Am i asking too much for my car?

jammin_2

harveybobbles wrote: »

I was just rolling my eyes at Matt's reply lol

Oh right, ok. It's just you quoted me, then edited your post after.

Matt, I agree with albertross. Your current car's good looking, and honestly, what difference is a new Fiesta going to make to you? It'd save you a small fortune by keeping it. I know that's what I'd do anyway.

matt1987

Well i do have direct debits, because i have gym membership, Setanta Sports and Swift cover insurance go out every month.

The only problem is i dont have any utility bills. Basically the difference between the 7.9% apr and the 16.9% apr is £10 extra per month than what i originally worked out.

Problem is, i have a decision to make, as my car tax is coming up, and i have a feeling with the next MOT its going to cost some money, with the age it is now.

My situation is.... I live @ home, with basically no outgoings apart from those mentioned above, and £200 upkeep per month.
I would like a car thats going to last me a fair few years... say 5/6 years and have it paid off before i get on the property ladder, which i am hoping will be in the next 2-3 years!! I cant seem to justify paying the 16.9% apr, even though thats the cheapest rate iv been quoted!

Thing is, the new car is cheaper than my current car on insurance aswell!! Plus there is no MOT for 3 years. But do i have room to moan because the new car is already " very cheap" at the moment.

harveybobbles

Have you tried Cahoot or A%L for a loan? They normally knock them out around 6% APR...

Kez100

I'm sorry, but it's good you asked the right questions first. If the Fiesta offer continues you could try for a lower interest rate from another, reputable, source although we know there isn't a great deal of excess cash knocking around at the moment.

Otherwise, stick with your little red devil. Paying out on repairs on a car which hasn't got a great deal of depreciation left in her versus a depreciating new car. There are advantages and disadvantages for both.

matt1987

Alliance and Leicester's "default" quote worked out £6 cheaper than ford credit per month.

But take my situation into account, the actual apr would almost definatly be a lot higher.

matt1987

Looks like i may have worked the apr out wrong with ford. Seems like its 14.9% which is a bit better.

With that my monthly payment would be £232.55 for 24 months, with a £2000 deposit.

Kez100

I can see where this is leading. Obviously, it is completely your choice.

Don't be blinded by the thought of a shiny black motor. £2000 plus £232 every month is a lot of money you could have spare to spend on repairs or save towards your first home.

matt1987

Well... lol.

I went to bristol street kings norton again this morning. I was gonna go ahead with it!! But it turns out that the apr of 16.9% was wrong!!! They honoured it at 7.9% but had to tweak the figures to get that, and it turns out im getting it at 7.4%.

I went ahead, and have it in writing the percentage and monthly payments ( £215 ). They have thrown in a spare remote key and some mats, with £15 of fuel and a week free insurance.

All i am waiting on now if the finance to go through ok, he said he is going to phone me later or tomorrow morning to let me know as the Ford system was going exctremly slow.

Iamthesmartestmanalive

matt1987 wrote: »

Well... lol.

I went to bristol street kings norton again this morning. I was gonna go ahead with it!! But it turns out that the apr of 16.9% was wrong!!! They honoured it at 7.9% but had to tweak the figures to get that, and it turns out im getting it at 7.4%.

I went ahead, and have it in writing the percentage and monthly payments ( £215 ). They have thrown in a spare remote key and some mats, with £15 of fuel and a week free insurance.

All i am waiting on now if the finance to go through ok, he said he is going to phone me later or tomorrow morning to let me know as the Ford system was going exctremly slow.

Its all good the dealer saying that but he wont choose the rate, it will be the seperate finance section and being honest the higher rate seems more likely given your age and lack of previous credit

I'd brace yourself for a call stating you've been accepted but at a higher rate

matt1987

lol i am half expecting that.