IVA and car purchase

I've recently started an IVA. As part of it, they let me keep my savings (around 1k initially ) for car repairs. I've managed to add to this a little more from bonuses (fortunately just below the 10% extra I'm allowed to earn.
I already have a cheap car which although old and scruffy runs fine and should pass its test in a few months no problem with a little bit of work.
If I buy another car to replace it, would they frown upon me buying a slightly more expensive one (although the same costs to run)? My current car is worth £300 if that.
Any advice anyone?
The car I'd like is £1.5k+ for a decent one. Am I better getting another cheap runaround?

Comments

  • System
    System Posts: 178,077
    Photogenic Name Dropper First Post
    Community Admin
    £1k or thereabouts value of a car is an amount that an official receiver wouldn't be interested in had you been bankrupt so I doubt those administering the IVA would.

    Personally if your £300 car is doing the job then just keep that going. Unless you spend several grand the car you get is likely to have repairs either needing doing or not far off.
  • millie84
    millie84 Posts: 96
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    Forumite
    Thanks, my current car only needs the exhaust welding imminently, and a CV joint doing in the near future.
    I'm getting kind of attached to it, and it does seem somewhat more risky buying another where I don't know the history.
  • PrettyKittyKat
    PrettyKittyKat Posts: 1,270 Forumite
    The IP wouldn't mind as long as the running costs are the same (inc insurance, car tax). However, as you have said if your current car is reliable although it is of low value the fact it is reliable far outways the value! I would recommend keeping the additional funds safely in your savings and keep adding to it as you can. Then when the car needs more substantial repairs which are not economical you have the money to replace the car. It may work out better for you in the long run.
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