Help me feel better about not buying the lovely new SUV that will cost me £620 per month including finance, insurance and road tax?

[sadaboutcar26]

Nissan

My credit is poor

I currently own an 19 Nissan micra

I want so badly to drive an suv, and signed up to the contract

I know what I SHOULD do but I want this car

😭

The Micra would be my badge of honour. Where I live now shit bashed up cars are the norm (near the sea, unmade roads, crap drivers, potholes, loose livestock). People can have massive houses and boats but gad about in a dented 20 year old Toyota Vitz. We drive an ‘on its last legs’ dented and scraped Nissan Leaf. A big new shiny car in these parts makes people look like a gauche try hard or a real estate agent.

And kindly how can a car be a ‘lifeline’ when you live in central London? I knew one person with a car in London (all high earners) and they got rid of it last year. It take an ice age to get anywhere! Genuinely curious.

...aaaand this is why we have a "cost of living" crisis - people constantly living beyond their means to try and keep up with The Jones, who are also living beyond their means.

Do not do this. You will regret it. It’s an absolutely ridiculous amount of money and chances are it will get pranged anyway.

I have never bought a car on HP. Nor would I wish to- or if I did I would get the cheapest available and save in the meantime for something cheap and reliable. I look at people with them and think why are you spending so much money on something which does exactly the same thing as my slightly battered old people carrier (which, incidentally, drives beautifully!). I’d much rather go on holiday or just have the money in the bank!

That’s a ridiculous price. My friend just got a Mercedes EQE (not a SUV, but really nice) for less!

If you live in London you will never use the cruise control!

For the love of god don’t pay just over a quarter of your monthly income on a car, and not even a particularly great one. Please don’t fall into the keeping up with the jones trap especially if you have a kid, I know you feel sad but up there are much, much, more important things you can do with that money.

Presumably this is why you've got a poor credit rating despite having a monthly income that most people can only aspire to.

Keep the Micra.

There are all the issues around SUV's in terms of safety emissions etc

The economic outlook is to put is mildly uncertain but there has already been a hike in fuel prices and it may well get worse

So why commit yourself to a new car that gets through more fuel when you might have real issues affording it or not even have a job?

You could save the money for the next few years and buy a tidy second hand car for cash

Oh & I dont think most SUV's have a good reputation for reliability

This explains your poor credit rating. Take some time, address your debt and start to gain some financial knowledge. Then get a car that you like, can afford and isn’t a con.

SUVs are just embarrassing. I’m in a desirable part of London and no one seems to have them.

Agree. They largely seem a marker of precarious finances these days

I’m also intrigued where in inner London she lives which means everyone has an SUV? Parking alone in inner London is virtually impossible. I live in zone 2, and hardly anyone here has a car. Also, surely having an SUV in London is more of a hindrance, size wise?

I used to feel like I needed to have fancy car to be perceived as having my shit together (because I totally didn't!). But now I've realised it's actually embarrassing skinting yourself out while driving a status symbol and being in debt. There's so much more satisfaction driving a reasonable vehicle with the smug feeling that you've made the right financial decisions.

Don't do it, it won't give you the long term satisfaction you think it will 🩷

On finance a Volvo XC90 would only cost me £400 + £80 a month insurance.

They saw you coming a mile away, OP. Check your forehead for tattoos.

Do not take the car. Someone is making a lot of money off your naivety. Who cares what car you have in central London? It’ll get scratched and dented at the same rate.

Could you also look into a financials course? The banks run them, also lots online for free. When you spend money like that, it’s putting pressure on you that you don’t need.

SUVs are a blight. They are more dangerous to pedestrians than other cars, especially to children. Even an adult, if hit in the chest is more likely to be knocked down and end up under the car. With a normal car the impact is lower down the body so they’ll likely go over the bonnet and end up to one side.
They’re also stupidly inefficient and bad for the climate as so much energy is needed to move their massive bulk around.
And personally I think they are quite antisocial to drive in a city just on account of the amount of space they take up.

You are deluded. You are already in debt, yet you think it's a good idea to get onto more debt because everyone else has an SUV. Don't be so stupid, keep the Micra, get saving and clear your debts - then think about a new car.

No way! I just bought a new second hand car and the thrill of having it lasts only a few weeks. Yes it feels nice to have a car like everyone else, but it doesnt actually matter. I always tell my dc that people who show off their flashy holidays and belongings usually do it with borrowed money. Real wealth sits more quietly in worn out cars and second hand jackets.

Are you actually mad? 29% interest? £720 out of £3000 a month? That's 24% of your net income on a car. And you live in london. I don't know why you even need a car, I quite happily lived 8 years there without a car.

You need a serious rethink of your priorities. It sounds like you're already in debt. This is not going to end well. Cancel the contract while you can then sign up for the Rebel Finance school. It's free financial education available online.

If you save up aggressively for a year and clear your debt you can probably get a brand new one cheaper than the quote you have now for a 2 year old one.

Honestly (and I really don’t mean this in a mean way) but it’s wanting it now that’s likely trashed your credit in the first place. Yes this as a chance to practise putting things off until you can afford them and promise yourself a new one as a reward when you get to the point that you can really afford it.

If you have no no claim bonus, it suggests that you were in a crash. I suppose the heavy city traffic just makes it more probable.

Could you easily afford it (co-pay, ...) with the new car?

Overall, you don't have to give up a bigger car forever, just postpone it for a year or two, getting less debt, better credit ranking, maybe accumulating the no claim bonus. It will allow you to get this kind of car without the ridiculous surcharge you would pay now.

Many years ago befor the first of the Blair reforms thinned out the Hereditary Peers, I was walking past the Palace of Westminster.

The Commons car park was just that all flash cars.

The Lords car park - well I have seen better cars in scrap yards! They were almost all inherited by the look of it like their seats in the house

For those saying you don’t need a car in London, that is sometimes true but not always. If OP does shifts, she needs a car. Two kids to manhandle onto the tube with bags and buggies? Carrying musical instruments?

Many don’t but they are usually not parents with tiny kids.

Keep the micra and save the extra you would have spent on the Nissan over a year so you’re in a better financial position. Then, this time next year, review if it’s viable.

i used to be laughed at on the school run with my Ford Ka. 3dds put school bags in the boot to fit in. The school run parents minds seemed to explode in confusion when they discovered I also had a 4x4 (just a vw Tiguan not a Range Rover). The Ford Ka was so so easy to park in tiny spaces and much better for the school run… clearly I was alone in this thinking and they first thought I was mad. The thing is, I couldn’t give a shit what the other parents think of me. I seem to give off poor person vibes 🤷🏻‍♀️

That is way too much to spend based on your salary.

I spend a similar amount but earn 200k and get a 15k pa car allowance.

I wouldn’t have even considered it had I been on half the salary I’m on now.

If car costs feel significant, you’re spending too much on it.