Anyone able to finance a car while on Debt management plan

gilbert_and_sullivan

I too would suggest financing the £3k only.

Bangernomics is great if you know enough about cars and by far the cheapest car ownership, but it's not an option for the OP because they don't have enough car knowledge, and thats not in any way derogatory to the OP, i know nothing about smart phones and i'd rather watch paint dry than be seen walking down the street like some little kid with my eyes glued to one, so i have a steam powered mobile instead, each to their own.

darkmatter101

gilbert_and_sullivan wrote: »

I too would suggest financing the £3k only.

Bangernomics is great if you know enough about cars and by far the cheapest car ownership, but it's not an option for the OP because they don't have enough car knowledge, and thats not in any way derogatory to the OP, i know nothing about smart phones and i'd rather watch paint dry than be seen walking down the street like some little kid with my eyes glued to one, so i have a steam powered mobile instead, each to their own.

Looking for a good, cheap second hand car isn't rocket science. The OP just needs to look at previous MOT's with advisory items, service receipts and/or log book, when timing belt last changed, and check simple things like oil level, tyre tread and test drive. If OP is unsure he/she can get a mechanic to check over a potential car. Once bought just do a full service (oil, filters, spark plugs etc) for reassurance. Did this to my Yaris for £120 as soon as I bought it.

OddballJamie

Thought of another option.

Surely a three year old C1 is worth more than £3k, could you not sell it to clear the finance and spend the left over on a runabout?

Although if it was me I would look at ways of keeping it and funding the extra finance somehow, knowing the history of a car is worth a lot and C1/107/Aygo's don't tend to depreciate that badly.

Heitman

I have a nearly new Yaris and can take it anywhere. I hope I can carry on driving it until it is paid for. Toyota do a finance deal and it is interest free. I often have people come up to me and admire my car.

cool-dog

Heitman wrote: »

I have a nearly new Yaris and can take it anywhere. I hope I can carry on driving it until it is paid for. Toyota do a finance deal and it is interest free. I often have people come up to me and admire my car.

Admire, really?

darkmatter101

Heitman wrote: »

I have a nearly new Yaris and can take it anywhere. I hope I can carry on driving it until it is paid for. Toyota do a finance deal and it is interest free. I often have people come up to me and admire my car.

Really, what sort of people admire your car?

Weird_Nev

OddballJamie wrote: »

Surely a three year old C1 is worth more than £3k, could you not sell it to clear the finance and spend the left over on a runabout?

You'd be surprised, they were £6k new. Looks like at 3 years old they're around £4k but I can only imagine people taking them on on finance deals at that price.

OP: You have 6 months - If you can save £2k in that time, you can get a decent little run around and be free of payments. Failing that, see if you can reneogtiate you current car, IMO.

harveybobbles

darkmatter101 wrote: »

Really, what sort of people admire your car?

• People who have a beige house.
• People who drive 18 miles to buy petrol cos its 2p cheaper.
• People who see dying as something as something to do.

OP buy a £500 shitter.

rev_henry

AdrianC wrote: »

There's a lot of retrospection in the above replies.

The OP's situation RIGHT NOW is that they can pay £3k for this car, pay a different/smaller amount for another car, or go back on tick for another new car.

In that situation, normally, the £3k would be about the obvious choice. But if we cross that out, what then? Get reamed for sub-prime finance (on a used car, few sub-prime deals on new), or take a lottery with bangernomics. Sure, sometimes that works out well. Often, it doesn't - and if the OP's after a grand's worth of running costs on a par with those they're used to with the C1, then the odds go strongly against. The OP had their fingers burnt prior to taking on the C1 finance, so I can understand the reluctance.

In that position, trying to find finance for the £3k to keep the C1 seems the least-worst route. If you're still under your DMP, have you spoken to them?

...and, no, DarkMatter, buying an M3 is NOT the right suggestion here either...

I'm inclined to agree. Better the devil you know, and C1s are pretty reliable cars in general afaik.