Buying a first time car- What’s Passport Finance and how does it work?
I’m 22yr old, female, just passed my driving test and I’m looking for a first time car!
A friend told me about a scheme where you pay less each month for a car and every few years you get a new one with the option to buy the car at the end of the term…. Apparently it’s called passport finance. I’ve never heard of it, what is it and how does it work?
I just want a reliable car that won’t break on me that doesn’t cost the earth to run!
May 31st, 2010 at 12:43 am
In the United States they call it Leasing a Car.
This is considered to be one of the top 10 worst financial mistakes a person can make.
The advantages:
If you want a nice car – the monthly payments will be lower.
If you must drive something new ever 4 years – this is your option.
Consider it something the very wealthy people like to do (but not the smart ones).
Disadvantages:
You will own nothing when your lease is up.
You will be given the option to buy – but at sticker price.
In the long run – you will pay much more for the car.
With a normal purcahse – after 4 or 5 years – you actually own your car.
You will pay all maintenance (forced) through the lease at their shop.
You may even be forced to pay for tires when your lease is up.
Any dings or damage – you will pay for it.
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May 31st, 2010 at 12:46 am
In the US it is the same thing as leasing a car, don’t do it. You will never not have a car payment, you will never own the car, if you do any damage or go over the mileage or change the car in any way you will have to pay extra. It is a waste of time and money. Buying a car it will last you at least 13-15 years at least, for 9 of those years you will not have payments anymore. All of that money you can save to buy your next car in cash. Leasing a car you will always have a car payment no matter what.
May 31st, 2010 at 1:00 am
Financed cars is more expensive to insurance cause it requires full coverage. You can compare how much you would pay for full coverage of this car using this tool – carquotes.fateback.com
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