Moving forward and upwards

MovingForwards

I forgot how patronising car sales people can be 😤

Popped to a traders. I was being pushed towards a big diesel car and the guy got stroppy with me because I said I didn't like it, it was too big and not what I was looking for! I walked away so angry.

Then popped to a dealership as it was on the way home, found the car I wanted, took it for a drive, negotiated extras, got some freebies and I collect it in a few days 😃

7 years old this year, £0 tax per year, sporty number, looks and feels fun, and is quite high tech. It's absolutely lovely 🤗 

Payment of it:
a) If the finance is accepted then it's £125pm on normal HP, but no balloon payment as it's like a loan and all paid off in the term and I can make overpayments. APR is 7.9%
b) If I get declined I will use some savings to pay for it and the other half on my CC, then do the instalment special offer my CC company does. APR is 6.9%.

Either way I will hammer the payments so not to impact me when it's remortgage time and TomBo will ask his mom for a bit towards it.

Phew! 

MovingForwards

Had to stop writing as my food was handed to me. Thai chicken curry and rice yummy!

The dealership were actually really nice, not pushy and left us to think about it, popping back after a few minutes to offer us a drink and that's when I asked how do I complete the finance side; totally took the guy by surprise asking so quick but I had a monthly figure in mind before viewing.

Anyhow, I've done the calculations, reworked my spreadsheet and double checked a few figures. 

Normally I would save £100pm for the home insurance and car everything. £1000 of the annual pot was just for keeping the car on the road (insurance, tax, MOT and repairs).
- I'm now going to be paying out £1536py just for the HP (if approved)
- About £250 for the car insurance (at a guess as not done a quote yet).

Therefore on paper it's going to cost about £786 extra per year, plus any maintenance and service (they're very cheap for this make / model of car)

However, I'm due to have another payrise next month, plus an inflation rise. This will cover the extra £750, with leftovers for the car savings pot.

It does 10mpg more than my current car (not worked out those savings). My new car has a bigger petrol tank and better MPG, therefore making a saving on petrol.

I'm paying a 20% deposit and TomBo is going to ask his mom for 40%, it's just over £128pm (they would have given me £100 part ex for my car and that would have made the payments £125pm).

I've applied for a 3 year finance agreement, but in true MF style I'll have it cleared in half of that.

If the finance is declined I will pay 50% cash and 50% CC, spreading the CC over 3 years, but paying it off sooner with MIL help and me paying the remainder off in 5 months.

I will know tomorrow which way I'm paying for the car.

doingitanyway

Congratulations on the new car. The condescending car dealer lost out on a sale because of their attitude. When will they learn? Well done for getting on top of the financial implications of the new car so quickly.
Have a good day.

Skint_yet_Again

How exciting to get a new car 😁 hope your sporty number doesn’t cost loads on the insurance. Last time I was looking for a small hatch I was encouraged to look at a big family car. They probably get a bigger bonus. My cars have always been on the smaller scale due to city parking. Last one was a Fiat 500 & now Hyundai i10. 

doingitanyway

Skint_yet_Again said:

Last one was a Fiat 500

I love that car  

MovingForwards

Thanks DIA and Skinty

The trader kept using my name in every sentence. MF this is the perfect car. MF it's more comfortable. The brakes are more modern and will be better in the rain MF. It's safer in an accident MF. You're driving on the mway and need cruise control MF. 

I'm under 5ft 4, I could barely see over the dash, how on earth was I supposed to safely park the thing! It was an ugly car inside and out too. 

Totally never got where I was coming from about wanting a small, fun car. Dismissed anything I said about the classic car I had as being nostalgic 🤨 and how I wouldn't enjoy it if I had it now; only reason I sold it to my mate is people kept damaging it! 

I've been into cars for nearly 40 years, I was stripping engines down 37 years ago, been on the 'scene' for 25 years. I've owned and driven big cars, TomBo had an estate but little fun ones put a smile on my face as they are underrated 🤗

The dealership guy was totally different. Asked what car I have and straight away said he could see why I went for this one, face lit up when I mentioned my old classic and the conversation was flowing. He was 2nd week into the job and I was his first sale, I told him to stay as he is and not turn into the typical salesman!

I was only looking for a city car and had several in mind, including the i10, but my heart was set on the C1. It's a throaty engine for its size, gave me a taste of the V8 I may buy one day and will satisfy that craving for a few years again.

For some strange reason I'm actually nervous about the finance application, I've got my hopes up it will go through, unlike the mortgage where I expected a decline 🙈

I've the potential to ask my bank for a loan if I'm declined, but would rather use my savings. It hasn't taken that long to build them up as I really didn't have a lot after getting the flat and it's payday in a week, therefore would start to increase.

It's all swings and roundabouts with the money as it seems daft borrowing when I've enough to pay it today. I stick by the rule of never borrowing on credit more than I have in the bank (aside from the mortgage of course).

Skint_yet_Again

DIA - fiat 500 looks cute but the automatic version is not a full automatic engine so would struggle to pull away at roundabouts 😱 and awful to drive. Stop/start would make the car judder. Lots of things went wrong with it and a new stop/start replacement battery cost a fortune! Glad I got rid tbh, but it did look cool 😎 

MF the trader would have annoyed me too! fingers crossed the finance goes through. 

MovingForwards

I've been approved for the finance 😊 and can stop holding my breath.

I've used £1k from savings for the deposit and £4114 is on finance.  Spent slightly more than planned, but also went newer than planned!

The dealer is offering me a 25% discount on a service plan, but I need to look into that properly and calculate how it compares to PAYG with my normal garage.

It's looking doubtful my car will be ready to collect this week, as one more thing needs doing before it's ready.

- It gives TomBo time to do a couple of dirty runs to dispose of stuff in the current car.

I will do a comparison site search for insurance after I collect it.
- It's 3 groups lower than my current car.

I'm getting some free insurance from the dealer to start with which will allow me to get the new car home, TomBo can then scrap the old one and I can arrange / swap the insurance. 
- I know it seems odd scrapping it instead of taking the £100 part-ex, but it's best she is broken and off the road.

I will get scrap money and pro-rata tax refund for current car.

New Financial Plan for 2021:
- Pay, and overpay, car finance 

- Overpay mortgage

- Save to savings

- Save to car pot

doingitanyway

Skint_yet_Again said:

DIA - fiat 500 looks cute but the automatic version is not a full automatic engine so would struggle to pull away at roundabouts 😱 and awful to drive. Stop/start would make the car judder. Lots of things went wrong with it and a new stop/start replacement battery cost a fortune! Glad I got rid tbh, but it did look cool 😎 

Oh no, another dream crushed by reality

doingitanyway

Great news on the finance