To finance or not?

[njc110381]

Hey guys. I'm getting itchy feet for a new van. My old Ranger has done over 100k now and it's starting to feel a bit tired. I quite fancy a new one. But what I can't decide is whether to buy a bit better than what I have with money in the bank, or finance a newer model?!

 

How do you all judge it? Loans seem to be the modern way of doing things. I've borrowed before and it's been no bother, and work is going really well at the moment. If I borrow a bit it pretty much makes the difference between a tipper or not. I'm looking at crew cab 4x4's with a budget of about £5k from the bank or £10k with a loan.

 

The £10k will get me a much better truck with lower miles so I can keep it longer. It will also get me a more economical engine with more power. But I'll have to borrow and I'm just not sure! I used to be a joke with money but just lately I've been growing up a bit and putting a bit more aside for the future. My head tells me that what I have will start giving me bills soon and I should upgrade well, but that could just be because I want a new truck?! I don't know what to do!

[hamdogg]

If you have the work I'd spend that extra bit of money and get a decent truck!! It will look better on jobs and you won't be worried about it breaking down all the time, as downtime is no earning time!!

[Billy]

Stop obsessing over milage and age and just buy something that's better but in good condition and well looked after. Age and mileage isn't everything there's plenty of nice vehicles about that are a bit older but absolutely mint and generally go wrong less than all the new stuff.

 

 

WM Tree Services

 

http://www.bestkenttreesurgeons.co.uk

[njc110381]

It's not so much age and mileage that bother me, but newer kit generally has more to offer. It's more comfortable, economical, faster etc and with better driver safety. I'm quite happy to rough it - I've got a 1979 Unimog! But if I'm travelling further I do like to do it without feeling like I've run a marathon when I get there.

 

I do agree that new stuff can be a bit of a waste of money but I'll never buy a new truck, just a less old one!

[Mick Stockbridge]

Done with finance. Make do and save. That's what I do and when I've drawn the money out to buy what ever I make a standing order to pay my savings account back.

 

Zero percent interest.

[Dan Curtis]

Done with finance. Make do and save. That's what I do and when I've drawn the money out to buy what ever I make a standing order to pay my savings account back.

 

Zero percent interest.

 

That's a good way of doing things, but rather relies on you having the savings in the first place.

[skyhuck]

Finance is a tool like any other, do the sums if its going to make you money its a sound investment if not don't bother.

[gensetsteve]

Stop obsessing over milage and age and just buy something that's better but in good condition and well looked after. Age and mileage isn't everything there's plenty of nice vehicles about that are a bit older but absolutely mint and generally go wrong less than all the new stuff.

 

 

WM Tree Services

 

http://www.bestkenttreesurgeons.co.uk

 

 

 

agreed new stuff is very electronic often unreliable and expensive to repair. I know its in warranty but its your time and diesel getting it to the garage. I hate having to look after a shiny new truck one with a few battle scars feels more usable. 10k will buy you a cracking low mileage hilux with at least another 5 years use left in it If not put another 6k to it and buy a new for work model one not the 26k hair dressers truck.

 

If things are going well and you fancy something new go for it and treat yourself and enjoy it the chancellor is picking up at least 25% of the cost

[MattyF]

Finance is a tool like any other, do the sums if its going to make you money its a sound investment if not don't bother.

 

 

Agree there.

I would never get a bank loan again though, it's a complete rip off but if you lease hire a vehicle or plant you have the benefit of being a business expense and all tax deductible

[Mick Stockbridge]

That's a good way of doing things, but rather relies on you having the savings in the first place.

 

Yeah you're right. I sometimes borrow from my self imposed dog insurance fund that I've accrued since doing away with pet insurance.