Can I afford a car?

Littlebirdie

Hello,

I'm a little lost!

So my problems
1) I have a 900 overdraft to pay
2) I really want a small little runaround KA

I'm thinking to put my overdraft, insurance and cost of the car onto a 0% 21 month credit card.

The total cost would be 800 for the car, 800 for the insurance and 900 for the overdraft
If I pay it off over 18 months thats 138 per month.

Baring in mind I pay 100 off my overdraft now a month and about 100 on travel a month this will work out well.

I'm then thinking about 50 for petrol a month and 30 for general wear and tear.

Does this seem about right?

Have I missed anything?

I just want to make sure I can afford it before I get too ambitious!

worried_jim

Give it a go! its zero interest for 21 months, if it isn't working out sell the car if you can't afford it, although I am sure you'll find a way to make it work.

[Deleted User]

The "quaker " in me says no you can t afford a car you re already living off borrowed money to some extent. The car could cost a hell of a lot of expenses in breakdown costs, clutch, brakes, cylinder head head gasket blowing or any number of money sucking big numbers appearing from nowhere. I would only get involved with a car if it was a one owner very low mileage example. My advice is to get healthier and buy a lightweight carbon fibre bike which will easily be propelled at 20 mph and cost you zero upkeep except a bit of oil on the chain.

neilmcl

Littlebirdie wrote: »

Hello,

I'm a little lost!

So my problems
1) I have a 900 overdraft to pay
2) I really want a small little runaround KA

I'm thinking to put my overdraft, insurance and cost of the car onto a 0% 21 month credit card.

The total cost would be 800 for the car, 800 for the insurance and 900 for the overdraft
If I pay it off over 18 months thats 138 per month.

Baring in mind I pay 100 off my overdraft now a month and about 100 on travel a month this will work out well.

I'm then thinking about 50 for petrol a month and 30 for general wear and tear.

Does this seem about right?

Have I missed anything?

I just want to make sure I can afford it before I get too ambitious!

Really want or really need a car?

BeenThroughItAll

Littlebirdie wrote: »

Hello,

I'm a little lost!

So my problems
1) I have a 900 overdraft to pay
2) I really want a small little runaround KA

I'm thinking to put my overdraft, insurance and cost of the car onto a 0% 21 month credit card.

The total cost would be 800 for the car, 800 for the insurance and 900 for the overdraft
If I pay it off over 18 months thats 138 per month.

Baring in mind I pay 100 off my overdraft now a month and about 100 on travel a month this will work out well.

I'm then thinking about 50 for petrol a month and 30 for general wear and tear.

Does this seem about right?

Have I missed anything?

I just want to make sure I can afford it before I get too ambitious!

Im afraid an £800 Ka is likely to need money spent on not just 'general wear and tear', but also regular welding. A cheap Ka will likely be a complete rot-box.

jimjames

Clear the overdraft first and then look at a car, maybe even using the 0% card for it. Before you do, make sure you are spending less than you earn every month. Otherwise your overdraft will be back again

Littlebirdie

Hey,

These are all really good points. The thing is my overdraft is a 0% overdraft from uni and I'm paying it off well.

In all honesty I dont need a car. The only thing is I live in the middle of nowhere and I'm really missing my gym classes. I'm starting to feel fed up that everywhere is such a issue to get to!

Ive got a sensible head on my shoulders......

How do people afford their first cars?

Advice is so so welcome

~Beanie~

If you pay for the 1st years insurance on a credit card over 18mths, the 2nd year will be due before you have finished paying for the first lot. How will you afford that? What about road tax or whatever its called now?

For my first car (admittedly it was donkeys years ago now), I had a loan for the car and then had to leave it in my parents garage for a month until I could afford the insurance! If I remember rightly, I paid the insurance in monthly installments.

Littlebirdie

Thats a really good point!

forgotmyname

£30 a month in wear and tear? depends on how many miles you do and how good the tyres and brakes are and whether it will need welding for its next MOT.

You appear to have missed out how much money you gave left over each month?
Your going to put the insurance in a 21 month 0% card but in 12 months it will need renewing so will you be putting that on the card also?

If your spending £100 on travel now then its likely to double with the car.

Can you afford it?

takman

sacsquacco wrote: »

I would only get involved with a car if it was a one owner very low mileage example.

It sounds good on paper but I know one person who owns a 12 year old car that is very low milage for its age and the same owner from new. It has been driven with the engine light on for as long as I can remember and has only had 1 service on the last 5 years + !!!. That was only done because I offered to do it for them for free because of how overdue it was.