buying a car whilst still in debt

Brightspark87

Dear all

We have been doing a very VERY good job of paying of our debts, (I have to for my job).

However, my inlaws and DHs family all live in Cornwell which is not easy and very expensive to access through public transport.

Most of the grandparent generation are not in good health, and with several family weddings coming up we really need to think about getting a car.

However, we live in zone 1 in london and would hardly use it during the week, perhaps not even every weekend.

I would love some advice from you all

poppasmurf_bewdley

Probably much cheaper to rent a car when you need one. Rental rates for weekends are usually much cheaper than through the week.

And you get the pleasure of having a new car. Rental over a year would probably be less than the depreciation alone if you bought a new car.

Or better still and do what my daughter did and borrow Dad's.

Brightspark87

Hi! we would love to borrow car but sadly don't have anyone we could borrow from.

As for rental, its so expensive! £150 plus petrol for the weekend. plus it would cost us £7 at least to get there.

Plus the £1,000 liability!

poppasmurf_bewdley

Brightspark87 wrote: »

Hi! we would love to borrow car but sadly don't have anyone we could borrow from.

As for rental, its so expensive! £150 plus petrol for the weekend. plus it would cost us £7 at least to get there.

Plus the £1,000 liability!

Buy a new car for £12k and lose £3-4k immediately in depreciation. Buy a used car for £6k and probably lose £1-1.5k immediately.

Motoring is expensive.

If you need a car to take a family from London to Cornwall, then you can't rely on a banger. Then you have to start adding running costs plus full breakdown to avoid being left stranded. Breakdown alone will cost you one week's rental equivalent.

ellesbellesxxx

If you add up insurance, parking in central London, tax, cost of a car, servicing, petrol - how much is that a month? For example I only have a small car but it works out as 250 a month to pay for it, 20 to insure (rural location) 160 petrol, 2 to tax, 20 to service... so around 450 a month.
Then look at car rental - you said not going to be using it at all during the week, let alone not every weekend- even 2 journeys a month you are still saving money!

Brightspark87

its true, however at least with a car we have an valuable asset - something tangible. whereas with the rental say £300 a month we have nothing.

poppasmurf_bewdley

Brightspark87 wrote: »

its true, however at least with a car we have an valuable asset - something tangible. whereas with the rental say £300 a month we have nothing.

Well, it sounds like you've answered your own question.

Gaz83

Brightspark87 wrote: »

its true, however at least with a car we have an valuable asset - something tangible. whereas with the rental say £300 a month we have nothing.

Depends what you mean by valuable. The vast majority of cars depreciate rapidly.

Still, sounds as though you've made up your mind. Hopefully you've looked into all the costs. How much will parking a car in Zone 1 cost?

Brightspark87

we would have to pay £120 a year for residents parking and whenever driving in london most likely to park at friends houses.

we havent made up our mind, as its a big commitment but renting cars is just so much money we just feel its a waste.

theerroll

£4000 could buy you a decent runner with average running costs. I just bought my wife a 5 door megane 07 plate with only 47000 miles on the clock. Cost me less than £3000 to buy it, insure and tax it for the year. The insurance uncludes breakdown cover. I have a 2008 toyota avensis, which would sell at around £4500, 80000 miles on the clock, very economical on the motorway and never ever in 4 years have I had a problem with it. If you are considering renting a car once a month you may as well just buy a car.

theoretica

Have a look at city car club too when adding up costs.

If you buy one you be aware that not using it for a while can let the battery go flat.