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AIBU?

Share your dilemmas and get honest opinions from other Mumsnetters.

Original poster

To buy a new car on HP? or overpay mortgage instead?

24 replies

Buccabucca · 05/07/2014 11:01

I'm in a dilemma, we currently have two cars that we share, one big family car for the kids and a smaller Fiat 500 that I use to go to work in. We used to have our 'own' cars but the current cars are jointly owned and shared by DH and I. It's mainly ok but he is so messy and an erratic driver so I always get fed up with the state of the cars!

The cars are now 6 and 4 years old and since I recently got a pay rise I've been thinking of getting a decent new car for me to own myself again. Both our cars are owned outright just now so if I get a new one I'd need a loan and a big deposit.

Part of me thinks sod it and buy a new car but the sensible part of me thinks I should save or overpay the mortgage instead with the money I'd use for a car. I don't actually NEED a new car, I just WANT one.

Think it may be a bit of a midlife crisis too, MIL is at the end stages of cancer and I keep thinking that life's too short and all that.

OP posts:
SwedishEdith · 05/07/2014 11:13

God,they still sound like new cars to me. Unless they are now costing you money to keep them on the road I wouldn't go into debt just because you want a new car - but I find car shopping deeply boring

magoria · 05/07/2014 11:14

How would you stop your H using the new one?

Tell him not to be such a messy git as you have to use them too and make him clean his rubbish out.

What do you mean erratic? Should he be on the road!

MotherOfInsomniacToddlers · 05/07/2014 11:28

Wow they are both newer cars than I've ever owned!

Squeegle · 05/07/2014 11:37

You know the logical answer!! Huge waste of money. Spend the cash on getting the cars valeted once a month instead!

RogueV · 05/07/2014 11:38

Mortgage

chunkythighs · 05/07/2014 11:40

Pay a little less than you planned on the mortgage and save for a deposit for the car, lessening the car loan payment.

Life is short!!!! Do both!!!Grin

Tabby1963 · 05/07/2014 11:44

My latest 'new' car was eight years old when I bought it.

New cars depreciate in value quickly, so not worth it. You can't guarantee your DH won't use your car and make it messy anyway. So, either pay for valeting of your current cars regularly, do it yourself (or pay the kids), or even have a 'family car wash and clean' morning each Saturday Grin and make DH clean the insides.

Yes, reducing the mortgage is a better idea in the long term. Good luck, OP.

Mmmbacon · 05/07/2014 11:52

See 4 and 6 years doesn't mean shit seriously, what kind of.milage ids on a car is what is really important,

We have a 3 year old, bought brand new, and it has more miles than my friends car that is 10 years old, have an older car too that is back up car for me for work, and dh drive to work 5mls away car,

Also are you city driving or motorway driving? City driving can kill a gearbox,

Do you need a car to be reliable or can you hop on a bus to work, walk/ bike children to school

If you dont need one now, put the payrise away in a savings account equal to the cost of the hp payments,
That way in a year or 3 you well have nice deposit to lower overall costs of interest on hp agreement,

Either way having done the new car line, I doubt we would buy new again, would get a year old, or a display model, depr is cruel for first year,

littledrummergirl · 05/07/2014 11:56

Overpay the mortgage and buy a new car when its paid off.

WashingFanatic · 05/07/2014 12:01

I would save the money.

Save it, watch it build up, and when it's at a decent amount either buy a new car outright, or a chunk off the mortgage.

LongTimeLurking · 05/07/2014 12:05

By my standards they are both new cars! So you want to blow ?? thousands on a new car (which will depreciate like a stone) because your DH is a bit messy?

Also you are going to get a big finance deal to pay for this?

You already know the answer. It is selfish and unreasonable to be using family cash to buy a new car for yourself when you already have use of two perfectly good ones.

Would it not be cheaper just to take the current cars to a car wash / valet service every couple of weeks?

ComposHat · 05/07/2014 14:04

Five years old? That's barely run in! I still think of anything with the new style plates as being up to date. Mind you John Major was prime minister when my car was first registered.

Agree with the others that age is a red herring. If it has racked up 250k on the clock and only limps through its MOT each time by having 1000s spent on it then you need to think about replacing it. If it fairly trouble free keep it and save the money.

BackforGood · 05/07/2014 14:28

I think you know the answer really - the arrangement you have is the same as us - 2 cars, both used jointly by both of you, depending on who has the dc / more stuff to transport on that day. It's the sensible way when you have a family.
Your cars are both pretty new though, so it doesn't make any sense to replace them. As someone else said, if it bothers you that much you could get them valeted occasionally, and still save a fortune over taking out a car loan.

SantasLittleMonkeyButler · 05/07/2014 14:40

Presumably you would sell one of the current cars before buying a new one? Therefore, how do you stop your DH 'borrowing' it?

It's your money, so spend it as you want - but overpaying the mortgage sounds like a much better option to me. Especially as both your cars are nearly new anyway!

I drive a V reg people carrier BTW Grin.

SantasLittleMonkeyButler · 05/07/2014 14:43

And, also, as you say - yes life is too short. Getting your mortgage paid off a little quicker could help you in the future.

The novelty of having your own car will probably have worn off well before you have finished making the HP payments.

HermioneWeasley · 05/07/2014 14:46

What Washing said.

erin99 · 05/07/2014 14:54

Upgrade the Fiat to something a little newer and a little bigger. Back to 2 family cars, one car each, if that makes you happy.

I'm the other way round, my car's 8 and I'm dreading having to replace it.

RedToothBrush · 05/07/2014 15:06

You know the answer.

You just want people here to say its ok to get the car cos thats what you want.

Alternatively, start saving for a new car, so that you don't have to pay the interest of a car on HP...

TheBloodManCometh · 05/07/2014 15:30

Another vote for mortgage here.

A new car will be exciting and a novelty for about a week and then you'll be over it.

BeatriceBean · 05/07/2014 15:31

You have practically new cars!!

whatever5 · 05/07/2014 17:35

I wouldn't buy a new car as 4 and 6 years seems quite young to me and I would much rather use the money for something else. Each to their own though.

HopefulHamster · 05/07/2014 17:36

You don't need three cars...

Original poster
Buccabucca · 05/07/2014 18:46

Thanks all, I know you're talking sense! I'm still not 100% sure though. DH would still use it a bit but he'd have the other car as 'his' car. I'd obviously sell the other car which is about £5k. I could put down another few k deposit so could get a loan for the rest. BUT... I must put my sensible head on!

We went swimming with the kids today but via a car showroom and I've fallen in love with a car there, doh! I said to DH I think it may be a midlife crisis, his mum and my mum are deteriorating before our eyes and I just keep thinking that I should live for today. But then I need to think of my kids too.... Argh. Maybe I should valet the existing cars and get my love back for them. But I've never really loved them whereas the one today is swooooon.

Right, putting sensible head back on now. Slap me now!!!

OP posts:
erin99 · 06/07/2014 11:37

The valeting is a really good idea.

But you can love a car without it being a brand new expensive one. We sold a newish citroen because DH hated driving it. Replaced with an older peugeot and he is much happier because the peugeot is fun to drive. Yes beware of the midlife crisis thing - i think you may be right on that - but if you have to "treat yourself", why pick newness of car which is the fastest depreciating "investment" known to man?! Pick a car that's fun to drive but not new, or spend the extra £10k or whatever on something a bit more long lasting.

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