Hg2702
Well-known member
Just letting you know I’m alive and well I know you were concerned
TiltyShaun
Well-known member
Finance works for some and some prefer to leave it alone!!
Mogman
What man as done, man can do, what never has,maybe
I think a lot of it is the way your brought up
I started out with nothing (was a farm labour when I left school) but my dad always bought outright if he couldn’t afford it he didn’t get it, so I’m like that, save to buy, my account goes mad at me for not financing gear
But the only thing I don’t own outright is my house
B
Brendan
Well-known member
Not wanting to spoil the fun, but what sort of price was it?
V8Druid
do it as well as you can,but learn to do it better
ditto ..... if i didn't have the cash I waited 'til i didI think a lot of it is the way your brought up
I started out with nothing (was a farm labour when I left school) but my dad always bought outright if he couldn’t afford it he didn’t get it, so I’m like that, save to buy, my account goes mad at me for not financing gear
But the only thing I don’t own outright is my house
GazCro
Well-known member
Depends what you're spending though. If its 10k to change a machine I'd wait and just pay for it. But it's easier to spread 30k out. Likewise if it was buying something extra to go on a guaranteed long term hire finance wouldn't be such a big worry if the capital isn't there to lay out.ditto ..... if i didn't have the cash I waited 'til i did
TiltyShaun
Well-known member
Another thing to remember with finance is you don’t own it until you pay for it!!! I seem to have a collection of assets that some I own. Some I own jointly. Some I part own due to finance. Some the business owns but the business has had a loan. I think sorting out @Mogman if he is run over by a bus might be easier than if I am run over trying to save him!!!
Furniss
Well-known member
Thats right .... for instance getting a spare 35k together for a wagon in the space of a financial year was too big an ask for me so I financed it and from memory it cost me 800 plus set up fee over 5 year term, so why not, get to run a decent hookloader and have the advantages of that , plus investing in its residual value.
When it comes to upgrading a mini digger or buying an attachment or 10k dumper then I pay for it.
Money management unfortunately isn't my strong point but seems to make sense to me
♂ but im all ears for nuggets of wisdom 
When it comes to upgrading a mini digger or buying an attachment or 10k dumper then I pay for it.
Money management unfortunately isn't my strong point but seems to make sense to me
♂ but im all ears for nuggets of wisdom
Furniss
Well-known member
Sounds like my old man that but not sure its doable for larger investments - esp nowadays.ditto ..... if i didn't have the cash I waited 'til i did
doobin
Well-known member
I know I keep saying this, but it costsme just £230 a month over five years to have a new micro in the yard for when I need it. £280 a month for the 1.9t and £470 for the 2.8t. That’s not expensive, and you only need a days work each for the first two machines to pay for them. So why have only one machine that you waited till you could afford to pay for? You’ll miss out on loads of jobs that way.
When some of you were younger and rates were 10% plus APR then I’d agree with waiting. Possibly. But with rates at 2.6 flat or even 0 percent? Times change, we are in a different word these days and it works differently. Right or wrong I don’t know, there are all the makings of a bubble. But one has to play the cards one is dealt.
When some of you were younger and rates were 10% plus APR then I’d agree with waiting. Possibly. But with rates at 2.6 flat or even 0 percent? Times change, we are in a different word these days and it works differently. Right or wrong I don’t know, there are all the makings of a bubble. But one has to play the cards one is dealt.
GazCro
Well-known member
You can't make a penny off a machine you don't have and if you haven't the means to buy it then why not borrow its that simple. Just don't end up in a situation where you are chasing you're tail 24/7.
F
fred
Well-known member
It's exactly the same if you buy it for cash except you are now losing £xx a month instead of paying. Ok there is a ceiling when it depreciates to its second hand price.
Not to mention the immediate 20% corp tax saving in the first year.
GazCro
Well-known member
It's not the same though if buying it outright leaves you with crumbs in the bank and struggling to meet day to day running costs whereas finance would have nicely spread it out.
R
Russell
Well-known member
Or leave it in the bank and have a rainy day fund.
It will be interesting to know what it cost. I know when I got the E10 it was another £1700-£2000 for the tak and then another £2000 for the finance. That's a fair difference for a tool that does the same job.
I didn't realize how little a 1.9t was and how much a 3t was.
Did you put a big deposit on the 1.9?
It will be interesting to know what it cost. I know when I got the E10 it was another £1700-£2000 for the tak and then another £2000 for the finance. That's a fair difference for a tool that does the same job.
I didn't realize how little a 1.9t was and how much a 3t was.
Did you put a big deposit on the 1.9?
Last edited:
B
Brendan
Well-known member
I had the finance all lined up but cancelled the morning I was going to collect, it made things tough for a while but I'm glad I paid it outright and not having another payment to make each month.
Would be different if it was more expensive and as much as I want a 2.5t or larger just don't have the work for it
F
fred
Well-known member
its almost tax avoidance, buying a 1 tonner through the books, putting it a shed. saving the tax and vat and then selling it on for cash after 2 years. A pension fund couldn't hope to complete on the return.
TiltyShaun
Well-known member
And that is the nail hitting the hammer home!! If you don’t have the work neither finance or outright purchase makes much sense!! I have the 2 machines and don’t mind one standing when the other is working. I do have the big duck sitting on the farm but that was farm related and not construction related. They all have to pay there way!!
B
Brendan
Well-known member
Stolen? Uninsured loss?
Footer block 1