New car PLEASE HELP !!!

chazzyb

Hi

I need a little bit of financial advise and this is not a wind up. Ive made a bit of a **** up and im just wondering what everyone else would do.

Its a story about a boy and his car.

Around a year and a half ago I bought a brand spanking new BMW 1 series as I fancied something a little different. After a year and a half I realised I had made a terrible mistake and bought the car on one of those contracts where you have to pay a massive lump sum. Well knowing full well that I would never be able to do this I went into my local Ford dealership, explained my conundrum and they sorted me out with a 'deal'

Now Im the sort of person that likes the look of a car and dont really wanna be seen in a clapped out VW polo (Nothing wrong with that btw !! But that is me !!!

So I have now a Ford Focus Titanium which I am paying £380 for the next 5 years. Now having only had the car around 3 months I am really starting to feel the strain and I know 5 years is a long time. In the not too far future I am hoping to buy a place with the missus and I know for a fact with what im paying for the car right now thats not gonna happen. (Bills, maintenance, new flat screen TV for games room, yes she is letting me have a games room )

Im also a little jubious that if I do change the car I will get a load of stick from work mates thinking that I have loads of money with another new car.

I have always had the best with the most gadgets etc but Im struggling a bit now. I know I have made an awful mistake but Im looking for a bit of serious advise.

I really just want to get a car (preferably new) and just stick with it knowing that I have no debt. So maybe sell this one and downscale ??

Anyone with any suggestions ?

Thanks for listening

Chaz

hewhoisnotintheknow

what are the penaltys if you hand the car back, might be hard to start with but may be worth it in the long run

Ive never cared what sort of car i have, i nearly bought a mitsi fq, but decided that my old 406 was a better choice for me, if people judge me on my car they are not worth knowing

As a general rule (apart from houses) dont buy anything you cant buy outright and you wont go wrong

hewhoisnotintheknow

*penalties, my smell checker is on holiday

Keith

How much is on the finance for the car? £380 over 5 years is a lot.You'll still be paying out per month whilst having a car with a lower image in the car park.

Your Focus after your partex is costing you £22,800, you paid list didn't you? The ST has been available for just over 14k for 2 years now!

chazzyb

Yeah it must be about that Keith. I think I paid around 20 for it. I think for me, in my own head I want a car that I like. I don't think I could have an L reg toyota. Just physically couldn't bring myself to do it but I do like the rule of not buying anything I can't buy outright !!!

Maybe I should get them to buy back, and get a car that I can afford with what they offer me ? Or shall I wait a year or so ?

Im so confused

itsnever2lateisit?

Rover - For those who need to prove nothing:D

Seriously, a 4 year old Rover 75 that someone paid £30k for fully load could be yours for less than £4k

hewhoisnotintheknow

how old are you, what do you do/earn

chazzyb

Im 24 and I earn around £30k a year. It gives me around £1900 a month (overtime and things) I have about £1000 in out goings then I have savings and around £200 for myself for games etc. £380 is from the 1000 is for the car.

Ive just looked and owe around 18k

sarahg1969

And what is the car worth?

chazzyb

Well the car was around 22k when I bought it. Only had it 3 months but worth about 19k now. I feel really stupid. Cant believe ive made this mistake.

hewhoisnotintheknow

if you could sell it for 19 i would sell it, this is just me though, my friend offers free financical advice at the CAB, i would find someone willing to do the same and ask them, they might say keep the car if its what you want and all that