Re: Ballon values...
Posted: Fri Jan 07, 2022 4:47 pm
on GTS, balloon was 42k. so 6k above S sounds right.
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If you can afford to overpay then the best option is to opt for a shorter term, you’ll pay less interest and the car will be worth more. There’s no point taking a 4 year term and overpaying if you can afford to take a 3 or even 2 year term.Isleaiw wrote: ↑Thu Jan 06, 2022 10:48 pmOr just over pay every month. You may want a realistic GFV so you have protection of that floor should the arse fall out of used car values, but want to keep your interest down by getting towards the GFV sooner - so set it accurately but overpay either monthly or regular lump sums. 15 months in I only owe the GFV plus £5k now....and the interest of course!
Yes you’re right - I have it over three years as was cheaper (monthly) than four years in any eventSweetmeister wrote: ↑Sat Jan 08, 2022 10:52 amIf you can afford to overpay then the best option is to opt for a shorter term, you’ll pay less interest and the car will be worth more. There’s no point taking a 4 year term and overpaying if you can afford to take a 3 or even 2 year term.Isleaiw wrote: ↑Thu Jan 06, 2022 10:48 pmOr just over pay every month. You may want a realistic GFV so you have protection of that floor should the arse fall out of used car values, but want to keep your interest down by getting towards the GFV sooner - so set it accurately but overpay either monthly or regular lump sums. 15 months in I only owe the GFV plus £5k now....and the interest of course!
But how do you know if you can afford to overpay until life happens? I take 4 years in the forlorn hope I might keep it that long, I throw spare cash in to reduce amount outstanding as it happens and then I probably decide to buy a new car way too early. If all I wanted to do was save money I wouldnt buy an expensive car in the first place!Sweetmeister wrote: ↑Sat Jan 08, 2022 10:52 amIf you can afford to overpay then the best option is to opt for a shorter term, you’ll pay less interest and the car will be worth more. There’s no point taking a 4 year term and overpaying if you can afford to take a 3 or even 2 year term.Isleaiw wrote: ↑Thu Jan 06, 2022 10:48 pmOr just over pay every month. You may want a realistic GFV so you have protection of that floor should the arse fall out of used car values, but want to keep your interest down by getting towards the GFV sooner - so set it accurately but overpay either monthly or regular lump sums. 15 months in I only owe the GFV plus £5k now....and the interest of course!
Really? wasnt with either of my last 3 cars. That suggests that year 4 depreciation is higher than the average for the first 3 years.... which would suggest people dont want Porsche's without a warranty!Jon A wrote: ↑Sat Jan 08, 2022 10:57 amYes you’re right - I have it over three years as was cheaper (monthly) than four years in any eventSweetmeister wrote: ↑Sat Jan 08, 2022 10:52 amIf you can afford to overpay then the best option is to opt for a shorter term, you’ll pay less interest and the car will be worth more. There’s no point taking a 4 year term and overpaying if you can afford to take a 3 or even 2 year term.Isleaiw wrote: ↑Thu Jan 06, 2022 10:48 pm
Or just over pay every month. You may want a realistic GFV so you have protection of that floor should the arse fall out of used car values, but want to keep your interest down by getting towards the GFV sooner - so set it accurately but overpay either monthly or regular lump sums. 15 months in I only owe the GFV plus £5k now....and the interest of course!
I know how much my monthly income is every month, so I and probably most people know if they can overpay or not, if you are unsure of your monthly income every month don’t take out a pcp. It’s not about saving money, it’s about paying as little as possible in interest. A lot also depends on the deposit put down.Isleaiw wrote: ↑Sun Jan 09, 2022 3:54 pmBut how do you know if you can afford to overpay until life happens? I take 4 years in the forlorn hope I might keep it that long, I throw spare cash in to reduce amount outstanding as it happens and then I probably decide to buy a new car way too early. If all I wanted to do was save money I wouldnt buy an expensive car in the first place!Sweetmeister wrote: ↑Sat Jan 08, 2022 10:52 amIf you can afford to overpay then the best option is to opt for a shorter term, you’ll pay less interest and the car will be worth more. There’s no point taking a 4 year term and overpaying if you can afford to take a 3 or even 2 year term.Isleaiw wrote: ↑Thu Jan 06, 2022 10:48 pm
Or just over pay every month. You may want a realistic GFV so you have protection of that floor should the arse fall out of used car values, but want to keep your interest down by getting towards the GFV sooner - so set it accurately but overpay either monthly or regular lump sums. 15 months in I only owe the GFV plus £5k now....and the interest of course!
And its no good the car being worth more if I owe more, and no good it being worth more if I want to buy it out at the end. I've decided that cars are a waste, the scientific way to waste less is not buy one, or buy and keep forever, but I know the reality is I will buy and I will swap too often. So in that scheme of things, whilst still giving me flexibility should the backside fall out of my work world, I buy on 4 years, pay down when I have cash doing nothing, and accept its an expensive hobby full stop....
I know what my income is going to be every month, I dont know what my bonus will be every year, I dont know how much I'll waste on a holiday, how much I'll gift my kids as they make their way in the grown up world, and how much I will shovel into pensions and other sensible investments like ISAs. So I never know how much I will have spare...Sweetmeister wrote: ↑Sun Jan 09, 2022 4:07 pmI know how much my monthly income is every month, so I and probably most people know if they can overpay or not, if you are unsure of your monthly income every month don’t take out a pcp. It’s not about saving money, it’s about paying as little as possible in interest. A lot also depends on the deposit put down.Isleaiw wrote: ↑Sun Jan 09, 2022 3:54 pmBut how do you know if you can afford to overpay until life happens? I take 4 years in the forlorn hope I might keep it that long, I throw spare cash in to reduce amount outstanding as it happens and then I probably decide to buy a new car way too early. If all I wanted to do was save money I wouldnt buy an expensive car in the first place!Sweetmeister wrote: ↑Sat Jan 08, 2022 10:52 am
If you can afford to overpay then the best option is to opt for a shorter term, you’ll pay less interest and the car will be worth more. There’s no point taking a 4 year term and overpaying if you can afford to take a 3 or even 2 year term.
And its no good the car being worth more if I owe more, and no good it being worth more if I want to buy it out at the end. I've decided that cars are a waste, the scientific way to waste less is not buy one, or buy and keep forever, but I know the reality is I will buy and I will swap too often. So in that scheme of things, whilst still giving me flexibility should the backside fall out of my work world, I buy on 4 years, pay down when I have cash doing nothing, and accept its an expensive hobby full stop....
If you want to buy the car at the end,don’t take out a pcp! I thought everybody knew that! It’s the most expensive way to buy a car.
That's exactly what I'm looking at doing.