Car loan (or not to loan) options

Lindopski

I have three cars and one loan with Nat west for £5000 since Jan this year.
Two of my cars are classics, one classic 1960's Daimler worth £8000-9000 and a 1978 MGB worth about £800 in its current stae (on road with MOT till October and a little tatty but nothing major that I know of lying beneath)

My other car is a modern Rover 420 diesel and to be fair to it, has been one of the best cars I have ever owned - it owes me nothing at all really.

anyway

The Rover in the last month or so has finally started to die off, I knew the cambelt was due soon and factored for that but the clutch has started to slip and the rear brakes need doing plus a number of other jobs that add up.
The car is an S reg and only worth about £200 if I am lucky and the jobs will come up to about £600 or so.
I am starting to ask myself is it worth keeping however after recently buying the MG I dont have any spare money due to it eating a chunk of my savings - think I have saved another £100 or so since buying it in June.
I have had a look around and spotted a few diesel workhorses in good condition (12 months MOT etc) going for around 1000-1500.
I could just buy a £300 wreck but it would probably turn out to be false economy so I was considering short term loan options.
maybe 1000 over 12 months to put towards something decent.

I tried to apply online for a sainsburys loan and was declined, so tried with another comapny caled Amigo. I was accepted by Amigo but I cancelled the application before it was finalised after reading negative comments elsewhere.

Now I have a number of options open to me

I can scrap the Rover for around £160 add my savings on top and buy a £300 banger

Keep the Rover and spend the £600 on it to get it right (have to save a couple of months first though and use the MG for work till October when its own MOT expires) - perhaps SORN the Rover till it is done.

Put all of my eggs into the 1978 MG and just use that for my daily runabout (problem with that is in October the MOT is due and I may have to take her off road for a couple of weeks to sort out) - public transport is not a viable option for my job or work location.

I could re-apply for a loan to cover me for £1000 or so and buy myself some boring diesel chugger for work using savings and Rover sale cash to add on top if required to get something slightly better.
(brother just bought a lovely Honda Accord for £1.5k)

I cant use the Daimler as over 200 miles a week commute in a 1960s 2.5 V8 is not economical

Savings alone by October I will probably have 'guess' 600 set aside but was hoping to spend that on the MG really hence the loan for a modern replacement idea.

anyone else done something similar ?

Tixy

Do you know why your sainsburys application was declined?
Do you have problems on your credit file? If not have you considered other mainstream lenders?

If you can't get a loan and choose not to sell either classic car could you sell the Rover for £200 now, add that to your £100 savings and the £500 you can save between now and October.

Then in October decide to either use the £800 to buy a cheap modern car or possibly use it to fix up the MG for its MOT. Depending on whether you feel happy to continue driving your commute in the MG.

poppasmurf_bewdley

Your MGB will not be suitable for regular commuting.

I have owned two of them and can state from experience that it will be off the road at regular intervals for all sorts of things. You would be better off with a 10 year old Mondeo/Focus for about £500.