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Car prices cash v finance
Car prices cash v finance
by Iancorker » Tue Feb 20, 2024 5:49 pm
I am looking at buying a secondhand car. The price for cash is higher than the price for finance. I assume the reality is that after finance charges, the finance costs are actually higher than the cash price. Does anyone know the average cost of finance? I am looking at something around €12,000.
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Re: Car prices cash v finance
by jpeg » Tue Feb 20, 2024 6:14 pm
The full price using finance is shown on the car by law
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Re: Car prices cash v finance
by Iancorker » Tue Feb 20, 2024 8:37 pm
So why is the finance price lower than the cash price?
Precio al contado: 14290 euros
Condiciones de la financiación
12190€ Precio financiado.
14290€ Precio de contado.
Cash price: 14290 euros
Conditions of financing
12190€ Financed price.
14290€ Cash price.
Or is the translation incorrect?
Precio al contado: 14290 euros
Condiciones de la financiación
12190€ Precio financiado.
14290€ Precio de contado.
Cash price: 14290 euros
Conditions of financing
12190€ Financed price.
14290€ Cash price.
Or is the translation incorrect?
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Re: Car prices cash v finance
by blingle » Wed Feb 21, 2024 2:05 am
Iancorker wrote:So why is the finance price lower than the cash price?
Precio al contado: 14290 euros
Condiciones de la financiación
12190€ Precio financiado.
14290€ Precio de contado.
Cash price: 14290 euros
Conditions of financing
12190€ Financed price.
14290€ Cash price.
Or is the translation incorrect?
Probably similar to many financed vehicles in the UK. The dealer gets a commission from the finance company, and passes some of that commission on to the customer if they take out finance.
My last car in the UK was £32000 cash, or £29500 on finance due to a £2500 dealer contribution. I took the finance, paid the deposit, got the car, waited until the day after the ROW period, and then paid off the finance.
The commissions some finance companies pay the dealers can be eye-watering, so it's nice to see at least SOME of it benefit the customer!!!
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Re: Car prices cash v finance
by Mort » Wed Feb 21, 2024 4:25 am
I know I sound thick Row period! Thanks
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Re: Car prices cash v finance
by Nolant » Wed Feb 21, 2024 6:55 am
If you finance the car use your bank. The finance provided by the dealers usually results in you paying about 50% more. The cheaper price shown is not the "Final" price. It's the price they are going to finance you. Just calculate the deposit+monthly+final payment...you'll be in for a shock
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Re: Car prices cash v finance
by blingle » Wed Feb 21, 2024 8:19 am
Mort wrote:I know I sound thick Row period! Thanks
Right Of Withdrawal.
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blingle - Posts: 641
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Re: Car prices cash v finance
by blingle » Wed Feb 21, 2024 8:22 am
Nolant wrote:If you finance the car use your bank. The finance provided by the dealers usually results in you paying about 50% more. The cheaper price shown is not the "Final" price. It's the price they are going to finance you. Just calculate the deposit+monthly+final payment...you'll be in for a shock
If you use the bank, you won't receive the dealer contribution. If you have the cash but there's a significant reduction for taking the finance, you're better off taking the finance and settling as early as you can.
Of course - always read the Ts and Cs...THOROUGHLY.
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blingle - Posts: 641
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Re: Car prices cash v finance
by Ericc » Wed Feb 21, 2024 2:13 pm
I would never take out a finance contract if I had the cash to pay for something. Just offer them the 'finance' price they advertise with in cash and otherwise no deal.
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