Best way to buy a car if aged 19

laurel7172

I don't think there's such a thing as an uncool car when you're 19. Probably. My mum's Austin Allegro came close, but nobody turns down an insured car with petrol in it...or a lift in one...DD has no complaints about my ageing Yaris either...it represents freedom to her.

In your place, OP, I would be wondering whether I could share my car. Presumably DD has managed up to this point, which makes a car a want rather than a need. Unless you drive a Ferrari, adding herself to your insurance (for a fair share of evenings and weekends) and continuing to get the bus to college has got to be a lot more affordable?

allyb15

Wow, well ok!

This will be her 2nd car, not her first. Her insurance premium is down this year even with an upgrade on her car. She currently drive an '02 KA and wants an '05 ish Corsa. She starts uni in March and this will involve a motorway commute and lots of traveling to and from placements - so more of a necessity than a luxury! We can help out with living and other expenses, so the £450 is available for all car expenses and some saving/spending. The £4k was put out there because of interest rates seemed better at that amount, but with part ex and some savings, will probably only need £2.5 to £3.5k.

So without raining on my parade, again, is it possible for her to get a loan or credit card or car finance?

Thanks!
Ally

~Chameleon~

allyb15 wrote: »

So without raining on my parade, again, is it possible for her to get a loan or credit card or car finance?

Thanks!
Ally

Probably not and especially not one at a competitive rate. Can you not take out a loan or credit card on her behalf? MBNA allows you to SBT cash into a current account and offers generous card limits top those with a good credit history.

YorkshireBoy

allyb15 wrote: »

So without raining on my parade, again, is it possible for her to get a loan or credit card or car finance?

The credit card is a non starter. No lender is going to extend a credit limit which is approaching 100% of income.


I also doubt that a loan or car finance would be granted, based on the info you've provided.


This is going to have to be resolved by going to the bank of Mum & Dad I'm afraid! And if they're shut, then keep on top of the Ka maintenance.

forgotmyname

Insurance is down this year. Down to what though £1200? £2000?

£3500 over 3 years £100 - £140 a month? +£100 insurance? Tax, MOTs, Servicing and fuel.

May as well buy her the car yourself. And say she needs to pay the upkeep.

How will she afford something like 2 new tyres and an MOT in one month?

How much of her £450 a month has she saved over the past 3 - 6 months?
Every month not missing any out because of a bill or buying something they wanted.

I bought my daughters car and she pays all the running costs. She wanted a LandRover but the £6000 bill for insurance made her laugh until i said i was serious. £5800 if you add your nan. Thats the cheapest.

AFK_Matrix

Is there something wrong with the 02 Ka then? If not whats wrong with keeping this car if it has been reliable etc to date? I drive an 01 Golf and it has been going strong for 3 years now. I'd love to upgrade to an 08 ish car with all the extra gadgets etc lol but I know I don't have the money and I refuse to get a loan and have that hanging over me so I make do with the Golf.

If the Ka is running fine then use that and make sure your daughter keeps up with the services, MOT and maintenance and it will do her fine. If the KA is on the way out your going to have to make your daughter lower her sights and go for a cheap under £1000 car, and just because it is cheap don't think that it will be unreliable. Plenty of cars out there under £1000 that are perfectly fine.

YorkshireBoy

allyb15 wrote: »

She starts uni in March and this will involve a motorway commute and lots of traveling to and from placements - so more of a necessity than a luxury! We can help out with living and other expenses, so the £450 is available for all car expenses and some saving/spending.

Just to pick up on this...


Will she still be living at home, or moving out? If moving out, how will the £450 a month part time income continue (presumably she'll not commute back to the job(s) she has now)?


Re the car insurance, does the standard S, D & P cover travel to and from the "placements"? If not, then there may be an additional premium to budget for.

poppasmurf_bewdley

With a monthly salary of £450, there is no way she will get a £4k loan for a car from a reputable source.

No ifs or buts.

Her only chance would be Thug & Slugg, the local loan sharks.

Sorry to be so blunt, but you did ask the question.

19lottie82

The "waste of money" issue aside (which I have to agree with), a 05 plate Corsa will cost nothing like 4k.

My OH is a mechanic and is selling an 06 plate (new shape), in perfect working order and with 50k on the clock for £2k.

With such a low income your DD isn't going to get a loan or CC for that amount without an eye watering APR, so if I were you / her, I would forget that idea.

I really wouldn't rely too much on an 05 corsa being a lot more reliable than an 02 Ka........ If the Ka has been reliable so far I'd stick with it until it starts to give you jip, then thinking about up grading, while your daughter saves as much as she can in the process.

DCFC79

19lottie82 wrote: »

T

I really wouldn't rely too much on an 05 corsa being a lot more reliable than an 02 Ka........ If the Ka has been reliable so far I'd stick with it until it starts to give you jip, then thinking about up grading, while your daughter saves as much as she can in the process.

Exactly my thoughts, if the Ka is running fine then keep it until it starts to have problems.