How did you fund your MG?

[Bam Bam]

@boyfrom64 has set up a thread, How do you finance the purchase of your car, which seemed ripe for a poll.

I thought there was a poll on this at some point but I couldn't find one so I thought I would set one up.

I've allowed two choices because I know a few of you have had more than one MGEV.

 

[MG Clive]

All my cars have been cash purchases.

 

[Biker67]

Cash.
Because I'm too tight to pay interest on a loan
Plus, if I don't keep spending it. The parasites at HMRC keep wanting a chunk of the interest on money I've already paid tax on!

 

[salty]

Early years, HP.
Later years. Cash.

 

[Jamesrr]

We bought outright both of ours but also traded in our previous two VW cars to assist in the funding.

Perhaps that should be a voting option?

 

[Everest]

This is too confusing for me..

How did you fund your MG?

I didn't buy an MG, so I can't vote..

How did you finance the purchase of your car?

I did purchase a car, so maybe I can vote after all

We bought outright both of ours but also traded in our previous two VW cars to assist in the funding.

Perhaps that should be a voting option?

In my case I bought one EV in cash plus p/ex of a BMW. So, as well as Jamesrr's option of "We bought outright both of ours but also traded in our previous two VW cars to assist in the funding." there needs to be another option of "We bought outright both of ours but also traded in our BMW to assist in the funding."

 

[salty]

Where's the nicked, option.

 

[EvTek23]

Had a car to trade in, so used as part payment, the rest was bank transfer (cash) against the new MG4.

 

[Bam Bam]

I've added 'trade-in' to cover those for whom this was a major component.

Also enabled three selections.

We also part-paid through a trade-in, but it was a 13 year old Seat Ibiza so a small fraction of the cost that doesn't seem worth noting.

 

[Rolfe]

I got £4,000 from the insurance company when they decided to write off my Golf, and paid the rest cash, so I suppose that's just cash?

 

[ClaretFozzy]

PCP.

I’m happy knowing exactly how much I’m going to be paying over the course of the loan and have exercised Voluntary Termination more than once if (when) the arse drops out of the value of the car.

 

[Ian Key]

I bought my MG4 outright through choice although I probably wouldn't have qualified for any PCP or HP agreement as I hadn't any income having just taken early retirement.

I traded in the MG4 for the MGS5 and once again I paid the difference in cash.

I looked at the MGS5 when they first came out and was offered £11k for my MG4 Trophy against the MGS5 Trophy priced at £33k. Six months later I got £14k for the MG4 against the MGS5 at £24k.

 

[boyfrom64]

PCP.

I’m happy knowing exactly how much I’m going to be paying over the course of the loan and have exercised Voluntary Termination more than once if (when) the arse drops out of the value of the car.

@ClaretFozzy Did you do the Voluntary Termination at the end of the term of the finance deal or earlier?

 

[Gomev]

I didn't buy an MG, so I can't vote..


I did purchase a car, so maybe I can vote after all

Remind us, what did you actually buy ?

 

[siteguru]

@ClaretFozzy Did you do the Voluntary Termination at the end of the term of the finance deal or earlier?

I think you have to do it before the term expires (i.e. when you're due to pay the MGFV), but after you've paid off 50%+ of the financed amount (which includes the MGFV). So the 50% point would usually be reached at roughly 40 months into a 48 month term (for example).

 

[T1 Terry]

I bought all 3 of my MG4s for cash, only ever bought 3 cars in my life on finance, swore I'd never buy anything again unless I could buy it outright.
The wife already had a mortgage broker loan on the house when I met, within 12 mths I organized to refinance it and paid it out within 5 or 6 yrs I think .... younger then so could handle the crazy hrs, 7 days a week doing very dangerous jobs now I think back on it, but it didn't seem dangerous at the time

T1 Terry

 

[Alb]

Both my MGs were cash purchases

 

[Rolfe]

I keep reading this as "How did you find your MG" despite my near-perfect post-cataract-surgery eyesight.

 

[T1 Terry]

I keep reading this as "How did you find your MG" despite my near-perfect post-cataract-surgery eyesight.

That one's easy, it's the white one parked in the driving vehicle section, the other one is silver

T1 Terry

 

[Bam Bam]

I keep reading this as "How did you find your MG" despite my near-perfect post-cataract-surgery eyesight.

Easy for you with your bright blue.

Also for those with orange.

Do I need to set up another new poll!?!