Why I paid CASH for my Mk7 VW Golf R DSG
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- เผยแพร่เมื่อ 15 ม.ค. 2019
- Happy new year! In this video i explain why i chose to pay cash instead of car finance or PCP to purchase my VW Golf R DSG Mk7. There is even mention of BREXIT so be warned!! lol
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nice to see you back mate good down to earth videos,keep up the good work
thanks mate i will do
Good too see you back Jay Kay,
Hope your R is going well without issues.
Thankyou mate, so far the R has been very good to me ( touch wood )
Thanks for the wise perspective Jay. Subbed
Spot on jay in future I'm going to pay in cash for my own financial security great advice
I now have a 3 door manual R - no longer the Polo GTI that I loved. Controversial drive train and hopeless at launches. I've had to do A LOT to the clutch pedal operation to allow it to feel like and involved gear change too. It's good to see you still have your R 👍
Happy new year mate glad to see a video, very informative hope you’re doing well
Happy new year to you too mate. I cant believe youre still with me lol its good to hear from you! I hope youre doing well too
Jay Kay course I’m still here mate never missed a video! Glad you still have the golf and type r and I 100% agree. If you have the cash you may aswell use it
Hi Jay hope your ok great to see another video thanks for the info another great video :-)
thanks mate good to be back
Great to see you back Sir. when I enquired about an Audi Q5 despite saying I was not interested the salesman mentioned personal contract leasing about 3 dam times as I clearly had not got the message first time round. These type of schemes I guess are good for people who always change cars after about 3 years and must have the latest techie toys. I have heard stories that with some manufacturers if you don't want to pay for the vehicle outright at the end they go around the car and bill for every dent and stone chip. As for Brexit I can see my next vehicle coming from South Korea (not joking either)
one of these 🤔 th-cam.com/video/qedwTyqZt_U/w-d-xo.html
that stinger is alright you know! ok its not an M3 but then it doesnt cost nearly as much. Unfortunately i dont know anyone who owns oneso havent had a play in one yet. But the question is can kia steal the company fleet market from BMW? One of my friends who works at everest windows gets a BMW diesel every couple of years as his company
@@jaykay7932 a lot of people think the concepts of "Quality" and "Reliability" are the same thing they are not. Sure the Kia will have more hard plastic trim at the bottom of the doors but will have much less change of some serious issues. I have always said if Merc Audi and BMW are so dam good how come they don't offer 7 year warranties
ive been saying that for years but you wont convince a lot of die hard german car fans. They simply think KIA is shit! Which is bonkers because my brother has a proceed on a 59 plate and had it from new and has had no problems whatsoever up until recently when his central locking failed and he couldnt open the car either by fob or by manual key. Id say that could happen to any car and is a really rare problem where ive never heard of it! But those cars are just like japanese cars. Bullet proof
Happy New year mate, good to see you back. I worked in car finance for 6-8 years in the past. Worked at local dealership/garage. I could not believe people were paying ridiculous amount of Apr as bad credit. They could buy a car for £10,000 end up paying £20,000 plus for the car. I bought a car 21 years ago on finance and that was only £4,000 bec paid rest cash, car was £13,500 Peugeot 306 gti 6 but since then never bought a car on finance again. If I can't afford the car I want, just won't buy it, get something within my limit. My wife works in car finance/sales and again shocked as people are in so much debt. We buy any car. Com big time hooligans. Were owned by Carcraft then British car auctions and now sold on again. Stay well clear of pcp, finance or lease cars.
Happy new year mate! Did you have a good holiday season? Yeah its crazy. Even one of my friends is playing with the idea of buying a BMW M140i but he is only on 900 a month! I told him that if he intends to buy then assume a worse case scenario: you lose your job and become unemployed for 18 months due to recession. Can you afford your mortgage, feeding yourself and a BMW finance payment for 18months without a job? He reckons he can and he is a sensible guy but ive adivsed him against it anyway as its cheaper to just save and pay cash
@@jaykay7932 Xmas felt weird this time as mum's health getting worse. Had carer's come 4 times on Xmas day felt weird. Hope you had a good one! Your friend should think clearly before buying a BMW. I have a friend who is head of sales at BMW Birmingham. Said to same to him a while back, never would I buy a car on finance, pcp or lease. Other problem now is car theft and car jacking now. Is it worth having a expensive or performance car. Unless you get a good security like Pandora V2. I met Antony owner of Pandora UK in November top bloke and his RS7 🔥 best car security I have ever seen.
awww sorry to hear that mate ive been looking after my dad too making sure hes keeping out of trouble othwerise its been a good long one for me mate. Literally started the gym again monday and feeling it lol. Thats another good point mate the rising car theft problem! Again down to the government cutting po,ice budgets so they literally get away with it!! Is pandora a new company then mate? Ive not heard of them. I know of thatcham!
@@jaykay7932 Pandora car security was invented by the Russian military. Its been in the UK for around 2 years now. Antony was the main dealer for Clifford, Viper and Hornet. Then moved onto Pandora as the system is so futureistic and impossible to break. You can view your car from anywhere in the world and switch it off via phone app if it gets nicked. Start the car from the phone app too, anti hijack, 5-10 sensors, included is lcd remote too. Has so many more features. Check there website out Pandora Car Alarms UK. My 2 mates work for them too.
il do some research into that then mate sounds likes a solid solution to theft!
Your on the ball mate 👍
I think the thought of no debt or not being tied into a finance or anything would be brilliant, but everyone’s different, im 22 I worked out what I could afford and as I get bored easy, I decided to get a golf R on pcp, never had a problem with doing so & my dealerships always been fair when I’ve come to change car, loving the R though, haven’t had a day when I’ve got in it and not smiled!
completely true mate. Ive just had this discussion with another person, but he was saying people with family and kids cant do cash buys and are tied to debt. But i reminded him that this maybe true for some (most) people there are plenty of examples of young families where the men are big earners. Not that it means those men are better than most other people, but they think and act totally different to most men. So lets say im an average guy with a family. In that case i wouldnt entertain a new shiney car. I'd focus on getting the mortgage paid ASAP. Doing as much overtime as possible, getting a second job etc... I'd stil buy a good car. You can get some fantastic reliable cars used for peanuts. But the 36k golf r can wait! Priorities is what life is about
Sounds like you've got your head screwed on to me which is a good thing. Too many young people now going into full on debt mode..way over the top phone contracts that most rarely use all the allowances they are paying for. Credit carded to hell too. I also like to own my own things outright ( how can you say you own something that can be taken away from you for missing a payment? ). My car is older than yours, but my mileage is quite low 7k/year (its my only ride). The only issue with buying outright is car prices for brand new are getting insane nowadays in my opinion. I also agree that the "good times" wont be around forever. Have prepared the best I can. I think a lot of my friends, and even some relatives, will be facing. huge shock in the next 12 months. Most don't save any funds for hard times..crazy.. On with the day anyway
Yes i think that too! Lukily im really happy with my golf r so would be happy to keep it for at least 5 years. Ive spoke to a lot of people and for some reason they just cant help themselves - they have to have that car and that reg. Some younger middle class people I speak to justify their debt by saying one day they will inherit their parents assets. I personally would never rely on my parents and infact encourage my parents to enjoy their money themselves. But could assumed inheritance be a big driver in debt?? Eitherway a recession would hit inheritance values too. They also assume their parents are debt free themselves! Growing number of "equity release" is also worrying
Bang on! Someone who I know brags but he don’t tell people the finer details like that he’s in 80k debt. But good to listen to people with knowledge
Glad to see you back J.K. You just pulled out of Morrisons in Newark if I am not mistaken
Thanks mate i did indeed! Are you local to that town?
Yes, local to Newark, I have a 2014 Mk 7 R in tornado Red, I have had it from new. I wrote an article for VW Driver Magazine some time ago. There are some photographs on the VWROC forum too.
thats really interesting! How many miles are on your R now and how long do you intend to keep it for?
@@jaykay7932, Yes this one is a keeper, it is not our only vehicle hence really low miles on the clock. It has never seen a wet road yet.
Great to see your cash buying sense video, a point on we buy any car is they offer you only trade value, my experience is that I sold my Honda civic type r 2010 with 64k to Evans Halshaw for 6250 and we buy any car offered only 5000 not a bad difference so please check this for best price if and when you decide to sell to get your new car. I really do feel for people that have to have PCP because they cannot afford to buy outright.
Thankyou mate it is worth noting we buy any car rip you off but promise a quick painless sale. So good if you evr got stuck and needed cash quick i guess
Cheers for the reply, but I had the cash in my account within 48 hrs from Evans Halshaw which I felt was a smooth painless sale
fair enough mate. Id sell the car whever i get the best price. I see we buy any car as rip off merchants who assume youre depserate to sell. Private car sales have always been best for me but thats tough for a car of this value to be fair
Richy10 Vtec i work at Evans Halshaw as a car sales executive and it’s our job to explain pcp to our customers as well as it’s what we get paid to do even if a customer says they are paying cash so even when we suspect a customer is paying cash we still have to tell them the potential benefits of pcp
I feel you don’t understand the benefits of pcp, it’s also worth noting that without pcp car sales wouldn’t be half what they now are having a major effect on manufacturers and jobs
So I wouldn’t feel sorry for them, more likely thank them
Jay Kay!! Hello stranger long time no see!!!Houses won't drop 30% but I really like the way you think about debt, you're free to do as you wish but the only problem with not being on the housing ladder is that you're losing money as houses always go up in price, yes they may slow down in growth but they are always going up, in 08/09 they did fall but they soon recovered. There are limited houses in this country, rent is going up every year. In this country houses will always be expensive.
good to be back mate. Nah 30% was a figure out the air and even with the 08 crisis they peaked at 20% drop. But recall that the market bounce back was due to QE and near 0 interest rates. Had they not stepped in house prices wouldve plumetted. Another idea they are bouncing around in the offices of london are life time mortgages - so they are seeing a recession coming but trying to figure out how to keep prices rising. Ultimately its upto the government as 90% of the land in the UK is spare and a lot of that is untapped woodland not really doing anything. If the government changes planning laws - which they'll have to given growing populate and immigration - house prices would fall as land freed up. They'll change laws eventually. The daft thing is building your own home is cheap as chips, just you cant get planning. Now if this recession happens and prices do drop 20% thats still 20% back in my pocket. Theres clearly a problem as a lot of offshore investors have acquired properties - both commerical and houses - which was reported on the BBC. So even if foreign investors arent keeping prices rising (they are cooling now) then clearly something is afoot
Jay Kay yeah you're right there, it's the government who are causing the house prices to be so high. Building a house is a lot cheaper than buying a house, no doubt. We are of similar age and the older we get the less likely we'll get a mortgage and we don't want to be in our 70's paying a mortgage off that's for sure. There's freedom in the way you see debt and that's a good thing. Good to have you back as well mate!!
yeah the government are really good at sticking their noses in and screwing everything up. Hopefully more videos coming mate so wont keep the channel so quiet now. might load the black ops 4 clan videos on here too see how people react lol
Look at how many houses are being build now, every closed down pub near me has turned into flats, some of the houses near me have actually gone down in value
If you’re 100% going to go down the monthly payment route then definitely lease in my opinion. It’s great because the debt only shows for the lease payments and NOT for the full price of the car unlike PCP/HP of course.
Bro I was legit looking in to buy to let a few days ago, some nice terrace houses near me for about 60-70k. When do you reckon will be the best time to buy a house?
thats the question mate. I personally am either waiting for the official "we're in recession" announcement". Mainly though Im watching house prices and set a price on a certain type of house i want to invest in. So waiting for prices to drop to that point. Could be interesting if we buy cheap enough mate!!
Hold off housing prices will drop soon
Still got your type r mate? . Happy to see an upload 👍
yes i have mate that'll be on the road again this year. Shame to not use such a good car!!
@@jaykay7932 haha I've still got mine mate 7 years in now. The cars sat most the week with changing jobs and having a van. She's still only a 57k car and being honest given your latest upload about the current climate I'm not in any rush to change. The ep3 is a cracking weekend toy so I'll keep my cash for times in need
Im glad you're still loving yours mate! It's be so weird getting mine back on the road again and hitting b roads again it will proper flood back memories for me lol. Defo keep your cash and invest it wisely, either in property (obviously feel the market and wait for confirmation of recession) or in other assets
I paid for mine also,, I didn’t want finance hanging around for god knows how many years, there is some of us who have to finance, I have done it many years ago, but hated keeping track of of stuff like this. Each to their own.
yes id rather go without a new car now if it meant having to pay a monthly payment for god knows how long! Some people dont care about defaulting though! My ex gf's parents were like that, didnt care about bailiffs constantly banging at the door. Well weird way to live
nice car by the way
Your right jay your looking at the bigger picture mate 👍
If you bought a golf r today would you buy a mk7 or mk7.5....tossing between saving money on a mk7 for future mods etc or buying a mk7.5.
I personally would go for the 7. Nothing in the 7.5 really impresses me that much and I had a play with the new infotainment system in my friends 68 plate GTI and it didnt do anything for me personally. Just as now im eyeing up a bmw m2 over a competition because youre saving at least 27 grand. The m2 apparently sounds better in the cabin as well!! The mk7.5 will bcome more expensive as well because VW are going to start applying tarriffs (assuming brexit ever happens) and they will be passing on the Co2 fine they get from the EU which is something like 1bn euros
It’s crazy that not many people agree, the interest alone is probably thousands! And it’s that worry when you return the car it’ May be very costly .. cash is king, be in charge of your destiny
PCP works very well in particular cases gfmv is the MINIMUM value........ nobody knows what a cars value is going to do, your golf r could have dropped to a value of 10k, if you have a gfmv of 18k your 8 k in pocket!!! VW would more then likely value for car at 23k also as that’s what the market value will be!!!
You can also voluntarily terminate the car once you’ve paid half the vehicle value
Also you say about recession........ what if brexit causes a boom??
Also you need to be careful with savings and ISAs people often forget the effect that inflation has on savings
Cash is king IDGAF what anyone tells me. Also Brexit cant cause a boom as we've been in a global boom since 2009, hence the aggressive global house price growth. Theres an old saying "what goes up must come down!" Trust me, we are in for a correction in both equities and properties. Yes inflation eats away at savings hence why you invest your money as best you can. An example being buying a trailer and making money out of it
If you were to buy a house 1 day would you not get a mortgage?
no. Id buy to let and it'd be a cheap house so a cash sale. Houses I've been looking at personally are in the current region of 80k to 120k which is well within my budget as i have 100k cash waiting. So a recession would knock that house into my cash buy reach
I guess that’s fine if your circumstances are that way suited however we are not all in that way and those of us who have a family with kids need a larger house and sometimes in an area which is not so cheap meaning we have no choice other than a large mortgage.
of course. but not all people with kids are in your situation either. I know a few people ( and gypsies ) who are young with 3 kids or more but do really well for themselves making big bucks. I dont think having a family holds you back, its down to what type of person you are and how tht leads to sort of money you make. Not thats a bad thing, im just saying id move mountains to NEVER be in debt even with mortgage personally. But i was bought up that way anyway so everyone is different. BUT there is no excuse for having car finance - yes a mortgage might be needed as everyone needs a house over their heads - but nobody needs a shiney new car really
I don’t care how well you’re doing show me anyone who could buy a 4 bed house south of oxford without a mortgage... no chance. Anyway I totally agree car finance is not needed but it like u say depends on your circumstances.
good point actually. i know a city lawyer and i think she is mortgaged. But a city lawyers job is pretty secure as is a bankers so they can afford to take the risk knowing they'll be ok whatever happens. Thats why they live so recklessly. Anyone normal and youre right no chance of cash buying down south
This aged well :)
I know! and i read in the BBC recently that "experts" predict house price falls upto 22% by mid next year! Its insane... i was expecting a recession, not another global meltdown!
I have a phone contact that’s it I’ve been tempted to go finance but don’t like the idea of paying 100s every month on top of all my other bills
Always pay outright 💯
smart, I rather pay myself the interest that is my extra saving,
thankyou mate.
That’s fine as long as you have the funds
@andew taylor anyone can get the funds... its called being patient and saving while making sacrifices. There is always a way to make money on the side as well
Where you gone jay kay?
im abroad at the moment mate working. I should be back in the UK for 3rd week of July so i'll do a video then
@@jaykay7932 nice one :)
Look forward to that mate.
Buy a house cheap you a funny 😁 guy
haha before the 08 crash house prices did rise and fall. It'll happen again is a result of economics. Long term prices do rise though
People who buy cars on finance, especially younger people getting VW, Mercedes, BMW group cars on PCP are downright idiotic. Half of them get their first source of income (probably minimum wage), and think it's a great idea to throw 50-70% of their monthly earning on a car, while they're living at home. I'm not being judgmental when I say these people are scum and will be trapped forever, ruining their futures. It's understandable if you're getting a small hatchback on PCP, however the cars are cheap enough anyway second hand. Just borrow money off your parents. If your parents aren't in a position to let you borrow money, you shouldn't be getting a car in the first place!
Obviously that's a bit dramatic, but finance is the pit.
Absolutely. Debt ruins relationships too. Of all the failed marriages i know - and i know far too many - half of them failed due to debt. Usually deceitful debt though such as gambling so i guess that isnt a fare comparison, but on the BBC recently was an article suggesting household debt also made people depressed and put strains on relationships
@@jaykay7932 That makes total sense. For example my parents had a divorce, because my Dad was in 30k worth of debt. Luckily my grandparents paid him off, and my mum kept the house I'm in now.
Shame you didn't put the cash in stocks chap and financed it, if you had put in the S&P500 in 2016 you would have doubled your money!
Hi mate, im in the UK not USA so dont have access to the S&P500 only via ETF's which i never touch. I invested £20k in the FTSE 250 as the market crashed at the start of COVID lockdowns. I didnt double my money but made 90% gains average in the FTSE 250 investments I made. Sold off several of them but held a couple which have continued to rising owing to the energy crisis!
@@jaykay7932 what's wrong with ETFs? The Vanguard ETFs have minimal fees
theres everything wrong with them. Why would I buy a ETF and pay extra fees when we live in a global market anyway? Plus when i deal in commodities I'd rather own physical assets cutting the city yokels out of the loop. Anyway ive made more than i lost in the R via investing - actually bought the R on the back of a good investment portfolio. I also sold my R last summer for top dollar, pretty insane tbh lol, so am now sitting on a pot ready to invest or buy the next whip
EDIT - not strictly true, the dollar i have from the R sale is going into a 5 year bond as I've just bought an expesnive property so until my next big dividend or merger comes through i'll be driving the old Type R for a bit. First world problems lol
@@jaykay7932 well because the fees are minimal and you are naturally diversified, it shouldn't form all of your portfolio of course but most certainly a portion of it. Porsche next?
nah im not keen on ETF but each to their own. Ive seen situations where a commodity has risen but the ETF doesnt track it equally - i wasnt the victim in this case but my boss was! The other thing my boss got stung on waas pulling short bets... big mistake!! Lukily he put an extremely small bet on.
Next car will be Ferrar 430. Todays prices are reasonable, you can buy a lovely exmaple for 90k. But in the mean time me and wifey are planning on starting a small food business so that will be priority! What are you driving mate?
webuyanycar will give you a lot less than 18k after 2 years
i might visit them and do a video of it
@@jaykay7932 Would be good to see haha
Dont you live in your parent's house loft? Because if so then nevermind another recession, you could live through another world war and not notice a difference.
i do indeed live with my parents but pay 640 a month in bord. Im a decent earner and make good money on the side with my trailer. Also considering on investing in a small machine and starting a machine driving jb part time too. If you only work 5 days a week you have 2 free days a week to bring in extra decent money. Its how a lot of millionaires are made, thinking of ( and developing ) an idea during those 2 days. Last year i bought in an extra 20k ( before tax ) with my trailer work.
Jay Kay That’s pretty good if you can bring in 20k/year from 2 days a week extra work. Good for you mate! You will end up buying a house in cash in no time if you keep going like that.
yeah man it was easy money too! just car transporting! BUT a recession would hurt the trailer business but fr the last two tax years ive made a nice 20k from it per year. Recession i reckon would hit it though
Man, you are negative thinking guy. Think POSITIVE
haha i will down when prices fall ;)