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Whats the percentage of your Car repayment from your disposable income?

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Comments

  • #52
    crosstownk
    Registered Users, Registered Users 2 Posts: 12,863 ✭✭✭✭crosstownk


    @ OP - is €200 just a holding deposit? Will you be putting more up front or do you plan to finance the balance? If so I'd be interested to hear how your finance application goes. Some car finance providers are looking for 20% up front on used cars and will only finance over a 4 years (max).

    Let us know how the application goes. Getting car finance these days can often be quite difficult.

    And as for the original question, my car is a company chariot and I pay minimal BIK. The other car is 9 years old and long paid for - it's only got 55k miles and going strong and I'll be hanging onto it for the foreseeable future.
    Untitled Image




  • #53
    smcgiff
    Closed Accounts Posts: 5,943 ✭✭✭smcgiff


    Ignore


  • #54
    termcg
    Closed Accounts Posts: 10 ✭termcg


    Eoin has a point, you have a disposable income and its up to you what you spend it on. I am a bike rather than a car man. Bought a decent reasonably priced car from a dealer for the partner and myself. Bought it from a dealer, its cheap to insure, tax and run and she is happy with it. I then also have some disposable income to spend on bikes and other stuff as well as saving.

    A few years ago a mate of mine was buying his 1st new bike. He got it on finance from the dealer. At the time he went a bit mad and got lots of new gear (helmet, jacket, gloves etc) also on the bike finance @ 11%. The guy has had 5 bikes since and currently has 2 cars. NONE of these have been dealer financed, all were bought with a credit union loan which was paid off as quickly as possible. This guy is happy to take the hit on depreciation as cars and bikes are his thing but he sees no reason to pay more interest than he needs so.

    Long story short people are entitled to spend their hard earned money on whatever they want (depreciating cars, expensive wine, too much beer) but only a fool to pay over the odds - 11% finance vs 6% credit union.


  • #55
    Eric Cartman
    Registered Users, Registered Users 2 Posts: 26,280 ✭✭✭✭Eric Cartman


    i have a loan for 8k (total cost 9.5k) with 7k still outstanding on it for my car, it comes to 9% of my sallary but its over 5 years, going to pay it back fairly quickly, the miles are racking up on the car and itll be worth f*ck all once its over 100k (damn the irish mileage mindset)


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