New Car Advice Please

notanewuser

Newyorkdreams wrote: »

That won't happen in the next 2 years and is unlikely to happen at all after that

NYD

You've only just started, and your employer can get rid of you for any reason (barring legally discriminatory ones) in the first 2 years. It's a risk.

moohound

It looks like you might have made your mind up already, I still think its a bad idea, but you are a grown up and a professional and you will go your own way no doubt. But if I owed my mum and dad 9 grand then rolled up in a new car my mum would choke me.

Newyorkdreams

notanewuser wrote: »

You've only just started, and your employer can get rid of you for any reason (barring legally discriminatory ones) in the first 2 years. It's a risk.

Where did I say that I had only just started? I have been with the same employer for 10 years.
NYD

Newyorkdreams

moohound wrote: »

It looks like you might have made your mind up already, I still think its a bad idea, but you are a grown up and a professional and you will go your own way no doubt. But if I owed my mum and dad 9 grand then rolled up in a new car my mum would choke me.

LOL! Yes you are probably right, they would! I don't know where my bad spending habits come from because they are both very good with money. My dad has never had a credit card or loan (he's 63!) and my mum is so good with money that it's unbelievable. They both know the extent of my debt but they know I'm trying hard to repay it so they are cool and I have never missed a payment to them.

The truth is I haven't made up my mind which is why I have sought opionions from this site. My payback plan will continue whether or not we go for a cheaper car, keep our current car or go for the lease car. The only difference it will make if I go for the lease car is that at the end of 2016 I will have saved £1000 rather than £4000. My logic seems well, logical to me, but I appreciate the depth of opinion offered and will seriously reflect on this. I like to consider all angles and all perspectives before making a decision. Unlike my previous history which got me into this mess in the first place!

NYD

gettingbackontrack

Newyorkdreams wrote: »

Thanks Trajal. Please let me explain my logic because there is some in there...honestly!! I understand that buying a new car is more expensive in the longer term. However, the point I was trying to make was that the £7.5K we would make from the sale of our current car would cover our payments for the first 2 years and therefore we would not be required to pay anything out and therefore it would be cheaper because our tax and insurance would be lower and we would achieve more mpg for no further cost. By this 2 year point, we would have paid off all of our debt (DFD planned for Sept 2015 taking into account one wage coming in) and therefore we could then afford to make the payments at this point. We would need to be focused on using this money to pay it back. The other thing is that we will be increasing our mileage from 100 miles a week to 250 miles a week which creates pressure on older cars.

Can you see my logic or am I missing something quite important?

NYD

Re the part in bold - would this really happen? Effectively, you're consolidating and that rarely works out because once you have access to a lump sum logic goes out of the window and you tell yourself that it's OK to snitch a little of it. Then it's OK to snitch a little more, then more and so on.

I expect of the £7,500, a couple of hundred would go on something, then £100 on something else, then £200 more on Christmas because that's how most of us build up debts.

I can't imagine why taking on more debt (ie adding to your monthly outgoings) is a good idea when you have £50,000 worth of debt. No-one knows whether their job is secure these days and adding debt because that it what you're planning to do seems daft.

But to each their own - I think, as someone says, you've made up your mind. Best of luck.

meer53

moohound wrote: »

It looks like you might have made your mind up already, I still think its a bad idea, but you are a grown up and a professional and you will go your own way no doubt. But if I owed my mum and dad 9 grand then rolled up in a new car my mum would choke me.

Hear Hear. If my son owed me £9k and bought a new car, even on finance, i'd be giving him a grilling. You might see it as logical but it definately isn't. You've been seduced by the shiny new car, think how much better you'll feel if you can pay a lump sum off your debt by not doing it. Why not use £2k to pay your Mum ? Then if you're ever stuck again, she might consider helping.

Trajal

NYDreams - I genuinely think you need to appraise the entire situation.

You are working back towards the 'I can afford to pay it back' mentality rather than the 'I can afford to buy it now' mentality.

This is actually what got you into what is a considerably difficult situation in the first place.

In perspective: My wife drives our 10 year old ford focus to London and back every single week from Birmingham. We throw the odd repair at it but you know what? It's fine. It looks beautiful, and she has a £20 bluetooth earpiece. It runs like a dream, is cheap to both drive and insure and has enough accelleration to get her out of trouble if she needs it.

It currently has 141,000 miles on it and as long as we feed it lots of oil and look after it, should be good for another 50,000 or so. Total vehicle cost under 2k including the last 12 months maintenance.

We have since we bought it, saved around £4500 or so. Sure, I could go out this afternoon and replace it, but why? Why would I? That would be a want, not a need.

moohound

My mum and late dad never had a cc a loan or any debt other than a mortgage which they paid off early anyway, and retired with £250k in assests, so it's not all in the genes or the upbringing.

Best of luck whatever you decide.

Newyorkdreams

gettingbackontrack wrote: »

Re the part in bold - would this really happen? Effectively, you're consolidating and that rarely works out because once you have access to a lump sum logic goes out of the window and you tell yourself that it's OK to snitch a little of it. Then it's OK to snitch a little more, then more and so on.

I expect of the £7,500, a couple of hundred would go on something, then £100 on something else, then £200 more on Christmas because that's how most of us build up debts.

I can't imagine why taking on more debt (ie adding to your monthly outgoings) is a good idea when you have £50,000 worth of debt. No-one knows whether their job is secure these days and adding debt because that it what you're planning to do seems daft.

But to each their own - I think, as someone says, you've made up your mind. Best of luck.

Hi - you have made a really good point re pinching some of the money because that is a risk and one which I need to fully consider.

I wouldn't be taking on more debt whilst I'm in debt because the money made for the current car would cover the payments until I was debt free (feel like I'm repeating myself here).

And I actually haven't made up my mind because if I had, I wouldn't be asking for opinions from everyone here. It seems to me that I have been judged about my future intentions without people fully reading this thread.

NYD

notanewuser

Newyorkdreams wrote: »

Where did I say that I had only just started? I have been with the same employer for 10 years.
NYD

Sorry. Saw a post saying you'd got a new job.