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Original poster

Hire purchase / long term car rental. What do you get for you money?

18 replies

AnyFuckerWillDo · 30/10/2013 08:23

Apparently a lot of people are doing this to afford a new car. You pay a rental for 3 yrs and then either get the choice to hand in the car or buy it for a lump sum. All services / MOTs / repairs inc.

We're thinking of doing it... Just wondering what you get for your money.

OP posts:
NoArmaniNoPunani · 30/10/2013 08:26

I do HP. I get a brand new car every 3 years, hassle free driving, no MOT etc. Also if you remain loyal to the same make of car, you get better deals when you trade in for your next one.

Original poster
AnyFuckerWillDo · 30/10/2013 08:31

I do think it's something we would stick with, with 2 little ones and a job in the city that I need to get to come rain or shine I need reliability and no surprises financially.

Can u ask what you have and what you pay? X

OP posts:
NoArmaniNoPunani · 30/10/2013 08:35

I'm on my second Fiat 500. I pay higher than average as I have a more sporty one, black alloys, upgraded stereo. I pay 230 a month but I think you could get a more basic one for under 200

Original poster
AnyFuckerWillDo · 30/10/2013 08:38

Thanks.

I want a 4x4Sad or a large saloon a4/a5 just wondering for an idea on how much. Need to go showroom I suppose they just drive me mad with the hard sell x

OP posts:
NoArmaniNoPunani · 30/10/2013 08:56

A friend of mine with a Range Rover pays 700 a month, but another friend has a Kia 4x4 type thing and pays a similar amount to me.

Original poster
AnyFuckerWillDo · 30/10/2013 09:06

Ouch @ £700!

OP posts:
AntoinetteCosway · 30/10/2013 09:28

It's the most expensive way to have a car unfortunately, though if you can afford it it's very convenient I suppose.

Allice · 30/10/2013 09:45

A friend of mine does this and has a great deal. She had to put down a £700 deposit and pays £140 a month on a Nissan Juke, she does very low mileage though.

AKAK81 · 30/10/2013 12:36

It's a pretty expensive way to have a car. Most HP/PCP type deals don't include maintenance etc. I'd sit down and do the sums if I were you. Look at other alternatives including 12 month old cars and loans to buy the car outright. With a loan your payments will be higher but you will have a car with intrinsic value to sell after 3 years. Compare these things and look at the total cost over 3 years of ownership including insurance, servivcing, fuel, RFL, tyres etc and then you can make an informed decision.

AKAK81 · 30/10/2013 13:34

Also I'm not sure of this need to change cars at 3 years old. It's not like the car will explode on its third birthday. Sure it's nice to have a new car but to most people a car I just transport. For example buying a Kia cee'd new and changing after 3 years for another would cost over £10k more over a 6 year period vs buying a 1 year old one and then selling once it's 7 years old. I chose the Kia due to the 7 year warranty. So if money's fairly tight and you don't do intergalactic mileage then do consider alternatives.

WMittens · 30/10/2013 13:35

Apparently a lot of people are doing this to afford a new car.

I'm porbably being pedantic here (even more than usual), but it's not a way to afford a new car - either you can afford a new car or you can't.

Finance/HP/leasing/whatever is a way of getting a new car without stumping up the cash up front.

Be aware of lease companies ripping you off at the end of the term for any and every tiny little scratch they can find.

CruelAndUnusualParenting · 30/10/2013 15:02

I bought my last car at three and a half years old and I have kept it for 6 years so far. It's cost me less than having it on HP/Lease for 3 years and it's still very reliable. I really can't see the advantage to buying/leasing a new car justifying the extra cost.

Original poster
AnyFuckerWillDo · 30/10/2013 19:54

Sorry people are doing it to finance a new car...

OP posts:
Original poster
AnyFuckerWillDo · 30/10/2013 20:54

Bump

OP posts:
AKAK81 · 30/10/2013 21:22

Sorry I don't follow?

PrincessDallion · 27/03/2019 15:12

This reply has been deleted

Message deleted by MNHQ. Here's a link to our Talk Guidelines.

horsinaround · 01/04/2019 11:35

We've done this for the last nearly nine years. Had a Prius and then an S Max. To be honest we did it because we liked the idea of having a new car, we had relatively spare cash and thought of it as hassle free. Now we have 3 DCs, a new house with a higher mortgage and some spare cash (which we may use to have an extension in a few years), I can see it's fairly shocking waste of money.

We pay 460 pm plus 3k upfront (it's a high spec model). We don't have the option to purchase (although I think we could negotiate on that). Looking at second hand cars we could get a second hand version for 20k that's year or two old, and in 3-4 years still have something which has a resale value of 5-10k. By saving 460 a month well also have nearly 20k back in the camp.

The worry free/ cost free motering is also a misnomer. They have to be returned in pristine condition - we've spent far more on the current car than on any car we've ever owned as your far more likely to get a dent than have anything mechanical go wrong.

MoistMolly · 26/04/2019 18:16

If you're after a new car and will definitely hand it back at the end of term, have a look at leasing. Normally a lot cheaper per month.

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