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Today I bough a new car with a balloon payment financing deal at 5.8% APR. I have never bought a new car - but my old 2lt 7 seater wagon just drinks petrol costing me £80/week just to get to work. I dont ferry my kids around anymore and drive this empty bus to work on a minumum 3hr round trip each day 5 days a week. My thinking was that I would buy a small used car which would halve my petrol costs and the savings would pay for the loan to buy the small car - (wagon worth £500! needs £3k work) - so thought I wuld buy something for 7ish with a tesco loan so monthly payments would be £160 (petrol saving) - but got seduced at the garage by a new car £11k but managed to neg it down to 9,800 and it "ONLY" costs £154/month on their finanacing deal - but after 4 years need to give it back or pay £4k -- I have never done ths before. Is it just the same as getting a loan from Tesco - or is there a catch?
I work for an organisation where most of the staff get about £200 fuel payments a month and need reliable cars for work. Many of them have a Citroen C1 or small peugeot on PCP finance. Their mileage payments cover the payments, they are cheap to insure and run and after 2 years tey start a new agreement. It is a relatively hassle free way to be sure you have reliable transport.
Did well actually, went back to dealership to cancel the lot - finance, new car order etc applied for cheap tesco loan and started looking at used on autotrader - but then got a call from the dealer to say they had a cancelled order (sign of the times) - so they had a new car with 10 miles on the clock and technically one previous owner as was registered to him - so I got it after haggling for 9000 when new is 11,400 - pick it up next week. My petrol saving will pay the loan -- delighted -- so thanks everyone for slapping me back to reality.