driving so having a particularly nice car isn’t really something I prioritise.

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MeltingChocolateAhh@reddit

I'm currently financing it but will probably just settle the payment pretty soon. It's my first car, and I was going to just hand it back before the balloon payment but I don't really want to do that anymore. Too much effort getting a new car. I'll just run this into the ground. Also, my current car is pretty under mileage (like 15k under average for the age) so it should last for some time. I'm sort of curious how this whole fuel ban will go though. I have a feeling that after 2030 (or 2035?), they'll just push that date back further and further, but I could be wrong.

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_Sad_Ken_@reddit

Finance. The last used car I got, Nissan Note, was a mess, bought for £6k but cost me £2.5k over 2 years in repairs. Really annoying. Got a new Ford Puma for £250 a month, even If I give it back after 3 years the costs are about the same.

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No_Preference9093@reddit

I got a Tesco bank loan at 2%. Nearly paid it off. Given how interest rates went I don’t think that was too bad of a move.

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fussyfella@reddit

Mostly I have owned cars outright, but a couple of times due to the perverse way discounts apply, I have used a finance option to get it, then paid off the balance early to get the best price. I tend to get a car (with a long warranty to start with) then run them if not into the ground but until they start to become less than 100% reliable. When much younger and poorer, I would buy cheap cars run them until they were terminal MOT failures then get another one. The latter is probably the cheapest transport option there is, but at the intangible cost of not having a reliable vehicle: on more than one occasion I bought a car ran it for a year and sold it for parts for more than I paid.

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Holiday-Woodpecker47@reddit

I've done every which way over the years, when I was younger it's was HP, never cleared it before part exchanging for a different car. I did a bank loan a couple of times as the interest rate was better than the HP, again, never paid it off before part exchanging for the next car and new loan. Having realised I was never actually owning the car I moved to leasing for a couple of cars as that worked out cheaper. Now my main car is on motability, so still a lease, and my fun car was bought outright.

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RainbowPenguin1000@reddit

Outright. I save up, buy a car, keep it for around 10 years then sell it and in that time I’ve saved enough to buy another car. I’ll always rather buy outright than owe money.

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Dr-Moth@reddit

Same. I buy them 5 years old and run them for 10 years. I've got 5 more years on my current car, and I'm wondering what to do when I buy electric. I was okay buying 5 year old machinery because it still works, but 5 year old computers are normally terrible.

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looneytunes-me@reddit

Yep this is me. Bought my Suzuki Swift 1.2 2014 plate in 2020 for £6.5k. Plan to run it into the ground. Currently it's at 50k miles. I reckon it'll do 130k easily. Japanese cars are reliable. Ok it's tiny and the seats are a bit uncomfortable and I bought a 3 door (mistake) but who cares?! It gets me from A to B and beyond.

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looneytunes-me@reddit

Same. Seems the most financially savvy way.

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cloche_du_fromage@reddit

Same here. Buy about 3 years old / 50% depreciation, run it as long as possible.

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Little_Narwhal_9416@reddit

\+1 cash buy , then run it into ground

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Nolsoth@reddit

This is the way. Car finance is an absolute rort.

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Thread-Hunter@reddit

Agreed, car finance deals are awful. I have been driving 20 years and never financed a car and dont ever plan to. Huge waste of money. There is really no need to be driving new expensive cars all the time. Old is gold.

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zone6isgreener@reddit

Plus you have a war chest for something else should a big bill come in, and that money is earning money in the meantime.

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rendothebrave@reddit

Same

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Pargula_@reddit

Outright, don't like having to worry about recurring payments.

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djdavies82@reddit

Outright, might be old but i don't have to worry about finance,just finding parts

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Dazz316@reddit

Hire purchase and now own it. Every year I hope it fails it's MOT so i can get a new car but the bloody thing keeps passing!

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nathderbyshire@reddit

I do this with so many things lmao. My TV is on its last legs but just keeps going. I don't need a new one but I want a new one and can't justify it until it breaks!

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Ok-Examination-6295@reddit

Even if it fails on a split wiper blade or a worn out tyre? 🤣

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Dazz316@reddit

Yep, it's fucked. Scrap it! I need a zonda.

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Dazz316@reddit

That won't amount to the monthly payments. Still much cheaper. I did have to replace me exhaust recently, and got my MOT done after. Came to £300, much cheaper than a years worth of car payments. I think last year I got my tyres replaced instead of the usual "replace the one that failed" I have had. I wanna say 6 tyres overall in the 8 years I've had this car. And a battery replacement. There will come a day when the cost is too much and it makes it not worth it. But I'm a king way off that and am very glad I'm not making monthly car payments.

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AtomicDioxide@reddit

Paid 10k down & maxed my 6k 0% credit card, paid it off before the deal ran out

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Wubnado@reddit

Owned every one of my cars outright.

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Feisty_Outcome9992@reddit

Used to finance but this time bought outright. Have always financed at a level where I have some breathing room to change the car whenever I want

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TSC-99@reddit

I used to finance on HP until I owned it as hated PCP. Luckily I’ve been able to buy the last car outright.

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PudWud-92_@reddit

I finance mine now. I’ve bought two outright in the past, then financed the last 2. I’d rather have a bit coming out each month than drop a load of cash all in one go to be honest. It’s completely a personal preference though and dependent on life circumstances. I’d never put myself in a bad position with finance and only do it because it’s not a huge portion of my income, I don’t think it’s smart to have a £500+ per month finance if you’re not on a salary where that’s comfortable. I have mates whose cars are more than their mortgages! I also like having a new car to be honest, especially if the company gives decent warranty etc. happy to pay the premium for that.

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swapacoinforafish@reddit

I've never done finance, I think what puts me off is all of the extras you might need to pay on top of the actual monthly car payment. Do you have to pay anything like that, if you don't mind me asking?

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jimicus@reddit

What - exactly - do you envisage paying in terms of extras?

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swapacoinforafish@reddit

Like warranty for example, if the dealership peddled breakdown cover that was more expensive than you getting it independently. My husband was offered this sort of insurance that covers you for the depreciation value of your car if you decide to sell it after you've purchased it outright. The dealership is going to want to get as much money out of you as they can, right?

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jimicus@reddit

A brand new car is covered under the manufacturer's warranty, which (if you have any sense) you make sure lasts longer than the HP/PCP agreement. The other thing you're describing is called GAP insurance. It's not if you sell your car after purchasing it outright; it's if it's written off while you're still paying for it. Reason being you're still on the hook for the full cost of the vehicle, yet it's entirely possible for you to be in negative equity (ie. you owe more on it than it's worth) for most of the agreement. You can get this from a third-party company, so that's no big deal. The dealer is (usually) quite happy with just the finance agreement. They get a huge kickback from that anyway.

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swapacoinforafish@reddit

I'm more thinking second-hand. If you have a 24 month agreement for example, you aren't going to be paying 1/24 of the price of the car each month though, are you? There's no admin fee, or other fees you pay on top?

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jimicus@reddit

Hire purchase, you more-or-less are (plus interest). PCP you wouldn't, but you'd have to be mad to take out PCP on a second-hand car. Usually the interest rates are so much higher that they negate the savings of getting something second hand in the first place.

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PudWud-92_@reddit

I just have a single monthly payment, (insurance and tax separate as usual) 5 year warranty, 3 year breakdown, and managed to negotiate 2 free services. Plenty of people in this subreddit specifically seem to think all people who finance cars are just trying to show off. Maybe for some, but not in my case. I wouldn’t buy a “super car” even if I could afford one as I don’t like people looking over. It just happens that I prefer finance now, I think there are a lot of merits to it depending on circumstance.

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95jo@reddit

Outright. I have bought with a small loan in the past that I eventually pay off within a year or so.

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Plumb121@reddit

Outright. I've never had a car that wasn't 100% mine

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Motor-Trouble194@reddit

Both cars outright. Tried finance didn’t like it. Much happier with two older cars that are ours and not tied down to a contract

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anonymouse39993@reddit

Cars are far more reliable than they were in the 80s-90s I buy using cash and run it into the ground My car is a 2007 Volkswagen ->100k on the clock all it has cost me is general maintenance it still runs like a dream. Bought it in 2016 for £2000 (used car market is crazy atm so is worth similar now to what I bought it for) Significant others car is a 2016 had since 2019 intend to run into the ground

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running_on_fumes25@reddit

Loan from the bank. Was cheaper than dealer finance.

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Emotional-Start7994@reddit

I'd say this is the best way to finance a car if you can't afford it outright. Lower interest rates than car finance, and of course you're free to then sell the car on without hassle

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running_on_fumes25@reddit

Yep. I get the attraction of owning a car outright, and I have done in the past either because the car was a cheap piece of crap or I paid the finance off and kept the car. But realistically, if you want a nice, newish car then for most of the people a loan of some description is the way to go

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Emotional-Start7994@reddit

Definitely. I'd rather have to pay a little bit of interest on top and drive a nice car than drive an old banger that needs hundreds in repairs just to keep it on the road.

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Saw_Boss@reddit

I bought it outright, but with a loan as it was a lot cheaper than the alternatives.

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Roofless_@reddit

Always outright, but they've never been expensive. (sub 10K) with the exception of my "fun" car which I paid £14k landed from Japan but has nearly doubled in price now. For my daily cars I have always kept them for about 2 years then sold them and been very lucky to now lose a lot of money on them. Partner always does PCP and that works for her, I am thinking of the idea of doing the same for a EV.

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Hungry-Screen1099@reddit

I bought mine using a bank loan and paid it off within 2/3 years. It’s 10 years old now, probably sitting around 55,000 miles. I wfh everyday, so do minimal miles during the week. Weekends, sometimes it won’t move or it’s long trips for hiking or football. Cost me £600 at the last MOT which is the biggest bill it’s given me so far. If the bills increase I’ll consider changing but for now it’s perfect for what I need

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PaulJMacD@reddit

My last three I've bought 2-3 years old and got a loan to pay off. Cars have been getting bigger due to family and the last one was more expensive than I really wanted to pay initially (due to size and bought in 2022 when used prices were high due to supply chain issues). I typically like to finish the payments then keep for a few more years. My last car I had for seven years. I'm going to keep this one until I can start getting smaller cars again when the kids get older. I like the idea of electric eventually but can't see me being comfortable with the outlay. Although I will do the maths nearer the time!

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redunculuspanda@reddit

Always finance, and usually trade up every 3 to 5 years. All in driving costs work out at something under 400 a month. Currently leasing, but will work out what the best option is when my lease runs out. If the price is right I might do another lease. Otherwise probably a nearly new.

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Slimmer092@reddit

Paid it on a interest free personal loan from the bank.

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steve4982@reddit

Outright

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Adventurous_Big_6989@reddit

Own both outright - way cheaper and nicer to own than rent a car and then give it back.

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WheatOne2@reddit

PCP. It was zero % interest with a hefty deposit contribution and I thought they had significantly underestimated the likely depreciation so by my calculations it worked out cheaper than buying an 18-month to 2 year old similar model and keeping for the same period. I'm two years in to the three year contract and so far it looks to have worked out with its current value already well under the balloon figure. Next time I'll buy outright unless I spot another very good deal.

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Away_Associate4589@reddit

I bought my car on a 4 year HP after financing roughly half of the value through a part ex. Finished the last payment for it in the autumn and immediately started looking for a new car. Then I realised, what's the point? The car is perfect for my needs, I'm finally not having to pay approx £200 a month so why am I in such a rush to start paying again? I think a lot of people reach the end of a HP agreement and immediately do it all again without thinking. I know I almost did.

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joefraserhellraiser@reddit

Own them all. Have used finance in the past to buy cars, when the terms and arrangement suited me.

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feebsiegee@reddit

We have had one car on finance. My husband took out a loan to buy the one we have now, because my old one broke down unexpectedly, and we didn't want to wait around to get a car - I found one online.

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atsevoN@reddit

Outright, my car is 27 years old lol

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Recsq@reddit

PCP. To show off to my other mates who are about 40 but we still have the minds of 12 year olds... I keep thinking, that next £70k Audi will make me seem cool, but it never happens. Maybe one day I'll learn.

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Revolutionary_Laugh@reddit

Finally an honest response

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Recsq@reddit

I was actually being rude about my brother and people like him but yeah... He, was not born with the gifts I got.. it's like all the positive attributes from both parents went to me... Life is cruel

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pic_strum@reddit

Own them outright and don't buy anything expensive or flashy. Paying a percentage to finance a depreciating asset is a fool's game. We all sit in the same traffic.

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Mysterious_Act_3652@reddit

I’ve always leased and financed. I’d rather have a new car and the cost was reasonable whilst rates have been low for the 15 years post 2008. It’s probably more sensible to buy but it’s always been an affordable luxury.

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Rough-Sprinkles2343@reddit

Finance on day 1 and day 2 pay it all in cash and get the benefits from the finance

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robster9090@reddit

What benefit do you get

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Rough-Sprinkles2343@reddit

What the other poster said but also service plans included in my case

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AnonymousTimewaster@reddit

Dealers give you a cheaper price for doing it on finance but obviously charge interest for the loan. You can pay off the finance on day 2 for no charge, and pocket the difference.

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Mdl8922@reddit

Own them outright. I'm something of a shitbox afficionado, so I've got a stack of £200 - £800 motors.

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Recsq@reddit

All those people getting expensive cars they can't afford to look good, and some of us look better in the shittiest of shit boxes... It's hard being so handsome

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Mdl8922@reddit

Just too sexy for finance.

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Recsq@reddit

They spend all their lives spending to try and look better, I have to look bad as possible and I still make a mockery of them.. life. Is tough. The jealousy I receive.

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Numerous_Ticket_7628@reddit

Outright.

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PurpWippleM3@reddit

PCP finance. Intend to pay off the balloon and keep the car at the end of the term. I could have taken the money from investments, but my returns are currently greater than the interest on the PCP so the money is better off left where it is, but if that changed I'd pay it off.

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AnonymousTimewaster@reddit

Bought for about £8k back in 2019 via HP. Paid it off after about 3 years. Would never want to do PCP.

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UniquePotato@reddit

Outright, only ever had a loan for my first car and saved. Never paid more than £9k for a car though

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blainy-o@reddit

Outright.

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PatserGrey@reddit

Bought 10 years ago for £4k (07 Mazda 3 1.6). Bloody love that car and will get it to 20+yrs out of sheer respect. Apart from the nudge it got from a lorry when parked at an old job, it's perfect and still swaggers through MOTs, only done 67000 miles mind.

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swapacoinforafish@reddit

I bought it privately, second hand from a previous owner.

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Mail-Malone@reddit

Own outright. It’s madness to pay interest on a depreciating item.

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Rekyht@reddit

Compared to the nationwide statistics, this thread is going to be a hoot.

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discoveredunknown@reddit

One of the Mount Rushmore subjects of UK Reddit. Joining barbershops, weekly food shop totals and hot weather.

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BananaHomunculus@reddit

Our car was bought for us - don't get me wrong it's kind of fucked but I'm endlessly grateful for it.

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Repulsive_Air7243@reddit

Have only ever bought my cars outright. If I can't buy it with my own money, it's not for me....

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Infinite_Crow_3706@reddit

Outright, never finance.

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andyteg@reddit

Always done HP finance to get myself into a new (second hand) car but then over time pay the finance off early with any additional income (bonus etc) so the debt is cleared before the end of the finance term (usually 3 year agreement).

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YouIntSeenMeRoight@reddit

Outright. 4 year finance deal with a £9k balloon payment at the end. £26k in total.

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NortonBurns@reddit

Same question two days in a row. I'm sure people just absorb this stuff by osmosis then spit it back out again when their brain is full. Alway buy, never owe.

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Technical-Setting575@reddit

Own. But it's only worth a 2/3k.

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Gazchat@reddit

Because I have terminal brain cancer I qualify for a mobility car. I get a new one every 3 years. All I pay for is petrol. Mind you the car is paid for through my personal independence payment. So half the money comes from that a month, I keep the other half. Because I never see the money I don't miss it

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Remote_Shock_9965@reddit

Outright only but used cars would rather not get into that debt!

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JuatARandomDIYer@reddit

Bank loan which, if my calcs work out, should be being paid off at approx double the rate of depreciation. I.e, £10k-ish loan, and I estimate the car will be worth ~£5k when its paid off

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csthree12345@reddit

I’ve only ever bought used small cars and all three were around £10-£13k. Paid cash for them all, two were reduced with the trade in value of the older car. When I bought the last one (JUST before Covid) the finance options & lease stuff they were offering was TERRIBLE. Not sure if this has changed since as the car market, particularly the second hand market has changed massively. May also be different for more expensive cars.

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levinyl@reddit

Company

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CurvePuzzleheaded361@reddit

Finance. We earn enough that we dont miss the payment really and since my husband needs a car for his job i wanted him to be able to have a decent one.

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Awkward-Pomelo-4423@reddit

PCP finance for now, in my current life circumstance it's the best option for me to have a reliable, not-too-old car that I can trust driving for business quite a bit.

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Jtkn1tro@reddit

Lease, was cheaper than HP/PCP Previously owned cars outright only, but was commuting further for work so wanted something newer that I could trust and noticed a new car on lease was cheaper

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bizstring@reddit

Own it

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dhokes@reddit

Outright. I’ve only bought used cars.

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-_-___--_-___@reddit

Always outright as it has always been the cheapest option for me.

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eeyorethechaotic@reddit

I own mine outright. Currently saving for a new one

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moneydazza@reddit

Salary sacrifice. I’ve always owned before this one though.

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