Journey to £0 by 2020, with a few bumps along the way

enthusiasticsaver

Good you have paid a bit more off the debt. Glad you are able to take a step back. It will hopefully make things less stressful for you.

twiggy86

Just caught up on the last couple of pages and wanted to say I appreciate how difficult it can be! My OH doesn't have a drink problem but he is absolutely totally useless with money and it is pretty much the only thing we argue about! He has a "want it now" attitude to things but if he hasn't got the money and I say no he gets in a strop! Well done for staying strong!

chelseablue

Got in from work last night and my car tax reminder was waiting for me

One of those bills where I always hope the government might forget about it :rotfl:

£123 for 6 months or £235 for the year

£235 is a lot to find in December so I might do 6 months, or is it better to do it monthly by direct debit?

Wanna_Bee_Free

Hi Chelsea Blue,

Looks as if paying in monthly instalments is 5% extra so cheaper than the extra 10% for 6 months.

Watch out for cancelling the monthly payments next year if you want to pay 100% up front - they continue taking the payments until you tell them to stop.

Good luck!
WBF

enthusiasticsaver

That is a high car tax. Is it an old car?

chelseablue

Yes quite old, 2006

chelseablue

I think I've decided to do 6 months for now, then in June decide whether to do 12 months.

Part of my future savings plan includes having to get another car. Will be running this one until it dies so hopefully got a few more years to save up.

Another decision will then be do I try a lease car for a couple of years or buy a car that's a few years old (don't really want to do a PCP thing with a balloon payment)

Or just spend a few thousand and get something old (again!)

enthusiasticsaver

I personally would buy rather than lease. How much you spend depends on your budget whether you finance through savings, 0% credit card or low rate personal loan. I would get rid of your existing debt first though. As you say hopefully you have a few years so just save towards it and decide on an amount you are prepared to spend. I went for a 3 year old car so not brand new but not a banger either.

chelseablue

enthusiasticsaver wrote: »

I personally would buy rather than lease. How much you spend depends on your budget whether you finance through savings, 0% credit card or low rate personal loan. I would get rid of your existing debt first though. As you say hopefully you have a few years so just save towards it and decide on an amount you are prepared to spend. I went for a 3 year old car so not brand new but not a banger either.

Oh yes, won’t be doing anything until I’ve paid off the existing debt.

What car did you get? Did you buy with savings?

Ideally I’d buy something 3-4 years old and keep as long as I can.
I’ve got a figure in my head of not spending more than £10k maximum, putting at least £5,000 down cash and a low rate loan for the rest over 2-3 years

enthusiasticsaver

I bought a Renault capture We have had about 8 Renaults over the last 15 years between my husband, daughters, son in law and myself. I had a Clio then a Renault convertible which I exchanged for the Capture when my eldest grandchild was born as I needed a bigger car to hold buggy etc on days I was looking after her. I have had it 4 years and part exchanged with my convertible and topped up with savings. My husband and youngest daughter both have Scenics and my eldest daughter has a Clio. Son in law had a Megane. We have a great Renault garage near us and never had issues with any of them.

You should be able to get a decent car for £10k. I think I spent that altogether with the part ex. Of course you can go cheaper but depends on how old a car you are looking at and which car. Presumably you would not get much for your existing car?