Car or no car how much will it contribute to debt?

I have seen a couple of people on this site saying that they do not have a car as it eats up too much money. This is something I have been thinking about recently, seeling my car.

I would not get a lot of money for seeling it, maybe 1500, however I think I would save loads over the year, thousands when it all adds up on petrol, tax, MOT etc.

I hate it when it is MOT time or something goes wrong and you just know it is going to set you back on paying off your debts. It is generally a good car and does not have loads going wrong, but still.

Has anyone sold their car to pay off deb? If so how has it been?

Also, would I end up spending more on trains/buses? I work about a 20min drive away, but that may change as may soon be made redundant, and want to work closer to home.

Plus I think I would enjoy using diff methods of travel and get some exercise.

I sm just scared that I will not cope without one and regret it!! Sounds silly I know!
Loan & Credit Card Debt at Highest: 13,450.04
Loan & Credit Card Debt Deb 05: 12,420.40
Loan & CC Debt Free Date: OCTOBER 2007
Student Loan: 10,000.00

Make 2006 a year for clearing debt xx


  • after doing the sums i am horrified by the cost of my car but i cannot get public transport to my work so i have no choice until i look for another job.

    My car currently costs over £300 a month. :confused:
    I have finally acknowledged my debt.....
  • Go for it! Try some practice journey to works before you sell. what it you get rid of it and after 3 months decide you want another one. Keep £500 back from the sale in a high interest savings ac and go and buy one again. It took us about 2 hours in total to get our last car (looking on autotrader, ringing, collecting) and cost £310.
  • I’m seriously considering downgrading my car next year.

    I’ve had the car just 3 months and so far maintenance and service costs that have fallen outside of the warrantee including a new turbo:
    £2800 one of payment
    Petrol £250 a month
    Parking £80 a month
    Insurance £2300 one of payment

    Tax and MOT coming up in 4 months!
    Oh and on the M25 yesterday, revving like it’s out of gear when accelerating, think the clutch and MAF are on the way out! £990 in labor according to Audi, plus whatever in parts!

    Yes I can defiantly see savings on the horizon by using public transport or downgrading.

    I say go for it, but then I’m pretty !!!!!! off right now with the hole in my pocket!
  • i had a brand new clio. Cost me £8500. I took it over 3 years, so it was £261 a month. You add £100 petrol, and then say £50 a month to it for tax, servicing etc. You get well over £400.

    I sold it, broke even on the finance, now i pay £88 for my monthly train ticket! I dont miss my car, my girlfriend has one, so if we go out we use hers (its a mini, so its fun to drive as well) i got insured on it for £300 (a month of motoring for me)

    Sell the car, use public transport. Its 1 less thing to worrie about. Cars can be expensive, espically older ones.
  • Spendless
    Spendless Posts: 24,030
    Name Dropper First Post First Anniversary
    I'm going to go against the others advice and suggest keeping the car until after you know if you're being made redundant. I know you've said you want to work locally, but what if things don't work out that way, what if your dream job needs you to have a car cos of times/location.
  • System
    System Posts: 178,074
    Photogenic Name Dropper First Post
    Community Admin
    I gave up my car at the end of last month, because although I could have afforded it, id rather chuck £1000 at my debts :)

    So far it has been quite good for me in many respects, such as:

    1. Ive lost a lot of weight, ie around 3/4 stone in just under 2 weeks as I now walk a lot (about 2 miles a day). A weekly all areas bus ticket costs me £13.50

    2. Getting the bus is quite enjoyable, esp as I have a new lady friend on the bus :D but it takes 5 mins to walk to bus stop and the bus is quite reliable. Also i get to work earlier as I KNOW I have to get up and get the bus. So every morning im actually in by about 8.40 after a nice walk from the bus stop. Also I got my bike fixed and am loving it. Also it gets you fit and you have a kinda smugness about the lemmings and their precious cars, if you get my drift.

    There are however downsides to this. The shopping is a bit of a ball acher, but im experimenting with doing fortnightly home deliveries to see how it goes. Trips further afield can be harder, but not that difficult if you plan !

    The only other issue is sometimes it rains, but a good warm waterproof coat makes it all ok :)

    As for saving money, yes I am, but not that much because my petrol bill came to £80 a month before, and the bus tickets come to £54, but there no tax, MOT or insurance. However most of my journeys were 5 miles or less and sometimes you just have to use the local shop even though it costs more for those things you have forgotten.

    Thats my findings so far. That and planning is the key !
  • I have thought long and hard about this. My car is old (L reg) and has had various probs over the last year (nothing serious, just age related!) and my parents got it for me nearly a year ago. I've told them that if anything else happens to it I won't be able to afford to fix it. It has a new mot and had a full service in the summer so it's just fingers crossed time really. When it conks out there is no way I could replace it. Cars are a nightmare to maintain anyway!!
    Mortgage-free wannabe!
  • black-saturn
    black-saturn Posts: 13,937
    Combo Breaker First Post
    I sold my car to help me pay off my debts. I didnt get much for it (cant even remember how much now) but it cut out all that petrol, tax, insurance and MOT money you have to pay out. I'm about £100 per month better off. It took a bit of getting used to at first but once I'd got used to planning ahead with journeys it was OK. Now I walk, bike or get the bus everywhere. I live in the town centre now which isnt too bad but at the time I lived about 45 minutes walk from the nearest supermarket (and this was before they did deliveries) and a 90 minute walk from the town centre. Then when all the debts were paid off I realised I didnt need a car at all so I didnt bother getting another one.
    2008 Comping Challenge
    Won so far - £3010 Needed - £230
    Debt free since Oct 2004
  • Great, thanks everyone, I am going to sell it but am going to take the advice of Spendless and wait until I know where I will be working next as I may need it for my new job. That will probably be around Spring time, so will be a good time to sell my car, plus the weather will be a little warmer!!!

    I remember when I was at Uni we didn't have a car and I used to walk everywhere and was fitter and slimmer! So if I could do it then I can do it now.

    Thanks again, have inspired me!
    Loan & Credit Card Debt at Highest: 13,450.04
    Loan & Credit Card Debt Deb 05: 12,420.40
    Loan & CC Debt Free Date: OCTOBER 2007
    Student Loan: 10,000.00

    Make 2006 a year for clearing debt xx
  • I know you've already made the decision but I did just want to say I think you've made the right one. I got my licence at 18 but I've never had a car. I was at Uni, and then I lived 5 mins walk from work. I now travel 5 hours a day on the train, and I don't think I could stand driving the distance. Things just take a little longer to do. I think nothing of walking half an hour to get somewhere, whereas I know people who would just jump in the car instead. Sometimes it's just nice to enjoy the time walking and talking (if you have an OH).

    I have a Sainsbury's 10 mins away from my house, but I have an Asda half an hour away. Every so often, I walk to Asda, do a massive shop and then just get a taxi back with all the heavy stuff. Costs about £4. Better than the hundreds it would cost to maintain a car on a regular basis. Public transport can be ok. I don't get stressed on a train, I can sleep, eat, drink, read, talk to friends, even make new friends!

    If you live in the countryside, I think cars are essential and practical, but unless I move to the countryside (not any time soon), I don't think I'll ever buy a car.

    Sorry for the waffle. Hope it works out for the best for you.
    Lightbulb moment - October 2005
    Debt at highest - £97,000 :eek:

    Debt now (15/06/07) - £83,908.47 (still :eek: but every little helps!)
    Debtfree Date - 2015 (but working on it)!

    2007 Comp Challenge - £360/£0 (I have no luck with winning!)
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