I saw one of the newer RAV4’s drive past me yesterday - looks nice. Can’t afford that one on my budget though, are the older ones just as good? Might be another for the shortlist.Toyota RAV4 go forever
The model before the present one is probably better than the current design. Sister in law just got one.....her second the other she got new as a R reg !!! Just got rid this Jan ........wiper motor went and new part was worth more than the car !I saw one of the newer RAV4’s drive past me yesterday - looks nice. Can’t afford that one on my budget though, are the older ones just as good? Might be another for the shortlist.
You guys are legends, cheers for all the recommendations.
PCP scares me a little. I imagine a scenario where I get shafted on the equity left in the car and pretty much have to start from scratch on the next one.
After a few years of not having insurance you loose any no claims you might have had. I can't remember exactly how many years though!Don't think that is much of an issue all insurance company want is proof of no claim bonus
Tends to be 2 years from what I’ve readAfter a few years of not having insurance you loose any no claims you might have had. I can't remember exactly how many years though!
If you lease you also after 2 or 3 years have the option to exchange for a new one or buy it at discounted price. As you not driven for so long it really important to think about having a few refresher lessons to get you back on track again
I have mk3 Focus auto just had new MOT passed again no advisories third year. Cheap to run very reliable and plenty of room and having heated front windscreen is brilliant in the winterI’ll be honest, I know the square root of fuck all about cars, so thought I’d tap into bluemoon’s collective knowledge for some help.
I haven’t driven for about 7 years, but with a little one on the way I now need to get back on the road. So looking for a practical family car, need decent boot space, ISOFIX points, needs to be safe. Comfort and drive quality would be nice little bonuses but I know I need to compromise somewhere and they are not as important to me as space and practicality.
Also, I know that I want petrol not diesel, I want used (maybe 2-3 years old?) not new, and I also want an automatic. Not for everyone I know, but with it being so long since I last drove a car, having one less thing to think about when I’ve got a kid on board would be ideal. And we spend half our time stuck in traffic anyway, so I like the idea of no clutch!
Regarding budget, I could probably stretch to £11k or even £12k for the perfect car for my needs, but if it’s doable for less, that’s great.
Does anyone have any recommendations? There’s just hundreds of options I don’t know where to begin!
Cheers
I had the option of handing my Peugeot back which i had on lease or buying it at a discountNot so. You’re getting confused between lease and contract purchase.
This is good advice. I worked in the industry when PCP was first introduced into the UK, it originated in America,I've been caught out with that! The answer is, I did it wrong. The key with PCP deals is to put the bare minimum deposit down, and go for the lowest reasonable number of miles so that the balloon payment is as big as possible. Effectively, you PLAN to have no equity at the end, and in fact it's better than that: If the car goes into negative equity - and it might - then it is the leasing company who takes the hit, not you. If you have equity left in the car and the used market falls, YOU are the one taking the hit not them.
I bought a Beemer and fell into this trap, expecting to come out of it with £10k of equity and in reality it has £0. If I'd put £10k less deposit in, I'd be £10k better off (give or take a bit of interest). An expensive mistake!
And incidentally, the approach I recommended - of going for as high a balloon as possible, and thereby making sure the lender (and not you) is liable for any negative equity - is another financial crisis ticking timebomb. In much the same way as the 2008 crash, lenders are giving loans to anyone who can walk with barely any credit checking at all. And the value of the assets these loans are secured upon are not as solid as people might think.This is good advice. I worked in the industry when PCP was first introduced into the UK, it originated in America,
and was adopted, at first, through selected Ford dealers, and marketed as 'Options,' the options being, Keep the car
and pay the final (balloon) payment, hand it back and pay nothing, or use it,(with any equity left going towards the next
car), as a part ex. Paying a large deposit up front reduces monthly payments, but if the car is worth no more than the
Guaranteed future value set at the outset, then, as said above, it's better to pay increased rentals.
Some PCP's now stretch over 4 years, and VW were marketing their little VW UP, offering it at £99 down and £99
per month over 4 years, which is amazing value, it's irrelevant that there is a large payment left at the end,
as you'd just hand it back, and start the whole process again, for £99 for a brand new car, why pay cash?
The reasons for the low payments is simply that borrowing rates are now historically low, around 1-2%,
when I was selling PCP's it was 8-10% flat. They make their money by charging the set interest rate on the whole value
of the car, say £10,000, even though payments are based on approximately half the value, ie; £5000.
So PCP's are great now, but not so great during high periods of interest rates, but as the rate agreed stays constant,
unlike a mortgage, they're now selling like hot cakes.