BoE investigates 'terrifying' rise in borrowing to fund new car purchases

[anonguest]

4 minutes ago, 2buyornot2buy said:

Good luck. I prefer to buy from dealers too. There will be ones put there wanting to do deals. It's just finding one and knowing what's a realistic price now that's the problem. There's poor price discovery on second hand compared to new.

The one gripe I have is that in my youth I was forced to buy via finance. I always longed for the day when I knew I'd be able to plonk cold hard cash down on the table to buy - telling myself I'd be able to haggle a better deal.

Of course today, now that I can pay up front in cash it has no appeal whatsoever to a dealer.  😞

Edited January 9, 2023 by anonguest

[Orb]

6 hours ago, Si1 said:

You use super unleaded in a Micra?

Yes, the car is old, and when E10 became a thing I heard and read that the high ethanol content could perish seals and gaskets. So I checked with Nissan and they gave vague guidelines that only cars built after 2000 should use it. So I decided to stick with E5 to be on the safe side - so far so good. A lot of people on the Micra forum suggested it too. It's probably costing me about £10 a month more. I see it as negligable in the grand scheme of my finances. The amount of money I save from driving the Micra is very satisfying. 

[2buyornot2buy]

9 minutes ago, anonguest said:

The one gripe I have is that in my youth I was forced to buy via finance. I always longed for the day when I knew I'd be able to plonk cold hard cash down on the table to buy - telling myself I'd be able to haggle a better deal.

Of course today, now that I can pay up front in cash it has no appeal whatsoever to a dealer.  😞

Just take the finance and pay it off within 14 days. That way you keep the discount and all incentives. Saves literally thousands and the best bit is dealers hate it. I've done the very thing multiple times. 

[Englaender]

1 hour ago, Si1 said:

Sounds fair. I was playing devil's advocate a bit as my 2003 CRV prefers  E10 too although it doesn't do too many untoward things on E5. I think if it was all spec OEM with no cheaper third party replacement parts it would be fine but at that age it's uneconomical to get OEM parts which can cost an arm and a leg. So the official as built spec will work with E5 but that's not what you get with a 20 year old car. And it wouldn't surprise me if the economy is better on E10 especially as with 99% of cars it has a properly working knock sensor.

I haven't noticed a difference on my 2006 CRV, but then it hasn't got a catalytic converter any more.

Had the original one nicked off my previous Y-reg MK1, which cost me £100 when writing it off (was due to do so anyway due to corrosion). Few months later, scumbags did the same to the missus's Yaris parked in the same place.

Around that time, I got talking to the owner of an 06 MK2 in Wickes's car park, who'd also had his nicked, but he'd just got a straight pipe put on.

Exchanged numbers and bought it off him 6 months later. Need to get MOT now though which is obviously a slight issue. Bloody love the car though.

Apologies for thread drift!

Edited January 9, 2023 by Englaender

[anonguest]

3 minutes ago, 2buyornot2buy said:

Just take the finance and pay it off within 14 days. That way you keep the discount and all incentives. Saves literally thousands and the best bit is dealers hate it. I've done the very thing multiple times. 

 

Edited January 9, 2023 by anonguest

[Confusion of VIs]

46 minutes ago, anonguest said:

The one gripe I have is that in my youth I was forced to buy via finance. I always longed for the day when I knew I'd be able to plonk cold hard cash down on the table to buy - telling myself I'd be able to haggle a better deal.

Of course today, now that I can pay up front in cash it has no appeal whatsoever to a dealer.  😞

You will pay more if buying with cash as the dealer loses out on a juicy commission from the finance company 

Trick is to haggle the best deal possible with expensive 5yr finance and then use your right to cancel the deal within 14 days and pay cash.

Edited January 9, 2023 by Confusion of VIs

[anonguest]

5 minutes ago, Confusion of VIs said:

You will pay more if buying with cash as the dealer loses out on a juicy commission from the finance company 

Trick is to haggle the best deal possible with expensive 5yr finance and then use your right to cancel the deal within 14 days and pay cash.

Indeed, as helpfully pointed out to me by another poster above. 

Trouble is...

My haggling skills are poor (my wife is better at it!) AND, presumably, the dealer would get wind of it as soon as I ask to check the small print confirming my right to pay off the balance of the loan at any time immediately after driving away with the bought car.

But certainly learned something valuable today. Thanks

Edited January 9, 2023 by anonguest

[70PC]

17 hours ago, sexton said:

https://archive.ph/

 

https://archive.ph/VeJ7Q

👍

[sexton]

1 hour ago, SlimJ said:

Car A: 🚙 £50,000

Car B: 🚗 £5,000

Both cars drive you to work. One keeps you stuck there.

And the guy driving Car A has to borrow lunch money from Car B driver.

[2buyornot2buy]

54 minutes ago, anonguest said:

Indeed, as helpfully pointed out to me by another poster above. 

Trouble is...

My haggling skills are poor (my wife is better at it!) AND, presumably, the dealer would get wind of it as soon as I ask to check the small print confirming my right to pay off the balance of the loan at any time immediately after driving away with the bought car.

But certainly learned something valuable today. Thanks

You don't need to see the small print. The right to pay off the loan is a statutory right not contractual. Consumer Credit Act 1974. 

Look at prices of online brokers if you're thinking of buying new. Carwow, drivethedeal, autoebid etc. 

[msi]

26 minutes ago, 2buyornot2buy said:

You don't need to see the small print. The right to pay off the loan is a statutory right not contractual. Consumer Credit Act 1974. 

Look at prices of online brokers if you're thinking of buying new. Carwow, drivethedeal, autoebid etc. 

Interesting!

[Si1]

2 hours ago, Englaender said:

I haven't noticed a difference on my 2006 CRV, but then it hasn't got a catalytic converter any more.

Had the original one nicked off my previous Y-reg MK1, which cost me £100 when writing it off (was due to do so anyway due to corrosion). Few months later, scumbags did the same to the missus's Yaris parked in the same place.

Around that time, I got talking to the owner of an 06 MK2 in Wickes's car park, who'd also had his nicked, but he'd just got a straight pipe put on.

Exchanged numbers and bought it off him 6 months later. Need to get MOT now though which is obviously a slight issue. Bloody love the car though.

Apologies for thread drift!

Was gonna say how you gonna MOT that? My cat was nicked got a 3rd party replacement but doesn't entirely play nicely with ECU.  I have to own a good cheap ECU reader to interrogate and reset the occasional engine light. But it's a thoroughly ace car, generally straightforward to keep on the road, not as many computers in weird places as more recent ones 

[Orb]

Adds a whole new meaning to the phrase "cat burglar". 

[iamnumerate]

37 minutes ago, Orb said:

Adds a whole new meaning to the phrase "cat burglar". 

It has been a big problem in London for many years now. 

[Lord D'arcy Pew]

[msi]

6 minutes ago, Lord D'arcy Pew said:

fast n furr-rious

 

I'll get me coat....

[Odysseus]

5 hours ago, anonguest said:

Indeed, as helpfully pointed out to me by another poster above. 

Trouble is...

My haggling skills are poor (my wife is better at it!) AND, presumably, the dealer would get wind of it as soon as I ask to check the small print confirming my right to pay off the balance of the loan at any time immediately after driving away with the bought car.

But certainly learned something valuable today. Thanks

Then just go on carwow

[Englaender]

4 hours ago, Si1 said:

Was gonna say how you gonna MOT that? My cat was nicked got a 3rd party replacement but doesn't entirely play nicely with ECU.  I have to own a good cheap ECU reader to interrogate and reset the occasional engine light. But it's a thoroughly ace car, generally straightforward to keep on the road, not as many computers in weird places as more recent ones 

With £100 cash and a garage that's willing to turn a blind eye. Not particularly proud of this, and will get my reliable usual garage to still give it a full service and effectively MOT it (whilst ignoring the emissions) to ensure that it is otherwise roadworthy.

I don't do more than 4000 miles in it and don't have kids, so reckon this offsets some of the carbon footprint I'd be creating if I did.

If I get a third party replacement cat, they'll cut that off too. I've already caught someone underneath having a look for it.

4 hours ago, iamnumerate said:

It has been a big problem in London for many years now. 

It's rife in my little part of the West Midlands. They've even tried to do the neighbour's BMW and that's not one of the usual targets (CRVs and Yarises being two of the top ones unfortunately), but he caught them in the act. Careless twats left the jack and dropped an almost brand new one they'd taken off a Toyota hybrid in their haste to get away without him lumping them!

[Si1]

9 minutes ago, Englaender said:

With £100 cash and a garage that's willing to turn a blind eye. Not particularly proud of this, and will get my reliable usual garage to still give it a full service and effectively MOT it (whilst ignoring the emissions) to ensure that it is otherwise roadworthy.

I don't do more than 4000 miles in it and don't have kids, so reckon this offsets some of the carbon footprint I'd be creating if I did.

If I get a third party replacement cat, they'll cut that off too.

No they won't. It's only the OEM ones that have high enough quantities of the expensive metals that thieves want. Nobody's touched mine since I had the replacement and I've not heard of any 3rd party ones being nicked. Maybe it's different in your neck of the woods I dunno 

9 minutes ago, Englaender said:

I've already caught someone underneath having a look for it.

It's rife in my little part of the West Midlands. They've even tried to do the neighbour's BMW and that's not one of the usual targets (CRVs and Yarises being two of the top ones unfortunately), but he caught them in the act. Careless twats left the jack and dropped an almost brand new one they'd taken off a Toyota hybrid in their haste to get away without him lumping them!

 

[Confusion of VIs]

51 minutes ago, Englaender said:

With £100 cash and a garage that's willing to turn a blind eye. Not particularly proud of this, and will get my reliable usual garage to still give it a full service and effectively MOT it (whilst ignoring the emissions) to ensure that it is otherwise roadworthy.

I don't do more than 4000 miles in it and don't have kids, so reckon this offsets some of the carbon footprint I'd be creating if I did.

The Catalyst isn't there too, and doesn't, reduce your Carbon emissions.

It does however reduce the NOx pollutants that can cause lung damage, and according to .gov are implicated in 23,000 deaths pa  by 98%, so your car driving down the road is emitting as much of these nasties as 50 unmodified cars.     

[Englaender]

8 hours ago, Confusion of VIs said:

The Catalyst isn't there too, and doesn't, reduce your Carbon emissions.

It does however reduce the NOx pollutants that can cause lung damage, and according to .gov are implicated in 23,000 deaths pa  by 98%, so your car driving down the road is emitting as much of these nasties as 50 unmodified cars.     

To be fair, you're right, and I was using "carbon footprint" inaccurately to describe the general damage to the environment that one causes by living, or in this case driving. And to an extent justifying it to myself by not having kids.

But when you break it down like you have, I guess I'm going to have to reconsider my position. 

A shame as it's a wonderful car with plenty of life left in it, but I have zero faith in it not being targeted again if I get the cat replaced.

So, another otherwise roadworthy car is likely to end up getting scrapped. Not sure how that affects my carbon footprint really!

[BobTheBear]

Had an interesting conversation with the salesman at a car supermarket when we got the wife a replacement car last year. It turned out he previously worked at a BMW main dealership. I jokingly asked if he left because he got fed up with having to deal with entitled d1ckhe@ds, and he said yes!  I bet many of them were also landlords…..

[Confusion of VIs]

4 hours ago, Englaender said:

To be fair, you're right, and I was using "carbon footprint" inaccurately to describe the general damage to the environment that one causes by living, or in this case driving. And to an extent justifying it to myself by not having kids.

But when you break it down like you have, I guess I'm going to have to reconsider my position. 

A shame as it's a wonderful car with plenty of life left in it, but I have zero faith in it not being targeted again if I get the cat replaced.

So, another otherwise roadworthy car is likely to end up getting scrapped. Not sure how that affects my carbon footprint really!

I don't know the details but have been told you can have a cover welded over the catalyst that makes it too difficult for the thieves to bother with. 

[regprentice]

22 hours ago, SlimJ said:

Car A: 🚙 £50,000

Car B: 🚗 £5,000

Both cars drive you to work. One keeps you stuck there.

For these guys they still feel they have a job for life, and if they do go they think they'll get a golden parachute, or early retirement. 

Theres no downside to playing the game for them, many still on final salary pensions. 

Of course ive seen many lose their jobs to offshoring, including my job, but the ones that are left are your classic lifetime middle manager...they just manage an team in india remotely, instead of a team in the uk. If you ask what they actually do they talk in hushed tones about "delivering through others" as a sacred calling that only people with their skills can achieve.. 

[anonguest]

4 hours ago, Confusion of VIs said:

I don't know the details but have been told you can have a cover welded over the catalyst that makes it too difficult for the thieves to bother with. 

Something like this I presume?

Catloc | Catalytic Convertor Theft Protection