Unsecured car credit with CCJ and a large deposit

poppasmurf_bewdley

I still have difficulty thinking that a £40k car on finance over three or four years will probably cost £60k, and by the time you've paid off the loan your car is worth only about £20-£25k. Phew!

When it's put like that, my two year old Mondy estate at £10k against a new price of £25k was a bargain.

Daniluvsuall

poppasmurf_bewdley wrote: »

I still have difficulty thinking that a £40k car on finance over three or four years will probably cost £60k, and by the time you've paid off the loan your car is worth only about £20-£25k. Phew!

When it's put like that, my two year old Mondy estate at £10k against a new price of £25k was a bargain.

Normally I'd agree, Let some other mug drive off the forecourt and take the hit! - but in this instance for how fussy i'd be over the options and what i'd want from the car it's easier to buy new and I'd be driving it into the ground so I'll get more than my money's worth from it.

CHR15

There is no way on Earth you will get your monies worth from it.

That would mean getting £40k's worth of enjoyment from it, but you will be paying nearer £60k.
That means going to work every day for over 6 Months without getting paid a penny, you will give it all away.

There must be thousands on here who look back at those past finance purchases with regret (hence the tone of the replies).

You'll regret giving that £20k away when you are looking for your house deposit.

Daniluvsuall

Sorry to sound rude, But It kinda appears I'm getting lots of advice not to buy it and nothing actually answering my question!

Considering I am 21 I'll start saving for a mortgage deposit when I am 30 and then I'll look to own a house from there but I'd like the car first.. - Either way I'd appreciate it if someone could either say "Yes that's possible" or "No they'll laugh in your face" and or what I can do to make myself more appealing to creditors?

I do not plan to stretch myself thin enough so that I cannot afford to live, I want for very little other than a car so the cost isn't an issue.

Johnny_Barnes10

Search long and hard enough and you're bound to find the car of your dreams 1-2 years old. Massive weight to have around your shoulders is £30k, what "if" you lose your job or your current situation changes? Nothing wrong with having what you one, just don't cripple yourself in doing so.

Daniluvsuall

Johnny_Barnes10 wrote: »

Search long and hard enough and you're bound to find the car of your dreams 1-2 years old. Massive weight to have around your shoulders is £30k, what "if" you lose your job or your current situation changes? Nothing wrong with having what you one, just don't cripple yourself in doing so.

Totally agree, if a second hand one shows up that's good I'll go for it - it's not "I MUST HAVE NEW CAR BECAUSE I MUST HAVE 60 PLATE CAR" considering they are £10k cheaper after a year from my research it's on the cards definatley.

My concern is looking like an idiot in the Mercedes Garage and or unnecessary credit searches on an already "damaged" credit file.

Johnny_Barnes10

Ah right, way I look at it is to sort the credit file out first (ie wait for CCJ's to come off), in the mean time save what you'd of been paying in payments while driving current car. You'll need a lot less credit when that time comes.

Daniluvsuall

Johnny_Barnes10 wrote: »

Ah right, way I look at it is to sort the credit file out first (ie wait for CCJ's to come off), in the mean time save what you'd of been paying in payments while driving current car. You'll need a lot less credit when that time comes.

Yep that sounds like a good plan to me, I'll stick to my idea of a second hand Audi and save up for a few years then put a even bigger deposit down

Thanks!

Johnny_Barnes10

No worries, looking at a car myself (nowhere near your scale). I could the repayments of a loan to get something nearly new, but I'd rather not saddle myself with huge debt so will be going for a more modest car, with maybe a small loan to fund the difference until I can afford one I want.

somethingcorporate

I think perhaps you are on the wrong forum for advice about splashing an obscene amount of money on something that is going to be worth less than a third of what it will cost you over a few years.

Perhaps you should try pistonheads? You seem to be quite mature given the quality of your forum posts but I cannot help this sneaking suspicion financially you are still naive and tying yourself in to such figures on finance with the economy the way it is could be an error you will have to live with for many, many years to come.

I implore you to look at the debt-free wannabe forums first. You've got a decent income for someone your age, you should save hard and make the most of those savings rather than using it to leverage on a depreciating asset.

Good luck though!