Best way to pay for sofa - outright or finance?

[holymaloney7]

Sofa is just over 2k from dfs who offer 0% finance. We have the money in savings but it's a big chunk to use up, last time we bought one we bought it outright but I'm not the best with things like this so wondering if it's best to just buy outright, or maybe pay 1k outright and the rest on finance over 2 years or something like that? It seems less of a big purchase but manageable payments monthly. What would you do?

Thanks for the helpful suggestions. Decided to do 1k cash and then the rest monthly over 2 years. Makes sense to do this, just need to go and order it now and hope it arrives in time for Christmas!

Oh gosh that doesn't sound good. Est delivery is already 12 weeks and I'll be heavily pregnant by then so was hoping it I order it this week it would be here just before Christmas and baby, fingers crossed.

Oh 0% finance every time. Unless for any good reason (like waiting for a mortgage application to go through where they might reject you if you take on additional credit), then always give to yourself a bit of breathing room. Rainy days and unexpected big costs can come at any time and they are the times the savings are most useful. Plus the interest you are getting as others have said.

0% finance whenever it's possible. It is a no-brainer for me and most people.

we buy it on 0%, but then we make sure not to use that money in our savings, we consider it spent. So the money continues to earn us interest in our bank account and there is never any risk of us not paying it off before the 0% financing ends.

I think it's a personal preference. Financially it makes sense to take 0% finance as long as you keep the money you would otherwise have used to buy it in an account where it earns you interest. It also means that you have that money should you need it for an emergency.

Personally, having been married to a financially reckless man in the past, I hate owing money so would always pay outright so that the only debt I have is my mortgage (I use a CC for my daily spend but it's paid off in full each month). It may not be the most savvy way, but between peace of mind and the interest I'd earn I choose the former.

Eh? I paid £700 for mine 7 years ago. Heavy use in a household of 2 adults and 3 children. It’s still going strong. I actually had it professionally cleaned last week and it looks as good as new.

I agree with the principle - if you can't afford it wait and save until you can.

If they have £2k in an interest bearing account though then they should use the finance earmarking that £2k in savings explicitly for the furniture and nothing else

Why not if it’s interest free? That £2k could be earning a decent amount of interest over the period of credit.

The way that savings rates are at the moment 0 percent finance seems advantageous.

@Trebol - not really.

all our sofas were less than £1000.
We have a 5 seater corner sofa bed (ikea vimle) which was around €1000 5 years ago, it lives in playroom and gets jumped on.
The main sofa was €900 in sale. It’s a 4 seater from local John Lewis equivalent, full recycled soft leather and would have been €2500 non sale but no way would I have paid that, hence waited for sales.
I also have a 2 seater in holiday let that was around €600. It’s around 8 years old and like new, I hoover and wash regularly.

Sofas are always on sale, I wouldn’t pay full price if not needed. I have also bought second hand arm chairs

DFS sell payment plans first and foremost, the sofas are just a means to do that.

Buy outright and look elsewhere.