Got a car on finance but should I get a loan for a new one??

LJW_2

Hi, just after some advice. I have never got a car on finance before but stupidly thought it would be a good idea as I could change it every 2 years (have some friends who do this). However I feel it was a bad move. Got the car through Ford and the fianance company is Royal Bank of Scotland. Not sure of the exact hp agreement but it lasts for 5 years!! We have had the car for 2 years but would like a newer one. Would it be cheaper and better in the long run to either:

Stay as we are but exchange the car for a newer one?
Part x this one and get a loan for a bit extra for a nicer car?
Stick with this on for the next 3 years?

Are there any other options??

Lil306

Is there any reason why you can't keep your existing car?

I'm sure you're aware that when people sell them it's just to pay off the outstanding finance and the amount left over makes a deposit on a newer car, then they continue to start a fresh new finance deal.

I don't see point in getting a replacement car every 2 years personally, it's nice to have something new but you're always going to be in debt unless you can pay it off quickly

Apples2

Number 3

Stick with this on for the next 3 years?

You simply are not wealthy enough to keep up with the Jones'

If the truth be told, I very much doubt they are either, stand back and look at why everyone is changing cars every 2 years...... simply to look more wealthy... but it is on tick!!

Keep it, pay it off fully and either enjoy it, or flog it and get another with all the proceeds from the sale.

drbesty

It'd be cheaper and better in the long run to stick with the car you have now, it's only two years old

LJW_2

Thanks for all your advice. I think your right keep the car! Wish I hadn't done this to begin with though, was a mad idea!!

Thanks again. :beer:

Malky

Please don't get sucked into to trying to keep up with the Jones's. You're looking for trouble unless you can genuinely afford to.
Would I like a new car? Yes, of course I would. Do I need a new car? No, not really. The car I have is only 6 years old and has plenty life left in it yet. As your current car is only two years old, then as suggested, keep it for another 3 unless it starts falling apart.