Outstanding Car loan & needing new car

boderek

Here is my question, we have a car at the moment which needs £1000's of work on it and have been advised by garage to get rid ASAP. We are still due £2500 on this car loan and are now needing to borrow more from original lender Northern Rock or get another loan from somewhere else pay them and get another car for about £5000.

Advise needing ASAP.

thanks

Mutton_Geoff

I'd seriously get another mechanics opinion. Any car is a money pit, both in terms of depreciation and maintenance. Your £5k car will cost you £1,000 a year minimum in depreciation alone. With such a tight budget, seriously consider bangernomics if your own car is really not worth the repairs.

Don't get sucked into the belief that the more you spend on a car, the better it is!