This is why I cannot see the point of splashing out for a new or nearly new car.
I can get a lot of 6 yr old car for just over £1K.
I am just putting a 16v 1.8l P reg Xantia back on the road, and look to keep the expense inside £800. I was given the car - replacement engine and MOT etc reqd
OK, so it depends on what you want, but my view and concernes say - why go out and spend 20K of your own money on a brand new or nearly new motor when any of the following can happen?
It could develop a major mechanical fault and the manufacturer starts weasling out of the warranty
Some plonker could put tramlines down the side of it while messing about, and not leave a note (£1K and loss of NCD)
It is liable to attract the attention of car thieves
Bsically, it's like carrying £20K in notes with a big banner on your top saying, I've got 20K cash on me.
You never know who you're likely to meet......
For example, about a year ago, my L reg Xantia developed a small graze around the NSF, "Oh what the hell" was my view. Although I like the car to be presentable, that really did not bother me that much. OK I would have pressed for insurance details if I caught whoever did it.
Having said that, we cheapskates need other people to buy new cars so that we can pick them up cheap when they're a few years old, so it remains to be said that there is a good case for buying new - as long as someone else is buying them new!!
:)
****Signature? - Ideas on a postcard please anyone!****
Hugo
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In answer to your points above:
It's not my money (technically), as although I have to fork out the £20k to start with, it will be paid for 100% by car allowance (from my employer), mileage allowance (from my employer) and a £5000 per year tax rebate from the Inland Revenue, so it won't cost me anything in the long run.
My employer does not allow me to go on the car allowance if I run a car that is more than 4 years old. I'm going to keep one for 3 years so a 1 year old car is the oldest I can go for.
I could get a cheaper car and make a good profit, but I'd prefer the luxury and comfort of a more expensive motor for the many hours a week which I spend in the car.
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Hugo: good points. Why private buyers shell out so much for a car is pointless. But it is because people are led to believe that new cars equals reliability.
It is basically knowledge. People lack knowledge and are taken in by advertising. For example, I just test drove the C5 diesel at £10,000. Nice enough car, but then I can buy a sound toyota carina e 2.0 executive (e/w, aircon, abs etc.) with 40,000 miles at £2000 (that is N reg). It has about 40,000 miles of life left in the engine, oil has a castor colour, quite economical (30 mpg versus the C5's 35mpg). The carina may not look as good, but then you don't have to look at it and you usually sit in the car. Also, the C5 is more difficult to work on, the carina is easier to work on and means cheap DIY maintainance.
Similar cars, with an £8,000 difference. And the less depreciation means I always go second hand with my own money.
However, the fact private buyers go for new or nearly new cars explains why so my in Britain are in debt.
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Hugo: good points. Why private buyers shell out so much for a car is pointless. But it is because people are led to believe that new cars equals reliability.
Greg I think this is a little simplistic. Some people do buy new cars for the apparently greater reliability, but beyond the "new car smell" and latest gadgets it's more the warranty they are after I reckon. Who knows what major faults your sound Toyota Carina will develop, which you will have to pay for, because of the way it was driven in its 40,000 miles before you had it--that's potentially a lot of whacked kerbs, crunched gears, low oil warning lights and cold starts, isn't it? And that leads me to the other reason why people do it: at the end of three years you have a second hand car in a colour you like with a history that is absolutely guaranteed. That is worth money I think.
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Conversations of this nature often make me chuckle. It's an "each to their own" environment. I personally have a car bought as nearly new in 2000 and when it goes in a few months I'll be replacing with a banger for financial reasons (more drinking money available).
However - you can question why people spend all this money on cars when they could motor for pennies but the system is circular. You can only motor for pennies because of all those souls who, whether you think it is sensible or not, will buy brand new cars. The country, in fact world, is awash with motor vehicles at the moment rendering anything old virtually worthless.
Imagine a situation where people stopped buying new cars and it was only the leasers and hirers and big companies buying. Your used car would quadruple in value and motoring would become somewhat a more expensive pasttime!!
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Yes Dan
Each to their own.
When I considered buying a new car (Rover 75) with the 30% discout afforded by working for my last employer, I was tempted until we clapped eyes on the rear legroom (I am quite tall and my daughters are both tall for their ages)
For image and other reasons people do need new or nearly new cars. If I were working as a financial consultant visiting clients, or a sales rep and visiting businesses, my Xantia would not be suitable, as it is too old perhaps. Hardly the marque of a successful company/salesman.
However, in the job I've recently left, I did not need my own car for business and felt assured of my abilities to select a good value for money car, which I am very pleased with.
Given the choice of a brand new car or a 10year old one I would go for the brand new one if I didn't have to pay for it. However, as I am spending the money on property renovation and I run a second vehicle as well, I have got what I need, not what I want. Maybe there lies the answer.
****Signature? - Ideas on a postcard please anyone!****
****We never stop learning****
Hugo
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40,000 miles at £2000 (that is N reg). It has about
40,000 miles of life left in the engine.
I agree your point, but I reckon you can multiply that by 5 for a properly maintained Carina.
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Greg... good news! My Carina II 2.0 has now done 152,000 miles and still drives like new, uses no oil, doesn't discolour oil in 5000 miles between changes... so you might get a bit more than your 40k 'left in it'!
Neil
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