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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.
NurseHolliday-
If it's out of warranty, plan for a significant emergency fund. I toyed with the idea of buying a 550i for a while last year - you can find nice ones for mid-20s with 30k or so on. Look good, comfy, fast as.
Service costs and consumables are extravagant and that's not even considering the potential big bills if the engine / transmission / electrics shit the bed for some reason. Scared me right off.
Jung
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