rent or buy a car?
#1
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Thread Starter
Joined: Feb 2011
Posts: 0
rent or buy a car?
I've been out her just under a week and hate not driving.
I know taxi's are cheap and plentiful but you still lack the certain full independence.
I have looked at a few places for renting a car and they cost a fortune it seems...2000 minimum.
When looking at cars, it's tough to know a budget because I don't know what a repayment would be on a 50,000 second hand motor...
Any general suggestions would be welcomed.
I know taxi's are cheap and plentiful but you still lack the certain full independence.
I have looked at a few places for renting a car and they cost a fortune it seems...2000 minimum.
When looking at cars, it's tough to know a budget because I don't know what a repayment would be on a 50,000 second hand motor...
Any general suggestions would be welcomed.
#2
Re: rent or buy a car?
Rent one for a few months. Don't buy until you are 100% sure you will be staying. Besides, if you are in your probationary period you won't get a loan, assuming you'll need one.
#3
Re: rent or buy a car?
Learn to drive here in a rented one before you use your own money.
Repayments vary depending how long you finance it for. There was a time when the banks would lend you money for up to 6 years on a Jap car. So if it was 2 years old then you could get a 4 year loan etc.
Of course, taking out a 5 year loan when you only plan to stay for 3 years isn't a good idea.
Repayments vary depending how long you finance it for. There was a time when the banks would lend you money for up to 6 years on a Jap car. So if it was 2 years old then you could get a 4 year loan etc.
Of course, taking out a 5 year loan when you only plan to stay for 3 years isn't a good idea.
#4
Re: rent or buy a car?
I've been out her just under a week and hate not driving.
I know taxi's are cheap and plentiful but you still lack the certain full independence.
I have looked at a few places for renting a car and they cost a fortune it seems...2000 minimum.
When looking at cars, it's tough to know a budget because I don't know what a repayment would be on a 50,000 second hand motor...
Any general suggestions would be welcomed.
I know taxi's are cheap and plentiful but you still lack the certain full independence.
I have looked at a few places for renting a car and they cost a fortune it seems...2000 minimum.
When looking at cars, it's tough to know a budget because I don't know what a repayment would be on a 50,000 second hand motor...
Any general suggestions would be welcomed.
My experience:-
Bought 2004 Jeep Wrangler Rubicon in 2005 when it was 10 months old, very low millage. Paid 50,000 on a 4 year loan, monthly repayments were 1,325 for 48 cheques (all hand written!).
It's currently worth 35-40,000 and the loan fully paid off.
#5
Re: rent or buy a car?
The Central Bank has recently issues new rules regarding personal loans.
From memory, an individual can borrow up to 20 times their monthly income for a maximum period of four years.
From memory, an individual can borrow up to 20 times their monthly income for a maximum period of four years.
#6
Re: rent or buy a car?
Agree with the other comments, rent for a while then buy if you're staying here for a decent amount of time.
My experience:-
Bought 2004 Jeep Wrangler Rubicon in 2005 when it was 10 months old, very low millage. Paid 50,000 on a 4 year loan, monthly repayments were 1,325 for 48 cheques (all hand written!).
It's currently worth 35-40,000 and the loan fully paid off.
My experience:-
Bought 2004 Jeep Wrangler Rubicon in 2005 when it was 10 months old, very low millage. Paid 50,000 on a 4 year loan, monthly repayments were 1,325 for 48 cheques (all hand written!).
It's currently worth 35-40,000 and the loan fully paid off.
Toyota Fortuner 4L: 18mths old when I bought it, cost 99k AED. Loan taken out (quoted rate 3.99%*) over 5 years. Repayments 1800 AED/month
It's now 4.5 years old - Outstanding loan balance: 45k, I value it at... 45k AED.
Pajero SWB - 3.5 years old when I bought it, cash purchase, 45k AED. I value it at 20k AED.
Both cars are in reasonable condition - I value them so low as I would basically accept anything when it comes to sell them as I don't believe the market to be liquid.
* ignore the rates quoted by the banks - 3.99% is actually about 8% as they do a very weird, and non standard calculation.
#7
Hit 16's
Joined: Mar 2010
Location: Of all the gin joints, in all the towns, in all the world, she walks into mine
Posts: 13,112
Re: rent or buy a car?
Yeah, independence, right on man.
#8
Re: rent or buy a car?
I know that when I changed jobs and was off visa for a bit, HSBC said it wasn't a problem as it was a car loan - had it been a personal loan I would have my accounts frozen.
#9
Re: rent or buy a car?
Scamp,
Another point that may be worth looking at is personal loan v vehicle loan. When I was there a couple of years ago vehicle loans had a lower interest rate but the bank owned the vehficle untitl the final payement was made whereas with a personal loan the interest was a % or so higher but the car was not tied into it.
Also bear in mind that a lot, if not all, of the local institutions will penalise you for early settlement....
Cheers
Another point that may be worth looking at is personal loan v vehicle loan. When I was there a couple of years ago vehicle loans had a lower interest rate but the bank owned the vehficle untitl the final payement was made whereas with a personal loan the interest was a % or so higher but the car was not tied into it.
Also bear in mind that a lot, if not all, of the local institutions will penalise you for early settlement....
Cheers
#11
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Thread Starter
Joined: Feb 2011
Posts: 0
Re: rent or buy a car?
Thanks for the ever useful sarcasm...
To everyone else; genuine thanks. I think you're right, rent for a few months and see how it fares, I balked at renting originally because so many quotes come at 3000+
Can anyone recommend somewhere I can get something cheap but not completely useless?
Thanks
To everyone else; genuine thanks. I think you're right, rent for a few months and see how it fares, I balked at renting originally because so many quotes come at 3000+
Can anyone recommend somewhere I can get something cheap but not completely useless?
Thanks
#12
Hit 16's
Joined: Mar 2010
Location: Of all the gin joints, in all the towns, in all the world, she walks into mine
Posts: 13,112
#14
Re: rent or buy a car?
There is also an auction house.
Of course it's a lottery though as unless you're a car expert there could be all sorts wrong - you can insist on a inspection before you purchase though.
Oh and there is the bureaucratic joy of ownership transfer...
#15
Re: rent or buy a car?
Thanks for the ever useful sarcasm...
To everyone else; genuine thanks. I think you're right, rent for a few months and see how it fares, I balked at renting originally because so many quotes come at 3000+
Can anyone recommend somewhere I can get something cheap but not completely useless?
Thanks
To everyone else; genuine thanks. I think you're right, rent for a few months and see how it fares, I balked at renting originally because so many quotes come at 3000+
Can anyone recommend somewhere I can get something cheap but not completely useless?
Thanks