Motability vs Loan

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  • #166653 Reply
    Mark1878
    Participant

    Has anyone done a comparison for this before I start one?

    Thanks All!

Viewing 11 replies - 1 through 11 (of 11 total)
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  • #166656 Reply
    Wigwam
    Participant

    I suspect if someone can get cheap money, cheap insurance and buy a cheap car, then Motability may not be the best option, but generally its been shown to beat comparison with any other way of getting a new car.

    #166658 Reply
    mitch
    Participant

    it may be an option for a good 2nd hand car that you intend to keep for a long period.

    its one option i am looking at for a 2nd hand jimny or yeti.

    reasonable jimny for 6kish or yeti for 7-8k.

    finance over 4 or 5 years keeping the car for 8-10 if i last that long would be a decent option.

    both cheap to insure and service.

    #166664 Reply
    fwippers
    Participant

    As a rough rule of thumb, the older and cheaper the car, it will be cheaper than Motability, however, insurance costs will be a factor and remember to add in roadside assistance, service costs, plus a bit extra for  replacements of brakes, wipers, tyres etc. Also bear in mind that a serious fault with the engine/gearbox or electronics could result in a bill running into 000´s or  in a total write off.

    • This reply was modified 3 days, 23 hours ago by fwippers. Reason: correction to grammar
    #166675 Reply
    mitch
    Participant

    thats exacyly it fwippers, thing is at the moment i am not doing 2k a year and the mileage aint going to go up much. so in my case the insurance is as low as it gets 62 years old max no claims never had an accident no points etc etc. i looked into just doing away with a car but the taxis dont compute and buses nonexistant.

    so the best rated 2nd hand cars with auto and a high seating position are the jimny and the yeti, by users rather than magazines etc. i dont need huge space for chairs/scooters well not yet. so something between 5 and 6k that i keep for 10 years with luck will leave me quids in.

    and the older ones will have knobs and buttons no touchy feely which has to be a bonus

    #166676 Reply
    Oscarmax
    Participant

    Mitch you will be far better off with the Yeti, comfortable, good fuel consumption plus a very good automatic transmission.

    The Jimmy are a little agricultural to say the least, due to their excellent off road abilities they do command a high second hand price tag, there is little in the way of comfort, plus the fuel consumption is quite poor.


    In 2005 I suffered a brain injury which has left me with mental and physical disabilities.
    Unfortunately I do get confused and get things wrong, so I apologise in advance.

    #166688 Reply
    mitch
    Participant

    i used to have the vitara 3 dr swb auto very agricultural the newer jimny’s are almost refined in comparison lol.

    #166693 Reply
    gillan

    when your loan is finished you have an asset that is yours and not someone elses to profit from. its a no brainer. get a loan.

    #166698 Reply
    mitch
    Participant

    yes thats true gillan but you have to remember not everyone on motability has the credit rating etc to get a loan not all disabled people are able to work so are on very restricted budgets. so motability can be a godsend.

    everyones circumstances are different there is no simple answer to fit all cases.

    #166699 Reply
    Mark Holland

    Why don’t you take a look at the vehicles that don’t use total allowance, then each year you will receive the increase difference that can all go toward fuel making it quite a good deal if your mileage is low keep the car for 5 years have 4 years of increases and the £900 bonus at the end might just be worth thinking about

    #166701 Reply
    MickC
    Participant

    No way would i buy a used nearly new or one a few years old at the moment,used car prices are greatly over priced and when new car sales get back to normal then used car prices will drop like a stone,( well they should ) and i would expect they would………but i’m no expert its just how i see it.

    Car on HP finance now and be in negative equity,soon enough.

    #166708 Reply
    fwippers
    Participant

    Like most things in life there are many factors to consider.  What initially looks like a simple comparison can in reality be a complex calculation with many variables and unknowns. It can take out the fun and enjoyment if we allow it as there is a human aspect not just financial.

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