17 yr old needing to lend money?

nodtomc

zappster1966 wrote: »

Mate, if you're buying a car for £500 there's every chance it'll be a heap of cowdung, no offence to your friend but there are thousands of cars out there u can buy for £500. Don't forget repair costs, MOT, road tax, parking charges, speeding fines ... insurance (at 17 ?) ... not forgetting petrol, of course.

Seriously. Don't. I know every lad wants a car but they don't make any financial sense whatsoever. Avoid.

Says me. Austin Allegro at 15 y/o, Skoda Estelle Deluxe at 16 y/o (so classy) and an Opel Manta at 17 y/o ... ach, go for it, you'll have the greatest time of your life ... I did ;-)

I need to borrow the £500 to top up what I already have. It has 12 months MOT left, 4 months tax left. the insurance i'll pay monthly so it'll be managable

HeadInSand_2

You've got rose tints on, you'll realise what a bag of old nails it is after the umpteenth problem with it
If the compensation is decent then just wait for that and pay cash for another car later. There is absolutely no shortage of 2nd hand cars, there *will* be better ones out there, just bide your time. Debt is bad, cash is king.

LilacPixie

nodtomc wrote: »

I need to borrow the £500 to top up what I already have. It has 12 months MOT left, 4 months tax left. the insurance i'll pay monthly so it'll be managable

12 months MOT left?? well an MOT is only for a year so I reckon he has had it done and there are lots of advisorys on it. MOT the car was roadworthy at the time of testing it does not mean it will continue to be road worthy for the next 12 months.

Out of interest what kind of car is it?? how old and how much is he wanting for it??

nodtomc

LilacPixie wrote: »

12 months MOT left?? well an MOT is only for a year so I reckon he has had it done and there are lots of advisorys on it. MOT the car was roadworthy at the time of testing it does not mean it will continue to be road worthy for the next 12 months.

Out of interest what kind of car is it?? how old and how much is he wanting for it??

he just got an MOT on the car last week, and then bought a new car. He now can't afford to run both, so he's just wanting to get rid of the car. it's a 1999 rover 200 for £600 but i can probably talk him down a bit. I would get my uncle (a mechanic) to check the car first, to make sure it doesn't need work. I wouldn't have to worry about paying for the MOT for a while, or the tax, so it's a fair price

HeadInSand_2

nodtomc wrote: »

he just got an MOT on the car last week, and then bought a new car. He now can't afford to run both, so he's just wanting to get rid of the car. it's a 1999 rover 200 for £600 but i can probably talk him down a bit. I would get my uncle (a mechanic) to check the car first, to make sure it doesn't need work. I wouldn't have to worry about paying for the MOT for a while, or the tax, so it's a fair price

That's a decidedly average price, not exactly bargain basement. In my line of work I see these cars go for <£200 trade or just value in scrap metal. Push for £400/£450 at absolute most. Rovers aren't exactly sought after (esp. since going bust), although pattern parts are available.
Going OT here, there is no legit way you can get a loan, family is the only way to get the money in a hurry. But you're not missing out on a great deal so just wait a month!

Keith

LilacPixie wrote: »

12 months MOT left?? well an MOT is only for a year

Unless it's issued an MOT certificate that is valid for 13 months.

Which is quite common.

HeadInSand_2

PS - the build quality is absolutely shocking, you won't be happy. A cheap Ford would be a far wiser investment, seriously.

[Deleted User]

loaner wrote: »

not a rover .. headgasket has probably gone!

haha, reminds me of the time we sold our MG ZR after the gasket had blown.

Thankfully, we put some gloop in it that would make the thing run ok for about 1000 miles without anyone knowing the difference. As soon as it went again - instant £800 repair.

Shame they never asked about the gasket.. buyer beware and all that

DO NOT BUY AN OLD CLAPPED OUT ROVER

LilacPixie

Save up, you can do alot better than £600 for a 9 year old rover.

HeadInSand_2

LilacPixie wrote: »

Save up, you can do alot better than £600 for a 9 year old rover.

Yup, if your Uncle is in the trade too, go to an auction with him, you can pick up some cracking bargains there. Naturally there are some utter pigs, but being a mechanic he should be wise enough to weed out the chaff. £600 will buy you something a lot better than a Rover 200.