what to do?

budsowna

southernscouser wrote:

You'll probably will go for a bigger sized engine (I did) which means more petrol, possibly higher road tax, higher insurance premiums. As you'll be so chuffed with you new set of wheels chances are you will want to show off in it more (more petrol). If you buy brand new then to keep your warranty in tact you will have to service it annually with that company which is always more than advertised, ie oil, spark plugs and overpriced anyway! You'll also spend a fortune taking it through car washes and all the like!

i'm looking at the same size engine that i've got now and petrol will be a little better because it's a more efficiant, newer engine. the road tax is a little cheaper aswell and the insurance is about the same too.
i wouldn't be buying brand new but most of the cars i've been looking at have got the remainder of the manufacturers warranty left & i've never taken any of my cars through car washes, a hose pipe is good enough for me!

YorkshireBoy

budsowna wrote:

i wouldn't be buying brand new

So, we're talking about paying between £21-24K over 6 years to settle £8K debt and buy a second hand car!!!!!!!!!!!!!!!!!!!!!!!!.

With the exception of Eric, who told you to sort your own loan out because you'd managed it twice before by yourself, everyone replying to your original post has advised against getting yourself into this level of debt.

At least 2 of the respondents are advising you based on their personal experiences of debt - and one of them mentioned £38K. Does that not frighten you? Not even a little bit?

I have never been in (significant) debt. The reason...I've never borrowed heavily for motor cars. When I have borrowed, I've limited the duration to 3 years - 2 is better.

It seems that whatever we say to you, you are determined to go ahead in the mis-guided faith that a £13K second hand car will be more reliable than your current vehicle.

So, I wish you the best of luck. And do us one small favour - when you come back in 18 months to tell us you are in trouble, please use your current username so that at least we can look back at these posts and say...

"We told you so!"

mountainofdebt

Total agree with Yorkshire, you seem to be determined to have a newer car, regardless of the warnings.

OK we may be merchants of doom but seeing someone potentially make a big mistake and do/say nothing is just as irresponsible.

Another thought has occured to me - do you realise with this larger loan, you will be paying interest on interest.

black-saturn

mountainofdebt wrote:

you seem to be determined to have a newer car, regardless of the warnings.

Presicely my point. He comes on here for advice but the only advice he seems to want to hear is "go for it".

budsowna

thanks to everybody for being know it all, full of their selfs, !!!!!!

bye!!!

black-saturn

Bye! You need to grow up a bit before you have the responsibility of a loan. Shut the door on your way out.

savvy

Hi all, I'm just going to lock this thread as it has ran its course, and also please bear in mind Martins plea at the top of the site; Remember there's no such thing as a stupid question, pls be nice to all MoneySavers!

Thanks
savvy