Loan affordability, can I afford it?

Ebe_Scrooge · 24 June 2019 at 3:56PM

stripeyfox wrote: »

you don't need to spend anywhere near that amount to get a decent car.

I have to agree with this. Sure, if you have the cash to spare then I'm not going to preach about what you should spend it on. But if you're looking at getting a loan, then £22k is an awful lot of money for a car. You could get a very good used car, with warranty from a "respectable" dealer, for a third of that amount. Even a third of that amount is more than I've personally ever spent on a car. Like I say, it's your choice, but it does seem to be a lot to be aiming for.

Jimmy9012 · 24 June 2019 at 3:58PM

foxy-stoat wrote: »

What car have you got at the moment that you need to replace it for a £22,000 car?

As you have just bought or about to have your first mortgage I would limit your debt as much as possible.

You can buy cheaper cars that are comfortable.

Currently Peugeot 107. The seats are not great, especially for longer drives (even 40 minutes), and the ride leaves a lot to be desired. You can feel every bump.

We are considering something like a slightly old (2018) Kia Sportage, or Hyundai Tucson. That would give room for a family and many comforts that will keep her mobile. For example, for her motorway drive they both have cruise control. They both are automatic, so she does not have to worry about using her left foot at all (yes, easy for us - but over time it will exacerbate her issues)... the lumbar support and seats also feel very comfortable compared to the Peugeot.

Its not like we are looking at Volvo XC60's or anything. The Kia and Hyundai are mid level SUVs with many comforts that would help her. Older models do not have the same kit list, and seem a little pointless to move to...

chelseablue · 24 June 2019 at 4:13PM

2018 isn't slightly old, that's nearly new

In April we bought a 2018 Hyundai I30, its a great car very comfy with a Sat Nav and all that jazz

We pay £200 a month 0% finance

Honestly you really don't need to spend 22 grand to get a nice car

YorkshireBoy · 24 June 2019 at 4:19PM

You're talking about committing to the equivalent of over half her take home pay in car repayments. And to get her to a job she might not even have in 5 years time when you stop paying for it...either through ill health or pregnancy.

And all this after buying a house in a location which doubled her commute.

My suggestion would be to buy some cushions and/or have a break on the commute. However, I think you've already made your mind up haven't you.

DrEskimo · 24 June 2019 at 4:38PM

100% financing a nearly new £22k Kia is a dreadful idea.....you'll have done well if it's even worth half that in a few years time.

If it's a large comfortable car you are after, then I would recommend a Lexus RX450h. A 2011 model with moderate mileage will set you back about £15k.

My dad has had one for nearly 6yrs and it's never had an issue and is one of the most comfortable cars I've been in.

Kentish_Dave · 24 June 2019 at 5:32PM

Once in a while I have a crisis of conscience about how much money I have sitting in cars and look at what nice machinery I could get for far, far less money.

This week I found a pretty good condition 100,000 mile Mercedes, about ten years old, for just under £2,000. That’s a car that will waft, rather than crash or bang, and it probably has another 100,000 miles in it.

£22,000 gets you a good Audi RS6, or a Phaeton, Range Rover, leggy Bentley or any number of very special bits of cherished material.

If you do spend this much, please don’t buy a diesel Golf or a Fiat 500L.

General_Applause · 24 June 2019 at 6:04PM

I am sure you can get the seat modified, or even custom made for her condition for considerably less than 22 grand

buythedip · 24 June 2019 at 6:06PM

Her being at risk of being unable to work is even more reason not to get this car, not vice versa

Edit: particularly given that she doesn't earn that much

strongboes · 24 June 2019 at 6:11PM

If you want pure comfort then get an old merc, diesel auto. Practically unlimited choice from 200 quid up. I've had 2 mercs in my time, a cls320 auto which was not too shabby, and a c180 estate, which I bought with 220k on the clock, it ran perfectly for 2 years before I swapped it.

I'm sure the Kia is nice but 22k on a Kia isn't something i'd do. My E60 M5 was only 18k for comparison which was over 80 new, so your best off buying something over 5 years old so you don't take the depreciation hit.

JayRitchie · 24 June 2019 at 6:32PM

Just to check - do you also have a car or is this the family car? Would you also be driving it? How much is her current car worth? Would you be able to trade it in to provide some of the money?

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