My Intentional Spending Tracker (free) – https://nischa.me/intentionalspendingtracker In this video we discuss four of the main …
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My Intentional Spending Tracker (free) – https://nischa.me/intentionalspendingtracker In this video we discuss four of the main …
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33 comments
👉🏽 My Intentional Spending Tracker (free) – https://nischa.me/intentionalspendingtracker
I bought a second-hand bmw series 1 (3 years old) for 15.5k CHF, sold it 1 year later for 15.3k CHF. No maintenance costs, only the cost of petrol, insurance and labour to change from summer to winter tyres.
In my opinion buying a 2nd hand car from a premium brand can also be a good strategy (depends on the market):
1. I am happy driving a nice car (subjective).
2. there is more interest in luxury cars, thus these tend to lose less value on the 2nd hand market (again, depends on the market thus take it with a grain of salt)
Alternatively borrow the money at a much lower rate and you own the car from day one .
Never confuse buying a car with an investment. It is purely a commodity and therefore consumption.
I did a 0% HP option for my last two cars. It's the best option if you can get it. I did this with SEAT but I also noticed VW were offering the same finance at the time.
Never ever by a new car you can get a decent motor for about 3K ok the mileage will probably be a bit high and rest of the money invested it
Wake up folks !!!!!!!!!!!!!!! We all live in a country that IS called RIP OFF BRITAIN for a reason. every manufacturer in the World wants to set up shop here !!!!!! why? when its also regarded as probably the WORST country to invest in, its the MOST EXPENSIVE & scruffiest place on Earth to live in, where ALL these firms charge the HIGHEST POSSIBLE PRICES FOR THEIR shoddy GOODS, thanks to a weak government looking for the maximum TAX TAKE.
Why do car dealers advise against buying the car cash?
Rather than HP through a car dealer, a personal car loan would be cheaper (under 7% at the time of writing)
We buy things we can’t afford to impress people we don’t like.
My God this is a beautiful beautiful female
Wish my sister watched this video before she got a PCP agreement 😅.
I bought my 2nd hand car from a dealer 2 years ago. I had 100% of the cash, but weighing up the options, the best I could get was a finance deal paying 70% upfront. I had to pay interest on the 30% but with this i got services and maintenance included, which worked out to be worth 3x more than the interest I'd pay. I also put the 30% into investments which doubled over the 2 years.
Come to me for financial tips 😂
How about insurance? What is the insurance category and age of Vintage and a Older model cars? Leader seats are more Romantic. Thanks
I was considering getting an affordable secondhand car but I am afraid of potential repair costs. I have never owned a car and the leasing option is tempting because they would do maintenance and oil changes. I don't know what to do!
Depreciation as she mentioned don’t work as it used to. 5 year german car with 200k mileage stil holds 60-70% of it’s value and is quickly outdated in tech and comfort by newer cars.
At lease end, call the bank about the 30k buyout. and talk to a decision maker. They know that the car is going to bring 18 K in auction. The will accept 20k. Win / win
Anyone watching this isn’t interested in driving anything nice.
Honestly it’s obvious. Anyone driving a car less than 3 years old is a mug helping people who have sense to avoid depreciation. It’s no wonder car dealerships are owned by banks.
Buy second hand!
Just sold my 23 year old Volvo V70 for 500. Bought it 14 years ago for 6500. I had some extra maintenance but you can't beat that.
A car is a luxury and there is almost no reason why you would want to pay interest. Save money and buy the car that you can afford! So your first car will be probably a smaller, older cheaper car. Then while you drive that car, you start saving for the next one. If you can’t get the money together for a nicer car it is because you can’t afford it.
Very instructive. Many thanks. One of the thoughts I had while I was listening is that this is somewhat complicated. I can imagine that auto dealers can gear the options to make a bit more money and avoid different bits of information when negotiating with customers. Making things more complicated always advantages the person who makes them more complicated.
8:42 🤔
If I was buying an EV, I would definitely use a lease or PCP, that way the finance company bears the risk of the much higher depreciation they are currently experiencing.
From that point of view a PCP is a sort of heads you win, tails they lose bet – if depreciation is huge you can hand the car back at the end of the contract and buy it off the forecourt they day after at the reduced market price, if depreciation is small you can pay the balloon payment to keep the car.
Appreciate this video. Very well done! Helps a lot.
I always buy a car with “0%”APR also always do negotiate the price. Giving a example I bought my brand new Toyota Yaris 3 years ago. Car price was 22k then I negotiated the dealer then i got the car 18k. Paid them 4k deposit so get a 14k pcp loan with 0% Apr end of the term. I paid final payment 6.7k. At the moment the car value is 14k. I think that is the best deal isn’t it ?
It's not Just car dealerships it's everything you buy rip off rip off and more RIP OFF
Excellent video. Very informative, clever and helpful. really good logical research, analysis and conclusions.
Cash, cash, cash with negotiated discount! Every time!
I bought a 3 year old car and paid straight out for it. No monthly payments, I have it serviced once a year and it's mine. Leases and PCP agreements are a con.
From experience buy a nearly new secondhand car from dealership near end of month when dealership wants to achieve targets. Pay cash without trade in. Also ask for rubber floor mats. Then keep many years to minimise depreciation.
£810 a month??? holy crap!!!!
That's an insane amount for a car. I'd never pay that now. But then I'm not rich and only at the start of my building wealth journey 🤣🤣🤣
Great info but in the model where you buy the car outright, you then progress to your next car with £16k in your hand bringing the price down to monthly levels below the other options and you still get to own the car. This situation runs into all future car buying situations.