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  • FIRST POST
    • Garrlor
    • By Garrlor 12th Apr 18, 7:49 PM
    • 7Posts
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    Garrlor
    Selling the car...
    • #1
    • 12th Apr 18, 7:49 PM
    Selling the car... 12th Apr 18 at 7:49 PM
    Hi all,

    A question for you with regards to being a debt free wannabe. I am currently considering selling my car (12 plate C Max, 51K Miles) and trading down to an 08 BMW 3 series tourer (144K Miles) while using the difference in money to clear approx 85% of my credit card debt. I would then be working with the wife to clear the rest of it over about 3 months before we smash the snot out of our loan for a couple of years.

    I would be saving approx 20 p/m on insurance, which pays for a servicing plan for the BMW to cover 3 services over 3 years, and the 3 MOT's it would require. I think that I can get away with running this car for 3 years with the mileage I do and not have too many issues (hopefully!). This is probably the biggest draw for me, as I only use the car for shopping trips (1 every 10 days with our meal planning), trips to a local park (12 mile round trip to work the car a little) on a weekly basis and a bi-monthly 150 mile round trip to visit family.

    If I dont change the car down then I am looking at approx 8 months to clear the card before I then start on my loan. I am unsure which is the best way to procede with this to be honest.

    I know where all my money is going, I have a good handle on our budget now and I have completely changed how we meal plan and shop etc so I am certain that I can generate the cash I need to smash my loan in half as long as we dont use the credit card. And I will be investigating 0% cards in the near future, but I am looking at the quickest fix to maximise my debt repayment.

    Ideas?
Page 1
    • ramblehan
    • By ramblehan 12th Apr 18, 11:03 PM
    • 566 Posts
    • 1,165 Thanks
    ramblehan
    • #2
    • 12th Apr 18, 11:03 PM
    • #2
    • 12th Apr 18, 11:03 PM
    Sounds like you have a plan.
    How much do you have in your SOA for car maintenance? Is it enough to cover the risk of breakdown / extra expenses for stuff failing if you get the higher mileage vehicle?
    01/03/18: 21,270 DFD: eek: December 2035
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    • DCFC79
    • By DCFC79 12th Apr 18, 11:09 PM
    • 31,446 Posts
    • 19,857 Thanks
    DCFC79
    • #3
    • 12th Apr 18, 11:09 PM
    • #3
    • 12th Apr 18, 11:09 PM
    Could even have more money for debts if you went for a less prestige car, prestige is the wrong word to use but cant think of another alternative at the minute.
    Can people stop loaning money/being a guarator to family/friends, it rarely ends well and you lose out as your money is gone or you get shafted with being a guarantor.
    • sourcrates
    • By sourcrates 12th Apr 18, 11:26 PM
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    sourcrates
    • #4
    • 12th Apr 18, 11:26 PM
    • #4
    • 12th Apr 18, 11:26 PM
    As long as the service history is good, the mileage should not matter too much.
    Last edited by sourcrates; 13-04-2018 at 4:44 PM.
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    • datlex
    • By datlex 13th Apr 18, 12:13 AM
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    datlex
    • #5
    • 13th Apr 18, 12:13 AM
    • #5
    • 13th Apr 18, 12:13 AM
    Do you really need a car? I know people shudder at the thought of giving up their car. But have you actually looked into it. Try going on Google maps and looking at bus stops near work and home for example and researching local bus companies, time tables, monthly fares (single fares tend to be relatively expensive). Can a bus or train get you to work on time? Would the monthly fare be less than petrol plus insurance plus maintenance?
    • fatrab
    • By fatrab 13th Apr 18, 8:27 AM
    • 739 Posts
    • 1,583 Thanks
    fatrab
    • #6
    • 13th Apr 18, 8:27 AM
    • #6
    • 13th Apr 18, 8:27 AM
    You don't need a high mileage BMW 3 Series Tourer would be my thoughts. The servicing and repair bills would be a lot more than they would be for a Focus or Fiesta. If you're serious about smashing the debt, buy the most efficient car possible. I'm sure you'd get a decent low mileage Ford the same year and the same price as the BMW.
    You can have results or excuses, but not both.
    Wannabe debt free by Dec 2022 - Wannalose 3st in the process - 1st 11lb lost so far
    April's Goals - 16/21 NSD - 16/20 Lunches - 22/28 AFD - 22/31 TAFD (take away free days)
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    • Fireflyaway
    • By Fireflyaway 13th Apr 18, 4:11 PM
    • 1,669 Posts
    • 1,788 Thanks
    Fireflyaway
    • #7
    • 13th Apr 18, 4:11 PM
    • #7
    • 13th Apr 18, 4:11 PM
    I think selling the car is a great idea if it's going to clear 85% of your debt. The mileage on the alternative car is high though. Could you get a different make for a similar price that has lower mileage? I'm probably wary because my car had 130k and suddenly have up at the start of the year! Should that happen you then face expensive repairs.
    • alan_d
    • By alan_d 13th Apr 18, 4:36 PM
    • 15 Posts
    • 15 Thanks
    alan_d
    • #8
    • 13th Apr 18, 4:36 PM
    • #8
    • 13th Apr 18, 4:36 PM
    I think selling the car is a great idea if it's going to clear 85% of your debt. The mileage on the alternative car is high though. Could you get a different make for a similar price that has lower mileage? I'm probably wary because my car had 130k and suddenly have up at the start of the year! Should that happen you then face expensive repairs.
    Originally posted by Fireflyaway
    Don't get too worried about higher mileage provided the car has history to prove it's been maintained.
    I have a Volvo V70 which I originally bought on 120k miles (now on 256k) and another bought on 125k (now on 165k), neither have needed much other than maintenance in that time. Sure there have been a few expensive-ish repairs over the years, but compared to the cost of a lower mileage, younger car, i'm quids in!
    Seems a lot of people get worried once a car passes 100k and it really doesn't matter if it's been properly maintained.
    • Garrlor
    • By Garrlor 14th Apr 18, 11:59 AM
    • 7 Posts
    • 0 Thanks
    Garrlor
    • #9
    • 14th Apr 18, 11:59 AM
    • #9
    • 14th Apr 18, 11:59 AM
    Thanks for the responses.

    Unfortunately I need a car as we are semi rural with hit and miss public transport, so if I want to shop or get out etc then i have to have one. Also, I have a daughter who lives 80 miles away that I see every couple of months. Train fares would mount up quickly.

    I am looking at the 3 series tourer as it has enough space for my 2 kids in car seats with room for my other daughter to squeeze in when she is here. As I have to fit 2 car seats in with room in the boot for a pushchair and shopping etc. Hence why I'm not looking at a focus or a fiesta. In my area, there is very little of a suitable size and price, unless I trade in for something more expensive. The ages of the cars are similar no matter what, the only major difference is miles. I'm going to check out the beamer again with a friend who has an 09 5 series with 130k, as he knows what to look for. I want to go through the history in full anyway.

    As for the cost, unless something goes wrong my services and mots are 20 a month, and things like brake pads or tyres aren't so much more expensive than the c max. I know in the next 12 months I need disks and pads, plus 2 new tyres on the c max so it's a moot point. The dealer is happy to put 4 new tyres on the BMW and MOT it before I get it.

    I am going to take the BMW to a local specialist for a health check if I buy it, just to make sure everything is ok.

    Once the credit card is gone and I start paying off the loan, every spare penny is going off it and I will shift my budgets as and when I need to buy things. If i need something expensive then I'll use the credit card and switch for a month or two hours minimise interest payments, keeping the main focus on the loan.
    • bouncydog1
    • By bouncydog1 14th Apr 18, 7:04 PM
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    bouncydog1
    What about a Ford Focus estate? Loads of room in the estate part and from what I recall plenty of room in the back.
    • Garrlor
    • By Garrlor 14th Apr 18, 7:40 PM
    • 7 Posts
    • 0 Thanks
    Garrlor
    Just no availability of anything like that. I can get a petrol Insignia for 4.5K, but that leaves me with only about 1K to pay off the card. Still good, but not great.
    • Tarambor
    • By Tarambor 14th Apr 18, 11:02 PM
    • 2,687 Posts
    • 1,930 Thanks
    Tarambor
    I would be saving approx 20 p/m on insurance, which pays for a servicing plan for the BMW to cover 3 services over 3 years, and the 3 MOT's it would require. I think that I can get away with running this car for 3 years with the mileage I do and not have too many issues (hopefully!). This is probably the biggest draw for me, as I only use the car for shopping trips (1 every 10 days with our meal planning), trips to a local park (12 mile round trip to work the car a little) on a weekly basis and a bi-monthly 150 mile round trip to visit family.

    Ideas?
    Originally posted by Garrlor
    Yes, the BMW is a really poor choice. You're going to end up spending MORE to run it than you currently do and that's where the money you would have left over after the sale of the current car and the purchase of this would go. BMW 3 and 5 series are notoriously hard on the front suspension and at 144k you're going to likely end up having to pay to fix it. The service plan covers the costs of servicing it, it doesn't cover repairs. It isn't a "covers everything", it literally gives you oil and filter changes, vehicle inspection and MOT. Anything breaks and you're paying to repair that.

    I am looking at the 3 series tourer as it has enough space for my 2 kids in car seats with room for my other daughter to squeeze in when she is here. As I have to fit 2 car seats in with room in the boot for a pushchair and shopping etc. Hence why I'm not looking at a focus or a fiesta.
    The BMW 3 series tourer doesn't have the room behind the rear seats you think. BMW 3 series are actually quite small inside. My niece has the same model you're looking at and its tiny compared to my Mondeo. A Ford Focus hatchback would do what you need to do, a Mondeo definitely would.
    Last edited by Tarambor; 14-04-2018 at 11:07 PM.
    • fatrab
    • By fatrab 15th Apr 18, 7:14 AM
    • 739 Posts
    • 1,583 Thanks
    fatrab
    A quick search on Autotrader for estate cars under 4000 throws up loads of options that would be far better than the BMW you have in mind. I've listed some that stood out below. By better I mean cheaper to run, lower mileage (so less probability that it'll need as many repairs), more economical etc etc

    2007 Skoda Fabia 19247 miles 3395 - possibly slightly small but reliable and look at that mileage!
    2008 Ford Focus 66463 miles 3350 - cheap to repair & run
    2009 Peugeot 407SW 40,000 miles 2675 - probably the best size:value ratio you will find.
    2009 Vx Astra 45674 miles 3195 - cheap to repair & run
    2008 Vx Vectra 51000 miles 2295 - huge load space, cheap to repair & run
    2007 Ford Mondeo 82,000 miles 3295 - reliable, comfortable, spacious, dirt cheap to repair.

    Or just to throw in an rank outsider:
    2008 Vx Zafira 34000 miles 2995 - 7 seats!!

    It sounds like you are making excuses to justify the BMW purchase. You need to understand the difference between wants and needs. If you are serious about moneysaving you will forget about the BMW. Keeping the credit card as an emergency back up just doesn't seem like a great plan. Get the debt cleared and build up and emergency fund, that's a good plan.

    Best wishes
    Last edited by fatrab; 15-04-2018 at 7:42 AM.
    You can have results or excuses, but not both.
    Wannabe debt free by Dec 2022 - Wannalose 3st in the process - 1st 11lb lost so far
    April's Goals - 16/21 NSD - 16/20 Lunches - 22/28 AFD - 22/31 TAFD (take away free days)
    31 x 2 coins (#32)
    • Garrlor
    • By Garrlor 16th Apr 18, 8:09 AM
    • 7 Posts
    • 0 Thanks
    Garrlor
    Thanks for the input Rab!

    Believe me, I am not trying to justify the purchase of a BMW, it is just the best estate for the best money in the area. I would be happy with a focus or an astra, if you cojld fit more than one shopping bag in the boot lol! I have been scouring autotrader for cars up to an hour away from our house, as i feel that is probably a reasonable limit to go and see the right car.

    When we bought the C Max we were running 2 pushchairs so it was the perfect car, and it helped with the big declutter in the house! I am in no rush to sell it, as its costing me next to nothing to run at the moment due to how little I drive it. I am happy to move to something smaller, or at least similar sized than an estate if needed (octavia, insignia, mondeo) and in the right bracket. My only stipulation to the wife is that it must be comfy to drive, as my last car used to give me terrible pain even with a quick trip to the shops!

    Im not fussed at either petrol or diesel either. My shopping trips are 3 times a month, and that is my shortest drive in stop start traffic really. Going to see the BMW with my friend later on today, to ahave a good look at it and the service history. Having chatted to a few friends with higher mileage cars like BMWs and Volvos they have had some good advice for me. Service history is the most important thing.

    Oh, and i just saw a 2011 3 series tourer with 155k miles... ouch lol! Apparently impeccable service history and all invoices mind you, with 1 owner....

    • Pixie5740
    • By Pixie5740 16th Apr 18, 10:58 AM
    • 11,928 Posts
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    Pixie5740
    I'm another one who doesn't think that buying the BMW is actually going to save you any money.

    How big is your search radius for a replacement car? To give you an idea I once travelled from Aberdeen to Derby to pick up a new (to me) car because the car was the exact specification I had been looking for an the cost of travelling between Aberdeen and Derby was significantly less than buying something more locally that didn't tick all my boxes.

    As someone else asked earlier? Do you really need a car? Would it be less expensive to hire a car as and when you need one to visit family and get your groceries delivered? You say you live in a semi rural area so do you really need to make a 12 mile round trip to the park? Surely there are plenty of open spaces for the children to run around in?

    If you insist that you need a car I think it's foolhardy to sell your 12 plate C Max and replace it with a 2008 BMW. I genuinely don't think you will save any money and sometimes with cars it's better the devil you know. Besides 8 months of knuckling down to pay off your credit cards really isn't that long.
    • fatrab
    • By fatrab 16th Apr 18, 12:00 PM
    • 739 Posts
    • 1,583 Thanks
    fatrab
    I am looking at the quickest fix to maximise my debt repayment.

    Ideas?
    Originally posted by Garrlor
    This is quoted from your opening post.

    I'm afraid I'm going to be blunt with you here. You've asked for our thoughts on the matter and almost every single response on here is telling you that the BMW is a bad idea. That goes against what you wanted to hear. If you though we were all going to say "Yes go for it, great idea" then I'm afraid you're barking up the wrong tree. There are a lot of very savvy moneysavers on here and there are some very knowledgeable people from a vehicular background and it doesn't take either of them to spot that buying a high mileage BMW is not a good way to save money!

    So what if you need to travel 2 hours to get the right car? If it saves you thousands of pounds in the long run is it not worth it? All the cars I listed are estate cars, there's plenty of boot space in all of them.

    "You can have results or excuses, but not both."

    You're going to go and do what you want. On this forum you'll see the term LBM - Light Bulb Moment. You haven't had yours yet.

    I hope it all works out for you, I really do.

    Best wishes, Rab.
    Last edited by fatrab; 16-04-2018 at 12:06 PM.
    You can have results or excuses, but not both.
    Wannabe debt free by Dec 2022 - Wannalose 3st in the process - 1st 11lb lost so far
    April's Goals - 16/21 NSD - 16/20 Lunches - 22/28 AFD - 22/31 TAFD (take away free days)
    31 x 2 coins (#32)
    • Garrlor
    • By Garrlor 16th Apr 18, 4:48 PM
    • 7 Posts
    • 0 Thanks
    Garrlor
    Hmmm, I have found a Mazda 6 Sport Estate for 3295, 2.0 Diesel with 115000 miles. I need to check up on its service history etc, but it seems to tick every box that I need ticked. I have owned a Mazda in the past, and the only things I have had to buy have been a Battery, Brake pads and disks and a couple of tyres. Really reliable cars.

    I am also tempted by the petrol versions, as long as they are sub 70K. Should give me up to 3 years of trouble free motoring I would think. To be honest as well, the Saloon versions should give me more than enough room for my brood. Thoughts on this one?
    • buglawton
    • By buglawton 16th Apr 18, 4:56 PM
    • 7,301 Posts
    • 3,754 Thanks
    buglawton
    Thanks for the input Rab!

    Believe me, I am not trying to justify the purchase of a BMW, it is just the best estate for the best money in the area. I would be happy with a focus or an astra, if you cojld fit more than one shopping bag in the boot lol!...
    Originally posted by Garrlor
    I once gave a sofa away on Freecycle. They guy turned up with a Focus estate. I took one look and said I didn't think he'd manage it. We slide the sofa in... and it completely disappeared bar 3 inches. He nearly managed to close the boot! But in the end tied the boot.
    Easy assumptions will always be challenged on MSE!
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