Car (I know, again!!!)

elljay

My ducks aren't lined up yet but I'm definitely getting there, especially thanks to everyone on here - one of these days I'll offer advice in return!

My car is my serious concern, I don't think they could deny I need one as I live in a very isolated rural area, no buses etc. However mine was a gift to me from my father before he died, it's not an expensive sports car or anything, actually it's a bit of a tank, but it is special to me as he knew he was dying and knew I wanted this. That was 10 years ago and it's still worth around probably £3.5k because it's a converted import. Any other car and I'd swap it for a banger and no problem, but this has such a sentimental attachment and I intend to keep it until it dies or I do, whichever is first!! So far mechanically it's rock solid so will prob outlive me!

Is there any way they could take it into account or make another arrangement to pay for it? I've read that a relative could give you the money but I don't know anyone with that sort of money. I'd gladly cut down on food or other allowances (I already come in under the amounts that seem to be allowable for other things) to make a monthly payment towards my creditors for it.

Are there any options? Would I be allowed to keep it if I had an IVA instead? It's the only thing now holding me back.

Thanks

EJ

HappyMJ

Are you sure it's really worth £3.5k? Take it to a dealer and ask them what they would pay you for it. You might find it's trade value is much lower.

elljay

Thanks, although I can't find one exactly the same online I've found one similar in age, mileage and conversion which is advertised for about £5k so thought 3.5 would be about right as an actual selling price. There's only a couple of dealers in this country so I'll ask them. Thanks for the advice.

wishIwasnt

I've had a similar issue with my car, though it's worth a lot less than yours. But the point is, the OR will take it's Auction value not it's retail value into account. As I understand it, most vehicles will be sold at trade auctions for between 30 and 50% of their retail value. Also they can take off the cost of putting it into the auction too, including the cost of getting it there etc.

To get an idea have a look on webuyanycar.com, and make sure you make any adjustments for excess mileage etc.

Hope this helps

elljay

Thank you, good idea. I've had a look however and my car isn't listed, probably cos it's an import, they just advise you to go to their nearest branch.

I don't know what to do now, I'm going to be devastated beyond all imagination if it has to go.

luvchocolate

my car was valued at £1700 and the O.R said it was borderline as it costs around £700 to transport it and selling fees and to return me £1000 back , I was lucky they let me keep it, good luck x

dojoman

Is it essential for work etc?

elljay

Thank you - so sorry, I didn't see your response (I don't seem to get alerts since the forum upgrade)

Yes I need a car for work or for anything really, I live out in the sticks, my work is elsewhere and buses are few and far between, and the bus stop is over a mile away anyway.

I think they'd agree I need a car but probably just not this one. It's the thing that's holding me up from going forward, it would break my heart to get rid of it - If I knew anyone with enough money I'd sell it to them and then they can lease it back to me or something - but I don't so can't!

Would I be allowed to keep a higher value car on an iva?

Thanks