New Car Advice Please

gettingbackontrack

Newyorkdreams wrote: »

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).

NYD

Yes, you are. You will have monthly payments to make - extra ones that you don't have at the moment - towards your new car. If that isn't debt what is?

Having a - supposed - pot from which to make those payments doesn't mean it's not debt.

I'm afraid I see no logic in your proposal at all.

And I'll my voice to those saying spending on a new car when you owe your parents a large amount of money seems.... well, not something I would ever do to people I love.

Newyorkdreams

moohound wrote: »

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.

I appreciate that. It's also to do with Thatcherite policies, economy, peer pressure, generational culture, clever marketing, greed and low self esteem but education plays a bit part in it which is why I am in full support of Martin's campaign to make it a full part of the national curriculum.

Thanks for your support.

NYD

Newyorkdreams

gettingbackontrack wrote: »

Yes, you are. You will have monthly payments to make - extra ones that you don't have at the moment - towards your new car. If that isn't debt what is?

Having a - supposed - pot from which to make those payments doesn't mean it's not debt.

I'm afraid I see no logic in your proposal at all.

And I'll my voice to those saying spending on a new car when you owe your parents a large amount of money seems.... well, not something I would ever do to people I love.

Fair enough. I don't expect everyone to agree with me, infact it would be a boring place if everyone did! And I don't think emotionally loading the statement with comments about love is particularly helpful.

NYD

moohound

Newyorkdreams wrote: »

I appreciate that. It's also to do with Thatcherite policies, economy, peer pressure, generational culture, clever marketing, greed and low self esteem but education plays a bit part in it which is why I am in full support of Martin's campaign to make it a full part of the national curriculum.

Thanks for your support.

NYD

I agree with this, but remember don't try to keep up with the Joneses 'cos they're skint too!

Newyorkdreams

notanewuser wrote: »

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

Yes, I have but it's with the same employer and I have continuous service so induction period doesn't apply.

Cheers

NYD

Newyorkdreams

moohound wrote: »

I agree with this, but remember don't try to keep up with the Joneses 'cos they're skint too!

LOL - indeed they are!!!

Well said!

NYD

notanewuser

Newyorkdreams wrote: »

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

Your debt stems from you having things that you can't actually afford. House with no deposit, £18k wedding and honeymoon, blah blah blah.

Perhaps it's time to grow up.

Newyorkdreams

Trajal wrote: »

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.

Thanks Trajal - an interesting and extremely useful post which connects with me in a respectful way.

NYD

gettingbackontrack

Newyorkdreams wrote: »

Fair enough. I don't expect everyone to agree with me, infact it would be a boring place if everyone did! And I don't think emotionally loading the statement with comments about love is particularly helpful.

NYD

Well, what would be helpful?

No matter how many times the pitfalls are pointed out you repeat that you think your plan is logical. But it isn't. You can't expect other people not to see to flaws in your plan.

I think you're being emotional because you want a shiny new car (peer pressure?) and you're trying to justify it.

So I'll say fair enough, but do listen to posters such as Trajal who always offer excellent financial advice based on their own experiences.

Jonesy88

NYD - jut throwing my two penneth in - I recently bought a used C1 for £4k. It does 60+ MPG, a £20 tax band, has a high spec and only had 12K mileage. The car had been looked after and makes me smile whenever i look at it . I'd buy a used car for £4-5K from a dealership so you have come comeback if something goes wrong and put the rest towards my debts.