You are willing to chose an Etios over an i20? :erm:
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Vehicle finance question
- Thread starter stoymigo
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- car finance interest rate
You are willing to chose an Etios over an i20? :erm:
muazzamb
Well-Known Member
Have you got quotes from all the banks?
ToxicBunny
Oi! Leave me out of this...
Well what do you think will happen to the prime interest rate over the next 6 years.. do that maths to see if a variable rate is better for you or not.
Chevron
Serial breaker of phones
Those are high rates.
But if I had to chose, I'd say take the variable rate, but make the paymnts of the fixed rate. That way even if rates go up you'll be ahead.
Pitbull
Verboten
With all the interest rate hikes I doubt he's going to get much better. Dependant on his profile ofc.
Pitbull
Verboten
I can't see the rate going lower any time soon. If anything it will remain or go up a few bases points every now and again. 14% fixed might be a good call. Variable only if there is a chance it will go down. (This is what I would have done)
pinball wizard
Honorary Master
Apart from the interest rate, why are you financing over six years? That would be my issue with this.
pinball wizard
Honorary Master
Sorry, I just read the OP. Over R4k p/m for SIX YEARS for an etios? That's a double WTF for me.
Nearly R300k for an etios? Jesus wept as the saying goes.
Nearly R300k for an etios? Jesus wept as the saying goes.
Chevron
Serial breaker of phones
Did you do what I suggested and play the dealers off each other?
pinball wizard
Honorary Master
That's exactly what I was saying.
I have two finance institutions that I will use to negotiate against each other, I'm definitely practicing your advice.
On a positive note, just today I'm due for a much better paying job, and I definitely agree the Etios loses its value quickly so I should be looking for a better car now.
I tested a 2nd hand i20 (1.4) and Accent (1.6).....both were sluggish as hell that I had to frequently go on the slow lane unlike with the etios, unless they were really abused themselves.
SauRoNZA
Honorary Master
Just because you got more money doesn't mean you should spend more money.
You should still get a second hand car for less money and on a much shorter loan term.
Not a bigger fancier car on a longer loan term.
What do you have now? Why not just keep it?
You should still get a second hand car for less money and on a much shorter loan term.
Not a bigger fancier car on a longer loan term.
What do you have now? Why not just keep it?
Fazda
Honorary Master
The 86 does not have a cam belt any more, so your services are normal - timing chain lasts the life of the engine.
Pho3nix
The Legend
Hasn't it always been the case.
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Mike Hoxbig
Honorary Master
That's the price that a few dealers quoted me though. They have to lift the engine to get to the spark plugs and such...
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Toyota conquest 1997, but I'd like something with aircon/bluetooth and some airbags.
How does one ensure a 2nd hand car is not a dud, besides doing a thorough inspection/AA checks and service history check?
Because that's one reason I want a new car vs a used one for the "peace of mind".
Thanks
Mike Hoxbig
Honorary Master
You get dud new cars too. Luck of the draw...
DoodleBug
Senior Member
I think 14% is high for a fixed rate and don't feel the Etios is worth that price.
You can get a lot more car for your money when you go 2nd hand.
As long as a car didn't start its life as a dud, has not been modified or abused like ****, is prang free and has been serviced regularly, it should be fine.
There are a couple of things you can do to try protect yourself but some depend on if you buy from a stealership, 2nd hand dealer or privately.
Always do a multi-point check/road worthy check, see if you cant get the seller to pay(private finance clients often get a discount).
If you hang around there for the check, you can ask the inspector if he spotted anything odd, damaged, resprayed or repaired.
Always do a TransUnion check (not the value one) on the car, its not expensive compared to the car.(done as a last check before buying) This "should" have all the car details(vin, engine, reg numbers ect... MAKE SURE THEY MATCH THE CAR AND CARS PAPER WORK), Claim history, stolen recovery check(maybe check with cop shop anyway), etc. (Some times cars could have been repaired and no info is shown in the report)
If buying from a 2nd hand dealer/stealership, see if you can get the details of the previous owner (check the owners manual or service receipts for names, surnames and sometimes phone numbers). Call them, ask about the history, mileage when they sold it, how long ago they sold it, services and why they sold it, they have nothing to lose.
Check the service history, where it was serviced, call them and verify what was done, when it was done, if they noted any damage at the time, also verify the mileage on the clock, the mileage the service center has and the mileage in the service book are aligned.
(this shows if the odometer has been tinkered or/and if the dealer made up a service history)
See if the remainder of the warranty/service plan is transferable (often easier if you buy from a stealership). Ensure you transfer it as soon as you have bought the car. (if these have expired, you can get a 3rd party service agreement/insurance/extender/warranty)
Test drive it in as many conditions/environments you can. Driving a car in the rain can reveal a lot that you might have missed on a dry day, think electrical faults, leaks and more. Bring someone along, jump in the back and let them drive and see what you notice.
Test and inspect everything (don't forget mats, carpet, rear wiper, sprayer, cigarette lighter, boot light, the spare tire and her mother).
If you can, pull back carpets or boot liner and look for repairs, over spray or anything odd. Generally repair clean up is sub-par in areas you cant easily see or normally don't look at.
Sometimes things like missing service books, owners manuals, radio user guides, not original windows/windscreens, mismatched tires can be treated as warning flags and should be questioned.
Also look out for things that should be worn to a degree but seem brand new (pedals, gear knob, stuff)
Google things to lookout for when test driving and inspecting a car.
Once you have test driven a car, don't let the sales person pressure you into anything, find the hidden costs and stick to your budget, you owe the sales person nothing, this is their job they are not doing you a favor.(Don't be a d!*k)
Remember you don't have to buy that car.... there are others
If you have the opportunity take it to a body shop and ask if they spot any damage. (You might be able to do this on a test drive other wise do it just after buying it)
If any obvious problems or work is needed, get the seller to fix it before you buy. Remember to ask for receipts/proof of the repairs and re-inspect the car.
As soon as you own the car, take it for a service (this may be compulsory with 3rd party warranties anyway). Get them them to check everything.
If you couldn't earlier get a body shop to look at it for any hidden damage or history. Get the wheels balanced and aligned.
If undisclosed/deliberately hidden damage is found or repairs are needed, contact your bank/financier let them know, they will advise you. You may have to return the car. Keep all the bills/quotes/invoices (Id recommend making copies of them.... just in case you are dealing with a real shyster). If they do all the repairs, request all the receipts/proof and then re-inspect everything.
Remember the CPA is your friend when dealing with stealerships and 2nd hand dealers. Your bank/financier is there to look after your/their investment. Read and understand all the paper work. Make sure everything matches the physical car, paperwork, documents, everything.
You can get a lot more car for your money when you go 2nd hand.
As long as a car didn't start its life as a dud, has not been modified or abused like ****, is prang free and has been serviced regularly, it should be fine.
There are a couple of things you can do to try protect yourself but some depend on if you buy from a stealership, 2nd hand dealer or privately.
Always do a multi-point check/road worthy check, see if you cant get the seller to pay(private finance clients often get a discount).
If you hang around there for the check, you can ask the inspector if he spotted anything odd, damaged, resprayed or repaired.
Always do a TransUnion check (not the value one) on the car, its not expensive compared to the car.(done as a last check before buying) This "should" have all the car details(vin, engine, reg numbers ect... MAKE SURE THEY MATCH THE CAR AND CARS PAPER WORK), Claim history, stolen recovery check(maybe check with cop shop anyway), etc. (Some times cars could have been repaired and no info is shown in the report)
If buying from a 2nd hand dealer/stealership, see if you can get the details of the previous owner (check the owners manual or service receipts for names, surnames and sometimes phone numbers). Call them, ask about the history, mileage when they sold it, how long ago they sold it, services and why they sold it, they have nothing to lose.
Check the service history, where it was serviced, call them and verify what was done, when it was done, if they noted any damage at the time, also verify the mileage on the clock, the mileage the service center has and the mileage in the service book are aligned.
(this shows if the odometer has been tinkered or/and if the dealer made up a service history)
See if the remainder of the warranty/service plan is transferable (often easier if you buy from a stealership). Ensure you transfer it as soon as you have bought the car. (if these have expired, you can get a 3rd party service agreement/insurance/extender/warranty)
Test drive it in as many conditions/environments you can. Driving a car in the rain can reveal a lot that you might have missed on a dry day, think electrical faults, leaks and more. Bring someone along, jump in the back and let them drive and see what you notice.
Test and inspect everything (don't forget mats, carpet, rear wiper, sprayer, cigarette lighter, boot light, the spare tire and her mother).
If you can, pull back carpets or boot liner and look for repairs, over spray or anything odd. Generally repair clean up is sub-par in areas you cant easily see or normally don't look at.
Sometimes things like missing service books, owners manuals, radio user guides, not original windows/windscreens, mismatched tires can be treated as warning flags and should be questioned.
Also look out for things that should be worn to a degree but seem brand new (pedals, gear knob, stuff)
Google things to lookout for when test driving and inspecting a car.
Once you have test driven a car, don't let the sales person pressure you into anything, find the hidden costs and stick to your budget, you owe the sales person nothing, this is their job they are not doing you a favor.(Don't be a d!*k)
Remember you don't have to buy that car.... there are others
If you have the opportunity take it to a body shop and ask if they spot any damage. (You might be able to do this on a test drive other wise do it just after buying it)
If any obvious problems or work is needed, get the seller to fix it before you buy. Remember to ask for receipts/proof of the repairs and re-inspect the car.
As soon as you own the car, take it for a service (this may be compulsory with 3rd party warranties anyway). Get them them to check everything.
If you couldn't earlier get a body shop to look at it for any hidden damage or history. Get the wheels balanced and aligned.
If undisclosed/deliberately hidden damage is found or repairs are needed, contact your bank/financier let them know, they will advise you. You may have to return the car. Keep all the bills/quotes/invoices (Id recommend making copies of them.... just in case you are dealing with a real shyster). If they do all the repairs, request all the receipts/proof and then re-inspect everything.
Remember the CPA is your friend when dealing with stealerships and 2nd hand dealers. Your bank/financier is there to look after your/their investment. Read and understand all the paper work. Make sure everything matches the physical car, paperwork, documents, everything.
Thanks a lot for that, really appreciate it.
Thorough inspection is definitely the way to go, and while i want something better than what I drive now I can still use it until I have made a better decision.