Car loan over £25k???

eddiedog

I'm looking to buy a new car and am hoping someone can come up with a good idea/suggestion.

I'm looking to spend £34k (car of my dreams).
I can sell/trade my current car for about £6k.
I can save c £600 per month from September (when another loan I have is finished).
By my reckoning by March 2012 I'll have saved enough to get the balance down to £25k - personal loan territory.
The problem is I want it NOW. Does anyone have any ideas to get the car of my dreams faster?

Yours impatiently
Ed

ILW

Buy a year old model, will beat least 10k cheaper.

blacksta

The fact that you are on site automatically means you are money savy

I am amazed when people want to throw good money away especially on car that is a big time liability - I am sure you can find a two year old version that probably cost a quarter of 34k

Please reconsider

sp1987

eddiedog wrote: »

I'm looking to buy a new car and am hoping someone can come up with a good idea/suggestion.

I'm looking to spend £34k (car of my dreams).
I can sell/trade my current car for about £6k.
I can save c £600 per month from September (when another loan I have is finished).
By my reckoning by March 2012 I'll have saved enough to get the balance down to £25k - personal loan territory.
The problem is I want it NOW. Does anyone have any ideas to get the car of my dreams faster?

Yours impatiently
Ed

So you are seemingly paying £600 per month currently on a loan, but want to take out another, for around £28k?

Jesus wept.

You clearly cannot afford this car currently. If you have notionally £600 a month in September, £28,000 / 600 = 46.7 months needed to pay for it, even with no interest added. That is also provided that nothing happens in that time so as to reduce your available funds (redundancy, getting ill, kids, wedding).

You will never pay off a brand new 30k+ car quicker than it depreciates for the first year.

The fact you already have loans too just screams you cannot afford the things you want currently.

You will be paying interest on massive depreciation on a new car. Paying interest or depreciation is bad enough but both is mental. Pay cash (where you can afford the money) and have depreciation or where you use credit, pay interest.

KingElvis

Drug dealing, bank robbery or become a celebrity

Apples2

eddiedog wrote: »

.
The problem is I want it NOW.

There's the problem right there.

Maybe you can afford a £35k car (with interest more likely £40k) but you simply do not have the money to purchase it. It should remain a dream.

I would bet good money if you had saved up £35k in cash, you wouldn't be so keen to give it all up for a chunk of tin on the driveway.

You would have the insight into how long you had to work and the sacrifices you had to make to get that money in the first place (without considering all the interest you would be throwing at it on top).

sp1987

KingElvis wrote: »

Drug dealing, bank robbery or become a celebrity

Sometimes at least two of the three come together.

eddiedog

Thanks for your help.

Money_Fritter

eddiedog wrote: »

I'm looking to buy a new car and am hoping someone can come up with a good idea/suggestion.

I'm looking to spend £34k (car of my dreams).
I can sell/trade my current car for about £6k.
I can save c £600 per month from September (when another loan I have is finished).
By my reckoning by March 2012 I'll have saved enough to get the balance down to £25k - personal loan territory.
The problem is I want it NOW. Does anyone have any ideas to get the car of my dreams faster?

Yours impatiently
Ed

Hi Ed, I think you might have to be patient on this one. If I were you I would look to invest the £600 wisely into money making ideas, have you considered investing in shares, etc. You never know maybe in a couple of years the dream might be a reality, but for now it is just a dream.

Keep Positive though

Money Fritter

MortgageChallenge2011

Simple terms:

You buy a £34k car with £9k cash and £25k loan.

After one year you run into trouble and cant afford loan repayments.

Car will probably be worth £15k.

So in one year you have lost £9k cash and the finance company who have issued a settlement figure of about £28k as front loaded interest will say where is the other £13k???

Dreams, dreams, dreams.....

eddiedog

Thanks for your replies but I was really after some idea's on car finance rather than whether or not I should get the new car.
HP, leasing, loans etc.
Sorry if I wasn't clear in my original post.