To sell the car or not

debtaghh

Bedsit_Bob wrote: »

I agree.

Selling the car may clear one debt, but there's still the other debts and, potentially, additional costs with an older/unreliable car.

An SOA would let other FMs see where you stand, and suggest ways to cut spending, freeing up more cash to pay down your debts.

Also, are you currently meeting you bills and debts liabilities, or are you overspending, taking you further into debt?

sourcrates wrote: »

You say you have other debts, so repaying just one of them, and losing a reliable car, is not really the sensible thing to do, you will never get what the car is worth.


Best to do an SOA, and list all your debts, there may be a debt solution which is more suitable to your needs and situation.

Thanks for your replies. That is my thought that we in one way should just keep the car we have.

Yes we do pay all bills but just the minimums but have done money transfers on 0% to help us out, which needs to stop as the debt isn't going up or down even though we are paying approx £500 per month towards them.

enthusiasticsaver

Personally if you definitely need a car I would not get rid of one which you know is reliable and unlikely to cost a bomb to repair.

If you are repaying debt at £500 per month and the debt is on 0% it will come down. Post an soa as others have suggested.

[Deleted User]

I would sell the car and buy a bangernomics car with a full MOT for under a grand. You can get problems with newer cars and can cost more to run. £8k would go a long way to clearing your debts assuming you can get £9k for the car.

debtaghh

enthusiasticsaver wrote: »

Personally if you definitely need a car I would not get rid of one which you know is reliable and unlikely to cost a bomb to repair.

If you are repaying debt at £500 per month and the debt is on 0% it will come down. Post an soa as others have suggested.

Deleted_User wrote: »

I would sell the car and buy a bangernomics car with a full MOT for under a grand. You can get problems with newer cars and can cost more to run. £8k would go a long way to clearing your debts assuming you can get £9k for the car.

Thank you for both replying. Very opposite responses.

I will think about posting a soa but am quite embarrassed of it:mad:

[Deleted User]

Deleted_User wrote: »

I would sell the car and buy a bangernomics car with a full MOT for under a grand.

Just because it has a full MOT, doesn't mean it'll be trouble free for 12 months.

datlex

debtaghh wrote: »

Thank you for both replying. Very opposite responses.

I will think about posting a soa but am quite embarrassed of it:mad:

don't be embarrassed after all not like we actually know who you are when you post. That's the beauty of forum names- anonymity :-) Besides which it is possible you pay less for somethings than others.

parking_question_chap

9k is a lot for an 8 year old car. No doubt the running costs are not cheap.

I would be inclined to sell and go for an old civic which has lots of receipts and few owners, or something similar that is historically reliable. Consider paying for a mechanic to attend any viewings.

debtaghh

My current car is 2 years old. I would be buying an older car around 8-10 years old. I'm embarrassed of my debt but may post an soa.

debtaghh

I just found out that my current car warranty is for another 3 years.

datlex

debtaghh wrote: »

My current car is 2 years old. I would be buying an older car around 8-10 years old. I'm embarrassed of my debt but may post an soa.

that makes more sense re the price. It came across that your car was 8 years old. Never be embarrassed of debt that's how it controls you. Own it and control it that's how you overcome it.