Finance or Cash

[Ots7]

Dear all,

I am looking to get into an Atom, first quarter of next year. I am not sure whether to buy cash or finance the car.
Being a “toy” I’d rather buy cash, but finance could well be an option. The question is, who has done what and would be willing to give rough examples of, which lender/broker/down payments and monthly figures.

Many thanks

[robfitz]

Only finance options I saw with the likes of JBR were at rates like 6.9% which I thought was nuts, couldn’t see why anyone would go for those at a time when base rate was 0.1%.

[autobackup]

Having been a member of the club for over 7 years I can't say that I've seen much discussion about purchase financing - I've no doubt that quite a few have probably made use of a bank loan if they have a sympathetic bank manager!

That said I really don't remember much, if any, discussion in the forum about PCP/Lease/HP and the like!

- I personally have the impression, possibly erroneously, that the majority seem to pay cash, and quite a few seem to have had a previous Ariel vehicle to trade up from?

[Winmoz]

Given the long build times, I would expect that most would pay cash. For some reason I didn’t even think about finance and assumed the lengthy purchase cycle (22months from deposit to collection) was a clever commercial ploy to provide ample opportunity for options to be added!


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[speedmachine]

I would never loan money for a toy…is there any benefit in doing so if you have the money to spend?
If you dont have it to spend, I wouldnt buy it at all, but that could be just me

[Preseh]

I reckon most people probably pay cash but I do know of people that have gone the PCP with balloon option with the likes of JBR etc. [mention]robfitz[/mention] is right though, these days your finance rates are typically going to be 6%+ so if you've got the cash available I'd always say pay cash. If you think you can make that cash work harder than the 6%+ rate of the finance though, finance could make sense.