Hello geeks! So a thread on just a bit of advice needed! Skip to end to See over view as post is long!!
So here's the thing I have had my car a year and been driving for that long and my 1 year no claims is in October
So I've been looking at insurance and currently I pay £167 a month just to insure my car and it's not come down a great deal at £130 and annual is still over £1000 and my tax is £150 for the year.
So I've been looking at cars which are newer as mine is 53 plate micra done 90,000 miles
I have found an 08 fiat 500 done 30,000 one owner and includes a year mot and costs £4500.
At the moment I'm having all sorts of problems with my car and is getting costly and the mot is due in sep and I really doubt it'll pass! So I've thought about getting a loan with my bank. It'll cost me £152 pm over 3 years for the car and the insurance is much lower and I'll be able to afford to pay it off at £500 for the year with the money in my Isa. So per month out going will be £152 a month as opposed to my current £167 just on insurance. The fiat is £30 a year to tax so that's saving £120.
So should I go for it? It's in great nick
Pros
it's done 60,000 miles less than my car
It's £152 a month loan
Tax is £30
Mot for year
Insurance I can afford to pay annually at £500 as opposed to monthly £167 now and renewal is still £130 a month.
I would be paying this out and more to finance a car from dealership and have to pay a lump sum after 3 years.
It's £4500 which is really good for the spec and usage
After 3 years it'll still be newer than my current car and on less mileage
Will part exchange my car but won't get a lot for it as is only worth £1300 to sell
Cons
It's a 3 year commitment.
I'm currently at home and want to move out in 1-2 years so that's £152 outgoings already but will help towards my credit rating.
A loan at 20 years old seems scary but I couldn't afford to out right buy a car with such low tax and insurance.
Should I do it?! I'm also going to be commuting further to work as new job along country roads so want something more reliable.
So currently I'm paying £167 to Insure plus all problems I've had. And I'll go to paying my insurance annually as have that in my savings and paying £150 a month for 3 years. But other than this I only have a £40 phone bill a month to pay plus petrol that's my outgoings.
Help!
So here's the thing I have had my car a year and been driving for that long and my 1 year no claims is in October
So I've been looking at insurance and currently I pay £167 a month just to insure my car and it's not come down a great deal at £130 and annual is still over £1000 and my tax is £150 for the year.
So I've been looking at cars which are newer as mine is 53 plate micra done 90,000 miles
I have found an 08 fiat 500 done 30,000 one owner and includes a year mot and costs £4500.
At the moment I'm having all sorts of problems with my car and is getting costly and the mot is due in sep and I really doubt it'll pass! So I've thought about getting a loan with my bank. It'll cost me £152 pm over 3 years for the car and the insurance is much lower and I'll be able to afford to pay it off at £500 for the year with the money in my Isa. So per month out going will be £152 a month as opposed to my current £167 just on insurance. The fiat is £30 a year to tax so that's saving £120.
So should I go for it? It's in great nick
Pros
it's done 60,000 miles less than my car
It's £152 a month loan
Tax is £30
Mot for year
Insurance I can afford to pay annually at £500 as opposed to monthly £167 now and renewal is still £130 a month.
I would be paying this out and more to finance a car from dealership and have to pay a lump sum after 3 years.
It's £4500 which is really good for the spec and usage
After 3 years it'll still be newer than my current car and on less mileage
Will part exchange my car but won't get a lot for it as is only worth £1300 to sell
Cons
It's a 3 year commitment.
I'm currently at home and want to move out in 1-2 years so that's £152 outgoings already but will help towards my credit rating.
A loan at 20 years old seems scary but I couldn't afford to out right buy a car with such low tax and insurance.
Should I do it?! I'm also going to be commuting further to work as new job along country roads so want something more reliable.
So currently I'm paying £167 to Insure plus all problems I've had. And I'll go to paying my insurance annually as have that in my savings and paying £150 a month for 3 years. But other than this I only have a £40 phone bill a month to pay plus petrol that's my outgoings.
Help!
