What to do....

TeetersOnHeels

Hi.
Just after some opinions really... DS will be 17 next year. I'm thinking about him having my car (a 6yr old corsa I've had from new, regularly serviced, with no outstanding finance.. rather than buy an older car I know nothing about..)
I will also have around £10,000 coming my way from money left to me from inheritance. Sooo, am wondering should I use the £10000 to buy a newer similar sized car, OR pay off my credit card debt and lease a car (something which I've not done before..). The cards are on LOB rates,between 6 & 10% - but would like to pay them off sooner rather than later, as I would also like to move house in the next 3yrs and would like not to have a huge amount of credit card debt by that time. Although I know you can never say never, my job is more than reasonably secure, so the 2 or 3 year lease period is not too much of a concern - just want to put my £10,000 in the best place-
Thanks in advance!

Hintza

The rates you say you are paying ion the cards seems cheap. If you lease the effective rate will be more than that currently. Leasing is not as good an option that it was 2 years ago.

If it was me I would carry on with current car until your son at least passes his test. You can the re-evaluate then.

My gut feel would be to wait until the scrappage scheme ends then have a look. I suspect the window of opportunity will be small as I fully expect prices will continue upward in thje medium to short term (mainly due to exchange rates and slightly reduced supply). Best bet might be to set aside £5k for new car and £5k for a replacement if you still want the cost of running an additional car.

Inactive

closed wrote: »

Pay off the debt, and share the car, insurance for a 17 year old isn't cheap, and it could take a year for him to pass.

Agreed, pay off your Credit Cards, nobody knows what lies ahead.;)

gilbert_and_sullivan

Get that debt gone, when your son passes his test he can pick up a 106 or similar for £600 to get him going...don't make it too easy for him....my opinion only and no offence meant.

TeetersOnHeels

Car sharing would be ideal, but DS is keen to join the RAF when he leaves school..I have said he can have my car, as long as he funds the cost of insurance maintainence etc.
I'm inclined to pay off the cc's with the inheritance money, then buy a 'nearly new' car for myself, something perhaps 6-12mths old. (perhaps a bit old fashioned in the thought that a lease car wouldn't actually be mine lol!)