How likely is this?

gizmo111

Deleted_User wrote: »

She should have more than 2k saved up, then, surely? Unless she's actually only been saving for the last 4 months.

No she has £2000 in cash, has lent her sister £800 has paid for her holiday and bought euros in advance. Paid for car, car insurance, repairs etc. Also paid for college course, which employer will refund in August when she has been there a year.

She has a couple of hundred sloshing around in current account.

She is actually very sensible with money.

27col

I would very much like to know what car you can buy that is a year old and is only £200 less than a new one. Seems a bit unlikely to me. But I am ready to be educated on the subject.

gizmo111

27col wrote: »

I would very much like to know what car you can buy that is a year old and is only £200 less than a new one. Seems a bit unlikely to me. But I am ready to be educated on the subject.

Ford KA - local offers on at hte moment work out to just that - was surprised myself as the diff on focus/fiesta is a good 4K+

debtfreeby2013

27col wrote: »

I would very much like to know what car you can buy that is a year old and is only £200 less than a new one. Seems a bit unlikely to me. But I am ready to be educated on the subject.

To be fair this seems to be the case at the moment. My colleague was buying a car and was looking a second hand fiat 500's but they were actually about £800 more expensive than a brand new one so she went with that.

Car dealers at the moment are desperate for sales so have made a great reduction in the price of brand new cars whereas those who bought the cars 2-3 years ago at the original price are, naturally, trying to sell their cars at a reasonably reduced rate not basing it on the current cost of a brand new car.

AFK_Matrix

So what is wrong with spending 3k on a ford ka as there are plenty about:

http://www.autotrader.co.uk/search/used/cars/ford/ka/postcode/rh119hx/radius/1500/price-from/3000/onesearchad/used%2Cnearlynew%2Cnew/quicksearch/true/price-to/4000

gizmo111

AFK_Matrix wrote: »

So what is wrong with spending 3k on a ford ka as there are plenty about:

http://www.autotrader.co.uk/search/used/cars/ford/ka/postcode/rh119hx/radius/1500/price-from/3000/onesearchad/used%2Cnearlynew%2Cnew/quicksearch/true/price-to/4000

She doesn't want that - she wants a new one and the original enquiry was is he likely to get the loan from her bank with her current income and xpenditure.

iolanthe07

Has she factored in the cost of Insurance?

IainHL

Irrespective of the relative merits of buying a new or old car, since she seems to be set on getting a loan and buying new, you would need to check and be certain that the overpayments she intends to make are allowed on the loan she actually gets. Not all personal loans/hire purchase loans facilitate such overpayments.

pauletruth

15k/2=7,500
she has a credit card of 1500
so 6000 max loan and thats pushing it.
with 3,600 she may get a loan. however has she thought of cheaper makes .

AFK_Matrix

No as she is dead set on a new car and getting a loan so the point OP made of saying she is good with money seems not true as if she were she wouldn't not want a loan and get a car with the money she has and not pay extra money she doesn't have. Not to mention on a new car she is loosing money when she drives it away. Not very savvy with money at all imo.