How do lots of people afford the brand new luxury cars ?

This is very similar to our situation. The tax breaks on our EV are huge.

I didn't imply that 2nd hand cars are all useless
I have specifically mentioned the super cheap second hand cars. You simply cannot now buy a car for few hundred which you could drive away or which would last. That is what I was (in my opinion) clearly pointing out by cleraly specifying the price range I am talking about and showing the cheapest drivable car.
I don't know how much clearer I can be.

Yes, that’s why I said “generally speaking”‘ in the vain hope that someone doesn’t feel they have to tell everyone how much their car has increased in value, which adds nothing to the discussion, as it is not typical. We all know such cars do exist.

I wouldn't want to lease a car because I would have to look after it too much and watch the mileage, what happens if they get a scratch or dint, a car is a means for getting from A to B not a showpiece.

I never understood why people leased cars, but the tax breaks for electric make it well worthwhile, if you are a higher rate tax payer.

I pay £380 per month salary sacrifice (no deposit), so the savings on tax, NI, etc mean it costs half that. I have high mileage and an off peak EV tariff, so also saving £100+ per month in petrol. It would be stupid not too.

I think implying that leasing a car means that your SEN son isn’t your priority is pretty shit to be honest.

Generally speaking there is no point in owning a car outright as it will depreciate in value

Generally speaking. We have one that is worth more than twenty times what was paid for it.

Maybe they want to save as much as possible for his future when they aren’t around

I maintain that 2nd hand car ownership works out cheaper, on average.

On average being the key phrase there.

There are always people who feel more comfortable knowing the set amount they'll have to pay for, even if they have to pay a bit for that certainty. Like how some borrowers want a longer mortgage fix even if it's a higher rate and they don't mind if it works out more expensive, whereas that wouldn't work for others. And anything that involves saving money by paying upfront won't be accessible to some people.

Second hand cars have also got a lot more expensive in the last couple of years, for obvious diseased bat reasons. So there are going to be people who'd have bought a second hand car for 4k a few years ago but now can't afford or balk at paying 8k for the same type of thing.

That's gorgeous, I have an Aygo but that is lysh

1- he didn't intend it for a month. It only lasted a month
2- that was an example of what these prices some people mention as past purchases now buy you

One would think that would be clear from me actually saying "For anyone doing "I got my banger years ago for 600""
HTH

I would never lease a car. You pay stupid prices and still own nothing in the end.
“Only an idiot would lease a car” is the tone in my circles 😃

Cars are much cheaper now, almost everyone I know has a brand new car (not necessarily Mercedes etc). Second hand cars are much more expensive so the gap between the two isn't much, so people opt to buy a new car instead. Also lots of people might not actually own them, they could be leasing them

Financial crimes, fraud, tax evasion and grug dealing.

We lease our car and have an SEN son. Not sure why leasing a car would mean he’s not my priority?

😅

I know someone through my book club whose DH earns well over £500,000 and drives an old Ford. They have no concerns about image whatsoever. They also have a SEN son so maybe that’s their priority.

flyingdino

Different strokes isn't it, but someone would have to be incredibly unlucky to spend £3,000 a year, every year, in repairing their car.

I maintain that 2nd hand car ownership works out cheaper, on average. But money isn't some peoples' main concern and they want to pay to have new.

@ThreeLittleDots of course they can brake down but as you've mentioned it's covered. I broke down loads with my second hand cars paying loads more than my monthly lease now just so it goes back up and running again and only to break down again. In the end I got sick and tired and my financial circumstances changed and got my first A class for 250 a month a few years ago. I paid between 250-400 many times to get my second hand cars back to life and was so pleased with my A class which came with all the specs my second hand car never had. Imagine the luxury of having a/c lol, heated seats, better fuel consumption despite owning a similar sized car previously. I will never ever willingly own a car ever again.

Same here, we've not had a single "breakdown" in a couple of decades, despite our cars being 15 and 8 years old respectively. But we have them properly/regularly serviced and drive carefully.

The average lifespan of a car at the moment is 13 years, so people worrying about reliability of cars over 3 years old are out of touch with reality.

I do wonder what kind of cars people have who get landed with repair bills of thousands, or how they drive them. I think you have to be very unlucky or a very bad driver or don't bother servicing your car, to get a bill for thousands if you car is, say, under 10 years old.

Lots of people I know have bought new cars. Mostly it's on finance for 3 years and at the end you have to pay a "balloon" payment to get full ownership of the car. I do know a few people who are rich and just buy a new car for cash when they want one.

Just to clarify, DH drives. Not even I’d wanna be in the car if I was driving 😆

I have 250k worth of cars parked on my drive and I bought them outright. I'll trade them in in a year or two and shell out another 80k or so to replace like for like. I like cars and can afford it.