When to trade in/ up dilemma

(6 Posts)
Springheeled Sun 06-Mar-16 22:15:01

When does it become uneconomical to keep a car? I have a very old Mini Cooper S. I love it, it doesn't have that many miles, a bit of wear and tear. It's due an MOT and I don't know what to do if it doesn't pass or needs a lot of ££££ spent on it. I am skint. Would you get finance and get a newer car or spend the££££ on a car you own outright???

MattDillonsPants Sun 06-Mar-16 22:26:10

Well it becomes uneconomical when you can't afford it. If you can't afford any repairs which are deemed necessary then you need to get rid of it sadly.

Springheeled Sun 06-Mar-16 22:33:47

I'm wondering where that line is. I think probably over £350? Even that I couldn't really afford. Maybe it will just pass its MOT!

Wellthatsit Mon 07-Mar-16 08:12:34

A new car on finance is going to.cost you more than £350 though, isnt it?

Couldn't you borrow the £350 rather than borrow 100s for a different car?

SimpleSimonThePieMan Wed 09-Mar-16 08:09:57

If you can't afford £350 for repairs then you certainly can't afford a new car!

wonkylegs Wed 09-Mar-16 08:18:24

Do you know it's going to need expensive repairs or are you just looking at worst case scenario?
I have a 10yo Yaris which passed its MOT with flying colours, only repair its had in 10yrs was a new exhaust which really wasn't much.
The real expense of owning modern cars is finance deals. Buying mine outright and keeping it forever has saved me loads in interest over the years (+ I've had it so long now depreciation isn't really a factor)
We have only ever changed cars because they are beyond economical repair (that's 1000's not 100's) or because our needs have changed (need something bigger)

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