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#1 13-07-06 07:14:28

morgana
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Registered: 31-03-06
Posts: 200

When to buy new car

Is there best time during a financial year to buy a new car ? At a lecture last year by an accountant he said that at the end ie March, is best as one can claim the whole year's allowance but surely I could do that at any time and claim at year end ?

And is it better to buy or lease ?

I am not far off retirement age and wonder if I could get finance in a few years if I stop working so maybe leasing would be better ?

Confused

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13-07-06 07:14:28

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Re: When to buy new car




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#2 13-07-06 08:12:37

Target
Verified Member
From: Winchmore Hill North London
Registered: 17-01-05
Posts: 5,695
Website

Re: When to buy new car

Perhaps he meant that when purchasing the car at this time the amount off set against capitol allowance would be taken in the first year rather than split over 2 years for example. but i feel sure the end result would be the same just you get the money off your tax at a different time.

From what I gather there is no real tax advantage to buying or leasing. It all works out the same.

Its best to decide what fits your requirements. i.e if your retiring soon do you need a car when you retire, or do you want to hand it back to the garage and happy to pay each week.

Personally although I've never been in the position to purchase a new car, I feel the best way is to buy something just off the forecourt about £1-2k less than the orignal price and then trade it back after 2-3 years.

This way your constantly changing the car before the engine falls out. The first 2 years is hard because your financing a nearly new car, but after 2 years your only paying for half a car, assuming you paid it off in 2 years.

Thats why I contract hire. Fixed prices without the risks and I do not need a car anyway unless im teaching.


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#3 15-07-06 05:44:30

morgana
Verified Member
Registered: 31-03-06
Posts: 200

Re: When to buy new car

Thanks AA Instructor.
I was thinking more of a one year old car, ex demonstrator or similar. I will need a car when I retire and do need one when not teaching which is why I am thinking ahead about how to keep one afterwards.
I did ask the local dealer about part ex for a new car just to get some figures but the part ex price is £1,500 less than what I currently owe on the finance ! There must be a better way but I can't work out the logistics of having 2 cars while I try to sell the old one privately, having removed the duals and roof film to disguise the driving school past (there is nothing wrong with my Yaris BTW but some may think it had been used harshly if they knew it's history)

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