Help Required - Need new car

max_pug

Hi all,

I'm after some advise if you dont mind.
I am currently in an IVA that has failed due to change in circumstances and am so going to be going bunkrupt.

The problem I have is the car I currently own is on its last legs, I require a car to get to and from work each day. How can I go about getting a replacement? I have had a friend offer to go as a gaurantor if I can get a car on a lease plan, however would this be allowed on Bankruptcy?

The reason I as about this is that I will be unable to afford a sum of money to purchase a car in the first place and so lease plan ould possibly be the only way to go.

Any help/advise is very much welcomed.

Rylynn

Oh this is a tough one, you have not applied yet to go bankrupt I take it?

Can you not get your car fixed. For me I am thinking about your friend, if the OR was to say you have to stop the lease your friend would be liable would he not as guarantor, not a position I would like to find myself in, or for that matter put anyone else in.

Can you not find a little run around for around £800?

Also unless things have changed, can you get to work by any other means ie public transport?

PaulJM

I get what you're on about here - but try not to listen to sales people or adverts, etc.
You'd be best doing what is said above - either trying to get it fixed (cars don't really go on their 'last legs' - they can be fixed), or getting a cheap one from someone reputable for £400 - I've sold ok cars for that much, an old KA that had years left in in comes to mind for £500.

Try to remember that even though it's important, a £2000 loan might be added to by something else important needing done - new tiles for your roof, or time off work for an op, or anything that happens in life - then you'd wish you'd not coughed up for a car.

Don't want to preach, it sounds like you're doing your best, just have a think tbaout this.

Rylynn

PaulJM wrote: »

I get what you're on about here - but try not to listen to sales people or adverts, etc.
You'd be best doing what is said above - either trying to get it fixed (cars don't really go on their 'last legs' - they can be fixed), or getting a cheap one from someone reputable for £400 - I've sold ok cars for that much, an old KA that had years left in in comes to mind for £500.

Try to remember that even though it's important, a £2000 loan might be added to by something else important needing done - new tiles for your roof, or time off work for an op, or anything that happens in life - then you'd wish you'd not coughed up for a car.

Don't want to preach, it sounds like you're doing your best, just have a think tbaout this.

I agree with you. To be honest unless things have altered considerably since 2008 I was very lucky to keep my car worth the sum of around £1400 back then, and I did think the OR would take it. I was lucky as when he asked how I managed to get to work I said car, and he said can you bus I said no, which was true, and he could have checked that. I also have ME so walking for 30 minutes at that time was out as well, he said due to this I could keep the car. He could also have taken it and made me buy a cheaper one as well.

So like you say I would not tie myself up into some finance agreement, and they could deem it in a pretty bad light as well, if you are going BR and then lashing out money on a sparkly new car, I am not sure the judge would be overly impressed. Just my thoughts on the matter.

And you can get a run around really cheap, just look on your local gumtree site, autotrader, or get a quote on your own car.

RL

sniggings

another option is, if your friend is willing to do that, it's near enough the same risk if he were to take the loan out in his own name and allow you to drive the car, what agreement you come to to pay the money back is up to you and him, best done after BR though, if done before, it's a new loan and your OR will want to know about it.

Rylynn

sniggings wrote: »

another option is, if your friend is willing to do that, it's near enough the same risk if he were to take the loan out in his own name and allow you to drive the car, what agreement you come to to pay the money back is up to you and him, best done after BR though, if done before, it's a new loan and your OR will want to know about it.

Sound advice, and what I was trying to say, doing this pre BR is not a good idea at all. After BR though you realise you may not be accepted for the finance, which is why I gather you want to do this now. As sniggers says maybe your mate can finance it himself and you pay him, mind you do be aware of what you may have to pay out on a IPA after BR, as you may not be left with enough money to do that.

max_pug

Thank you all for your time and answers.
The issue I have with paying for repairs is that they are now costing more than the car is worth, and are amounting to over £300/£400 each year now.
Due to the hours that I sometimes work a car is required as buses do not always run at the times I'm required in work, also I play various sports and not always can I get lifts.
This is a tough one, may have to go BR and then see what my repayments may be and go from there with regards to asking my friend to obtain the car for me.
Once again thanks for all your time.

alastairq

There is little, if any, correlation between the 'value [worth?]' of a car at the lowest levels.....and the costs of keeping it running.

A car purchased for....say...£500, that eventually needs, for example, £300's worth of repairs/maintenance?

The costs of repair represent a significant percentage of the car's purchase costs.

Yet, one still has the car, performing its intended duties?


A car purchased for £5000 will probably need repairs/maintenance to a similar value.....yet those very same repair costs represent a much lower percentage of the perceived value.

But.....one still has a car, able to perform its intended duties?


The difference between the two?

How's about that significant capital outlay, which is rapidly decreasing day-by-day, whether the car is used [value-for-money] or not?

At the bottom of the motoring market, much of a car's value lies not in a perception, but as much in the value of any MoT or VED that came with the vehicle.

Repair, and maintenance costs exist regardless of the purchase price of a car.

Money is laid out regardless, in order to have one's own transport.

The real question should be, if the old car is repaired, will it still represent good value-for-money?

fiveyearplan

I agree with Alistair regarding the irrelevance of running costs vs value of car. I had a Nissan Micra that I bought for £400, spent £500 almost immediately after purchase and drove it for 3 years spending only a further£200 in all that time including passing its MOT.

On another note, after BR I went on to get a fairly good job, then a better job a couple years later and then a really fantastic job last year. Well I am thankful I never took out any loans or credit cards because I have just lost my job and while it is still a worry to pay normal bills at least I don't have to find debt repayments and the prospect of facing all those creditor calls for missing payments! I don't think I could go through that again!