car advice

regret70

Hi I am just after some suggestions. i am currently in quite a bit of debt including a car loan which i pay £145 a month for and owe £4000.

i have the opportunity at work to have a lease car, which will const approx £100 a month. would it be wise to sell my car, use the money to pay off my car loan (i would also have some money left over from the sale that i could throw at other debts) and have a lease car?


any suggestions?

thanks

true27

Hi Regret,

On the face of it, it sounds like a good idea to sell and take the lease car, especially as you'll be able to chuck some money at your other debts. Would your work cover the insurace/maintenance/tax etc or would that be for you to do? How secure is your job? If (god forbid) you were made redundant or the company decided to scrap the lease cars, could you cope without a car?

Percy1983

On the surface it sounds a good deal, if the car an upgrade? (newer?, faster?, bigger?).

On the flip side with a lease car you are paying forever more and it gets upgraded, where with your car you could keep it for longer an not have any payments.

I say this as I have just finished paying for my car and I plan to keep it for another 8 years (I don't do many miles) so will offer much better value than a lease car.

regret70

thanks, my job is quite secure i work for the council, there may be opportunity for a promotion soon too.

work would pay for all the insurance, breakdown, repairs and servicing.

i need a good job as i work in the community in rural areas and usually do 150 miles a day, which isnt too high but i visit vulnerable people and i need the security of a reliable car incase i get stuck somewhere and need to make a quick get away (it has been known!)

thanks for your advice, i will look into it further.