Doing my bit for the economy
The recent staggering drop in interest rates prompted me to think about doing my bit for the economy. "Let's buy a new car" - I enthusiastically suggested to my wife. With the new baby just about to come, she'd need one of her own to go to her coffee mornings, playgroups and do the shopping!
With some spare time on a grey Saturday afternoon we trawled the dealer showrooms to look at our short list, before deciding on a VW vs Nissan. A comedy unfolded in the VW dealer.
"Mr Baker, how much is your monthly budget?"
"Just tell me how much the car is".
"Mr Baker we want to tailor a solution to your needs"
"Just tell me the price of the car, then we can talk monthly repayments"
"Mr Baker we can do PCP, Contract Hire, Lease Purchase,straight purchase, with or without part ex, with or without maintenance, tyre protection, duck bax, paint protection...."
"Just give me your best price" - my voice was now displaying anger and intense irritation.
Half an hour later we had numerous combinations of monthly payments, payment terms, deposits, residuals, mileage options. And in all of this the object of my desire was hardly mentioned. Then the conversation went downhill when the salesman told me he would try and give me the best interest rate!
"We'll do them on 7.8% Mr Baker - our best rate. That will be £420 per month."
"But, your example payment schedule on the top of the range, more expensive car outside is a rate of 9.6%. For the same deposit the repayments are lower at £399pm. How do you explain that?"
Doubting my recall, the salesman marched out of his overheated office to confront the display, grabbed the fact sheet, realised something was wrong and muttering some vague excuse disappeared out of sight.
"Let's go love", I said to my wife "this lot don't have a clue."
"Oh my dear, it's ok, I only need a little runaround so don't worry, we'll buy something that you won't be upset about after I hit something" she calmly said.
"Good idea my love, you're so clever!"
