Thoughts and Opinions?

milliebear00001

Hi there

I have just bought a new house and am trying to put some money back into my savings. All fine, except that my car has now developed a pretty serious fault. It is going to cost a fair whack to repair (close to the part-ex value) and I am wondering if I should just call it a day and get a newer car.

I need a reliable car to get me to work (I'm a teacher) and the current one is thirsty so I could downsize to a cheaper to run model.

I am very anti-debt and have never bought a financed car before. I am not keen to do so now, but can't see any other solution, other than keep paying for repairs on an increasingly unreliable car.

I don't earn huge amounts, live on a fairly tight budget as it is, and some of our household income is made up of disability benefits which are threatened generally at the moment! I am worried about taking on a debt that would mean we'd have little spare money each moneth, would mean we couldn't really 'save for emergencies' or just do things like holidays etc.

Too many variables - help me see throught he fog please?!

Loughton_Monkey

milliebear00001 wrote: »

Too many variables - help me see throught he fog please?!

I believe there are only two variables.

1. Income.
2. Expenditure.

Not trying to be funny. But I'm just stating reality as it is an always has been.

It has become an appalling reality that the average UK savings is in the order of £2,200, with most of that concentrated into relatively few hands.

The universal cry - over these boards and elsewhere - is usually along the lines of "Well you try living on my income.... we budget very hard.... children... mortgage... absolutely impossible to save..."

But this sort of argument rarely holds water, as can easily be proved. Simply write down your own salary. Now take 15% off this. Now show the resulting figure and ask 100 people "Do you believe there is anyone in the country living on this salary, or less?" If the answer is "No" then I'm wrong. If the answer is "Yes" then it proves fairly conclusively that you can live on less salary and therefore can live on your own salary and save 15% of it.

It's a matter of choice.

Inactive

Try posting this in the Motoring Section on here.;)