I feel guilty about getting a new car...

[NewCarGuilt]

I should say 'newer' car rather than new car! I feel so guilty and don't know why

I've had my current car about 8 years, and it was 3 when I got it. The time has come to upgrade but I feel so guilty spending the money! We've recently spent a small fortune renovating a house, so savings are gone, although DH has just started a new job so income will increase this month.

Previous cars have been bought cash so I'm also tying myself up in knots about finance - we have a small about of manageable debt due to the house, but it just feels so worrying signing up for more (I've been brought up to see any type of loan as a negative thing). Not sure whether I should try for a bank loan or HP?! Aargh!

Not entirely sure what I want from this post but if someone could ease my guilt that would be grand.

Are you going to sell the old car? What's the difference in price?

@Plaintree old car is worth £500ish! Looking at about £7k for newer car that would again be 3-4 years old, and hoping it'll last me a good while

Do you really mean guilty or just nervous about taking out the finance?

Because if you a) need it and b) can afford it, you don't have cause to feel guilt around the money?

@ChanceChanceChance probably nervous! And you're right that I shouldn't. I'd decided that I was going to look into getting one next year anyway, and felt comfortable with that because I felt like it would give us some time to get some money pulled together after the house, but circumstances just mean it's needed sooner rather than later 😕

If you have not done it, wait. Sadly lots of people are about to lose their jobs and I think it may lead to reduced car prices.

@nosswith I haven't yet but I'm concerned by the work that needs doing on my car - needs more spending on it than the car is worth really. One day a week I drive a fair distance for work and I'm actually borrowing my DM's car this week as I'm wary of taking my own, it's not really a long term solution.

If you need to drive for work could they provide you with a hire car so you don't have to worry about having a reliable car for work?

It's not reasonable for an employer to make you make your own car available for their business purposes unless it's in your contract and they pay you a car allowance.

Unless you're driving hundreds of miles a week, it's cheaper for them to get a hire car delivered to your house than pay you the HMRC recommended rate anyway.

If you can afford it go for it.

I know what you mean with things like car finance being seen as a negative. One of my biggest (and stupidest) worries when I upgraded to a finance car was 'what's my dad gonna say about me buying a car on finance'.

Definitely look around for a finance deal though. Dont settle for the dealerships unless they have 0% offer on. They can be really high, compared to getting a generic loan. I actually got a car finance loan through my bank, who paid the dealership direct.

Do you have other loans? Can you consolidate for a better interest rate? I did this for a wedding loan - took out 10k over 3 years, paid off the remainder of my car (5k or so. 2 years left) and said right I have 5k for the wedding.

I was just in a very similar position. Got a new (to me) car for 7k, financed by a bank loan at 3.3 %, much better than the dealer offered. Also shop around for gap insurance (to pay for any 'gap' in ££ if you crash the car and the payout doesn't cover the outstanding amount). I found that for about £90 online, covers 3/5 years of m finance deal. I feel much better in a newer, reliable car and the payments are affordable. Just do the sums and build in a bit of wriggle room.