Repay a 5 year loan after one year and take another loan to lower monthly repayments

Lawz

You lost me here, what do you mean?

davemorton

To be fair, I used to do the same and buy stupid cars. Eventually learnt my lesson losing 20k in 18 month. (Daft car is still worth what I sold it for about 9 years ago!)

C.M.

If finances are so tight that you would struggle to find £30-50 per month in your budget to pay for your warranty then I would suggest that you consider whether or not you can actually afford the luxury of this car?

System

Don't buy an extended warranty but put £30-£50 a month aside instead to cover any repair costs. I would be very surprised if you didn't end up better off by the end of your ownership of the car than taking out the extended warranty especially if you use a specialist third party garage instead of the main dealer.

Lawz

C.M. wrote: »

If finances are so tight that you would struggle to find £30-50 per month in your budget to pay for your warranty then I would suggest that you consider whether or not you can actually afford the luxury of this car?

I can afford it, but I'd like to remain under a certain limit of monthly repayment. It is completely psychological - literally - as I feel better with lots of savings rather than high loan repayments. Gives me more latitude if anything happens.

Lawz

Tarambor wrote: »

Don't buy an extended warranty but put £30-£50 a month aside instead to cover any repair costs. I would be very surprised if you didn't end up better off by the end of your ownership of the car than taking out the extended warranty especially if you use a specialist third party garage instead of the main dealer.

A simple suspension issue was fully covered by BMW and it was a repair worth £3000.

I know owning a car like this doesn't make sense, but it's not just for my commute, it's a hobby (a costly one)!

Lawz

davemorton wrote: »

To be fair, I used to do the same and buy stupid cars. Eventually learnt my lesson losing 20k in 18 month. (Daft car is still worth what I sold it for about 9 years ago!)

I completely get that. I bought mine with 35000 miles, 3 years old, and it was half of the initial price. :eek:

Lawz

lovinituk wrote: »

Dark Matter again or too obvious?!

I'm not sure what you mean now!

Mine is debadged, so nothing obvious anyway.