Is it time to scrap my car?

Goudy

ontheroad1970 said:

KaratePigeon said:

Thanks, I know finance is a bad idea, it's just really tempting! I won't though, I'll buy another old car outright (don't think I can afford a 4-5 year old one unfortunately but anything less than 10 years would be realistic). I did have a longer term plan to use my work savings scheme to free up about £4k for a car but it doesn't pay out until December hence I was hoping to keep my Mazda until then (MOT is valid until then too). But I can't drive it for the next 8 months like it is.

Fixing one issue at a time is hopeful, but now it has at least 2 different issues I think it might be time to stop spending money on it. I guess I could take it into the garage anyway to get a diagnosis on the engine light, anyone know how much a shock absorber is likely to cost (do they have to be done in pairs)? Also would I get much for my Mazda (I assume I'd be selling it for scrap or would someone want it to repair?)

Finance isn't always a bad idea.  It all depends.  If you can find an affordable deal, then it might be a great idea, especially if you can get a good/great rate.  If you buy an older car at the bottom of the market you are likely picking up someone else's selling before scrap.  

Yes, by the sounds of it your spare cash/savings is only going to get you out of the frying pan into the fire.

You just haven't the spare cash saved to get you in a much better position with a newer vehicle and I might, if I were in your shoes think about finance, if it's affordable of course.

I wouldn't really be looking at a 4 or 5 year cars either, I'd be looking at something newer, with a longer warranty.

A few years ago when I finally had enough of keeping a banger running, I caved in and bought a new car.
It was a Dacia Sandero, but it was cheap, ran well and was so cheap to run and they gave me a fairly decent trade in on my old clunker.

I kept it four years and in that time I serviced it twice, around £120 a piece and that was it.
The monthly payments weren't too shocking and it just made budgeting so much easier at the time knowing there was no real car worries ahead for a good few years.
It came with a warranty and breakdown cover, was super cheap to insure as well.

When it came to trading it in, I found Dacia's actually have pretty decent residuals so when I worked out what is cost me in those four years, I would have paid more on the bus!

Back then it was something like £10k new, okay you can't buy one for that new now but you can find new Sandero's in stock for around £14k.
If your current car has a MOT, it's worth something as trade in, use some of your savings to bump the deposit up and I reckon you could be in a new car for very little and even after 4 years, 40 to 50% value will still be in the car.

I got £1000 trade in for my banger and got around 50% back after 4 years when I traded it in.

So even factoring in the interest on the finance, it was cheap, worry free motoring for four years.