Is Financing Your First Car a Good Idea?

Financing your first car or any car for that matter is a controversial subject among many petrolheads and car enthusiasts. These days to the general public financing a car is pretty much the main way to buy a car, but to those in the enthusiast crowd it can seem overly expensive and pointless.

Make sure to chat with a financial adviser before picking up any sort of loan/finance!
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- My Gear -

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[adammg]

Financing a car is fine, but the one thing i can't stand about it is the way people act about it.

To give it some context... take me for an example, I currently drive around in a 2009 Twingo GT. It's not the quickest, or the newest, or whatever...but it's mine - I own it, and it's my first car. Im proud of it, and i leave it at that.

and what i simply cannot stand is when you get that *one dickhead* who drives around in his brand new Audi A1 acting like a baller, telling me how much more successful he is than me because he has a newer car, when in reality he doesn't own it, never will, he's broke as a joke because of the finance package he's on (on top of every other thing he's got on finance too)...

Finance is cool if you're a decent person...but the amount of people i see who drive around like they fucking own the place... sitting in cars they have no place being in.. just pisses me off 😂

Sorry just had to get that off my chest 😅

[zlla]

Saving money for a car kind of sucks. I just want something to drive but I'm so hesitant now because everyone either says it's the worst idea ever and others say that it's not. It's very disappointing especially when people brag about paying their car off in full.

[BWTV]

I think for your first car you should get something cheap that you can have some fun in, pull a few handbrake turns and j-turns in Tesco carpark, without worrying if your 15k 1 litre fiesta ecoboost is gonna get damaged 😂

[M.]

If I got a pound for every time someone said “ I bet their proper rich “ when someone drives past at 20 yrs old in a Mercedes a class and am just thinking FINANCE

[Southside]

Love these videos, finally a channel which looks at things from a young point of view instead of older people saying things are cheap when to a teen it's everything

[Tekanova]

I finance my current car, which is my first car.
It's a 2013 plate Seat Ibiza. It's on a HP payment plan, and costs me £130 a month.
The dealership kept trying to sell me newer cars that were much more pricey.

I'm really happy with what I got. I love my car, and the package I pay for is actually pretty good, imo.

[zaink]

I wouldn't finance a car. At first it feels good but after several months you will start to not like a portion of your money going out your account. Most young people finance as they are able to get a car not that old and show it off to friends

[domjay]

Got my theory test on Thursday😬 wish me luck lads

[catling]

Get something cheap, i bought my first car for 3k and backed it in to a post within 2hrs lol

[lx]

Not all of your viewers are lads! 😉 have my test next Wednesday. Wish me luck.

[tankthepitbull]

Financing a car is a bad investment you are shelling out money on a depreciating item which you don't even own.

[ETilInfinity]

how is it a limited edition corsa when every fucker has one?

[Juice-jxpr]

if you can save your money and buy a car straight is always better.

[ALoulie]

Financing through dealership should never be used, much much much cheaper and easier to just sort out a bank loan if you have to. Obviously buying outright is best.

[matthewturner]

Answer - NEVER finance your first car.

[TakeCareRihanna]

Great video! Helped me decide to just save up and get a car for around £2000 (with a black box). I have a nice stable 9-5 job, but don't earn that much at the moment since i'm only a Junior, so financing would definitely not be a wise decision xD

[CommonG]

JUST PASSED MY TEST IM HYPED! (Good vid, this has no idea to do with the vid 😂)

[Pining_for_the_fjords]

The camera is constantly refocusing if you watch the leaves in the background, really distracting.

[howdlej]

I personally think PCP offers the most flexibility as it offers you a chance to part exchange for another car allowing you upgrade, if you're into, that semi-regularly like a phone contract. My personal take is that new drivers shouldn't buy a NEW car on finance and stay away from like-new but I think financing a used but not ancient car is reasonable to spread the cost about and allow you to get something that isn't literally a pile of rusty wank.

Most 'petrol head' arguments are easily countered the only argument that truely sticks is what you said at the start, don't go looking to finance something that is ideally above like 20% of your wage per month assuming you have no other major finances to pay for like rent etc. I stick to about 15% of my wage which is more than enough to get a decent used, low mileage car on PCP that's only a few years old.

Obviously check the history of the car but I find it safer than buying an ancient used car from some bloke on gumtree, auto-trader or ebay especially when you don't have the time, equipment or knowledge to ensure its going to run well after you buy it.

[exoticccucumber]

I bought my first car as finance, it is a pegeout 208 2016 and I currently pay £115 a month for 4 years. I wanted to finance to 4 years because I chose a 2016 car because I want to keep the car for many years