Car Loan

Grumpy_chap

lordmountararat said:

Idabiru said:

Why do you want a new car?

I imagine it is the reason that many of us buy new cars. If you can afford it, why not relish ownership of a vehicle that no one has owned before you, something that you can cherish and take pride in. look after and enjoy? You can't take your money with you and you're dead for a long time. Life is for living, and if motoring is your thing, then good luck to you.

Except, it would appear that the OP cannot afford it. 

The OP has nearly finished paying for a car over 5 years (which is too long and even the OP admits cost a lot in interest) and now immediately wants to take out another loan for £16k to buy the next car.  If the current car is still functional and fit-for-purpose, far better to keep the current car and save for the next one so that future interest can be avoided rather than staying on a treadmill of ever changing cars and as much in finance costs as the car itself.  

Then, when the OP can afford it, they can relish ownership of the new car.

Edi81

Plus why bother posting on moneySAVINGexpert?

The_Real_Cheddar_Bob

Edi81 said:

Plus why bother posting on moneySAVINGexpert?

Because responses are posted and something might be highlighted that the op hasn't thought about

chelseablue

I'm sure I'll sound really boring but I've found the best way of buying a car is to buy one as new as you can afford cash and keep it until it dies. 
My current car is a 2006 Nissan, purchased for £6,000 in 2011, hopefully still plenty of life in it