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Bank loan, PCP, Hire purchase or Leasing - how did you buy your M140?

6649 Views 44 Replies 28 Participants Last post by  msej449
My M140i shadow edition with 2k miles on clock, ex demo car, registered may 2018 was £31,000

I pay £492 a month for 4 years with 1000 deposit

I can't find any lease deals on m140s otherwise I would have gone for that because more than anything else I want low monthly repayments and smallish deposit, I don't care about owning the car afterwards

How did you buy your car? And what is the lowest monthly repayment possible for a car like this? PCP or lease?
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This 24 year old sounds like me when I was that age. Utterly stupid with money and budgeting! Responsible lending is one thing, but you also require a responsible borrower. His entire salary is spent paying debt. Ridiculous. I have a love hate with Money Saving Expert. This reminds me back when I was in car finance, Martin Smug Lewis went on air waxing lyrical about miss sold payment protection insurance and how you could claim back. The nature of the claim was so broad that every man and his dog were claiming to of been " miss sold". People who had completed their finance deal along with being fully covered for that duration would claim they were miss sold without evidence other then signing the document. It came down to sheer hear say " I never asked for it but got given it" (even though it shows you on the contract and the cost shown). There were a few genuine cases however. Such as the applicant not being eligible for PPI to begin with due to employment/age etc. These of course could be evidenced and backed up.
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I know someone who has abused this 'get out' clause.
It's amazing how many people suddenly become illiterate when it suits them.
I bought mine outright, I had been saving for a while.

Otherwise I would have gone down the bank loan route. HP and leasing are too restrictive, and if you need to sell the car you are stuck unless you are prepared to sell for trade money to clear the finance.
^same here, had been saving for a good while
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Paid cash for the M235i onvertible as a factory order. But I was always intended to own it for at least 6 years and with a target of 100K if I could. This swings the optimal cost model towards a simple bank loan or saving the cash. I had a couple of financing cycles for my previous Audi and then 330d Touring, but I got hit on the latter when I changed jobs half way through and suddenly didn't need a mile-eater as most of my time was spent commuting by train. So then spent 2 years paying for something that was being under-driven and not really what I needed any more.
41 - 45 of 45 Posts