To pay so much for a car on finance?

[CaulkheadUpNorth]

I've been quoted for a finance deal which includes two years warranty, three years service and mot. It's a two year old car, with 21,000 miles.

The amount I've been quoted is high due to having defaulted on two accounts four years ago. It stays on credit report for six years.

The amount I've been quoted is nearly 20% of my post-tax income. If I take away all my rent/bills etc it would be a third of my disposable income.

Aibu to get the car? My job changed in May and I'm really struggling without a car. It's possible, but hard and disadvantages other people.

Lol I'm broke. I don't even own a car, I got me a bus pass. I could get a loan to get a car, but in the long term it doesn't make sense.

The point we're trying to make is that £1000 sunk on a banger or £1000 in loan fees, someone is still making money off you. The difference is, with the second hand option you don't have a loan company breathing down your neck.
Now if you will all excuse me, I have a cane to twirl and a top hat to adjust.

Wetheral - I take your point. It is a characteristic of some mn posters affluent and clueless(favourites include - how do I encourage my parents to stay in touch woth theor grandchildren? 'Solution' buy two ipads) our flat is too small we are all living on top of one another solution: buy a bigger flat) but I don't think this is one of them.

weather you realise that the people on here have been offering constructive advice, right? None of it is "Oh look at me, I'm so smug because I'm frugal so can be rich and buy a car with cash."

& FWIW, I'm fucking frugal. I'm not smug about it. I have no choice. I live in a granny flat in somebody's basement because between my work and DP being a student, we haven't been able to afford anything more than a house-share so jumped at the chance to have our own space, even if it was in somebody's basement. I'm having to cut my work hours next month because I'm ill too. We're hardly rich. We earn enough to survive and save the pennies. We may not have children to eat into our incomings right now, that's because there is a good chance that when we do, I will be unable to do my job any more, so we have to wait until DP is earning a wage for us to pay rent and bills on. I see that as a luxury tbh (one I desperately want and have done for years) and could come on here calling every parent "smug" because they are talking about their children and advising somebody on how they afford them, but I don't, because it's ridiculous to call people smug when they are offering advise to somebody who doesn't realise that she has other options.

Pixie yes the advice is constructive but the point remains that the Op can't get easy credit and saving for a car is hard when you don't have a lot coming in.
How do you even find a good second hand car if you don't have a car to look for one.

£150 a month is just that - it's not losing £500 a month whilst you save for a car you don't know exists. And smaller payments means she can afford the Insurance this month and the new tyre the next month and not have to pay tax,service or MOT.
Having said that I got on a train and brought one of eBay. But only because I can access good credit deals.

Reveal- yep, bought one off eBay in the past. Travelled from midlands to Newcastle for it. It was bought after an old car was written off. (£1000 and lasted 18months)

I've had a look at some priced around 2800-3000 to see if I can get one on a cheaper finance deal. I'm away over the summer for a festival and need something by then as it's too remote a location for public transport with camping stuff and need to arrive at different time to friends.

Thanks everyone for advice.

£150 per month isn't just that, if it's for 5 years, then it's£9k.

It's ridiculous to still be paying for a car in 5 years time.

I don't really see why you need a car to go to a festival, we just went camping with a friend, single mother, she brought her tent in a suitcase on a train then caught a bus, then we picked her up from the bus stop (apparently the only taxi was at Heathrow.) This was a pretty remote location.....

It's a festival I'm speaking at, rather than a music festival. Need to arrive two days before friends as it's a two week thing and I'm speaking at the end of week one and then again in week two.

Without a car it would be two trains to local station, which is four mile journey from the site. Then would be back and forth over those two days as in staying in "speakers accommodation" in nearby (2miles away) village.

So yes, that is possible with buses, trains and taxis. Just not practical or easy and would end up taking much longer.

How many miles per week are you driving?
Maybe church could advertise for you and someone known to the community could sell you good old car?

Or if it is a festival why not get your mates to club together and hire a car?

It seems a daft reason to hurry the decision and effectively bounce yourself into a five year financial commitment.

Get a new Dacia sandero 5995 new

We have a car club here, 3.50 per hour, £17.50 per day. No worries about maintenance with that.

Why do you need a car

Citroens have had a bit of a slating on this thread.

It's not a hard and fast rule that they depreciate fast. I bought a second hand one early last year, drove about 20k miles without breakdown, then some tosser slammed into the back of it at 60mph.

I was amazed and confused in equal measures when the insurers valued it at 15% more I originally paid as it's write off value.

Whilst it's probably not at all the norm, my old citroen was actually a better investment than gold or property.

I've never known so many people collectively thinking that 9k is a lot to spend on a car.

My mind is boggling.

Op buy a Fiat500. Cheap to run, endlessly cool, and about £99 a month.

If I was on a budget I'd have one!

monkey flaunting your alledged wealth is crass and unhelpful.

It fucking IS a lot of money to most people. It will be a lot of money for the op too as it takes a huge chunk of her disposable income and ties her to it for five years.

Anyway it isn't just that £9000 is a lot of money, but it is a badly spent nine thousand on a seemingly overpriced, potentially unreliable depreciating asset which she may struggle to maintain.

Not her money, Daddy's cash.

www.mumsnet.com/Talk/am_i_being_unreasonable/a1082963-to-think-that-my-dcs-should-pay-for-their-own-cars-houses-etc#22233658

Good spot aga.

It makes what monkey has written even more risable and contemptable.

I wouldn't rush to buy a car just for the festival. I know lots of people who hire cars regularly and it's not too pricey. Definitely look for cheaper cars, and if you can hold off and save I would- that amount out of your wages will be noticeable and hard to manage.

Seriously, you researched me from 4 years ago

I wasn't flaunting anything. I just thought that most people spent their money on firstly a house, then a car. They are the two biggest purchases for most people.

9k is not a lot for a car
Yes it would be a lot for a holiday, or some clothes, I meant it's not a lot for a car.

Apart from a citroen and then I agree with everybody else, they are shit and their residuals drop like a stone.

I stand by my Fiat500 suggestion though, good cars with free road tax. And about £150 a year insurance for a typical clean history female.
And they do 60mpg.

If you work out how much fuel, insurance and tax cost on a banger, you may find that the £99 a month to buy it works out similar anyway.

You can get older cars that are very reliable. Out Skoda fabia was bought at 7 years old, cost less than £5k, had 20,000 on the clock and should last for years.

But ant, that 5k would still need to be financed, so end cost would be around 7k. So only 2k less (though a much much superior car to the Citroën! )

Then add £35 a year for a basic MOT, £150 for a service, £150 road tax (at a guess), then £300 insurance. That's an extra £50 a month on top of the finance cost.

Get a new car that doesn't need an MOT, some only need a £99 service every 2 years, no road tax and cheaper insurance, not to mention better mpg. Sort of pays for itself and eliminates the worry of running costs iyswim?

I'm getting myself all in a muddle but when I did the figures properly when I bought my car I'm sure I came up with something along those lines!

Reveal:I didn't say that she needs to save 500 a month. If she saved the money she would otherwise spend on the financed car she could afford a car and insurance within a year at most. Even if she saved for just the insurance she could get finance in a second hand car and still be much better off than she would be locked into a five year deal for a 7k car.

Monkey:my road tax is £30 a year on a 12yo car...

church contacts could be v useful here. bet someone could lend or sell you a car dead cheap. and what are you doing to 8 year old cars that they only last a year? finding a reliable cheap mechanic is essential with an old car
if you buy a cheap car thro a garage, still with finance, you can buy your own warranty if needs be
dont get french or italian cars if reliability is a concern