You are not logged in.

#1 14-11-06 14:05:04

kerrence
Verified Member
From: dorset
Registered: 09-01-06
Posts: 22

new own car on finance V contract car

Racking my brains about which route to take at the moment. I'm shortly starting on a pink with a driving school where i have to provide car, now i have my own car(big Rover 75 automatic) which i could sell for about 3k and get a little manual with the money, or i could get a contract hire car, or  trade my car in for a new car  and then its mine after a few yrs. Has anyone looked into the best options recently. It just seems to me that i would be throwing away good money if i hired, but if i have my own car  (few yrs old) it might cost me a lot to look after. Thanks for any ideas

Offline

14-11-06 14:05:04

AdBot
Google AdSense Posting Bot

Re: new own car on finance V contract car




Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /home2/matthutc/public_html/drivertrainingtoday.co.uk/include/parser.php on line 787

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /home2/matthutc/public_html/drivertrainingtoday.co.uk/include/parser.php on line 787

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /home2/matthutc/public_html/drivertrainingtoday.co.uk/include/parser.php on line 787

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /home2/matthutc/public_html/drivertrainingtoday.co.uk/include/parser.php on line 787

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /home2/matthutc/public_html/drivertrainingtoday.co.uk/include/parser.php on line 787

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /home2/matthutc/public_html/drivertrainingtoday.co.uk/include/parser.php on line 787

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /home2/matthutc/public_html/drivertrainingtoday.co.uk/include/parser.php on line 787

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /home2/matthutc/public_html/drivertrainingtoday.co.uk/include/parser.php on line 787

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /home2/matthutc/public_html/drivertrainingtoday.co.uk/include/parser.php on line 787

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /home2/matthutc/public_html/drivertrainingtoday.co.uk/include/parser.php on line 787

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /home2/matthutc/public_html/drivertrainingtoday.co.uk/include/parser.php on line 787

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /home2/matthutc/public_html/drivertrainingtoday.co.uk/include/parser.php on line 787

#2 14-11-06 14:11:48

Doc
Verified Member
Registered: 11-02-06
Posts: 559
Website

Re: new own car on finance V contract car

When i had this decision to make it boiled down to one thing "was i going to become an ADI?" I had no doubt in my mind that i would qualify so i opted to buy my own car. I was fortunate enough having sold my house and buying my new house i was able to keep £10k by, just enough for a new car and a packet of crisps.

It all really depends on your personal circumstances so do your sums and work out which option is better for your budget.

PS: I'm not sure if the flavour of crisps is relevant but they were cheese and onion.

Offline

#3 14-11-06 14:57:28

MiniClassic
Verified Member
From: Croydon
Registered: 18-01-06
Posts: 447

Re: new own car on finance V contract car

I also just made the choice that I would buy new car as am determined I'll get through Pt3 as well...

Gave 2001 Pug 206 in P.Ex for a new 207. 3 years interest free through Pug as a private sale - couldn't get this through business side where they push the leasing.

Costings worked out better than lease cost & the car is mine at the end - with a new-style car (& Pug diesels which should be good) there should be good trade in value if I want to start process again.

Also with new car, although there's hit in pocket of buying from brand new you know servicing etc is covered. Or the same for nearly new if you can get a good finance deal...

Good luck whichever way you go...


Ambition Driving College

Offline


Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /home2/matthutc/public_html/drivertrainingtoday.co.uk/include/parser.php on line 787

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /home2/matthutc/public_html/drivertrainingtoday.co.uk/include/parser.php on line 787

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /home2/matthutc/public_html/drivertrainingtoday.co.uk/include/parser.php on line 787

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /home2/matthutc/public_html/drivertrainingtoday.co.uk/include/parser.php on line 787

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /home2/matthutc/public_html/drivertrainingtoday.co.uk/include/parser.php on line 787

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /home2/matthutc/public_html/drivertrainingtoday.co.uk/include/parser.php on line 787

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /home2/matthutc/public_html/drivertrainingtoday.co.uk/include/parser.php on line 787

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /home2/matthutc/public_html/drivertrainingtoday.co.uk/include/parser.php on line 787

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /home2/matthutc/public_html/drivertrainingtoday.co.uk/include/parser.php on line 787

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /home2/matthutc/public_html/drivertrainingtoday.co.uk/include/parser.php on line 787

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /home2/matthutc/public_html/drivertrainingtoday.co.uk/include/parser.php on line 787

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /home2/matthutc/public_html/drivertrainingtoday.co.uk/include/parser.php on line 787

#4 14-11-06 15:18:36

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

Re: new own car on finance V contract car

I think alot will depend on your personal circumstances as the others have said.

Personally I did my figures and soon realised the contract hire I have now is the same if not arguably better than buying. However this was based on a loan agreement and not buying outright. I also get insurance included which if I did it myself would cost about £20 per week.

Its great to look forward and think positively, but you are still Pdi's and any extra costs are going to make it hard to break even on the 10/15 hours your probably be doing for training.


Approved Driving Instructor ADI(car)
Cardington Grade (A) Diamond Special DIA MSA IAM ROSPA (Silver)
QEF Mobility Qualified
Taxi Driver Training DATT
BTEC Qualified Assessor
www.targettuition.co.uk
http://www.facebook.com/TargetTuition

Offline

#5 14-11-06 15:56:08

MiniClassic
Verified Member
From: Croydon
Registered: 18-01-06
Posts: 447

Re: new own car on finance V contract car

Good point about doing sums carefully from Target...

Again, I'm in a 'lucky' position where I'm doing the training & revision, etc around a full time job. As long as I just cover the costs of the car/diesel/training/franchise I can live off the other salary.

& I took the view that if it doesn't work out for me then I've still got a nice car as a replacement for the old one so the risk 'seems' quite small...


Ambition Driving College

Offline


Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /home2/matthutc/public_html/drivertrainingtoday.co.uk/include/parser.php on line 787

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /home2/matthutc/public_html/drivertrainingtoday.co.uk/include/parser.php on line 787

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /home2/matthutc/public_html/drivertrainingtoday.co.uk/include/parser.php on line 787

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /home2/matthutc/public_html/drivertrainingtoday.co.uk/include/parser.php on line 787

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /home2/matthutc/public_html/drivertrainingtoday.co.uk/include/parser.php on line 787

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /home2/matthutc/public_html/drivertrainingtoday.co.uk/include/parser.php on line 787

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /home2/matthutc/public_html/drivertrainingtoday.co.uk/include/parser.php on line 787

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /home2/matthutc/public_html/drivertrainingtoday.co.uk/include/parser.php on line 787

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /home2/matthutc/public_html/drivertrainingtoday.co.uk/include/parser.php on line 787

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /home2/matthutc/public_html/drivertrainingtoday.co.uk/include/parser.php on line 787

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /home2/matthutc/public_html/drivertrainingtoday.co.uk/include/parser.php on line 787

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /home2/matthutc/public_html/drivertrainingtoday.co.uk/include/parser.php on line 787

#6 14-11-06 15:58:59

sue martin
Verified Member
From: National area franchises
Registered: 21-01-05
Posts: 333
Website

Re: new own car on finance V contract car

Most PDI's face this same question and l have dealt with both in the school, taking a long hard look at the figures it has worked out thus, if you teach auto then buy a good secondhand car a couple of years old where someone else has paid the bulk of the depreciation,if you teach auto it depends if you are a betting man!...manuals have a hard life and we have had many uneconomical to keep after 2 years and 60k on the clock so if you take out a 3 yr loan the residual value just about pays for the remainder of the loan,if you buy new you will take a big hit in depreciation and l wouldn't consider any make that doesn't give you at least 3 yrs paid for servicing and warranty plus has a dual controlled courtesy car or you will be out of pocket to a lease car, leasing costs are fixed and take away possible hidden costs like hiring a replacement car if yours goes wrong are not a problem, all in all having played with all the figs. including the tax implications its a bit of a poker game, if you buy a car with free servicing +courtesy car always available when needed that stays the course then you will win but if you have any down time thro repairs etc.even if covered by warranty ( a faulty switch on a nissan micra caused the car to be off the road for 6 weeks and this is standard) or a car that can't deal with being used for instruction (seat ibiza didn't last) then you will be out of pocket compared to leasing.
good luck
sue


0800 298 8928
http://thebrightredl.com
The Bright Red L
Online Booking App. FREE TRIAL  http://instructorapps.co.uk/

Offline

#7 16-11-06 05:57:44

ExAdiNigel
Member
From: Plymouth, Devon
Registered: 13-12-04
Posts: 4,739

Re: new own car on finance V contract car

Why not delay this decision until you become an ADI?  The leasing firms offer a 6 month lease purely for the PDI market.

If the worst case happened and you didn't qualify, would you be able to cover the payments after 6 months?

Nigel


National Standards Cycling Instructor, Ex Adi

Offline

Board footer

Powered by FluxBB. Developed by Matt Hutchings