General How would you finance your new Honda car?

Discussion in 'Lounge & Gossip' started by Ichiban, Tuesday 13th Aug, 2013.

  1. Ichiban Founder Staff Team

    England CJ Leeds
    Hi Guys,

    Now that Governor of Bank of England has announced interest rates will be held at 0.5% for the next three years all dependent in inflation. If inflation increases the base rate will go up accordingly.

    This will be good news to new homebuyers and new car owners with some sort of certainty. Car manufacturers haven't wasted time announcing some killer deals across the board to lure us. Honda have some good offers too. I am eyeing up a Honda bike in the sale :Wink:

    So if you were on the market to buy a new Honda car which finance route would you go and why?
  2. FirstHonda Moderator Staff Team

    United Kingdom Ed Wiltshire
    As long as 0% finance available, I would always go for it (depending on level of deposit required) rather than use savings.

    Not a fan of PCP deals due to mileage penalties (and generally high APR).
  3. Robbie Valued Contributor ★ ★ ★ ☆ ☆

    England Robert Lancashire
    I would only use finance if it was zero per cent. I did take advantage of Honda's offer of 0% finance when I bought my CR-V, and got £5,000 rather than dip further into my savings.
  4. Ichiban Founder Staff Team

    England CJ Leeds
  5. Chunkylover53 Club Veteran ★ ★ ★ ★ ★

    It would depend on my job status. If I were self employed then I would declare the car as a business expense which would either allow me to:
    a) Claim some of the depreciation back as a tax refund if I were to purchase a car
    b) Reclaim the interest paid if I were to do a hire purchase
  6. rotation Club Member ★ ☆ ☆ ☆ ☆

    I'd go for hire purchase. I don't have enough savings to buy outright and don't mind keeping the car longer.
  7. rayhoop Club Member ★ ☆ ☆ ☆ ☆

    Keerat Amersham

    Exactly. Finance only if it is free! Otherwise I'd rather pay up front than pay interest.
    Depreciation only hits you if you sell or write off the car. If you keep it and run it into the ground then it is not an issue - which is quite often the case for me.