To sell the car or not

debtaghh

datlex wrote: »

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.

Sorry, I was probably rushing or the were kids running around.

walletmoths

I've just done something a bit similar with my car. The difference was that I bought my car with one of those finance deals where there's a balloon payment at the end - which of course, I'd failed to save for.

Now, I really wanted to keep the car. I was it's 2nd owner and I knew all it's 95k miles history.

But, as I couldn't pay the 5k needed I've had to let it go. In the meantime, I did mange to save just over £1000, and I've bought a 16yr old car that's done 10k less miles - and you know what? I just can't believe I didn't do this sooner!

There is no better feeling than owning a car outright!

My last car was super economical. Low on tax, very fuel efficient and cheap to insure. This new car is high on tax, not fuel efficient and the insurance is exactly the same. BUT, the difference is that I'm not forking out £120 per month for finance. So, that money goes toward the extra fuel costs and I still have plenty left to save - saving for any potential repairs, saving for the road tax and saving for a replacement car further down the line

[Deleted User]

walletmoths wrote: »

I've just done something a bit similar with my car. The difference was that I bought my car with one of those finance deals where there's a balloon payment at the end - which of course, I'd failed to save for.

Now, I really wanted to keep the car. I was it's 2nd owner and I knew all it's 95k miles history.

But, as I couldn't pay the 5k needed I've had to let it go. In the meantime, I did mange to save just over £1000, and I've bought a 16yr old car that's done 10k less miles - and you know what? I just can't believe I didn't do this sooner!

There is no better feeling than owning a car outright!

My last car was super economical. Low on tax, very fuel efficient and cheap to insure. This new car is high on tax, not fuel efficient and the insurance is exactly the same. BUT, the difference is that I'm not forking out £120 per month for finance. So, that money goes toward the extra fuel costs and I still have plenty left to save - saving for any potential repairs, saving for the road tax and saving for a replacement car further down the line

Bangernomics! What car have you got now?

debtaghh

walletmoths wrote: »

I've just done something a bit similar with my car. The difference was that I bought my car with one of those finance deals where there's a balloon payment at the end - which of course, I'd failed to save for.

Now, I really wanted to keep the car. I was it's 2nd owner and I knew all it's 95k miles history.

But, as I couldn't pay the 5k needed I've had to let it go. In the meantime, I did mange to save just over £1000, and I've bought a 16yr old car that's done 10k less miles - and you know what? I just can't believe I didn't do this sooner!

There is no better feeling than owning a car outright!

My last car was super economical. Low on tax, very fuel efficient and cheap to insure. This new car is high on tax, not fuel efficient and the insurance is exactly the same. BUT, the difference is that I'm not forking out £120 per month for finance. So, that money goes toward the extra fuel costs and I still have plenty left to save - saving for any potential repairs, saving for the road tax and saving for a replacement car further down the line

Thanks for your reply. We own our car. Have you had any issues with your car? It sounds like you have been very lucky. I spoke to someone who bought an older car and had to spend £4K within a few months just to repair it. That's my worry , it could go either way.