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-   The Sand Pit (https://britishexpats.com/forum/sand-pit-116/)
-   -   rent or buy a car? (https://britishexpats.com/forum/sand-pit-116/rent-buy-car-713042/)

Scamp Apr 12th 2011 10:27 am

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.

Meow Apr 12th 2011 10:29 am

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.

Millhouse Apr 12th 2011 10:34 am

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.

Autonomy Apr 12th 2011 10:37 am

Re: rent or buy a car?
 

Originally Posted by Scamp (Post 9300201)
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.

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.

Meow Apr 12th 2011 10:46 am

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.

Millhouse Apr 12th 2011 10:47 am

Re: rent or buy a car?
 

Originally Posted by Autonomy (Post 9300213)
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:

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.

Bahtatboy Apr 12th 2011 10:49 am

Re: rent or buy a car?
 

Originally Posted by Scamp (Post 9300201)
I know taxi's are cheap and plentiful but you still lack the certain full independence.

Yep, I love independence. The independence of having to go to the cop shop tomorrow to renew my vehicle registration because I've now got 4 Black Points on my licence (don't know where, don't know when, but allegedly for Dangerous Driving (changing lane without signalling) and Parking). The independence to get hit with 6 other offences totalling about 2k in fines for unspecified offences on unspecified dates. The independence to guess what the frigging speed limits are. The independence to fight for a parking space virtually anywhere I go. And (although thankfully not for me) the independence to use my own money to buy a car that will be at the mercy of knobhead, incompetent and inexperienced other drivers, main-dealer mechanics who cannibalise my toolkit and take 3 days to perform a routine service, and the general randomness that is driving over here.

Yeah, independence, right on man.

Millhouse Apr 12th 2011 10:49 am

Re: rent or buy a car?
 

Originally Posted by Meow (Post 9300227)
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.

Are these the same rules for car loans? car loans are secured on the car whereas personal ones are treated differently.

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.

Welivehere Apr 12th 2011 10:52 am

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

Welivehere Apr 12th 2011 10:54 am

Re: rent or buy a car?
 
Doh... Almost a duplicate of the Millhouse post.... :thumbup:

Scamp Apr 12th 2011 10:58 am

Re: rent or buy a car?
 

Originally Posted by Bahtatboy (Post 9300229)
Yeah, independence, right on man.

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

Bahtatboy Apr 12th 2011 11:01 am

Re: rent or buy a car?
 

Originally Posted by Scamp (Post 9300247)
Thanks for the ever useful sarcasm...


To everyone else; genuine thanks.

Bollocks to you, then. It may have been sarcastic, but I can assure you its all true.:D

Welivehere Apr 12th 2011 11:04 am

Re: rent or buy a car?
 

Originally Posted by Scamp (Post 9300247)
something cheap but not completely useless?

In Dubai thats an oxymoron. You are are going to struggle to be honest, probably looking at Lancers, Mazda's 3 or 6's.... You might be able to look at an Accord or Camry for late 2k's....

Autonomy Apr 12th 2011 11:12 am

Re: rent or buy a car?
 

Originally Posted by Welivehere (Post 9300260)
In Dubai thats an oxymoron. You are are going to struggle to be honest, probably looking at Lancers, Mazda's 3 or 6's.... You might be able to look at an Accord or Camry for late 2k's....

There is the complex of dealers out at Ras Al Khor / Al Awir - that's where I got mine in 2005.

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...

MacScot Apr 12th 2011 11:14 am

Re: rent or buy a car?
 

Originally Posted by Scamp (Post 9300247)
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

Get the Gulf News and check out car hire in the classified lift out..they seem to offer cheap rates (I've seen 67 dhs/day). I got my hire car for 69 dhs/day but for 6-month hire of a Focus via Alamo UK online (pick up at the Ford Service Centre in Al Quoz (Al Tayer Ford Motors building)). There is also a small hire place in that building at the back of the car servicing area. Was going to renew but the rates went up significantly, so bought a used Honda Accord, which (I'm told) holds its value well.


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