Dammit
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I'm kind of wary of having an 8 year loan on a used car, but I guess it will depreciate about the same rate as paying the loan off.
I was asking because I was wondering what other options there were other than an unsecured personal loan.
If you buy an "approved" used car from a dealer and use their finance options, and you basically pay the depreciation over 3 years, you end up with nothing but also with no deposit to use on getting a new car in 3 years time, so are you supposed to save for a deposit while also paying the monthly payments?
I'm asking semi seriously here because I've never bought a brand or nearly new car, and if I do want to own one of the above in the near future (October 2021 perhaps), what would I need to be able to afford a month?
I can then make plans accordingly.
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NurseHolliday
Since we started talking about the complete opposite, and I had a lot of time while waiting for complex SQL queries to run, I started playing the what can I buy for X game.
Settling on a 30k budget, and the criteria being an unnecessarily fast estate between 3 and 5 years old, it seems like the best option is actually a used E63 if you're willing to go 5 years old, C63 if you want to stay 3 years old. You could get an F31 340i M Sport (3 year old 3 series estate with the new 3.0 turbo 6cyl engine). With Audi, a 5 year old S4 Avant can be had for just half the budget.
How is one supposed to afford a 30k used car? What sort of payment options are available?