Tomm06 Posted April 1, 2012 Share Posted April 1, 2012 Something I said I'd never do. But I have been considering it. In a horrible situation where I have some saved up money to purchase a second hand car, and I've seen some good ones. Golf GTI, Toyota Celica, Golf/Bora TDI's, Fiesta Zetec but because of my 20 year old age, no insurance companies are offering anything I'd call ridiculously priced...the quotes are simply astronomical. I wasn't expecting cheap by no means, but with 2 years no claims and 3 years experience, I expected something I could afford at least. There are probably one or two cars that I like, that I could afford to buy and insure. I'm not specifically looking at performance cars, but I came across those and thought ''Well, that would be a nice change from my old 1.2'' Perhaps I could afford a car on finance (some offering free insurance at 21 or over, which I will be before the month is out) and pay less than I would /month than I would be for insurance...and on top I'd get a relatively new/decent car. Has anyone here got finance cars? Link to comment Share on other sites More sharing options...
HeadingNorth Posted April 1, 2012 Share Posted April 1, 2012 Make sure, if you go down this road, that you pay very careful attention to the small print on the free insurance deal. If it's a policy with a £1,000 excess and you are not allowed to earn no-claims bonuses on it, it could be worse than useless... and I have come across policies like that before. Link to comment Share on other sites More sharing options...
dorisbrown Posted April 1, 2012 Share Posted April 1, 2012 try tesco`s for car insurance, my son was getting ridiculas quotes, he is 21 with no no claims only just passed his test, 4 to 5 thousand for a 1.1 corsa, tesco`s 2200, with smaller excess Link to comment Share on other sites More sharing options...
Eric_Collins Posted April 1, 2012 Share Posted April 1, 2012 Don't go for a golf GTI , a TDi would be best bet. I'm 35 , I went from a 1.6 Suzuki liana glx se group 7 to a golf TDi se mk5 group 6. Suzuki 3rd party £448 Golf £1999 full comp £2280 3rd party with the same insurer !!!!! I was totally mind blown with a car in a lower insurance band, more secure ( Suzuki didn't even have an alarm fitted ), and no claims. I got it down to £958 with tesco, now just reinsured with octagon for £713 full comp with all extras like glass due to motorway use daily. Link to comment Share on other sites More sharing options...
Guest sibon Posted April 1, 2012 Share Posted April 1, 2012 Make sure, if you go down this road, that you pay very careful attention to the small print on the free insurance deal. If it's a policy with a £1,000 excess and you are not allowed to earn no-claims bonuses on it, it could be worse than useless... and I have come across policies like that before. A £1000 excess on a free policy might be worthwhile. Better than a £250 excess on a £2000 policy. I always put my excess up on my policy. It drives my premium down and I keep the money handy, just in case. That's the key thing though, you do need to keep the money easily accessible. I don't like giving my money to insurance companies:) Link to comment Share on other sites More sharing options...
Guest sibon Posted April 1, 2012 Share Posted April 1, 2012 Perhaps I could afford a car on finance (some offering free insurance at 21 or over, which I will be before the month is out) and pay less than I would /month than I would be for insurance...and on top I'd get a relatively new/decent car. Has anyone here got finance cars? I've got my first ever finance car, after 30 years of motoring. Why? Because the deal was too good to miss. I pay a sum that is roughly equivalent to the depreciation of my car each month. I've got a new car. And the money that I would have spent on the car is in the bank, earning a bit of interest. What's not to like? Link to comment Share on other sites More sharing options...
vwkittie Posted April 2, 2012 Share Posted April 2, 2012 We got one on finance - nightmare. My OH got made redundant. Couldn't afford the payments. Couldn't hand the car back as finance always has a stupidly low mileage limit that anyone who actually drives a car will exceed (most are 6000 miles a year, if you want to give the car back you have to pay a massive charge for any excess mileage, that's IF they'll agree to take it back at all). Couldn't sell the car as no one in their right mind would buy a car with existing finance on it. Had to take out a loan to pay off the finance to get the car HPI clear. Finally managed to sell it after months of struggling. Sale price of course didn't cover the loan so yea, still paying that off with no flaming car to show for it. In short, unless you are VERY job secure (and who is nowadays?) and either a) you will definitely keep the car and be able to afford the balloon payment to purchase outright at the end of the finance period or b) you will after the finance period hand it over in exchange for a new car and yet another finance agreement - don't do it! Edit - If I really wanted to buy a car now and didn't have the ready cash, I'd just take out a normal bank loan, no nasty ties then and a HPI clear car from day one. Link to comment Share on other sites More sharing options...
Tomm06 Posted April 2, 2012 Author Share Posted April 2, 2012 All my excess on my other policies were maximum just so I could afford the payments, infact the car was worth so little and the excess so high I would have just cancelled the policy if the car was, stolen for example, instead of claiming, would have been much better for me all round. I have thought about loan, and with that I could pay off the insurance in one lump sum and buy the car too, but my only problem with both options is I'm not that happy about having another monthly debt over me...just getting sick of having to consider cars I know I'll hate just because it pleases thhe insurance companies. I will try tesco though thanks Link to comment Share on other sites More sharing options...
alchresearch Posted April 2, 2012 Share Posted April 2, 2012 Seems a bit daft to put yourself into car finance debt just to buy something a bit flash. Link to comment Share on other sites More sharing options...
GrannyGranny Posted April 2, 2012 Share Posted April 2, 2012 Just buy a car you CAN afford to insure. You are young so have plenty of time to build up your NCB. Save your money, buy a lower group car and then when you are 25 (it will come round sooner than you think) you will be in a position to buy something nicer than a Golf GTI! If you really want to go this route then beware of hidden costs. FYI Peugeot Just Add Fuel has very high deposits even on their cheapest model ie. £2500 on the 107 and higher monthly costs for 21 year old driver. Link to comment Share on other sites More sharing options...
Recommended Posts
Archived
This topic is now archived and is closed to further replies.